On July 17, 2023 Theradiag a company specializing in in vitro diagnostics of autoimmune diseases and theranostics, reported its half-revenue and cash position on June 30, 2023, data that is currently being audited (Press release, Theradiag, JUL 17, 2023, View Source [SID1234633256]).
Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:
Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing
Schedule Your 30 min Free Demo!
H1 2023 revenue of €6.7 million
Over the six monthsto June 30, 2023, Theradiag generated revenue of €6.7 million, compared with €6.3 million in the first half of 2022, representing growth of 6.8%. Growth accelerated slightly in the second quarter of 2023 thanks to strong sales performance in Theradiag two core businesses: +9.4% for Theranostics and +5.3% for In Vitro Diagnostics (IVD). Theranostics business recorded another semester of strong growth, with sales up 18.0% to almost €3.6 million at June 30, 2023. This strong growth was driven by very good export performance and solid growth in France, offsetting the decline in sales to the US market. As a reminder, this downturn on the US market is the consequence of the implementation of the Company’s new strategic plan to improve profitability. IVD recorded a slight decline in revenue of-3.7% to around €3.1 million at the end of June 2023. Business contracted in France, compared with an exceptional first-half of 2022 figure linked to non-recurring commercial opportunities. This slowdown on the domestic market is partly offset by commercial In thousands of euros Q2 2022 Q2 2023 Change H1 2022 H1 2023 Change Revenue 3,150 3,383 7.4% 6,264 6,688 6.8% Of which Theranostics revenue 1,578 1,727 9.4% 3,024 3,569 18.0% Of which IVD revenue 1,572 1,656 5.3% 3,240 3,119-3.7% developments in the main European markets. Theradiag recently extended its strategic partnership with Quotient, which will support the growth trajectory of this activity. Cash position At 30 June 2023, Theradiag had a net cash position of €5.7 million, above the company’s business plan, compared with €6.4 million at December 31, 2022. Simon Davière, CEO of Theradiag, commented: "During the first half 2023, Theradiag has maintained a solid sales momentum, particularly for its internally developed products, thanks to its technological lead in its two fast-growing markets. The deliberate slowdown in the United States has been offset by market share gains in new countries, mainly the major European markets. On the strength of our comfortable cash position, we intend to pursue the development and accelerate the marketing of our high-margin inhouse products over the coming months." Christian Policard, Chairman of the Board of Directors, added: "In addition to its strong commercial momentum, over the past few months Theradiag has been working to strengthen the collaboration with its shareholder and partner Biosynex. While synergies in purchasing are already underway, commercial synergies will need to become operational over the next six months in order to improve the performance of both companies. " Next financial press release :-2023 first-half results, on Monday 18, September 2023, before market open