Bio-Techne Taps New Leader for Diagnostics and Spatial Biology Amid Strategic Pivot

MINNEAPOLIS, MN – February 11, 2026 – Life sciences giant Bio-Techne Corporation has announced a significant leadership transition in one of its most critical growth engines, appointing an internal veteran to steer its future. Steve Crouse, the current Senior Vice President of the company's Analytical Solutions Division, will take the helm as President of the Diagnostics and Spatial Biology Segment, effective March 1, 2026.

The move follows the planned transition of Dr. Matt McManus, who will step down from the role after a tenure marked by significant organizational restructuring. This executive shuffle is more than a routine succession; it signals a deliberate strategic sharpening for the NASDAQ-listed company as it doubles down on high-growth, high-margin sectors following a pivotal business divestiture.

A Strategic Pivot Toward Core Growth

The leadership change comes on the heels of a major strategic repositioning orchestrated under the leadership of the outgoing president, Dr. McManus. In August 2025, Bio-Techne announced the divestiture of its Exosome Diagnostics business to Mdxhealth SA. Bio-Techne had initially acquired the business in 2018 for $250 million, but the sale, which involved a $5 million stock consideration and an $83.1 million impairment charge, was framed by the company as a crucial step to streamline its portfolio.

This strategic pruning appears to be bearing fruit. While the divestiture negatively impacted reported revenue growth in the short term, its effect on profitability has been dramatic. In the second quarter of fiscal 2026, the Diagnostics and Spatial Biology segment saw its operating margin leap to 10.4%, a substantial increase from just 3.9% in the same period of the prior year. Company leadership directly attributed this favorable margin expansion to the Exosome divestiture and related profitability initiatives.

This move allows Bio-Techne to redeploy capital and focus toward what it identifies as its core growth drivers, including proteomic analytical instrumentation, cell therapy, precision diagnostics, and the burgeoning field of spatial biology. These four verticals now represent nearly half of the company's total revenue, up from just 32% in fiscal 2020, highlighting their increasing importance to Bio-Techne’s long-term strategy.

The New Leader: A Profile in Analytical Expertise

Steve Crouse is not a new face at Bio-Techne. Having joined the company in 2021, he has spent the last four years as Senior Vice President of the Analytical Solutions Division, where he was responsible for the company’s portfolio of protein analysis instruments and immunoassays. During his tenure, he has been credited with driving strategic initiatives, launching innovative platforms, and delivering strong growth.

His promotion from within underscores the company's confidence in its existing talent pool to navigate complex and evolving markets. Crouse’s deep background in analytical instruments is seen as a direct match for the strategic direction of the Diagnostics and Spatial Biology segment. Before joining Bio-Techne, he served as General Manager of the Protein Detection and Quantification business unit at industry titan Thermo Fisher Scientific. His extensive resume also includes leadership roles at Vortex Biosciences, Freeslate Inc., and Bio-Rad Laboratories.

With an MBA from the University of Southern California's Marshall School of Business and a Master of Science in Biochemistry from Georgetown University, Crouse brings a potent combination of scientific knowledge and business acumen to his new role. His new executive employment agreement, which includes an annual base salary of $505,000 and a target bonus of 75% of that pay, reflects the company's significant investment in his leadership.

Navigating a Competitive High-Growth Landscape

Crouse is stepping into a segment that operates at the intersection of some of the most dynamic and competitive fields in life sciences. Bio-Techne is targeting a total addressable market of $27 billion across its key discovery, therapeutics, and diagnostics pillars. The spatial biology market alone, a key focus for the segment, is estimated to be a $5 billion opportunity and is projected by market analysts to grow at a compound annual growth rate (CAGR) well into the double digits over the next decade.

This rapid expansion is fueled by relentless technological innovation and surging investment in precision medicine, particularly in oncology research. The ability to analyze proteins and RNA within the spatial context of a tissue sample—a core tenet of spatial biology—is revolutionizing scientists' understanding of disease. However, the field is crowded with formidable competitors, including 10x Genomics, Akoya Biosciences, and divisions of larger conglomerates like Danaher.

Success in this arena requires not just novel science but also robust, user-friendly instrument platforms and sophisticated data analysis software—areas directly aligned with Crouse's track record in the Analytical Solutions Division. His experience is expected to be instrumental in driving the adoption of Bio-Techne’s platforms, such as its COMET instruments, which have already seen solid double-digit growth in bookings for two consecutive quarters.

Continuity and Future Trajectory

In the official announcement, Bio-Techne President and CEO Kim Kelderman emphasized both the legacy of the past and the strategy for the future. "Matt has played a key role in optimizing our organization, including driving the strategic divestiture of the Exosome business. I thank Matt for his strong leadership, positive impact on our business, and the legacy he leaves with our people, culture and innovation," Kelderman stated.

Looking forward, Kelderman expressed strong confidence in the incoming leader. "I'm delighted that Steve will be stepping up to take on the role of President, with his strong track record, visionary leadership, and over 20 years' experience in advancing innovative life science solutions making him an ideal fit for this role."

Kelderman also highlighted a key internal collaboration, noting his excitement for Crouse to work alongside Will Geist, President of Bio-Techne's Protein Sciences Segment, to "drive Bio-Techne's next phase of growth." This pairing signals a cohesive strategy to integrate the company's strengths in proteins, analytics, and diagnostics, creating a more powerful and unified front as it competes for market share and pushes the boundaries of scientific discovery.