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 ageing 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 2019
During 2019 HyTest achieved a 10% year-on-year revenue growth, mainly driven by the continuous strong performance in China. Adjusted EBITDA margin was 51% and the company continued to generate strong cash flow.
HyTest has during 2019 strengthened its presence in China by establishing a new application center and hired a head of commercial operations in the U.S. with sole focus on the North American market.
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 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 2019, HyTest provided antibodies and antigens for IVD-tests run on over 300 million patients globally. The company’s products cover 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, meaning less 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.