DiaSorin Posts 32 Percent Jump in Q2 Revenues

Original from: 360DX

Italian diagnostic firm DiaSorin on Wednesday reported a 32 percent year-over-year jump in revenues for the second quarter of 2022.

For the three-month period ended June 30, DiaSorin's revenues climbed to €327.8 million ($333.9 million) from €248.7 million in the same period last year as non-COVID-19 molecular diagnostic revenues more than tripled to €50.3 million, and non-COVID-19 immunodiagnostic revenues rose 10 percent to €172.9 million. Luminex, which DiaSorin acquired in July 2021, helped drive the overall revenue increase, including the impact of €51.6 million in revenues from licensed technologies including its xMap instruments and consumables.

Revenues from COVID-19 products, meanwhile, dropped 30 percent to €53.0 million in Q2 from €75.3 million in the same period a year earlier.

DiaSorin's net profit for the second quarter fell to €58.5 million from €71.8 million. 

Second quarter SG&A expenses rose 80 percent to €102.4 million from €56.8 million in the same period the year before, while R&D spending more than doubled to €23.9 million from €11.5 million in Q2 2021, in part reflecting the impact of the Luminex acquisition.

At the end of June, DiaSorin had cash and cash equivalents totaling €382.4 million. 

Looking ahead, DiaSorin said it now expects a roughly 2 percent year-on-year increase in revenues for 2022 on an uptick in COVID-19 sales to €200 million for the year and an expected 24 percent rise in non-COVID-19 revenues.

Source: DiaSorin Posts 32 Percent Jump in Q2 Revenues