NEW YORK (360Dx) – BioMérieux this week reported that its earnings for the first half of 2018 increased approximately 3 percent year-over-year to €1.17 billion ($1.36 billion), up from €1.13 billion in the first half of 2017. On an organic basis, first half revenues grew nearly 10 percent. Net income, meanwhile, jumped to €134.4 million from €101.1 million in H1 2017. In light of this first-half performance, the firm is now aiming to report net income of €340 million to €350 million for full-year 2018.
Bio-Techne this week said that it has altered its reportable segments due to recent changes in its underlying organizational model following recent acquisitions. In a document filed with the US Securities and Exchange Commission, Bio-Techne altered previously issued financial information but noted that the amendments did not represent a restatement of earnings.
The company’s new segment structure rolls four existing segments into two new reportable segments: protein sciences, and diagnostics and genomics. The diagnostics and genomics unit will consist of the existing Advanced Cell Diagnostics (ACD) operating segment and the existing diagnostics operating segment. As part of the realignment, the ACD business will now be the genomics operating segment. Bio-Techne purchased ACD for $325 million in August 2016, launching it in the genomics space.
The firm's second new segment, protein sciences, will consist of the remaining portion of its biotechnology segment and its existing protein platforms operating segment. As part of the realignment, protein platforms will also be referred to as the analytical solutions division, and the firm's core biotechnology business will now be referred to as the reagent solutions division.
Genomic Health said this week that the German Institute for Quality and Efficiency in Health Care (IQWiG) has published an updated assessment of breast cancer gene expression profiling tests. In its analysis, IQWiG concluded that, based on results from the TAILORx study, the Oncotype DX Breast Recurrence Score test can support patients with primary node-negative, hormone-receptor positive, HER2-negative breast cancer in the decision for or against chemotherapy.
IQWiG's technical assessment will inform the Federal Joint Committee (G-BA) official reimbursement procedure. In July 2018, the G-BA publicly stated that it expects to make a final decision on reimbursement of breast cancer gene expression profiling tests by the end of 2018.
Piper Jaffray noted this week that it is discontinuing coverage of Veracyte due to a realignment of analyst resources. Investors should no longer rely on the banking firm's last published rating, price target, model, or estimates on Veracyte as they will no longer be updated.
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