DiaSorin Q2 Revenues Rise 20 Percent on SARS-CoV-2 Testing Demand

Original from genomeweb

DiaSorin said on Friday that its second quarter revenues rose 20 percent year over year, driven by strength in molecular diagnostic test sales.

For the three months ended June 30, the Saluggia, Italy-based company reported €248.7 million ($295.4 million) in revenues compared to €207.7 million in Q2 2020.

DiaSorin said that its Q2 CLIA-test revenues rose 25 percent year over year to €146.3 million from €117.4 million. Its ELISA test revenues rose 4 percent year over year to €14.2 million from €13.6 million. It posted Q2 molecular revenues of €69.4 million, up 23 percent year over year from €56.6 million, and instruments sales and other revenues of €18.8 million, down 7 percent year over year from €20.1 million.

DiaSorin noted that it recently completed the acquisition of Austin, Texas-based Luminex for $1.8 billion, which DiaSorin said strengthens its position in the molecular diagnostics market and its value proposition, DiaSorin said.

DiaSorin also noted that it recently received CE marking and Emergency Use Authorization from the US Food and Drug Administration for the Liaison SARS-CoV-2 TrimericS IgG, a new quantitative serology test for the determination of IgG antibodies.

The firm said that in the first half of 2021 it placed 9,029 immunodiagnostic analyzers, including 299 Liaison XL analyzers for a total installed base of around 5,400 units.

The company posted a Q2 net profit of €71.8 million compared to €57.0 million in Q2 2020.

Its Q2 R&D expenses fell 12 percent year over year to €11.5 million from €13.1 million, and its SG&A expenses increased 8 percent year over year to €56.8 million from €52.4 million.

DiaSorin said it had €896.8 million in cash and cash equivalents at the end of Q2.

Following the acquisition of Luminex, DiaSorin has updated its 2021 guidance, saying it anticipates revenues of approximately €1.2 billion. The COVID-19 pandemic continues to contribute uncertainty in anticipating future purchasing behavior trends in laboratories and hospitals, the firm said.

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