NEW YORK – Diasorin said on Friday that the firm's full-year 2024 revenues rose about 6 percent from a year ago, excluding COVID-19 testing, with growth in its immunodiagnostics business as well as smaller gains in its non-COVID-19 molecular diagnostics and licensed technologies businesses.
For the year ended Dec. 31, 2024, the Saluggia, Italy-based firm reported its overall revenues rose 3 percent to €1.19 billion ($1.29 billion) from €1.15 billion in FY 2023. That includes a 56 percent decline in COVID-19-related business to €26 million from €59 million. The firm also noted that the milder flu season in 2024 reduced its respiratory test sales year over year.
Diasorin reported a 10 percent year-over-year rise in revenues from North America due to growth in CLIA testing sales as well as successes in its strategies for increasing adoption of its products in US hospitals and expanding use of its specialty testing menu. Its European revenues also rose 8 percent on the strength of its immunodiagnostics business, especially its specialty testing menu.
Company revenues in the rest of the world, however, fell 6 percent year over year due in part to policies in China that favored local firms as well as measures in the country to lower prices. The firm said that it also had lower performance in some markets where it sells its products through distributors, and it noted that it had recorded some extraordinarily high instrument sales in Q4 2023.
The firm's full-year immunodiagnostics revenues, excluding COVID-19 revenues, jumped 9 percent to €785 million compared to €721 million a year earlier, with strong performance in its CLIA specialty testing line.
Molecular diagnostics revenues, also excluding COVID-19 revenues, meanwhile, rose 4 percent to €204 million from €197 million in FY 2023. The firm said that the rise was driven by contributions from its legacy molecular businesses as well as a strong start to commercialization of its Liaison Plex testing platform. The company launched the platform in June 2024 for syndromic molecular testing, and it offers the option to pay for only a portion of the price for each panel when only some of the results are wanted.
In November, Diasorin submitted its Liaison Plex Gram-Positive Blood Culture Assay to the US Food and Drug Administration for 510(k) marketing clearance. The syndromic test is used for the detection of bacterial pathogens in blood, with results in about two hours.
The company said that the test is the third and final blood culture panel that it had in the pipeline for the Liaison Plex analyzer. Earlier in 2024, the company secured 510(k) clearance for its Liaison Plex Yeast Blood Culture Assay and submitted for clearance its Liaison Plex Gram-Negative Blood Culture Assay. In addition to the blood culture panels, the company last year received FDA clearance for the instrument with the Liaison Plex Respiratory Flex Assay to identify up to 14 viral targets and five bacterial targets.
The firm noted that sales of its Aries molecular diagnostics products peaked in 2023 ahead of the discontinuation of the product line because of its overlap in positioning and menu with the newer MDx+ instrument.
Lastly, Diasorin's licensed technologies business revenues rose 2 percent to €171 million from €168 million in FY 2023. The firm noted that the segment finished the year with 5 percent growth in Q4 2024 as it improved performance among life sciences customers.
The company posted a profit of €187 million for FY 2024, up from a profit of €159 million in the previous year. The firm ended the year with €344 million in cash and cash equivalents.
For 2025, the company expects that its total revenues will rise 7 percent year over year at constant currency. Excluding COVID-19-related sales, revenues are anticipated to grow 8 percent year over year with COVID-19 revenues expected at €20 million.