Biosynex: stock in a spin as results crumble

(CercleFinance.com) - Biosynex shares are one of the biggest fallers in Paris on Friday, as the rapid diagnostic test manufacturer unveiled annual results showing a clear deterioration in its business and profits.


At 2.30pm, the Alsatian laboratory's share price was down about 1%, while the CAC Mid & Small index was just 0.6% underwater.

Last night Biosynex reported a 49% drop in annual sales to E196.6m for the past year, due to the decline in the Covid-19 pandemic.

The global downturn in the epidemic has significantly reduced the need for testing, both in laboratories and pharmacies, following years of exceptional growth in 2020, 2021 and 2022, when the company became a European leader in self-tests.

The group - which has endeavoured to preserve its margins by managing its product mix - generated a gross margin of E101.6m, giving a rate of 51.7%, up 1.8 points.

Meanwhile, EBITDA was E51.9m, down 64% on 2021, while net profit fell to E15.6m, a fraction of the E104m posted in 2021.

In Q1 2023, sales collapsed a further 83% to E18.7m.

After a further decline in sales in 2023, against the backdrop of the end of the preponderance of Covid-19 products, the group expects to return to growth from 2024, then targeting sales of E150m by 2025.


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