First Half of the Year: Positive Developments at HyTest
During the first half of the year, HyTest’s consolidated revenue grew to 13.1 million euros. The year-on-year revenue growth was 5%.
Furthermore, the corporate operating profit and profitability remained at high levels - 6.4 million euros and 49% respectively. This was in spite of the very competitive market environment.
As was the case in previous years, the share of the export sales was high – in total it represented a 97% share of the revenues. The most remarkable growth was seen in China, which for the first time in the history of HyTest was the largest market ahead of the USA with a 36% share. This proves that the strategic investments we have made in our operations in China have proven to be very successful.
Sales to the USA were in modest decline and the share of sales to the USA remained at 33% of the corporate revenues. This was partly affected by a few larger deliveries in 2016, which also increased the overall sales to the USA more than expected last year.
Other important export markets in the EU were Germany, with a 4.5% share, and the UK, where sales grew strongly – they now represent 8% of corporate sales. Meanwhile, in Asia, growth was realized in Japan and Korea where sales grew by 5.1% and 4.6% respectively.
The strong foundation for HyTest’s sales are own developed products. This is particularly the case for the cardiovascular diseases diagnostics areas such as troponin I and NT-proBNP/BNP related reagents and raw materials. Other important product segments were inflammation and influenza related products. Sales of the veterinary related products are growing at a rate of two-digit figures although their share of sales continues to be relatively low compared to other strategically important product segments. During the first half of the year, the first recombinant antibody products were launched and there has been significant interest in these products as they represent the new era of immunodiagnostics.
HyTest is one of the leading companies in the immunodiagnostics reagents business. HyTest manufactures antibodies and antigens for the IVD industry for use as key components of various different laboratory assays and kits. HyTest has gained a market leader position in a number of key market segments such as cardiac markers and influenza testing reagents.
HyTest’s products are sold throughout the world in no less than 50 countries. Our success has been based on significant R&D investments combined with a strong sales and marketing mix. One key component has been direct contacts with the IVD industry companies. This has proven to be one clear reason why HyTest has been able to prosper in the dynamic and competitive industry landscape. HyTest’s main customer segment is the IVD industry.
Sales and Marketing Director