Biosynex shares suffered one of the steepest declines on the Paris market on Friday, as the manufacturer of rapid diagnostic tests unveiled annual results showing a clear deterioration in its business and profits.

At 2.30pm, the Alsace-based laboratory's shares were down 15.7%, while the CAC Mid & Small index was down just 0.6%.

Last night, Biosynex reported full-year sales down 49% to €196.6 million, due to the decline of the Covid-19 pandemic.

The global ebb of the epidemic has considerably reduced the need for tests, both in laboratories and pharmacies, after fiscal years 2020, 2021 and 2022, which had seen the company become a European leader in self-tests and post exceptional growth.

The Group - which has focused on preserving its margins by managing its product mix - generated a gross margin of 101.6 million euros, giving a 51.7% rate, up 1.8 points.

Gross operating profit (EBITDA) stood at 51.9 million euros, down 64% on 2021, while net income fell to 15.6 million euros from 104 million euros in 2021.

In the first quarter of 2023, sales fell by a further 83% to 18.7 million euros.

After a further downturn in business in 2023, against the backdrop of the end of the preponderance of Covid-19 products, the Group expects a return to growth from 2024.

It then anticipates sales of 150 million euros by 2025.

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