NEW YORK – Diasorin reported on Tuesday that its third quarter revenues rose 6 percent year over year with rising demand for the firm's immunodiagnostic assays in the US and Europe.
At constant exchange rates (CER), the company's revenues were up 7 percent year over year.
The Saluggia, Italy-based firm reported Q3 revenues of €287 million ($313.4 million) compared to €270 million in the prior-year quarter. Excluding COVID-19-related results, Diasorin's revenues were up 9 percent, or 10 percent at CER.
Diasorin reported 8 percent growth in revenues from both North America and Europe during Q3 and a 2 percent decline in revenues from the rest of the world.
The firm said that its non-COVID-19 immunodiagnostics revenues jumped 10 percent year over year to €193 million from €175 million a year earlier. Its hospital-focused commercial strategy and its specialty testing menu drove the strong performance in the US market, while testing volumes across most of Europe also increased.
The company's molecular diagnostics revenues, excluding COVID-19 tests, rose about 5 percent to €46 million from €44 million with contributions from the firm's respiratory assays and legacy molecular business, as well as multiplex tests for the company's Verigene I platform. COVID-19-related revenues, however, plunged 45 percent to €6 million from €11 million a year earlier.
Diasorin's licensed technologies business revenues, though, increased by 8 percent to €42 million from €39 million, due in part to the earlier-than-expected shipment of some consumables. The results in that business were up from a year ago as softness in the life science segment, particularly in instrument sales, was offset by strong performance among diagnostics customers, the firm noted.
Diasorin reported net income of €45 million during Q3 2024 compared to €25 million one year earlier.
The company ended the quarter with €223 million in cash and cash equivalents.
Diasorin raised its guidance for full-year 2024 with non-COVID-19 revenues expected to increase about 7 percent year over year at CER, which is up from a previous prediction of growth between 6 percent and 7 percent. The company also confirmed previous guidance that COVID-19 revenues are expected to total €30 million for the year.