BIOSYNEX announces a drop in results in 2023 but anticipates a recovery for 2025

BIOSYNEX, in its annual report for 2023, reported a substantial drop in turnover to €93.0 million, a reduction of 53% compared to the previous year. This decrease is largely attributed to declining sales related to COVID-19 products. Despite an increase in gross margin to 54.0%, the charges generated by restructuring and inventory depreciation affected profitability. The group net profit stands at -€36.9 million.

With a view to improvement, the company plans to finalize the integration of its new subsidiaries in 2024 and expects a return to profitability by the end of 2025. BIOSYNEX's activity should benefit from the operational synergies resulting from this integration and the 31% increase in turnover in the first quarter of 2024. Significant reorganization measures are already underway to optimize future performance.

At the same time, BIOSYNEX is continuing negotiations for the reorganization of its debt due to an imminent breach of financial covenants. These efforts are directed towards stabilizing its financial structure to support its future plans for operations and international expansion.