Eurobio Scientific is strengthening its position in transplantation diagnostics and expanding internationally as it pursues growth through acquisitions and proprietary product development. The French in vitro diagnostics company reported €84.5 million in first-half 2026 revenue, up 4.5% year over year, alongside a significant jump in profitability as its diagnostic business expanded.
The company’s net income nearly doubled to €4.7 million from €2.4 million in the comparable 2025 period. This performance reflects both organic growth in proprietary diagnostic products and revenue contributions from recent acquisitions, including Voden Medical Instruments’ Life Sciences business in Italy.
Eurobio’s proprietary products business generated €31.3 million in revenue during the first half, representing a 10% increase year over year and now accounting for 37% of total revenue. This segment includes GenDx’s transplantation diagnostics business, alongside product lines addressing infectious diseases and quality control. Excluding acquisition-related changes, proprietary product revenue grew 7%, indicating solid underlying momentum in the company’s core diagnostic offerings.
International Operations Drive Revenue Growth
International operations now account for 46% of Eurobio’s revenue, reaching €39.1 million in the first half, up from 41% of revenue in the prior-year period. The company operates in Europe, the United States, and Australia, providing a geographic base for further expansion beyond its home French market.
Revenue from distributed products totaled €53.2 million, though this segment faced headwinds. Excluding changes in the company’s acquisition portfolio, distributed product revenue declined 5%, primarily due to the expiration of tenders involving One Lambda products. However, distributed revenue from Seegene, a major partner, increased 12% to €25.6 million during the first half.
That partnership faces a transition: Seegene has announced plans to enter the French market directly beginning January 1, 2027. Eurobio and Seegene are continuing discussions regarding the transition, including arrangements covering existing commercial contracts and public-sector tenders. Managing this relationship shift while maintaining revenue stability will be a near-term priority for the company.
Transplantation Diagnostics Expansion and Capital Deployment
On June 30, 2026, Eurobio completed acquisition of CareDx’s Lab Solutions business, significantly expanding its transplantation diagnostics portfolio. The acquired operations include the AlloSeq product portfolio, used for HLA typing and chimerism monitoring, associated software solutions, the QTYPE product line, and other diagnostic assets. Because the transaction closed on the final day of the reporting period, the acquired business did not contribute to first-half results.
Eurobio’s majority shareholder, EB Development, financed the CareDx acquisition through €164.7 million in shareholder financing, including €154.4 million received in June. The company ended the first half with €26.3 million in cash and reported net debt of approximately €147.4 million. Operating cash flow reached €7.5 million during the first six months, while free cash flow before acquisitions totaled €4 million after capital expenditures.
Eurobio’s gross margin improved to 47.5% from 47.3%, reflecting the growing contribution of proprietary products, which carry higher margins than distributed products. Operating expenses declined 1.3% to €29.7 million, representing 35.1% of revenue, while operating income increased to €8.5 million from €5.8 million in the prior-year period.
Structural Changes and Ownership Developments
EB Development, which directly holds approximately 90.14% of Eurobio Scientific’s share capital and voting rights following a recent treasury share cancellation, announced plans to pursue an offer for the remaining shares at €25.30 per share. The proposed transaction remains subject to review by the French financial markets regulator, with an independent appraiser evaluating the offer’s financial terms. Following completion of the proposed offer, EB Development intends to pursue a mandatory buyout of remaining minority shareholders.
Eurobio has not provided specific financial guidance for the remainder of 2026. The company’s stated medium-term priorities include expanding proprietary products, developing international operations, and strengthening its presence in additional diagnostic markets. The CareDx acquisition signals a strategic commitment to transplantation diagnostics, a specialized field where proprietary products typically command higher margins and customer loyalty than commodity distributed products.
