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DiaSorin Q3 Revenues Dip 5 Percent as COVID-19 Test Sales Fall

This article has been updated from a previous version to add information about DiaSorin's Q3 milestones and include comments made by DiaSorin's CEO in an earnings call.

NEW YORK — DiaSorin reported Thursday its third quarter revenues declined 5 percent year over year with waning COVID-19 testing demand, despite rising revenues across its other diagnostics businesses.

For Q3 2022 the Saluggia, Italy-based firm logged €326.8 million ($327.1 million) in total revenues compared to €343.5 million a year ago. COVID-19 testing revenues shrank 47 percent to €51.6 million in Q3 from €98.4 million a year ago. Meanwhile, immunodiagnostics testing (excluding COVID-19) grew 15 percent to €171.5 million from $156.6 million; molecular diagnostics (excluding COVID-19) jumped 10 percent to €54.3 million from €44.0 million; and licensed technologies grew 5 percent to €49.4 million from €44.5 million.

DiaSorin has continued to develop its COVID-19 business, however, securing US Food and Drug Administration clearance last month for a swab-based PCR assay that delivers results in about one hour. The company also announced this month it had secured $31 million in funding for development of a rapid and decentralized molecular diagnostics platform plus and a combination test for SARS-CoV-2 and influenza A and B viruses.

In a conference call with investors, CEO Carlo Rosa cited COVID-19-related lockdowns in China, civil unrest in Iran, and the war between Russia and Ukraine among the causes for the drop in Q3 revenue. He also said supply chain difficulties hurt DiaSorin's instrument manufacturing business, and the firm had been unable to deliver between €5 million and €8 million in orders for instruments while waiting for parts.

In addition to the drop in COVID-19 diagnostics, the company also cited supply chain issues, particularly delays in electronics components, among the causes for the drop in Q3 revenue.

DiaSorin's Q3 net profit fell 22 percent from €79.3 million to €62.1 million. Adjusted net profit fell 11 percent year over year to €75.6 million.

For the first nine months of 2022, DiaSorin recorded total revenues of €1.01 billion, up 18 percent compared to the first nine months of 2021. This increase is due to the strong performance of the immunodiagnostic and molecular diagnostic business and to the inclusion of Luminex in the scope of consolidation, partly offset by the expected decline of COVID sales, DiaSorin said. DiaSorin acquired Luminex in April 2021.

DiaSorin finished the quarter with cash and cash equivalents of €401.7 million.