Record High Growth for Finnish Biotech Company HyTest Ltd.
PR Log - Jan 25, 2013 - Finnish biotechnology company HyTest was able to maintain its high growth in 2012 despite the global economic downturn. Growth over the previous year is 25% and turnover at the end of the fiscal year ending in October was 12.7 million Euros (17 million USD). At the same time profitability has continued to improve and the operating margin was also record high of 37.5%.
Solid growth and improving profitability are the results of continuous investment in R&D and expansion to new markets. In 2012 HyTest opened a subsidiary (HyTest Bio-tech. Website: HyTestCn.com) in Shanghai, China, to meet the requirements of the fastest growing healthcare market. This move reflected positively in the past fiscal year's growth figures. In 2012 HyTest also signed licensing agreements with IVD-companies who are aiming to commercialize HyTest's proprietary SES-BNP -technology. These product launches are expected to take place in 2013 and 2014.
HyTest is one of the world's leading diagnostic industry raw materials suppliers. HyTest sells its products in more than 40 countries on all six continents and during the last fiscal year share of export sales was 96%. The largest single market is still the United States with 41% share of sales but the highest growth in sales was seen in China making it the second largest export market for HyTest. Despite the stagnated IVD industry HyTest was also capable to maintain higher than average growth (6%) in Japan. Because of these developments Asian market accounts already for 23% of sales thus balancing business risks associated with the EU and the US markets although positive development was seen in these markets too.
HyTest produces monoclonal antibodies as well as antigens used by world's leading IVD manufacturers as well as by smaller IVD industry players. HyTest is the leading provider of cardiovascular diseases associated diagnostics raw materials.