Charles Kummeth, who became CEO of Bio-Techne (TECH) in 2013, says the company has gone from negative 1% growth to 3.5% organic growth over the last three quarters under his leadership. Kummeth cites his acquisition strategy and managerial decisions as contributors to that growth.
“For example, we did a deal with Fisher to enhance our market channels for our products,” Kummeth says. “We’ve hired sales people, both in China as well as in key regions of the U.S. We’ve improved our website and continue this process. I’ve brought in additional talent, such as the Head of Commercial Operations that came from Life Technologies.”
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Kummeth says he also wants to build out new testing platforms. He says Bio-Techne currently only sells reagents that go into tests, which have limited value given the small amounts used per test.
“These consumables provide for a very profitable business, but additional value comes from having control over the testing technology,” Kummeth says. “In so doing, I would like for us to provide more full solutions to our customers. We have a lot of in-house talent, and experts in many different laboratory activities and processes — things like recombinant protein expression, biological activity assessment, antibody generation, immunoassay development, multiplexing, Western blotting, flow cytometry, etc. We do all of this here.”
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