Veritas Expects to Double Sales in 2023, up to €28 million

Veritas, the Spanish company specializing in diagnostics and genetics, owned by the US health solutions group LetsGetChecked, plans to double its turnover in 2023, reaching €28 million, according to Javier de Echevarría, CEO of Veritas, to PlantaDoce.

The company closed in 2022 with a turnover of approximately €14 million, double that of 2021. Of the total revenue, 40% is generated in Spain, while the remaining 60% comes from abroad.

Although the company does not break down billing by country, the company points out that Veritas’ main markets are Spain, Italy, and the countries of central Europe. For its part, LetsGetChecked invoices more than $250 million annually and has offices in New York and Dublin. This group provides digital tools to manage health from home, through direct access to diagnostic tests and virtual care.

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Veritas currently has 65 workers and the forecast for 2023 is to have more than one hundred employees on the payroll

Veritas was born in 2018 by Luis Izquierdo, Vicenzo Cirigliano, and Javier de Echevarría, who have accumulated years of experience in the field of genetics, diagnosis, and biotechnology. Initially, the company was linked to Veritas Genetics, a company founded in 2014 by George Church. Later, the company was backed by Charme Capital Partners and Amadeus Capital Partners.

Veritas arose as a project that aspired to make genome sequencing and its clinical interpretation available to all citizens as a tool to prevent diseases and improve health and quality of life.

Charme Capital Partners, the European private equity firm, and Amadeus Capital Partners, a global technology investor, reached an agreement in 2022 to sell Veritas to LetsGetChecked. However, De Echevarría remains CEO of Veritas.

Veritas has just launched a new polysene risk analysis service (PRS) on the market

Veritas currently has 65 workers and the forecast for 2023 is to have more than one hundred employees on the payroll. The company is focused on three different areas of activity. The first of these is related to preventive genomic medicine. The company works for and in hospital environments. The second area is perinatal medicine and the third area offers a second medical opinion service.

Veritas completes its portfolio with a wide range of maternal-fetal screening tests, exome-based panels (such as cancer risk, cardiovascular and newborn screening), and diagnostic tests.

The company is headquartered in Madrid, on Paseo de la Castellana, although in July it will move to an office building on Calle Orense in the Spanish capital, where it will occupy a floor. No further details of the operation have been disclosed.

Likewise, the company has had a laboratory in the 22@ technological district in Barcelona since April 2021, a project that Veritas launched after investing five million euros. “In the last year we have invested in new sequencing equipment, becoming the largest laboratory for prenatal studies in Europe and one of the largest in genomics,” says De Echevarría. 

Veritas has just launched a new polysene risk analysis (PRS) service on the market, a pioneer in Spain, which makes it possible to stratify an individual’s risk of developing diseases such as breast cancer, prostate cancer, type 2 diabetes, or cardiovascular diseases.

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(Featured image by stevepb via Pixabay)

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