EUROBIO : ACCELERATION OF STRATEGIC DEPLOYMENT IN THE FIRST HALF OF 2023

ACCELERATION OF STRATEGIC DEPLOYMENT
IN THE FIRST HALF OF 2023

• Strong growth in half-year core business revenues, up 37%
• Successful deployment of the Group's strategy:
  • Share of proprietary products up, at 30% of revenues
  • Continued internationalization, with 35% of revenues now generated outside of France
• Acquisition of DID in Italy effective as of July 1^st, 2023
  
  

Paris, July 24, 2023 – 5:45 pm

Eurobio Scientific (FR0013240934, ALERS, PEA-PME eligible), a leading French group in in vitro specialty medical diagnostics and life sciences, today presents its consolidated half-year revenues for the period ending June 30, 2023.

Strong growth of core business at +37%

Eurobio Scientific recorded revenues of €59.1 million for its core business in the first half of 2023. Activities linked to the detection of COVID were not significant this semester and are now integrated to the core business (respiratory panels).
In H1 2022, the Group generated sales of €83.6 million. Excluding non-recurring sales from the COVID business (€40.6m), growth for H1 2023 therefore reached +37%.

On a comparable proforma basis, i.e. excluding perimeter effects linked to acquisitions and non-recurring items¹, growth of the core business remained dynamic, at +7%.

Successful deployment of the Group's strategy

The Group is successfully pursuing its strategy of targeted geographic and technological expansion, with the ambition of becoming a major international company in the specialty diagnostics market, providing its customers with a comprehensive molecular diagnostics offering, including its own solutions and those of its partners.

• Share of proprietary products reached 30% of revenues
  
  

The share of proprietary products increased to a high level, representing 30% of revenues (compared to 18% of core revenues in 2022), thanks in particular to the contribution of GenDx, consolidated in the Group's financial statements as of October 1^st, 2022.

• Continued international expansion of the Group
  
  

International sales are growing fast, representing 35% of first-half revenues (against 25% of core business revenues in 2022). This increase is mainly due to the new acquisitions made over the past year in Belgium (BMD) and the Netherlands (GenDx), as well as increasing cross-selling of the Group's own products.

A new international entity joined the Group on July 5, 2023. Following approval from the Italian competition authorities, Eurobio Scientific completed the acquisition of 100% of the capital of Diagnostic International Distribution SPA ("DID"), a company based in Milano and specialised in the distribution of in vitro diagnostic tests for infectious diseases throughout Italy. Effective for accounting purposes as of July 1^st, 2023, this transaction opens the doors of the Italian market, Europe's 3^rd largest diagnostics market. DID's core business (excluding COVID) generated sales of €10 million in 2022.

Outlook

With the confirmation of the strategic priorities chosen over the last few years, the Eurobio Scientific Group will continue to expand on its three pillars: the development of proprietary products, internationalisation and foray into new markets.

The Group is also pursuing the integration of its subsidiaries, and has recently made changes to its governance by setting up a Group Executive Committee.

Next financial meeting
H1 2023 results : October 11, 2023, after market closes

1 Acquisitions of BMD Belgium in June 2022 and GenDx Netherlands in October 2022. Growth adjusted for a non-recurring overstocking effect in anticipation of the discontinuation of a GenDx product in H1 2022.

Attachment

• 230724_PR_Eurobio-Scientific_CA_S1_23_EN_DEF