May 16, 2023 / 06:35PM GMT
James T. Hippel - Bio-Techne Corporation - Executive VP of Finance & CFO
(technical difficulty)
One is the biotech portion of biopharma, smaller biotech, clearly not spending at the levels they were, not at the funding levels they were 2 years prior, which I think everyone would agree was abnormal, given the situations of free money and COVID money floating around. So coming off of very difficult comps, where our Protein Sciences segment grew 20% as in the full year, the year before was a year we never expected. And looking back on it in hindsight, a lot of that excess growth, as I would call it, our kind of low teens CAGR was coming from those smaller biotechs.
So that's one aspect of normalization that's going on in our fiscal year this year. The other item would be destocking, which is not something we normally would talk about, but we do have a small component, relatively small component of OEM business within our Protein Sciences segment that has key ingredients that serve other life science tools companies many of you would know all the names of, that use namely our antibodies
Bio-Techne Corp at RBC Capital Markets Global Healthcare Conference Transcript
Jan 23, 2024
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