PRESS RELEASE 04/2014
HyTest turns 20 and reaches a record level of operating profit
HyTest, one of the world’s leading providers of raw materials for the IVD industry, is celebrating its 20th anniversary this year. HyTest sells products to over 40 countries across 6 continents. While the previous year’s growth figures were not achieved, sales grew steadily throughout the fiscal year.
Consolidated sales for the 14-month fiscal year were 15.4 million euros. The abnormal length of the fiscal year was due to the harmonization of fiscal year periods between the mother company and HyTest’s newly founded daughter company in China (HyTest Bio-Tech, Shanghai).
In spite of the strong growth, HyTest was able to improve on its already good profitability. Group operating profit was 6.45 million euros (41.8%) and because of this, HyTest was able to finance broad investments with cash flow from operations.
One of the main highlights of the fiscal year was HyTest Bio-Tech’s ability to quickly become profitable during its first full fiscal year. This is a significant achievement considering the challenges that come with recruiting a large number of new personnel.
HyTest continued to invest in the development of new business opportunities and the development and commercialization of strategically important new products. Significant investments were also made in the development of a new web-based e-commerce tool that improves services for industry customers, which form the main customer segment for HyTest.
Export sales remained at 96% of total revenue with the USA being the most important market with 38% of total revenue. Despite the importance of the US market, its share as part of total revenue was historically low due to an unfavorable euro-dollar exchange rate and because of strong sales growth in China, which has already become the second biggest market for HyTest with 16% of total revenue. Other important Asian markets were Japan and Korea with 6% and 4% of total revenue, respectively.
Other important markets for HyTest were the big EU countries: Germany (10% of total revenue), France (6% of total revenue) and the UK (6% of total revenue).
HyTest is one of the world's leading providers of monoclonal antibodies and antigens for the in vitro diagnostics (IVD) industry. HyTest has become a renowned supplier of materials that are used for cardiovascular diseases diagnostics, infectious disease detection and diabetes diagnostics. These products form the cornerstone of HyTest sales.
Sales & Marketing Director