DiaSorin warns of lower revenue as COVID-related demand fades, Health News, ET HealthWorld
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DiaSorin warns of lower revenue as COVID-related demand fades
DiaSorin bought U.S. rival Luminex in 2021 to boost its molecular business and offset a potential drop in demand for COVID-19 tests.
Reuters
March 28, 2023, 13:45 IST
New Delhi: Italian medical diagnostics group DiaSorin expects a 14% drop in revenue at constant exchange rates this year after falling COVID-related demand led to a more than 10% drop in adjusted net profit for 2022.
"The decrease in profitability is the net result of lower COVID revenues that, in 2021, generated a strong operating leverage, only partly offset in 2022 by the inclusion of Luminex in the scope of consolidation," DiaSorin said.
DiaSorin bought U.S. rival Luminex in 2021 to boost its molecular business and offset a potential drop in demand for COVID-19 tests.
The group's shares fell by as much as 7.6% as the market reacted to worse than expected results, one Milan-based trader said.
DiaSorin pledged to distribute an ordinary dividend of 1.10 euros per share for this year, marginally up from the 1.05 euros it distributed in 2022. ($1 = 0.9281 euros)
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Tuesday, March 28, 2023 at 8:15 am