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Eurofins Scientific Posts 17 Percent Increase in FY2020 Revenues

NEW YORK — Eurofins Scientific on Monday reported a 17 percent jump in revenues for fiscal year 2020, topping guidance provided in December.

Separately, the company announced that it has received Emergency Use Authorization from the US Food and Drug Administration for a direct-to-consumer version of its EmpowerDx COVID-19 Home Collection Kit.

Eurofins reported total FY2020 revenues of €5.44 billion ($6.55 billion) versus €4.56 billion the year before. The Luxembourg-based firm previously said it expected FY2020 revenues of €5.3 billion.

Eurofins attributed the growth to strong performance by its core business, particularly in Europe where revenues were up 24 percent to €3.15 billion from €2.50 billion a year earlier. Also contributing to the revenue increase was the more than €800 million generated in FY2020 from the sale of COVID-19 tests and reagents.

Included in those COVID-19 products is the EmpowerDx kit, a nasal swab specimen self-collection kit for SARS-CoV-2 testing that first received FDA EUA in October. Eurofins said the test, which is offered through its EmpowerDx subsidiary, has now been authorized by the FDA for sale to consumers without a prescription.

The firm noted that it made completed 26 acquisitions during the year, representing proforma annual revenues of €103 million.

Eurofins posted a FY2020 net profit of €540.5 million, or €2.75 per share, versus a profit of €195.3 million, or €1.05 per share, the year before. On an adjusted basis, its EPS were €3.63 for FY 2020.

Operating costs for the fiscal year grew nearly 11 percent to €4.09 billion from €3.73 billion.

At the end of FY2020, Eurofins had cash and cash equivalents totaling €912.4 million.

Looking ahead, the company said that it continues to expect revenues, excluding COVID-19-related revenues, of €5.45 billion for FY2021.