Eurobio Scientific: First profit and activation of the tax loss carry-forward
For the first time in its history, the small French distributor of specialty in vitro diagnostic products recorded a net profit. This profit is modest and in line with our expectations (0.4 million euros), but it is nevertheless very significant. First of all, it should be recalled that this profit is realized while the company continues to recognize EUR 2.4 million in non-cash amortizations of goodwill and commercial contracts related to past acquisitions every six months. Secondly, it confirms the strong improvement in the company's operational and financial performance over the past two years. Finally, it will allow Eurobio to start activating its huge tax losses carried forward.
Eurobio Scientific SA, formerly Diaxonhit, is a France-based biotechnology company engaged in the field of in-vitro diagnostic. It is engaged in activities ranging from discovery to the commercialization of specialty diagnostic products. The Company owns a portfolio of diagnostic products in three specialty areas: infectious diseases; Alzheimer's disease, and cancer. It consists of Tetanos Quick Stick (TQS), which is an unitary test enabling to determine the tetanus vaccination status. It has a portfolio of in-house and co-developed products, including AclarusDx (a blood-based test for the detection of biomarkers specific for Alzheimer's disease). The portfolio includes BJI Inoplex for prosthetic infections and EHT Dx14 for breast cancer (both in validation phase). The co-developed products include research programs for the identification of predictive biomarkers of response for anti-HER2 and anti-angiogenic therapies, among others. It operates through Genbio and Eurobio Capforce Plus.
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