BioMérieux Q4 Revenues up 11 Percent

Original from: genomeweb

BioMérieux reported Wednesday that its fourth quarter revenues rose 11 percent year over year.

For the three months ended Dec. 31, BioMérieux reported revenues of €1.03 billion ($1.09 billion), up from €924.5 million in the prior-year period, or 6 percent at constant exchange rates and scope of consolidation.

Clinical applications revenues rose 11 percent to €885.4 million from €797.1 million in Q4 2021.

Within that segment, molecular biology revenues increased 17 percent to €459.0 million from €391.5 million in the prior-year period. Specifically, the BioFire FilmArray product line grew 8 percent in the quarter, driven by a 20 percent increase for non-respiratory panels and "solid performance" of respiratory panels. Sales of the latter were supported by high volumes of seasonal flu, respiratory syncytial virus, and COVID-19 testing. The installed base of BioFire instruments expanded as well, with more than 300 units deployed during the quarter.

Also within clinical applications, immunoassays contributed €104.3 million in revenues, up 8 percent from €96.6 million in Q4 2021, due to a "favorable basis of comparison" and some recovery in routine tests. Microbiology sales increased 5 percent to €309.9 million from €296.1 million in Q4 2021, with growth in all product ranges.

Industrial applications revenues in Q4 were up 13 percent to €143.8 million from €127.4 million in Q4 2021, driven by "solid reagents sales growth" and by equipment sales across all business lines.

In the quarter, BioMérieux obtained the CE mark for the Vidas Kube, a next-generation system in the Vidas immunoassay portfolio. The firm also completed a strategic investment agreement and signed an exclusive distribution agreement with Jiaxing Accunome Biotechnology in China, and signed an agreement for a minority investment with Proxim Diagnostics, a company based in Santa Clara, California, which focuses on developing a next-generation handheld immunodiagnostic device for point-of-care testing.

For full-year 2022, BioMérieux reported that total revenues rose 6 percent to €3.59 billion from €3.38 billion in 2021, or a fraction of a percent on an organic basis, consistent with prior guidance.

Alexandre Mérieux, the firm's chairman and CEO, said in a statement that 2022 was marked by the acquisition of Specific Diagnostics, "which reinforces our product offering and our longstanding commitment to the fight against antimicrobial resistance." The year also saw intensive R&D and the launch of several new platforms "that will contribute to strengthen our market positions and sustain our growth," Mérieux said.

Revenues from clinical applications totaled €3.04 billion in 2022, up 5 percent from €2.89 billion in 2021.

Within that segment, molecular biology revenues increased 12 percent to €1.42 billion from €1.27 billion in 2021, while immunoassay revenues fell 12 percent to €404.1 million from €457.6 million in 2021.

Microbiology revenues, meanwhile, increased 10 percent to €1.16 billion from €1.06 billion in 2021. The firm reported the total BioFire installed base increased 7 percent in 2022 to approximately 23,500 units. Revenues from industrial applications in 2022 were €549.0 million, up 12 percent from €492.5 million in the prior year.

For full-year 2022, the company reported €954.7 million in SG&A expenses, up 17 percent from €815.6 million in 2021, due to the restart of sales and marketing activities and travel and events after the COVID-19 pandemic as well as salary increases. The firm's R&D spending was €446.6 million, up 16 percent from €385.8 million in 2021, reflecting increased development efforts and salary increases.

Net income in 2022 was €440.5 million, or €3.82 per share, compared to net income of €598.2 million, or €5.06 per share, in 2021.

Other operating milestones in 2022 included 510(k) clearance from the US Food and Drug Administration for the Vitek MS Prime MALDI-TOF mass spectrometry identification system, de novoFDA authorization for the BioFire Joint Infection Panel, FDA clearance for the Nephrocheck test on Vidas, closing of the acquisition of Specific Diagnostics, breakthrough device designation from the FDA for the Specific Reveal rapid AST system, and the CE mark for Vidas tests for chikungunya virus. 

The firm also launched 3P Enterprise for environmental monitoring in the pharma industry and formed a joint venture called Aurobac with Boehringer Ingelheim and Evotec to create the next generation of antimicrobials along with actionable diagnostics to fight antimicrobial resistance. 

For 2023, BioMérieux is targeting organic sales growth between 8 percent and 10 percent, excluding respiratory panels. The increase is expected to be driven by "solid growth" of BioFire non-respiratory panels as well as microbiology and industrial applications. BioMérieux is also forecasting net income in a range of €600 million to €630 million at forecast exchange rates, including a €40 million estimated unfavorable foreign exchange impact.