DiaSorin Q3 Revenues Rise 51 Percent on Luminex Acquisition, Recovery of Non-COVID Test Sales

DiaSorin said Thursday that its third quarter revenues rose 51 percent year over year, driven in part by a recovery in non-COVID-19 related test sales. 

For the three months ended Sept. 30, the Saluggia, Italy-based company reported revenues of €343.5 million ($393.9 million) in revenues compared to €227.9 million in Q3 2020.

The firm said that its Q3 CLIA-test revenues rose 23 percent year over year to €140.4 million from €114.3 million. ELISA test revenues fell 11 percent year over year to €14.5 million from €16.3 million. Q3 molecular test revenues of €82.1 million were up 6 percent year over year from €77.8 million, and instruments sales and other revenues of €15.4 million dropped 21 percent year over year from €19.5 million. Luminex contributed €91.1 million to DiaSorin's Q3 revenues.

The company said its Q3 revenues grew 10 percent year over year excluding Luminex revenues. 

DiaSorin completed the acquisition of Austin, Texas-based Luminex in July for $1.8 billion.

DiaSorin said in the recently completed quarter, it saw a strong recovery of non-COVID-19 related sales, which grew 8.4 percent year over year excluding Luminex revenues. The recovery of its non-COVID business was driven in particular by sales of latent tuberculosis tests as well as infectious disease, and Q3 sales of SARS-CoV-2 serology and molecular tests excluding Luminex revenues were €80.0 million, up 14 percent year over year compared to €70.4 million.

The company posted a Q3 net profit of €79.3 million compared to €67.8 million in Q3 2020.

Its Q3 R&D expenses rose 67 percent year over year to €20.8 million from €12.5 million, while its SG&A expenses increased 66 percent year over year to €85.9 million from €51.6 million.

DiaSorin said it had €327.7 million in cash and cash equivalents at the end of Q3.

For full-year 2021, the company expects year-over-year revenue growth of 40 percent at a constant exchange rate. Earlier this year, DiaSorin said it expected year-over-year revenue growth between 15 percent and 25 percent. In Q2, following the Luminex acquisition, DiaSorin said it anticipated 2021 revenues of approximately €1.2 billion.