At a glance
HyTest is an international company with headquarters in Finland that develops and produces antibodies and antigens for the IVD industry. The products are used as key components of various laboratory assays and kits. The company operates in a global market where growth is driven by an aging population, innovation and increasing investments in medical care. HyTest has gained a market-leading position in several key market segments, based on superior quality, strong R&D and continuous innovation.
Key developments in 2020
Covid-19 impacted HyTest's revenue growth with 2020 FY sales declining 1% yoy. Especially the Chinese diagnostics market was hit hard by the restrictions which weighed down HyTest's result, in the meanwhile the company experienced good growth in North America and Europe. Adjusted EBITDA margin was above expectations at 53%, and the company continued to generate strong cash flow. HyTest launched their first Covid-19 related monoclonal antibodies at the end of 2020, which have thus far been very well received by customers worldwide. The new product development present opportunities for significant revenue increases in 2021. HyTest continued to strengthen its organization across the regions during 2020 and Juhana Rauramo was promoted from CCO to CEO as of January 2021.
The challenges we face
Aging population, advances in research and technology, and the global trend of increased investments in medical care and wellness drive the need for high-quality antibodies and antigens, which are key components in various laboratory assays and diagnostic kits. In a world suffering from a global pandemic, testing for critical conditions has become increasingly important.
What is the outcome?
Through HyTest’s products, focus on R&D, and product development, the company enables high-quality IVD testing that is improving health and clinical outcomes for hundreds of millions of patients globally.
Who are the stakeholders?
HyTest produces antibodies and antigens for various IVD instrument companies globally, which enable accurate testing for millions of patients worldwide. HyTest products are used in developed and developing countries and cover multiple disease groups. Lately, some of HyTest’s products have been critical in the testing of Covid-19 patients in many countries.
How big is the effect, and does it last?
Throughout 2020, HyTest provided antibodies and antigens for IVD-tests run on hundreds of millions of patients globally. The company’s products cover over 20 disease groups and are sold mainly in China, Europe, and America. By broadening the company’s footprint, HyTest can increase its impact further.
If HyTest didn’t exist…
Without HyTest’s world-class antibodies and antigens, the quality and accuracy of IVD tests could not be as good, meaningless positive health and patient outcomes.
Impact risk: what can go wrong?
Good IVD tests are dependent on the quality of (e.g.) antibodies and antigens from HyTest. Hence, HyTest's products are mission-critical for patients and thus quality requirements are very high and absolute. Therefore, quality is a business enabler, but there is also a risk if the company should fall short on quality, as customers would not be able to use the products in such a scenario.