Obviously, Tecan was the pandemic winner. Even in the worst phases of 2020, sales increased. But now the company, geared towards lab automation, is feeling the downside: Covid-related demand is shrinking dramatically.
In the first half of the year, Tecan took in about 50 million Swiss francs through its polymerase chain reaction (PCR) virus tests and other things. In the past two years, the total has been between 150 and 170 million Swiss francs, CFO Tanya Mieke estimates. In the second half of the year it will be less. CEO Achim von Liebrichting does not expect “another wave of tests”.
Tecan had already prepared the markets for normalization last year. However, the 4.3% adjusted decline in acquisitions and currency in sales in the first six months was less than half that financial analysts had calculated. The reason: Non-virus related work with routine tests, reagents, etc. has grown by a remarkable 15% on its own strength.
Paramit reduces margin
Overall sales increased 29%. For the first time, the American company Paramit, which was acquired on August 1, 2021, is included in the calculations for the entire reporting period. It contributed 151 million Swiss francs. Tecan paid $1 billion to the medical technology company, which provides devices and robots for surgery, among other things — by far the largest sum in the company’s history.
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