DiaSorin confirms 2023 guidance after Q1 results

(Reuters) - Italian medical diagnostics group DiaSorin said on Wednesday it had reported a decline in revenue in the first quarter, after demand in COVID-related business sharply dropped as pandemics effects faded away.

Q1 revenue plunged 20.6% year-on-year to 289.6 million euros ($318.79 million), leading to a 40.6% shrink in net profit, which came in at 41.7 million euros, the company said in a note.

Revenue from COVID-related business unit dropped 78.5% in the first quarter, in line with an expected 75% decrease year-on year. Net of this unit and molecular respiratory business, revenue grew 3% at constant perimeter.

DiaSorin confirmed its 2023 guidance for the full year, which sees total revenue down 14% on a yearly basis.

($1 = 0.9084 euros)

(Reporting by Alberto Chiumento in Gdansk; Editing by Cristina Carlevaro)