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.”

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