EXCEPTIONAL LEVEL OF €184.1 MILLION
• Continued growth in non-COVID activities (+14%)
• Share of proprietary products increasing to 25%
• Limited decline in COVID activities (-12%) in a context of sharp price declines
• Record level of cash at more than 100 M euros
Paris, January 24, 2022 – 5:45pm
Eurobio Scientific (FR0013240934, ALERS, PEA-PME eligible), a leading French group in in vitro medical diagnostics and life sciences, today presents its consolidated annual revenue as of December 31, 2021.
Maintaining a high level of activity
Eurobio Scientific recorded revenues of €184.1 million in 2021, close to the record level set in 2020. In a year still very dependent on the COVID health crisis, these figures reflect:
- A still very high level of sales related to COVID diagnosis (€102.6 million, or 56% of sales), despite sharply declining prices compared to the previous year;
- Continued growth in traditional activities, excluding COVID (€81.5m, i.e. 44% of sales).
A range of COVID diagnostics with high added value
Even if Eurobio Scientific was able to quickly strengthen its range of tests to meet the needs of the various players, the activity remained mainly focused on products with higher added value, namely PCR tests for public and private laboratories, historical customers of the Group.
The share of proprietary products increased significantly, building upon Eurobio Scientific’s strengths which are:
- – A reinforced R&D capability;
- – Strong regulatory affairs;
- – A new responsive and high-capacity production tool.
Indeed, the Group was the first to obtain in November 2021, the CE mark for its new proprietary test (EBX 047, Eurobioplex SARS-CoV-2 Fast-SVD – Screening and Variants Detection) capable of screening for COVID while simultaneously detecting Delta and Omicron variants, with a result in 45 minutes.
COVID revenue was thus down a limited 12% over the year, in a context of a sharp drop in prices linked to the massive arrival of products from Asia, in particular for the antigen tests segment in which Eurobio Scientific has little presence.
Eurobio Scientific remains one of the main French players in COVID diagnosis with large private and hospital laboratories, for which further increased its installed base of machines, most of which are also used for the Group’s non-COVID products.
Strong growth in revenue excluding COVID at +14% (+10% organic)
During the second half of the year, marked by a new wave of contamination, health and diagnostic players were again strongly focused on the diagnosis and treatment of COVID, at the expense of other pathologies. Growth of the Group’s non-COVID activities nevertheless remains high during the year, at +14% (+10% at constant scope, by eliminating the activity of TECOmedical in the first half of 2021) with revenues of €81.4 million.
Each of the Group’s three traditional business segments (transplantation, diseases and medical research) grew. The growth of the Diseases division was the most impacted by the mobilization of the various players on COVID. Eurobio Scientific’s activity in this segment has great potential, in line with the extension of both the installed base of equipment and the ranges of products.
In addition to the development of new proprietary product lines, Eurobio Scientific signed new exclusive distribution partnerships aimed at making innovative high-impact products available in France for healthcare professionals and patients. These include, for example, the ORASURE test, the first rapid saliva self-test for HIV screening launched at the beginning of January, the Hameokinesis blood tests or the SD Biosensor molecular biology ranges intended for local diagnosis (Point Of Care).
In addition, the development of international sales continued during the year, supported by the foreign subsidiaries TECOmedical and Pathways as well as by the signing of new customers, particularly in the Middle East.
More than €100 million in cash
At the end of 2021, Eurobio Scientific has more than €100 million in cash available, for a net financial debt of just over €10 million, the PGE loan having been fully repaid.
These significant financial resources allow the group to pursue its strategic development by investing in R&D, and in targeted external growth in order to continue to increase the share of its international sales.
The significant share of proprietary products sales should help maintain a good level of results in 2021.
Next financial meeting
2021 annual results: 6 April 2022, (after market close)
This press release contains elements that are not historical facts including, without limitation, certain statements about future expectations and other forward-looking statements. Such statements are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, profitability or events to differ materially from those anticipated. In addition, Eurobio Scientific, its shareholders, and its affiliates, directors, officers, advisors and employees have not verified the accuracy of, and make no representations or warranties in relation to, statistical data or predictions contained in this press release that were taken or derived from third party sources or industry publications. Such statistical data and predictions are used in this press release for information purposes only. Finally, this press release may be drafted in the French and English languages. If both versions are interpreted differently, the French language version shall prevail.