Philab Holdings sees turnaround in 2019

Philab Holdings Corporation, a listed healthcare and biotechnology firm, is expecting to post a financial turnaround next year on the back of strong sales growth.

The turnaround will be supported by the firm’s continued expansion of its businesses as well as the injection of fresh funds which will unlock bottlenecks in sales and operations.

“We expect revenues of subsidiary Philab Industries Inc. alone to quadruple next year,” said Philab Holdings Chairman and CEO Hector Thomas Navasero.

He explained that the surge in revenues will come on the back of better distribution of its Dengue testing kits by LABit as well as the medical laboratory business of Philab Industries.

Na vase ros aid they also expect the company to turnaround next year and start booking profits, as it aims for double-digit growth in net income for both LABit and the laboratory equipment business.

He also said “the company will also continue to pursue the new acquisitions as well as new products and technology that will have strategic importance to Philab’s existing businesses.”

Navasero added that these include recently announced investment in High Garden and the joint venture with BF Corporation for the National Institute of Health.

Navasero also revealed that LABit has signed a nationwide distribution deal with one of the leaders in cold chain pharma distribution company which would allow more efficient access to various sales channels (Doctors Clinics, Pharmacies, Hospitals and Wholesale sub distributors).

“In addition, a five-year licensing agreement for LABit to manufacture and distribute Dengue Testing Kits was recently signed with Januario Jesus Atencio’s Januarius Holdings Inc. (JHI), a strategic investor in Philab. This has given the company much-needed momentum to scale-up the production of these test kit products and provide ample marketing support,” he said. (JAL)