On February 1, 2021 THERADIAG (ISIN: FR0004197747, Ticker: ALTER), a company specializing in in vitro diagnostics of autoimmune diseases and Theranostics, reported its 2020 annual revenue and its cash position at December 31, 2020, figures that are currently being audited (Press release, Theradiag, FEB 1, 2021, View Source [SID1234574444]).
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Over the year to December 31, 2020, Theradiag recorded revenue of €10.4 million, up 8% compared with the €9.6 million in 2019, in line with the strategic plan drawn up by the Company.
The Theranostics business disclosed further strong growth of 15.5% in 2020, and this business now accounts for 49% of Theradiag’s total revenue. Despite an unprecedented public health situation and the extension of plans blancs emergency plans in hospitals since mid-March 2020, this performance illustrates the solidity of this segment’s business model.
In the United States, Theradiag notably achieved excellent performances reflecting the resounding success of its partnership with HalioDX. Sales of TRACKER range tests grew by 53% in this region compared with 2019. In France, where activity is now well established, sales on this segment grew by 4%. The Company’s export business maintained a robust level of activity, with sales increasing by 15%.
IVD (in vitro diagnostics) activity recorded a slight increase of 1.7% in revenue in 2020, to €5.3 million. It should be noted that the first half of 2019 included considerable non-recurring sales of instrumentation concluded with former partner HOB.
However, this base effect was offset by an opportunistic activity, Covid tests. Theradiag quickly took the initiative to mobilise its internal energies and resources to contribute to efforts to fight the pandemic. Sales related to the fight against Covid amounted to around €900 K in 2020, 95% of which were sales of antigenic tests.
On the IVD segment, as well as its core activity in autoimmunity incorporating quality controls and its screening and serology activities for fighting Covid, Theradiag is intending to accentuate its niche specialization strategy in areas such as genetics and male fertility.
Cash position
At December 31, 2020, Theradiag had net cash of €3.5 million, including a PGE state-guaranteed loan of €1.9 million, compared with €2.9 million at December 31, 2019 and €1.7 million at June 30, 2020.
Theradiag CEO Bertrand de Castelnau said: "Exceeding the symbolic and historic €10 million annual revenue level represents a remarkable performance achieved despite the unprecedented 2020 public health and economic context. This milestone is the result of the execution of our strategic orientations. Firstly, the restructuring of our business mix to focus more on Theranostics, which now accounts for half of the Company’s sales. Secondly, the internationalization of our Company’s activities through our partnership with HalioDX that has enabled us to post sales growth of 34% in the United States. In 2021, we intend to maintain this momentum in order to gradually improve our performance indicators".
"Theradiag’s 2020 growth performances within this hostile context emphasize our Company’s sturdiness. I would particularly like to congratulate the Theradiag teams for their devotion and unwavering commitment. They represent key factors in our success", added Pierre Morgon, Chairman of Theradiag’s Board of Directors.
Reminder of the Company’s 2020 highlights
– Publication of excellent results for the new TRACKER range i-Tracker kits at the ECCO Congress
– CE marking for the first four i-Tracker test kits in its TRACKER range: Infliximab and Adalimumab
Approval of an initial Covid-19 test, the ‘RT-PCR’.
– Signing of an exclusive licensing agreement for the production of Covid-19 viral proteins and a global collaboration agreement with the University of Tours
– Launch of the marketing of an antigen test
– Creation of a second site in Tours
Financial calendar:
– FY 2020 results, March 22, 2021, before market opening
– Annual General Meeting, May 6, 2021