The Courier & Advertiser (Perth and Perthshire Edition)
Profits fall for testing firm
Profits at Dundee medical firm AxisShield Diagnostics more than halved last year.
The company develops, manufactures and markets in-vitro diagnostic products worldwide.
Newly published company accounts show sales rose from £24 million to £25.5m for the year ending December 31 2017.
Higher costs and currency movements saw the Dundee Technology Park firm’s pre-tax profits fall from £12.9m to £6.1m.
In his strategic report director Anil Vasishta explained: “During 2016, the company benefited from favourable exchange rates resulting in £3.5m.
“However, in 2017, the company had an adverse exchange loss of £1.8m.”
He added: “96% of the company’s revenues are designated in US dollars and the weakening of the pound has impacted the revenues by £952,000.
“Development milestones and the launch of a clinical chemistry assay for rheumatoid arthritis also contributed to the revenue growth.”
The firm produced 43.6 million tests in 2017.
This was a rise from 36.5 million the previous year.
The company is a wholly owned subsidiary of Axis-Shield Limited, which is owned by Alere Inc.
In October last year, Alere merged with Abbott Laboratories.