Guerbet revenues drop due to COVID-19 crisis

Contrast developer Guerbet saw revenues fall 8.4% after currency adjustment in the first half of its financial year due to the impact of the COVID-19 pandemic on the company's sales.

For the first half, Guerbet posted revenues of 363.7 million euros ($423.8 million), compared with 400.6 million euros ($466.9 million) in the first half of 2019. The company's net income for the first half was 8.2 million euros ($9.6 million), down by more than half compared with net income of 19 million euros ($22.2 million) in the same period of fiscal 2019.

In analyzing the results, Guerbet said its activity was affected by the postponement of nonessential medical imaging exams and procedures by radiologists, along with cancellations by patients and longer disinfection and protection measures due to SARS-CoV-2.

Hit especially hard was the company's MRI contrast business, down 18.7%, but also its CT/catheterization lab segment, down 9.7%. Its interventional imaging segment finished up 3.1%, driven by sales of its Lipiodol product.

Guerbet acknowledged its cost-cutting measures and moves to ensure employee safety, and it noted that it continues to invest in R&D and digitization and is actively searching for acquisitions in interventional imaging.