NEW YORK — French diagnostics firm Theradiag reported on Tuesday a 2 percent year-over-year drop in preliminary revenues for the first half of 2020 on a sharp decline in revenues from its in vitro diagnostics operations.
For the six-month period ended June 30, Theradiag's revenues were €4.9 million ($5.6 million) versus €5.0 million in the same period last year.
Theranostics revenues, generated entirely by sales of the company's LISA Tracker drug response monitoring kits, totaled €2.4 million in the first half of 2020, a 14 percent increase over revenues of €2.0 million in the year-ago period. This gain, however, was more than offset by a 17 percent decline in IVD revenues to €2.4 million in 1H 2020 from €2.9 million the year before.
Theradiag attributed the drop in IVD revenues to non-recurring sales to former partner HOB Biotech in the first half of 2019. As part of a €650,000 legal settlement the companies entered into last year, HOB repurchased a number of instruments it previously sold to Theradiag.
At the end of June, Theradiag had cash of €1.7 million.
Looking ahead, the company said that it expects its revenues for the rest of the year to be negatively impacted by about 10 percent due to the ongoing SARS-CoV-2 pandemic, not including the effect of its CE-marked SARS-CoV-2 tests. It added that it has also prepared paperwork to apply for a state-guaranteed loan.
The company is scheduled to report its audited financial results for H1 2020 on Sept. 21.