Eurofins Surpasses Expectations with 6.8% Organic Growth in Q1 2024
Eurofins, a leading network of companies in the testing and scientific innovation sector, has reported strong organic growth of 6.8% in the first quarter of 2024, exceeding its objectives.
The company’s reported revenues for Q1 2024 totaled €1,653 million, marking a 5.0% increase compared to the same period in 2023, driven by solid organic growth but slightly tempered by foreign exchange effects (-1.0%). Despite facing nearly one less public working day, Eurofins anticipates this effect to reverse in Q2 2024.
Adjusted for public working days, organic revenue growth in the Core Business, excluding COVID-19 related clinical testing and reagent revenues, was particularly robust at 6.8%. Key highlights include:
Europe: Organic growth of 6.1%, supported by a moderate recovery in Food and Feed Testing and strong demand in Environment Testing.
North America: Resilient organic growth of 7.2%, with notable expansion in Environment Testing and solid performance in Food and Feed Testing, as well as Consumer and Technology Product Testing.
Rest of the World: Strong organic growth of 8.8%, driven by robust business momentum in China, Taiwan, Australia, and India.
Eurofins also expanded its reach through start-ups, contributing 1.2% to organic growth in Q1 2024, with the establishment of 11 new start-up laboratories and 5 blood collection points.
The company’s acquisition strategy remained vigorous, with Eurofins closing 7 business combinations in Q1 2024, collectively contributing over €110 million in pro-forma revenues for FY 2023.
Furthermore, Eurofins continued to advance scientific innovation through its various subsidiaries:
- Eurofins CDMO Alphora Inc. completed its pilot-scale biologics development facility in Mississauga, Canada.
- Eurofins Environment Testing, in collaboration with EPA Region 10, played a pivotal role in publishing Draft Method 1634, an analytical procedure for testing 6PPD-Quinone in surface water and stormwater.
- Eurofins MET Labs was recognized by Intuitive Machines for its crucial contribution to the IM-1 lunar mission, reaffirming its position as a global leader in product safety approvals and regulatory certification.
CEO, Dr Gilles Martin said:
“I am proud to see that the Eurofins network of laboratories has maintained its solid organic growth track record in Q1 2024, ahead of our objectives. Eurofins teams continue to focus on further implementing programmes related to digitalisation, productivity improvement, pricing and cross-selling initiatives and the ramp up of start-up activities. Despite a challenging geopolitical and macro environment in parts of the world, Eurofins management remains confident in achieving our objectives for the year.”
A representative of the company — Frederic Antigny, Senior Director, Eurofins Genomics Europe Agrigenomics, Denmark will perform at the XV Dairy Olympics.
The Dairy Olympics will take place from May 26th to May 30th in Ankara, Turkey. The aim of the Dairy Olympics is to assess the prospects of the global dairy market, evaluate existing industry issues, forecast trends, establish new connections, and initiate new ambitious projects.
To register as a participant or propose a topic for presentation, you can visit the official website of the event.
DOWNLOAD THE DAIRY OLYMPICS DRAFT PROGRAM IN ENGLISH.
Golden Sponsor: Kromel Makina San ve Tic. AŞ https://www.kromel.com.tr/
Sponsor: ANR-Engineering http://www.anr-engineering.de/
Excursion Partner: TDNT Engineering http://www.tdnewtech.ru/
General Information Partner: Agro TV https://www.agrotv.com.tr/
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