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DiaSorin 2022 Revenues Grow 10 Percent

NEW YORK ­– DiaSorin said on Monday that its full-year 2022 revenues grew 10 percent year over year on "solid performance" across all its businesses.

For the year ended Dec. 31, the Saluggia, Italy-based company posted €1.36 billion ($1.47 billion), up from €1.24 billion in 2021. On a constant currency basis, revenues were up 2 percent year over year.

In a statement, DiaSorin noted that the acquisition of Luminex also attributed to overall revenue growth, while a decline in COVID-19-related revenues offset growth. Immunodiagnostic revenues, excluding COVID, grew about 8 percent year over year on the strength of CLIA testing revenues despite a drop in vitamin D and ELISA panel testing revenues.

Meanwhile, molecular diagnostic revenues, excluding COVID, rose 65 percent year over year, driven by the Luminex business, as well as "robust" sales of respiratory tests during the second half of 2022. Licensed technology revenues for 2022 were €214 million, "confirming the strong sales performance of xMAP products," DiaSorin said.

Overall, Luminex contributed €386 million in revenues last year.

DiaSorin noted that instrument sales in the second half of 2022 slowed as a result of a shortage of electronic components due to the global supply chain challenges that affected all businesses.

COVID-19 testing sales, both molecular and antigen-based, were down almost 36 percent year over year to €244 million, DiaSorin said.

The company had a profit of €240.1 million in 2022 compared to a profit of €310.7 million in 2021.

It finished 2022 with €241.8 million in cash and cash equivalents.

For 2023, the firm expects total revenues to be down about 14 percent year over year. At constant currency, revenues are projected to decline 11 percent. Molecular respiratory business revenues are expected to decline 20 percent. Excluding COVID-19-related revenues, molecular respiratory revenues are anticipated to grow 4 percent. COVID-19 revenues are expected to be down 75 percent year over year to €60 million.