Bio-Techne makes and sells life science tools — primarily biological reagents and analytical instruments — used by academic researchers, biopharma companies, and clinical diagnostics manufacturers. The core of the business is a deep catalog of proteins, antibodies, and small molecules sold under brands including R&D Systems, Tocris Bioscience, and Novus Biologicals. These reagents are consumable inputs purchased repeatedly, giving Bio-Techne a stable, recurring revenue base. Layered on top is a suite of analytical instruments under the ProteinSimple brand, including Simple Western (automated western blotting), Maurice (protein characterization), and Ella (multiplexed immunoassays), which are used in biopharma research and manufacturing QC. Bio-Techne operates two segments: Protein Sciences (~72% of revenue), covering reagents and instrumentation, and Diagnostics and Spatial Biology (~28%), which includes spatial biology tools and diagnostic reagents. The spatial biology business centers on the COMET instrument, a fully automated platform capable of simultaneous protein and RNA detection on tissue slides, supported by RNAscope assays and R&D Systems antibodies. Consumables account for roughly 80% of revenue; instruments seed future consumable pull-through, with each placement generating recurring cartridge and kit purchases. Bio-Techne is also building a cell and gene therapy franchise, supplying GMP-grade proteins and small molecules to over 550 cell therapy customers and developing integrated manufacturing workflow tools. Bio-Techne grows primarily through M&A, targeting high-margin reagent and instrumentation businesses that can be distributed through its global channels.