Friday, August 12, 2022

SourceBio “encouraged” by first half progress as core business units see strong trading while COVID-19 testing revenues decline

SourceBio International, the Nottingham-based provider of laboratory services, has reported strong trading in its core business units in the six months ended 30 June 2022, particularly in Cellular Pathology, significantly enhanced by the acquisition of LDPath.

According to a trading update, revenues from the business’s core Healthcare Diagnostics, Genomics and Stability Storage business units was up 63% to £13.8 million (H1 2021: £8.5 million). This included Cellular Pathology and Digital Pathology revenues up more than fourfold to £6.8 million (H1 2021: £1.7 million), driven by a continued shortage of pathologists and the increasing momentum of elective surgeries.

Total revenues of £20.5 million however were down on H1 2021 (£37.3 million), including COVID-19 PCR revenues of £6.6 million, dropping from £28.4 million. SourceBio noted that it no longer considers this to be a core business line.

Jay LeCoque, executive chairman, said: “We are encouraged with the progress in the first half and are looking forward to capitalising on further opportunities that we expect in the second half across all core business units.

“Our operational focus is the continued rapid scale-up of Cellular Pathology and Digital Pathology volumes through the rest of the year and beyond. We expect a very busy second half and look forward to updating further in due course.”

A message from the Editor:

Thank you for reading this story on our news site - please take a moment to read this important message:

As you know, our aim is to bring you, the reader, an editorially led news site and magazine but journalism costs money and we rely on advertising, print and digital revenues to help to support them.

With the Covid-19 pandemic having a major impact on our industry as a whole, the advertising revenues we normally receive, which helps us cover the cost of our journalists and this website, have been drastically affected.

As such we need your help. If you can support our news sites/magazines with either a small donation of even £1, or a subscription to our magazine, which costs just £33.60 per year, (inc p&P and mailed direct to your door) your generosity will help us weather the storm and continue in our quest to deliver quality journalism.

As a subscriber, you will have unlimited access to our web site and magazine. You'll also be offered VIP invitations to our events, preferential rates to all our awards and get access to exclusive newsletters and content.

Just click here to subscribe and in the meantime may I wish you the very best.







Latest news

Related news

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close