Diagnostic testing to recover toward pre-pandemic levelsExtracted from Krc Insights report
Antigen products. Antigens were a $12.0m business in F2019, however the current run rate suggests this has fallen to $7.0m p.a. We do not believe this to be the case longer term as FQ1 has seasonally been weak (Figure
2) and diagnostic testing is starting to recover toward pre-pandemic levels (Figure 3).
Figure 2: MBX Antigen revenues ($000s)
| Fiscal year | FQ1 | FQ2 | FQ3 | FQ4 | Full year |
| 2017 | 1,887 | 2,580 | 2,705 | 2,720 | 9,892 |
| 2018 | 2,803 | 2,922 | 3,158 | 3,309 | 12,191 |
| 2019 | 2,341 | 3,736 | 2,792 | 3,112 | 11,981 |
| 2020 | 1,946 | 2,358 | 2,246 | 2,138 | 8,688 |
| 2021 | 2,138 | 2,524 | 2,399 | 2,021 | 9,082 |
| 2022 | 1,766 | | | | |
Source: Company reports Source: Company reports
| Company Symbol 12/21 12/20 Change Comments limited to those that pertain to MBX US$ms US$ms |
Bio Rad Laboratories Inc
Bio-Techne Corp
Danaher Corp
DiaSorin SpA*
Meridian Bioscience Inc
Quidel Corp
Thermo Fisher Scientific Inc | BIO.N 732.8 789.8 -7.2% |
The decline in revenue…result of $32m intellectual property litigation award included in Q4 of 2020 as well as lower COVID-related sales this year. Excluding the $32m… revenue decline was
2.9%...mainly related to lower COVID sales…(however)….COVID-related sales were about
$46m….roughly double our forecast. Sales of the Clinical Diagnostics ..(in Q4 were up)…12.6% across
all….product lines….driven by a recovery of routine testing, which is now generally approaching pre- COVID levels. |
| TECH.O 269.3 224.3 20.1% |
| Protein Sciences segment…sales were $205m…increasing 19% compared to the prior year…strong growth was very broad-based in nearly all reagent assay and instrument platforms. Diagnostics Reagents… delivered its 10th consecutive quarter growth, with organic revenue increasing in the upper single digits….pandemic-related headwinds…continue to diminish, and we are experiencing a re-acceleration in the chemistry, blood gas and hematology control product lines. Improving doctor office visit trends and the resulting diagnostic test volumes, combined with new product launches and additional penetration within existing OEM customers, position this business for sustainable growth going forward. |
| DHR.N 8,148 6,760 20.5% |
Diagnostics… revenue was up 29.5%. Non-COVID clinical diagnostic activity across all our operating companies, including Beckman Coulter Diagnostics, Radiometer and Leica Biosystems, collectively drove high single-digit core growth as patient and testing volumes largely remained at or near pre- pandemic levels…we're seeing a more active respiratory season in the Northern Hemisphere, driving customers' preference for our 4-in-1 combination test… for COVID-19, Flu A, Flu B and RSV
(which) represented approximately 50% of Q4 respiratory test shipments while our COVID-only test accounted for the remainder. In the clinical diagnostics market, patient volumes remain at or near
pre-pandemic levels…we anticipate shipping the same number of respiratory tests in the first quarter as we did in the fourth quarter. |
| DIAS.MI 371.1* 271.2 36.8% |
| To report Q4 16/3/22 |
| VIVO.O 88.3 92.9 -4.9% |
Diagnostics segment net revenues grew 10% to $33m…driven by strength in gastrointestinal and respiratory product revenues, partially offset by negligible LeadCare revenues. In respiratory…(which) shows signs of recovery….the primary driver of growth was increased demand for our mycoplasma, Group A Strep and RSV products. Interestingly, flu demand, while up year-over-year is still very light. Life Science (revenues declined 12%)…we are no longer reporting … COVID-19 (separately)…decline
in molecular is driven by decreased demand related to COVID-19 molecular testing. But, what isn't
clear is that there is offsetting growth from respiratory panels and non-COVID assays which are manufactured using our molecular reagents. |
| QDEL.O 636.9 809.2 -21.3% |
| The (sales decline)…was mostly driven by a $249m revenue decline of the Sofia 2 Flu + SARS antigen Fluorescent Immunoassay … Also impacting revenue was a shift in product mix for our Rapid Immunoassay COVID-19 products from higher-priced Sofia products sold in the professional market to lower-priced QuickVue products sold in the retail, pharmacy and employer testing markets. Influenza revenue remained low due to a low prevalence of influenza in the U.S. |
| TMO.N 10,702 10,550 1.4% |