HyTest H1 interim report – strong growth continues
During the first half of 2016, HyTest was able to continue its strong growth. Its consolidated revenue grew to 12.5 million euros, which represents an increase of 35% compared to the first half of the previous year.
In spite of the global economic challenges, net operating profit also grew to a record high of 6.4 million euros while the net operating profit margin reached 58.7%.
Good profitability has enabled HyTest to make further investments in new product development as well as new production technologies. New products were introduced for both veterinary and human diagnostics during the first half of the year that will drive the new product sales in the future. Furthermore, HyTest also acquired licenses that enable the development of novel recombinant proteins for diagnostics purposes.
Similarly to previous years, export sales have made a major contribution towards overall sales. Indeed, during the first six months of 2016 the share of export sales amounted to 96% of total sales. Exports to the US comprised 36% of total sales while China maintained its position as the second largest export market with a 30% share. Sales grew markedly in both of these countries.
Other important export markets were Germany and the UK in the Europe with 7% and 4% shares respectively of total export sales. Meanwhile, in Asia, Japan and South Korea both accounted for 3% of total sales each.
The strong sales during the first half of 2016 were driven by cardiac diagnostics products while other important product categories included products intended for hepatitis and inflammation diagnostics.
HyTest is one of the most important raw material suppliers for the IVD industry. It manufactures monoclonal antibodies and antigens mainly for raw materials of in vitro diagnostics kits. During its 22 year history, HyTest has become the leading supplier of reagents for a number of cardiovascular diseases diagnostics areas and is renowned for its scientifically designed and developed products that help customers to deliver top class products to the global market. HyTest products are sold to over 50 countries and HyTest currently serves 400 customers around the world as well as more than 200 customers in China. It places focus on delivering high quality products and a personalized service in a dynamic and demanding market place. HyTest’s main customers are diagnostics companies and international research groups.