HyTest’s revenue at the end of October for the fiscal year 2010-2011 year was EUR 10.2 million. HyTest was again capable of growing its market share as growth over the previous year was 12% which exceeds the industry average. At the same time profitability (EBIT) improved to record high of 36.7% or EUR 3.7 million. Because of the excellent profitability and strong financial position HyTest has been able to fund all investments and business developments with cash flow from operations.
Successful financial year was enabled by HyTest’s strong market position as a global provider of immunoreagents for various cardiovascular diseases. Investments in the Chinese market contributed also to sales growth. In September 2011 HyTest opened a sales office in Shanghai, China, in order to serve the fast expanding customer base faster and more efficiently.
Strong financial position also enabled significant investments in R&D which helped to expand HyTest’s IP-portfolio with some groundbreaking proprietary technologies. These will offer a lucrative opportunity to expand HyTest’s business with significant license- and royalty fee based revenue flows.
The share of export sales was 95%. The largest single market is still the US with 42% share of the sales, but its relative share fell from previous years' level as at the same time sales to Germany (10%) and China (9%) increased considerably. Other important markets are the EU countries (Great Britain 9% and France 6%) and Asia (Japan and Korea, 6% and 4%, respectively). These developments are positive as now the US market plays a less dominant role relative to the EU and Asian markets making HyTest less vulnerable to economic developments in the US market.