Eurobio Scientific: Net income up 96% in first half 2026, withdrawal offer at €25.30
Eurobio Scientific published its first half 2026 accounts on September 24, 2026, marked by revenue growth of 4.5% and net income up 96%.
The publication comes as majority shareholder EB Development announced on September 16, 2026, its intention to file a withdrawal offer for the shares it does not yet hold, at a price of €25.30 per share.
Revenue of €84.5 million, net income nearly doubled
In the first half of 2026, the in vitro diagnostics group achieved revenue of €84.5 million, compared to €80.8 million a year earlier, representing an increase of €3.6 million (+4.5%). Excluding the scope effect related to acquisitions, revenue remained stable on a comparable pro forma basis.
The scope effect mainly stems from the integration in Italy of the Life Sciences unit of Voden Medical Instruments Spa, which generated €3.8 million in revenue over the period. EBITDA reached €15.8 million, compared to €13.2 million in the first half of 2025 (+20%), and operating income stood at €8.5 million, compared to €5.8 million (+45%).
Net income amounted to €4.7 million, compared to €2.4 million a year earlier (+96%). The gross margin rate reached 47.5%, compared to 47.3% in the first half of 2025 (+0.2 points), linked to the increase in the share of proprietary products in the mix.
Proprietary products up, distributed products affected by the end of certain calls for tender
Proprietary products totaled €31.3 million as of June 30, 2026, up 10% year-on-year (+7% excluding scope variations), and represent approximately 37% of the group's revenue, up one point. This dynamic is supported in particular by the contribution of GenDx in the transplantation field as well as by product lines in infectious diseases and quality control.
Distributed products reached €53.2 million, up 2%. Excluding scope variations, they declined 5%, mainly due to the end of calls for tender awarded to Eurobio Scientific for One Lambda products. Internationally, revenue generated in Europe (excluding France), the United States and Australia totaled €39.1 million, or 46% of revenue, compared to €32.8 million and 41% in the first half of 2025.
The group also recalls that its distribution partnership with South Korean company Seegene, undertaken since 2011, generated €25.6 million in revenue as of June 30, 2026 (+12% year-on-year). Seegene has expressed its intention to enter the French market directly as of January 1, 2027, with the distribution agreement providing for a contractual transition period.
Acquisition of CareDx's Lab Solutions and planned withdrawal offer at €25.30 per share
On June 30, 2026, Eurobio Scientific completed the acquisition of CareDx's Lab Solutions business, dedicated primarily to transplantation diagnostics, including the AlloSeq portfolio, the QTYPE range and associated software solutions. The corresponding assets and liabilities were consolidated as of June 30, 2026, without contributing to revenue or earnings for the first half.
The financing received from EB Development amounted to €164.7 million, of which €154.4 million received in June 2026 to finance this acquisition. The group generated free cash flow of approximately €4.0 million after investments and had gross cash of €26.3 million at the end of June 2026.
On September 16, 2026, EB Development, which holds 90.14% of the capital, announced its intention to file a voluntary public offer followed by a mandatory withdrawal offer for the shares it does not yet hold, at a price of €25.30 per share. The board of directors appointed Ledouble as independent expert responsible for issuing an opinion on the financial conditions of the offer. The completion of the offer remains subject to AMF compliance.
