DiaSorin said Thursday that its third quarter revenues rose 51 percent year over year, driven in part by a recovery in non-COVID-19 related test sales.
For the three months ended Sept. 30, the Saluggia, Italy-based company reported revenues of 343.5 million ($393.9 million) in revenues compared to 227.9 million in Q3 2020.
The firm said that its Q3 CLIA-test revenues rose 23 percent year over year to 140.4 million from 114.3 million. ELISA test revenues fell 11 percent year over year to 14.5 million from 16.3 million. Q3 molecular test revenues of 82.1 million were up 6 percent year over year from 77.8 million, and instruments sales and other revenues of 15.4 million dropped 21 percent year over year from 19.5 million. Luminex contributed 91.1 million to DiaSorin's Q3 revenues.
The company said its Q3 revenues grew 10 percent year over year excluding Luminex revenues.
DiaSorin completed the acquisition of Austin, Texas-based Luminex in July for $1.8 billion.
DiaSorin said in the recently completed quarter, it saw a strong recovery of non-COVID-19 related sales, which grew 8.4 percent year over year excluding Luminex revenues. The recovery of its non-COVID business was driven in particular by sales of latent tuberculosis tests as well as infectious disease, and Q3 sales of SARS-CoV-2 serology and molecular tests excluding Luminex revenues were 80.0 million, up 14 percent year over year compared to 70.4 million.
The company posted a Q3 net profit of 79.3 million compared to 67.8 million in Q3 2020.
Its Q3 R&D expenses rose 67 percent year over year to 20.8 million from 12.5 million, while its SG&A expenses increased 66 percent year over year to 85.9 million from 51.6 million.
DiaSorin said it had 327.7 million in cash and cash equivalents at the end of Q3.
For full-year 2021, the company expects year-over-year revenue growth of 40 percent at a constant exchange rate. Earlier this year, DiaSorin said it expected year-over-year revenue growth between 15 percent and 25 percent. In Q2, following the Luminex acquisition, DiaSorin said it anticipated 2021 revenues of approximately 1.2 billion.
