HyTest growths in future also in veterinary diagnostics reagents
Positive development for HyTest’s 2015 sales and profitability. The corporate sales grow by 6.5 % and the operating profit was record high. New products were launched for animal diagnostics.
HyTest is one of the most important raw material suppliers for the IVD industry. Its products are sold to more than 50 countries across six continents. Despite the global economic challenges, HyTest was able to grow corporate sales by 6.5% to 17.3 million euros during the 2015 fiscal year.
In addition to revenue growth, HyTest achieved a record high net operating profit of 7.23 million euros, which represented 41.7% of the revenue. Good profitability has enabled HyTest to fund research and development activities as well as investments with cash flow from operations.
HyTest’s subsidiary HyTest-Biotech (Shanghai, China) has played an important role in maintaining the growth. Indeed, 27% of corporate sales in 2015 came from operations in China and sales to Hong Kong. Additional recruitment occurred at HyTest-Biotech in order to support the strong growth.
HyTest continued to invest in the development and commercialization of products for new strategic product and customer segments. New products for companion animal diagnostics were successfully launched and the feedback from the market was positive. The launched products were intended for the detection and diagnosis of the inflammation status of companion animals. The launch of these products has already led to significant sales, negotiations and collaborations with a number of the world’s leading veterinary companies and research groups.
HyTest’s 2015 sales continued to be export driven. Out of the total sales, 96% came from export. The US was the largest market with a 35% share of the total sales. However, China is becoming increasingly important with a 27% share of the total sales. As a whole, North America and Asia are becoming equally important markets with each having a 37% share of the total sales. At the same time, the role of the Western Europe market has reduced to 20%.
HyTest manufactures monoclonal antibodies and antigens which are key components of in vitro diagnostic tests. HyTest has become the most important supplier of reagents for a number of cardiovascular diseases diagnostics areas and influenza. HyTest’s primary customers are companies that operate in the field of diagnostics and international research groups.