HyTest’s strong growth continues – revenue exceeded 16 million euros
Turku Science Park –based HyTest is one of the leading raw material suppliers. The strong growth of HyTest continues. Last year the company revenues grew by 19 % and exceeded 16 million euros.
HyTest has been growing steadily throughout its 20 year history and 2014 was no exception. HyTest’s revenue grew to 16.3 million euros. Revenues grew by 19% compared to the previous fiscal year in spite of the challenging economic situation in the European Union. At the same time net operating profit grew to a record high of 6.63 million euros (40.7% of revenue).
Strong growth in China
The strongest growth in sales was seen in China, which has already become the second largest market after the USA. China is responsible for 17% of total sales while 45% of sales come from the USA. Other important markets include Germany (6%) and the UK (6%) in the EU and Japan (4%) and South Korea (3%) in Asia. In 2014, sales in Finland almost reached an all-time record high and the domestic market is now already HyTest’s fifth largest market. This indicates that the Finnish IVD industry has been able to compete successfully in the challenging global IVD industry business.
The strong growth in sales in China saw HyTest-Biotech (Shanghai) move to new premises that will help in improving its services and the supply of products to its Chinese customers. The second major improvement in 2014 was the opening of the e-commerce platform that will help HyTest to improve its services for research customers. In 2014, HyTest’s strategic licensing partner (Mercodia AB, Sweden) was able to finalize the development of the IGFBP-4 fragments research assay kit based on HyTest’s proprietary technology. This is an important step in terms of the commercialization of HyTest’s IGFBP-4 fragments technology and the launch of the assay that is anticipated during the first half of 2015.
400 customers globally
HyTest is one of the most important raw material suppliers for the IVD industry. During its 20 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 bring top class products to the market. HyTest currently serves 400 customers globally and more than 150 customers in China with a focus on delivering high quality products and a personalized service.