BioMérieux Q2 Revenues Rise 8 Percent

Original from: 360dx

BioMérieux reported Thursday that its second quarter revenues rose 8 percent year over year due in part to strong sales of BioFire assays.

For the three months ended June 30, the Marcy l’Etoile, France-based in vitro diagnostics maker reported revenues of €936.7 million ($1.04 billion) compared to €864.3 million a year ago. At constant exchange rates, revenues increased 10 percent in the quarter.

Sales in the molecular biology business unit increased 17 percent as reported to €365.1 million from €312.6 million, which also grew 17 percent at constant exchange rates.

The increase was driven by a 19 percent growth in sales of BioFire non-respiratory panels despite a tough comparison in the prior-year quarter as well as by a 17 percent increase in respiratory panel sales. The BioFire installed base increased by more than 400 units in the quarter to 26,100.

The firm also reported that the installed base of its SpotFire point-of-care molecular diagnostic instrument reached 1,450 instruments at the end of Q2. Sales for SpotFire were approximately €13 million in the quarter and €33 million in the first half of 2024, in line with full-year sales guidance of €80 million. 

In the quarter, BioMérieux obtained 510(k) clearance and CLIA waiver from the US Food and Drug Administration for its Respiratory/Sore Throat (R/ST) Panel Mini on the SpotFire system.

In microbiology, sales increased 5 percent, or 8 percent at constant exchange rates, to €324.2 million from €309.6 million related to double-digit growth in reagent sales.

In Q2, BioMérieux received 510(k) clearance for its Vitek Reveal antimicrobial susceptibility testing system and assay for Gram-negative bloodstream infections.

The immunoassay business unit saw sales decline 7 percent as reported, or approximately 3 percent at constant exchange rates, to €85.2 million from €91.6 million, due to continued decreases in procalcitonin test sales offset by growth in Vidas assay sales.

BioMérieux obtained 510(k) clearance in the second quarter for a traumatic brain injury assay called Vidas TBI (GFAP, UCH-L1) on the Vidas immunoassay testing system.

Other lines in clinical application sales increased 34 percent, but fell 9 percent at constant exchange rates, to €13.1 million from €9.8 million. These sales mainly include BioFire Defense and R&D-related revenue arising on clinical applications, the firm said.

The industrial application business unit saw a sales increase of 6 percent, or 9 percent at constant exchange rates, to €149.1 million from €140.8 million.

Sales in North America increased 9 percent, or 8 percent at constant exchange rates, to €402.9 million from €369.2 million, led by strong demand in BioFire non-respiratory and respiratory panels and by industrial applications.

In Latin America, sales increased 11 percent, or 36 percent at constant exchange rates, to €66.1 million from €59.3 million. The increase was attributed in part to strong price increases in Argentina to compensate for hyperinflation and local currency depreciation. Excluding Argentina, BioMérieux said the quarterly sales growth for the region was close to 10 percent and driven primarily by BioFire and industrial applications.

Sales in Europe, the Middle East, and Africa increased 10 percent, or 11 percent at constant exchange rates, to €312.2 million from €283.1 million, while sales in Asia-Pacific were up 2 percent, or 5 percent at constant exchange rates, to €155.5 million from €152.8 million.

Following the close of the quarter, the firm also announced it will offer a research-use-only mpox test called the Monkeypox R-Gene PCR kit, in light of the World Health Organization declaration of an mpox Public Health Emergency of International Concern.

The firm also said that unspecified internal control and compliance shortcomings were identified within its US operations after the close of the quarter. It has run additional verifications resulting in nonmaterial financial impacts and continues to pursue internal investigations and reinforce its internal control in the US.

BioMérieux raised its full-year 2024 guidance to sales growth at constant exchange rates of between 8 percent and 10 percent, up from previous guidance of between 6 percent and 8 percent growth.

Source: BioMérieux Q2 Revenues Rise 8 Percent