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Horizon Discovery Preliminary FY2019 Revenues Up 7 Percent

NEW YORK – Horizon Discovery announced preliminary FY2019 revenues on Tuesday, reporting that it expects revenues for the year to rise approximately 7 percent year over year.

Reported revenues for FY2019, including continuing and discontinued operations, are expected to be approximately €62.9 million ($69.5 million), up from €58.7 million in 2018. On a constant currency basis, the company is expecting revenues of €61.2 million, an increase of approximately 4 percent from 2018.

Horizon expects revenues from continuing operations of approximately €58.3 million for 2019, an 8 percent increase from €54.1 million in 2018. On a constant currency basis, revenues from continuing operations are expected to be approximately €56.7 million, a 5 percent year-over-year increase.

The company said revenue growth during the year was driven by strong performance in its research reagents and screening business units, which saw year-over-year increases of 10 percent and 28 percent, respectively. Its bioproduction business also continued to perform well and generated a strong second half performance but ended the year down 2 percent compared to 2018 revenues. The diagnostics business unit had a challenging first half of the year, and its revenues fell 28.6 percent from the previous year, Horizon noted. The company took some corrective measures to improve performance in the second half of the year, but the unit's revenues still ended the year down 19 percent compared to 2018.

Horizon had a cash balance of €18.8 million at the end of 2019.