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Declines in COVID-19 Testing for Diasorin in 2023 Mitigated by Immunodiagnostics Gains

NEW YORK – Diasorin said on Friday that its full-year 2023 revenues, excluding COVID-19 testing, were up 1 percent year over year with gains in the firm's immunodiagnostics business that were mostly offset by declines in sales of molecular respiratory tests, cystic fibrosis tests, and licensed technologies.

For the year ended Dec. 31, the Saluggia, Italy-based firm's overall revenues fell 16 percent to €1.15 billion ($1.48 billion) from €1.36 billion in the prior year. The company reported that its revenues were down 14 percent for the year on a constant currency basis.

The firm's COVID-19 testing revenues plummeted 76 percent during the year to €59 million compared to €244 million in FY 2022.

Excluding COVID-19 testing, Diasorin reported that its immunodiagnostics revenues rose 6 percent during the fiscal year to €721 million from €680 million in the prior year. The rise was driven by the firm's CLIA lab products, which saw strong growth in the US, Europe, and all other markets outside of China.

However, the firm's non-COVID molecular diagnostics revenues fell 11 percent during the year to €197 million from €221 million in FY 2022. Diasorin officials said that decline was due to the high demand for respiratory testing during FY 2022 as well as the unexpected loss of a US customer for the firm's cystic fibrosis testing business. Otherwise, sales of the company's non-respiratory molecular panels were generally in line year to year.

The company also reported that its licensed technologies revenues declined 4 percent year over year to €168 million from €175 million in 2022. The firm attributed that drop to destocking policies that have been implemented by life sciences companies.

Diasorin posted a profit of €159 million for the fiscal year compared to €240 million in FY 2022. The firm ended the year with €280 million in cash and cash equivalents.

For 2024, Diasorin expects its total revenues will grow 5 percent to 7 percent at constant currency.

Diasorin's board this week also approved a cash dividend of €1.15 per share payable on May 22.