DiaSorin revenues rise 18% for 1st 9 months despite COVID sales decline

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DiaSorin on Thursday announced revenues of 1.01 billion euros ($1 billion) for the first nine months of 2022, an increase of 18% from 858.9 million euros for the first nine months of 2021.  

The Saluggia, Italy-based firm said that for the nine months that ended September 30, it saw strong performance in its immunodiagnostic and molecular diagnostic businesses.

Growth was driven by including Luminex, an Austin, TX-based diagnostic testing firm DiaSorin acquired last year, in its financial results. Luminex contributed 277 million euros overall during the first nine months of 2022.

Immunodiagnostic revenues not related to COVID-19 grew 10%,  and molecular diagnostics revenues not related to COVID-19 grew 90% compared to the first nine months of 2021.

However, in parallel with many diagnostics companies reporting recent quarter sales, DiaSorin's growth was partly offset by an expected decline in COVID-19 product sales. For the first nine months, COVID-19 serology and molecular diagnostic test sales of 201 million euros were down 27% year over year, the firm said.

For the third quarter of 2022, DiaSorin reported revenues of 326.8 million euros, down 5% compared to 343.5 million euros in the third quarter of 2021. Within the quarter, COVID-19 product revenues of 51.6 million euros were down 48% from 98.4 million euros in the third quarter of 2021.

The company posted a third-quarter net profit of 62.1 million euros compared to 79.3 million euros during the third quarter of 2021.

For the full year 2022, DiaSorin expects revenues to grow 2% to 3% on 2021 revenues. For all of 2022, COVID-19 product revenues are expected to be about 225 million euros, and non-COVID-19 product revenues are expected to grow 22% year over year.

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