NEW YORK – Diasorin said Monday that the firm's second quarter revenues, excluding COVID-19 testing, rose 8 percent on the strength of its immunodiagnostics and molecular diagnostics offerings.
At constant exchange rates (CER), revenues excluding COVID-19 tests grew about 7 percent year over year.
The Saluggia, Italy-based firm reported its overall revenues were up about 5 percent for the quarter ended June 30 at €300 million ($325 million) compared to €287 million in the prior-year quarter.
Diasorin's Q2 immunodiagnostics revenues, excluding COVID-19 testing, jumped 12 percent year over year to €205 million from €183 million with strong CLIA laboratory-related sales during the first half of the year. The firm said that the figures reflect success of the company's hospital-focused strategy in the US and increased product volumes in most countries in Europe.
Non-COVID molecular diagnostics revenues rose 7 percent to €49 million compared to €46 million in Q2 2024 on the strength of its legacy molecular testing business including respiratory testing and multiplex testing on the Verigene I instrument. That increase was partly offset, however, by a decline in the firm's cystic fibrosis testing business.
Revenues related to COVID-19 testing fell 61 percent to €5 million from €13 million.
The firm's licensed technologies revenues also declined 7 percent year over year to €41 million from €44 million. While Diasorin reported that it saw positive trends in the licensed technologies segment for diagnostics-related business, it also saw a slowdown in life sciences-related business lines that were mostly related to softer instrument sales.
Diasorin noted that the molecular diagnostics revenues do not reflect the launch this spring of the automated Liaison Plex instrument for syndromic testing. The firm provided a statement that the first shipments of the instrument were delivered to US customers on May 20, and the company continues working on IVDR certification for sales in Europe.
The system incorporates a flexible testing model that would allow customers to pay more for additional test results and is a replacement for the company's Verigene system that was designed by Luminex before Diasorin acquired the firm for $1.8 billion in 2021.
Through the first half of 2024, Diasorin booked a 9 percent increase in revenues from North America and 8 percent increase in Europe with strong performance by the immunodiagnostics and molecular diagnostics businesses in both regions. Overall revenues from the rest of the world fell by 6 percent, however, which the company attributed to softness in the Chinese market as well as markets where the company operates through distributors.
Diasorin recorded Q2 net income of €50 million compared to €45 million in Q2 2023.
The firm ended the quarter with €170 million in cash and cash equivalents.
The company raised its guidance on Monday and said that its non-COVID-19 revenues will grow between 6 percent and 7 percent in 2024 at constant currency. Diasorin reaffirmed its estimate that COVID-19 revenues are expected to total about €30 million for the year.