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Decline in DiaSorin's Q2 MDx Revenues Offset by Strength in Immunodiagnostics

NEW YORK – DiaSorin said on Thursday that its second quarter revenues fell around 12 percent year over year on a constant currency basis, as it experienced an expected continued sharp decline in COVID-19 testing, partially offset by improvements in other immunodiagnostics sales.

The diagnostics firm reported revenues of €286.8 million ($316.5 million) for the quarter ended March 31 compared to €327.8 million in the year-ago quarter, representing an approximately 12 percent decline.

Saluggia, Italy-based DiaSorin recorded a 73 percent drop in revenues from COVID-19 testing to €13.5 million from €53.0 million a year earlier. COVID-19 testing represented just 6 percent of the firm's revenues in the recently completed quarter, down from 22 percent in Q2 2022.

Excluding COVID-19-related revenues, immunodiagnostics revenues rose almost 8 percent to €183.3 million from €172.9 million in the year-ago period with CLIA laboratory test sales driving the increase and offsetting an expected decline in sales of vitamin D tests and ELISA panels and instruments.

The company said its immunodiagnostics business performed very well in Q2 in Europe and North America and saw "gradual" improvement in in China. Notably, DiaSorin said that its strategies of increasing market share in the US hospital segment and expanding its menu of specialty testing are working.

Molecular diagnostics revenues, excluding COVID-19, fell nearly 8 percent to €46.3 million from €51.5 million, weighed down by the "expected" loss of a key contract for cystic fibrosis testing at an unspecified US laboratory, the company said.

Revenues from licensed technologies revenues grew 10 percent to €43.7 million from €40.7 million in the year-ago quarter. The firm sold its flow cytometry and imaging assets to Cytek Biosciences in February for $46.5 million as it focuses on other multiplexing technology and molecular testing products it acquired when it bought Luminex in 2021.

The diagnostics firm recorded net income of €45.1 million for Q2 2023, down 23 percent from €58.5 million in Q2 2022.

DiaSorin had €256.3 million in cash and cash equivalents as of June 30.

The company confirmed its previous guidance that it expects 2023 full-year revenues to decline about 14 percent from 2022 at constant exchange rates.