Original from: 360dx
Diasorin said Tuesday that the firm's first quarter revenues jumped 8 percent year over year with growth across the company's immunodiagnostics, molecular diagnostics, and licensed technologies businesses.
At constant exchange rates (CFR), revenues were up 7 percent year over year.
For the quarter ended March 31, the Saluggia, Italy-based company reported its total revenues rose to �313 million ($356 million) from �289 million a year earlier. Excluding COVID-19-related sales, revenues grew 10 percent year over year.
The firm saw its strongest growth in North America, with 18 percent growth year over year, on the strength of its immunodiagnostics business with contributions from rising revenues from its molecular testing business. The company's revenues from direct sales in Europe rose 4 percent on strong performance of the company's immunodiagnostics tests, particularly specialty tests. The firm noted that those results were in comparison with Q1 2024 revenues that were elevated due to infectious disease outbreaks on the continent.
Diasorin's revenues from all other markets declined 1 percent on reduced revenues in China, mostly due to the effects of the country's centralized volume-based procurement program.
Diasorin CEO Carlo Rosa said during a conference call that the tariffs applied by the Trump administration and counter-tariffs from China are expected to have negligible effects on the company. Diasorin CFO Piergiorgio Pedron added that the firm expects that the tariffs will have an impact of less than �5 million EBITDA for the full year, and he noted that most of the company's US-made products that have been shipped to China lately have cleared customs without added tariffs.
"We understand this is happening more broadly for…diagnostic reagents goods entering into China," he said.
Diasorin's immunodiagnostics revenues, excluding COVID-19-related business, rose 9 percent to �203 million from �186 million in Q1 2024 with strong performance in the company's specialty tests for CLIA-accredited labs, as well as successful efforts to expand its footprint across US hospitals. That rise was partly offset by declining immunodiagnostics revenues in China.
However, Rosa noted that the company just received approval to manufacture its Liaison XL instrument in China.
Meanwhile, the firm's non-COVID-19 molecular diagnostics revenues rose 10 percent to �56 million from �51 million on the strength of the firm's specialty molecular tests, rising sales in respiratory panels during a severe flu season, and growth in automated multiplex testing. That growth was partly offset by the loss of revenues from the discontinued Aries molecular diagnostics product line.
The company announced in March that it had received CE marking under the EU's In Vitro Diagnostic Regulation for its Simplexa C. auris Direct kit to aid the detection of the fungal pathogen Candida auris. It had received US Food and Drug Administration de novo marketing authorization for the test in July 2024.
Subsequent to the quarter, Diasorin announced in April that it had secured FDA 510(k) clearance for a molecular panel to aid the diagnosis of Gram-negative bloodstream infections, giving the firm its second of three planned multiplex bloodstream infection panels on the Liaison Plex instrument. The firm received 510(k) clearance last June for its Liaison Plex Yeast Blood Culture Assay, and it said in November that it had submitted for clearance a panel for the identification of Gram-positive infections.
For Q1, the company reported that its COVID-19 revenues fell by 44 percent, to �5 million from �9 million a year ago. COVID-19 testing revenues are expected to contribute �20 million in the full fiscal year.
The firm's licensed technologies revenues, though, rose 16 percent year over year to �50 million from �43 million in Q1 2024, mainly due to bulk shipments to key customers.
Diasorin reported Q1 net income of �52 million compared to �46 million one year ago. It ended the quarter with �365 million in cash and cash equivalents.
The company confirmed its previous guidance that it expects its total revenues for 2025 will rise 7 percent year over year at constant currency compared to 2024. When COVID-19-related sales are excluded, revenues are expected to grow 8 percent year over year.
China Association of In-vitro Diagnostics
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