SourceBio International PLC (AIM:SBI)’s income rocketed as demand for Covid PCR tests took off.
Revenues at the medical diagnostics specialist rose by 82% to £92.4mln in the year to end-December 2021, with underlying profits 77% higher at £36.2mln
Jay LeCoque, chief executive, said PCR testing dominated the numbers, but its core business was also now back above pre-pandemic levels, with cellular pathology growing rapidly.
“Our cellular pathology business is seeing material month-on-month growth in volumes and revenues, fuelled by the return of elective surgeries and the government initiatives to reduce the enormous backlog of patient waiting lists.”
Cash generated from operations increased by 420% to £33.3mln, he added, money which has been used to bolster its market position in the health diagnostics sector.
Recent acquisition LDPath strengthened its position in cellular pathology and has integrated well, he said, with the aim now to increase the use of digital pathology both by the NHS and in private health care.
“The integration of LDPath will take the best of the best from each of SourceBio and LDPath to create an unparalleled combined new business opportunity," said LeCoque.