HyTest Revenue Growth Fueled by Sales in China
During the first half of the year, HyTest’s consolidated revenue grew to 14.4 million euros. The year-on-year revenue growth amounted to a 10% increase. Furthermore, the corporate operating profit and profitability remained at high levels: 7.5 million euros and 52% respectively. This was in spite of the highly competitive market environment.
As was the case in previous years, the share of the export sales was high – in total it represented a 96% share of the revenues. Sales in China grew by 25% and the country continues to be HyTest’s largest market with a 40% share of corporate revenues. The strong growth realized in China has been facilitated by a well-timed market entry and a strong sales team.
Sales to the US grew by 9% and the US market remained HyTest’s second largest market with a 33% share of total sales. Other important export markets were South Korea and Germany with a 4.6% and 4.4% share of sales, respectively.
HyTest is one of the world’s leading companies in the immunodiagnostics reagents business. It 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 in no less than 50 countries throughout the world. Its success has been based on significant R&D investments combined with a strong sales and marketing mix. One key component has involved direct contacts with the IVD industry companies. This has proven to be one clear reason as to why HyTest has been able to prosper in what is a dynamic and competitive industry landscape.