Vitro grows in 2022. The Spanish biotech company, founded in 1989 and specializing in the commercialization and production of reagents, has reached €30 million in 2022, a figure that it expects to increase to €40 million in 2023, according to details from Francisco Javier Fernández, vice president executive of the group.
In 2022, the company registered a gross result before operations (EBITDA) of €9 million, which it expects to increase to €12 million in 2023. For this year, the company has focused its expansion on the United States, where has signed a distribution agreement in the pathology segment.
The company has 175 employees and is dedicated to the commercialization and production of in vitro diagnostic (IVD) reagents and platforms and related services: pathology, molecular biology, cytometry, or clinical chemistry.
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Vitro will enter the US market this year with a distribution agreement
The company also offers personalized services to companies in the sector, such as protein synthesis and purification, the production of personalized antibodies, and the generation of stable cell lines, among others; as well as the development and production of reagents, hardware to automate them and platform and laboratory management software.
Vitro works mainly with public health, which represents between 80% and 85% of its business, and also with large private chains. The biotech company has grown to be present in the entire Spanish market and has a subsidiary in Portugal and Turkey. In addition, it supplies more than fifty countries through distributors and has signed distribution agreements in Europe.
The group’s main markets are Europe and Latin America, although in recent times it has increased its market share in the Middle East, due to the region’s geographical proximity to the company’s subsidiary in Turkey. The company generates 60% of its turnover through the sale of its own products, while 40% are products distributed by third parties.
Between 80% and 85% of the group’s business comes from agreements with public health
Vitro has launched a new company, Knomi, on the market in 2022 to market diagnostic services, especially for sexually transmitted diseases, where the platform analyzes patient samples and carries out tests and validations.
“This year we will also be very well positioned in the development and identification of resistant pathogens and we will begin to use robots that we manufacture ourselves,” Fernández pointed out.
The company has production facilities in Seville (instruments and software ) and in Granada (reagents), as well as offices in Madrid and Valencia and a subsidiary in Lisbon, under the Master in-Vitro brand.
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This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in PlantaDoce, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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