20 Apr 2020
Posted in Coronavirus
bioMérieux revenue expected to continue growth due to COVID-19 respiratory panel test currently in development
Following the announcement that French biotech company bioMérieux reports 21.5% Q1 revenue growth;
Dara Lo, Medical Device Analyst at GlobalData, a leading data and analytics company, offers her view:
“bioMérieux experienced unprecedented Q1 revenue growth due to demand for its molecular biology products used in COVID-19 testing, including its US Food and Drug Administration (FDA) emergency use authorized COVID-19 testing kit. While the negative business impact of COVID-19 was seen in the final weeks of Q1, specifically in antibody tests, bioMérieux has a second COVID-19 test in development that is expected to make waves.
“GlobalData reports bioMérieux holds the majority of the market share for respiratory panel tests, and its market share is expected to increase. bioMérieux’s, current BioFire FilmArray products grew 67% year-over-year due to exceptionally high sales of respiratory panels during the COVID-19 pandemic, including its pneumonia panel test, an indication commonly seen to develop in COVID-19 patients.
“In addition to the pneumonia panel, bioMérieux’s current respiratory panel diagnostic test, while not yet testing for COVID-19, is a valuable diagnostic tool as it tests for 21 other common respiratory pathogens allowing either for a positive test result, indicating that the patient does not have COVID-19 but instead the common flu. On the other hand, should a patient test negative, the panel rules out the possibility of all other common respiratory infections. This diagnosis-by-deduction is also of import as it allows for informed-decision using an alternate testing method, and avoids burdening an already over-taxed COVID-19 testing system.
“GlobalData expects bioMérieux revenues to continue growing in 2020 spurred on by a respiratory panel that includes the novel coronavirus that causes COVID-19 currently set to launch this year.”