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BioMérieux Reports 10 Percent Revenue Growth in Q4

NEW YORK (GenomeWeb) – BioMérieux reported today that its fourth quarter revenues rose 10 percent year over year both on a reported and adjusted basis.

For the three months ended Dec. 31, BioMérieux reported revenues of €672.4 million ($765.6 million), up from €613.8 million in the prior-year period.

Clinical applications revenues rose 10 percent on a reported basis to €553.7 million from €504.2 million in Q4 2017. Within the clinical applications segment, molecular biology revenues increased 25 percent to €165.4 million from €131.9 million in the prior-year period. The BioFire FilmArray product line grew 32 percent in the quarter, and the company said that it added 600 units to its installed base during the quarter for a total of 8,200 worldwide.

Also within clinical applications, immunoassays contributed €116.7 million in revenues, down 2 percent from €118.8 million in Q4 2017, with performance varying across geographies. Microbiology sales increased 7 percent to €262.6 million from €246.1 million in Q4 2017.

Industrial applications revenues in Q4 grew 8 percent to €118.8 million from €109.6 million in Q4 2017, driven by demand for product lines in the pharmaceutical sector and growth in molecular biology solutions for food testing. In the quarter the firm acquired Invisible Sentinel, a Philadelphia-based maker of molecular diagnostics assays to detect pathogens and spoilage in food.

For full-year 2018, BioMérieux reported that total revenues rose to €2.42 billion from €2.29 billion in 2017, up 6 percent on a reported basis or 10 percent on an organic basis.

For the year, the firm's FilmArray sales contributed €483 million in revenues, and the Americas region contributed revenues of €1.1 billion, up 6 percent from €1.0 million in 2017. The firm noted that international rollout of FilmArray also accelerated in the quarter, with ex-US sales representing 19 percent of the total.

Revenues from clinical applications, which include microbiology, immunoassay, molecular biology, were €1.99 billion, up 6 percent from €1.88 billion in 2017. Microbiology revenues rose 2 percent to €964.9 million from €946.4 million in 2017.

Immunoassay revenues fell 3 percent to €441.8 million from €457.3 million in 2017. The firm's Vidas immunoassay sales grew around 2 percent due to strong performance in the Middle East, Africa, and the Asia Pacific regions.

Molecular biology revenues rose 25 percent to €549.0 million from €440.4 million in 2017, driven in part by 37 percent growth in FilmArray sales.

Revenues from industrial applications were €433.5 million, up 5 percent from €412.5 million in the prior year.

For full-year 2018 the company reported a 7 percent reported increase in SG&A expenses to €645.5 million from €603.9 million, reflecting the addition of sales team employees dedicated to FilmArray and teams in Asia. The firm's R&D spending also increased 7 percent to €326.9 million from 304.4 million, in part to support FilmArray development.

In 2018, the company acquired Astute Medical, a maker of assays for kidney function, and it also acquired a majority stake in Hybiome, an automated immunoassay manufacturer based in China. It also obtained CE marking and clearance from the US Food and Drug Administration for an expanded Vitek MS mass spectrometry database, launched its Vidas PTH test for parathyroid hormone, and obtained CE marking on a BioFire FilmArray Pneumonia Panel.

For 2019, BioMérieux is targeting organic sales growth between 7.0 percent and 8.5 percent at constant exchange rates, in part reflecting a normal-intensity flu season. The company is targeting contributive operating income before non-recurring items of between €385 million and €400 million, at current exchange rates. It also noted that its objectives do not take into account the potentially negative effects of uncertain events "such as the application of a hard Brexit, heightened trade tensions between the United States and China, or greater-than-expected declines in emerging-market currencies."