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DiaSorin Q1 Revenues Fall 19 Percent on COVID Sales Decline

NEW YORK – DiaSorin said on Tuesday that its first quarter 2023 revenues fell 19 percent year over year on a sharp decline in COVID-19 testing, partially offset by growth in its non-COVID-19-related diagnostics revenues. 

The Saluggia, Italy-based firm reported revenues of €289.6 million ($317.5 million) for the quarter ended March 31, down from €357.6 in the year-ago quarter. Revenues were down 20 percent year-over-year on a constant currency basis.

The firm recorded a 78 percent drop in COVID-19 testing to €21.2 million from €96.7 million in Q1 2022.

Excluding COVID-19-related revenues, the firm's immunodiagnostics revenues rose almost 8 percent to €171.8 million from €159.7 million in the year-ago period, with CLIA laboratory test sales driving the increase and offsetting an expected decline in sales of vitamin D tests and ELISA panels and instruments. The company said its immunodiagnostics business performed well during the quarter in Europe and North America but declined in China due to effects of COVID-19.

The firm expects its remaining supply chain issues will resolve by the end of the second quarter. It previously reported instrument sales fell in the second half of 2022 because of difficulties acquiring electronic components.

In North America, the firm said its immunodiagnostics revenue figures reflect rising sales to the US hospital segment.

DiaSorin's molecular diagnostics revenues, excluding COVID-19, jumped 9 percent, to €50.7 million from €46.4 million with increased sales in its respiratory and non-respiratory test panels.

Licensed technologies revenues declined about 16 percent, to €45.9 million from €54.7 million in the prior-year quarter, resulting from the firm's divestment of its Luminex flow cytometry and imaging business in February 2023 to Cytek Biosciences, as well as an expected delay in instrument sales due to shortages of electronic components and ordering patterns of strategic partners.

DiaSorin recorded net income of €41.7 million for Q1 2023, down 49 percent from €82.3 million in Q1 2022.

It had €372.6 million in cash and cash equivalents as of March 31.

The firm confirmed its previous guidance for the year that revenues are expected to decline about 14 percent at a constant exchange rate.