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Eurofins Q3 Revenues Rise 17 Percent on COVID-19 Testing

NEW YORK ─ Eurofins on Thursday said its third quarter revenues increased 17 percent year over year to €1.4 million ($1.7 million) compared to €1.2 million in Q3 2019.

Organic growth was 22.7 percent, the Luxembourg-based company said.

Eurofins core business, excluding any COVID-19 clinical testing and reagents revenues, returned to "small positive organic growth in Q3 2020," the firm said in a statement, adding many of its core businesses ─ including food, environment, and biopharma testing ─ achieved greater than 5 percent organic growth in Q3 2020.

Eurofins noted that last week it received a US Food and Drug Administration Emergency Use Authorization for its At Home COVID-19 Nasal PCR Test. Results are provided by email within 24 hours of sample receipt.

The company said that it is further expanding its offering for COVID-19 testing to include flu and respiratory viruses and a number of new modalities to facilitate patients access to tests and improve the speed of testing.

Eurofins said that the pandemic continues to have a negative impact on some parts of its business, but the firm will likely significantly exceed its objectives for 2020.

Eurofins added that given the challenge of predicting the evolution of the COVID-19 pandemic in 2020 and 2021, it has decided to leave its revenue objectives for those two years unchanged. It had established its 2020 and 2021 objectives before the onset of the COVID-19 pandemic.

For 2020, the firm continues to anticipate its revenues will reach €5 billion, including 5 percent organic growth. The significant COVID-19 clinical testing and reagents revenue contribution in Q3 2020 is likely to continue in the next few months, it said.

For 2021, the firm continues to expect revenues to reach €5.45 billion, including 5 percent organic growth, and for 2022, the firm anticipates €5.7 billion in revenues. Beyond 2022, the company anticipates continued organic growth of at least 5 percent per year.

On Oct. 16, Eurofins announced that its board of directors is proposing a 10-for-1 stock split at the extraordinary general meeting to be held on Nov. 16.