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Diasorin Non-COVID Revenues Rise 4 Percent in Q1 on Strength of Immunodiagnostics Business

NEW YORK – Diasorin said on Friday that its first quarter revenues, excluding COVID-19 tests, were up 4 percent year over year on the strength of the firm's non-COVID immunodiagnostics business in North America and Europe.

At constant exchange rates (CER), revenues excluding COVID-19 tests grew 5 percent year over year.

The Saluggia, Italy-based company's total reported revenues were down a fraction of 1 percent for the quarter ended March 31 at €289 million ($311.5) compared to €290 million in the year-ago quarter.

Excluding COVID-19 testing, Diasorin's immunodiagnostics revenues rose 8 percent to €186 million compared to €172 million in the year-ago quarter on strong performance of CLIA testing sales. The firm said that was up 9 percent CER.

The company said its immunodiagnostics revenues rose in Europe and North America. It attributed the growth in North America to a successful hospital-focused strategy.

It also reported that its non-COVID-19 molecular diagnostics revenues were flat year over year at €51 million, or up 2 percent CER. The firm said that it has been working to divest its Aries molecular diagnostics business line and consolidate that customer base onto the Diasorin Liaison MDX platform.

Company officials also noted that the company received 510(k) clearance in March for its Liaison Plex molecular instrument and Liaison Plex Respiratory Flex Assay and that they had submitted for 510(k) clearance the Liaison Plex Yeast Blood Culture Assay for the identification of fungemia.

Licensed technologies revenues were up 3 percent to €43 million from €42 million in Q1 2023, or up 4 percent CER. The firm noted that the licensed technologies revenues figures exclude its former flow cytometry business, which the firm divested in February 2023.

As for COVID-19 testing, the firm said those revenues fell 62 percent to €9 million compared to €21 million a year ago, or down 59 percent CER.

Diasorin reported net income for the quarter of €46 million compared to €42 million a year ago.

The firm ended the quarter with €308 million in cash and cash equivalents.

Diasorin reaffirmed on Friday that it expects revenues, excluding COVID-19 sales, will grow by 5 percent to 7 percent in 2024 at constant currency. COVID-19 revenues are approximated to be about €30 million, the firm said.