Eurobio Scientific reported €84.5 million in revenue for the first half of 2026, an increase of 4.5% year over year, supported by acquisitions and growth in proprietary diagnostic products.
The French in vitro diagnostics and life sciences company generated €15.8 million in EBITDA, compared with €13.2 million during the first half of 2025.
Net income increased to €4.7 million from €2.4 million, while the company’s international business contributed a larger proportion of revenue.
Eurobio reported approximately €80.8 million in revenue during the comparable period of 2025.
On a comparable pro forma basis, excluding changes in its acquisition portfolio, first-half revenue remained stable.
Acquisition-related growth included the contribution from Voden Medical Instruments’ Life Sciences business in Italy, which generated approximately €3.8 million in revenue during the period.
Eurobio’s proprietary products business generated €31.3 million in revenue, up 10% from the previous year.
Excluding acquisition-related changes, proprietary product revenue increased 7%.
The category accounted for approximately 37% of total revenue, up one percentage point from the comparable period.
Growth was supported by GenDx’s transplantation diagnostics business, alongside product lines addressing infectious diseases and quality control.
Revenue from distributed products reached €53.2 million, representing a reported increase of 2%.
However, excluding changes in the company’s acquisition portfolio, distributed product revenue declined 5%, primarily because of the expiration of tenders involving One Lambda products.
Eurobio also reported further international expansion.
Revenue generated outside France reached €39.1 million, representing 46% of total revenue.
That compares with €32.8 million, or 41% of revenue, during the first half of 2025.
The company’s international activities include operations in Europe, the United States, and Australia.
Eurobio’s gross margin increased to 47.5% from 47.3%, reflecting the growing contribution of proprietary products.
Operating expenses declined 1.3% to approximately €29.7 million, representing 35.1% of revenue.
Operating income increased to €8.5 million, compared with €5.8 million in the prior-year period.
The company also generated €7.5 million in operating cash flow during the first six months of 2026.
After approximately €3.5 million in net capital expenditures, free cash flow before acquisitions reached €4 million.
Eurobio ended June with €26.3 million in cash and reported net debt of approximately €147.4 million, including financing received from its majority shareholder, EB Development.
The shareholder financing totaled €164.7 million, including €154.4 million received in June to finance a major acquisition.
On June 30, 2026, Eurobio completed its acquisition of CareDx’s Lab Solutions business, expanding its position in transplantation diagnostics.
The acquired operations include the AlloSeq product portfolio, used for HLA typing and chimerism monitoring, associated software solutions, the QTYPE product line, and other diagnostic assets.
Because the transaction closed on the final day of the reporting period, the acquired business did not contribute revenue or earnings to Eurobio’s first-half results.
The company also addressed its longstanding distribution relationship with Seegene, which generated approximately €48 million in revenue during 2025.
Revenue associated with Seegene reached €25.6 million during the first half of 2026, representing a 12% increase.
However, Seegene has indicated its intention to enter the French market directly beginning January 1, 2027.
Eurobio and Seegene are continuing discussions regarding the transition, including arrangements covering existing commercial contracts and public-sector tenders.
Separately, Eurobio’s majority shareholder, EB Development, announced plans to pursue an offer for the shares it does not already own at €25.30 per share.
Following a recent treasury share cancellation, EB Development directly holds approximately 90.14% of Eurobio Scientific’s share capital and voting rights.
The proposed transaction remains subject to review by the French financial markets regulator. An independent appraiser has been appointed to evaluate the offer’s financial terms.
Following completion of the proposed offer, EB Development intends to pursue a mandatory buyout of the remaining minority shareholders.
Eurobio has not provided specific financial guidance for the remainder of 2026. Its stated medium-term priorities include expanding proprietary products, developing international operations, and strengthening its presence in additional diagnostic markets.
