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synlab.com

Founded Year

1998

Stage

IPO | IPO

Total Raised

$265M

Date of IPO

4/28/2021

Revenue

$0000 

About SYNLAB

SYNLAB is a provider of medical laboratory services for practicing doctors, clinics, and the pharmaceutical industry in Europe. The company offers a full range of laboratory analysis for human and veterinary medicine as well as the environment. In addition to Germany, it has branches in other European countries as well as Turkey, Saudi Arabia, and Dubai.

SYNLAB Headquarter Location

Moosacher Strasse 88

Munich, 80809,

Germany

+49 89 307602-0

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SYNLAB Patents

SYNLAB has filed 2 patents.

The 3 most popular patent topics include:

  • Calcium channel blockers
  • Kidney diseases
  • Medical terminology
patents chart

Application Date

Grant Date

Title

Related Topics

Status

7/23/2019

Kidney diseases, Nephrology, Calcium channel blockers, Syndromes, Medical terminology

Application

Application Date

7/23/2019

Grant Date

Title

Related Topics

Kidney diseases, Nephrology, Calcium channel blockers, Syndromes, Medical terminology

Status

Application

Latest SYNLAB News

SYNLAB reports a strong start to the fiscal year 2022

May 12, 2022

12.05.2022 / 07:00 Revenue of ?1.06 billion, +13.1% growth vs. Q1 2021 Non-COVID-19 [1] testing organic revenue growth of +10.8% vs. Q1 2021 COVID-19 testing revenue slightly higher than in Q1 2021: volume surge more than offset PCR price drop Adjusted EBITDA of ?357 million, very high margin at 33.6% Unlevered free cash flow of ?155 million Eight acquisitions completed year-to-date in six countries: six bolt-on and two in specialty testing services FY 2022 revenue outlook revised upward to ?3.1 billion (from ?3.0 billion) and adjusted EBITDA margin expected at 24-25% (from 23-25%) to reflect strong start of the year SYNLAB, the leader in medical diagnostic services and specialty testing in Europe, today announced its unaudited Q1 2022 results. Supported by robust non-COVID-19 testing organic growth and elevated COVID-19 testing levels, SYNLAB exceeded the ?1 billion revenue mark in the first quarter. Compared to the previous year, revenue rose by 13.1% to ?1.06 billion (Q1 2021: ?0.94 billion). Adjusted EBITDA increased by 10.1% to ?357 million (Q1 2021: ?324 million). ?SYNLAB had a strong start into the fiscal year 2022. We still recorded high COVID-19 revenue, driven by the Omicron wave. After a soft start into the year, the non-COVID-19 testing activity rebounded sharply in March as the Omicron wave receded. Building on the execution of our strategic initiatives, we are well positioned to benefit from mega trends in healthcare and have confidence in the resilience of our activities in the current volatile environment. With our ongoing investments, we are convinced that SYNLAB will continue on its successful growth path,? said Mathieu Floreani, CEO of SYNLAB Group. SYNLAB Key figures (?m) 227.0 Q1 2022 revenue was up 13.1% to ?1.06 billion (Q1 2021: ?0.94 billion). The first weeks of 2022 were marked by the Omicron wave, with COVID-19 testing volumes reaching levels never seen before. The revenue contribution from COVID-19 testing was approximately ?450 million (Q1 2021: ?434 million). In Q1 2022, SYNLAB performed 10.2 million PCR and 1.5 million non-PCR tests. The average price per PCR test was around ?41 in Q1 2022, compared with around ?58 in Q1 2021. SYNLAB recorded strong non-COVID-19 testing organic revenue growth (+10.8%), including the contribution of the South-East London hospital outsourcing contract (the ?SEL? contract) which started in Q2 2021. Overall volume growth largely offset a price decrease of 1.1%. Excluding the contribution of the SEL contract, underlying organic growth was 2.1%. Following a soft start to the year correlated with the Omicron wave, levels in the Group?s non-COVID-19 testing activities rebounded strongly in March with the receding of the wave, with underlying organic revenue growth exceeding 4%. Despite robust volume growth, the underlying organic growth of France was impacted by lower prices driven by the regulated price decrease [2] implemented in January 2022 and an unfavorable comparison base as the prior price decrease was only implemented in early April 2021. The South segment had a soft start of the year which can be attributed to the high comparison base in Italy and a phasing effect from a change in the reimbursement schedule in the Campania region. Germany saw robust volume expansion against a soft comparison base, with limited price pressure. North & East growth remained very strong driven by volume and the positive effect of price indexation. Volume leverage and continued strong cash generation Q1 2022 adjusted EBITDA (AEBITDA) increased by 10.1% to ?356.9 million, the highest level achieved in a quarter. Despite a major decrease in PCR test price (?17 per unit price reduction), the AEBITDA margin stood at 33.6% demonstrating again the volume leverage of the business. Excluding the PCR price reduction impact, the AEBITDA margin would have been around 9 percentage points higher. Q1 2022 adjusted operating profit (AOP) was ?300.1 million (Q1 2021: ?280.3 million) with an AOP margin of 28.3% (Q1 2021: 29.9%). Price driven year-on-year variation in the COVID-19 contribution was the main margin driver. Margins were up in Germany driven by a record high COVID-19 testing revenue and down in the other regions. All regions recorded margin expansion compared with Q4 2021. Q1 2022 adjusted net profit (Group share) grew by 20%, driven by improved financial results and partly offset by a higher tax expense. At ?155.3 million, unlevered free cash flow was strong, but below last year due to the temporary impact of increased COVID-19 testing activity on Days Sales Outstanding (DSO) and increased CAPEX. The cash conversion ratio (unlevered free cash flow / AEBITDA) was 44%. Return on capital employed at 19%, leverage ratio further decreased The return on capital employed was 19%, driven by the strong profit expansion. At the end of March 2022, adjusted net debt was ?1.56 billion compared with ?1.67 billion at the end of December 2021. The leverage ratio [3] continues to remain at a low level and declined to 1.23x compared with 1.35x at the end of 2021. Key Q1 2022 achievements Organic growth As part of its retail initiative, SYNLAB opened more than 40 new blood collection points in Q1 2022, mostly in the South region (Italy, Spain, Latin America). Moreover, the Group further reinforced its specialty testing portfolio in Germany with the addition of the OncoDNA tissue-based biomarker test, a comprehensive solution used to predict patient response to a wide range of approved and experimental cancer therapies. The South-East London contract (?SEL? contract) is delivering according to plan. Its contribution will annualise starting April 2022. Operational excellence With SALIX, a multi-year efficiency program, SYNLAB aims to reduce its cost base by ?20 million each year. The program was on track in Q1 2022, with ?5 million of savings delivered. In addition, the SYNLAB core lab program of equipment renewal and automation also continued to progress well and is now more than 90% completed. ESG Building on its clearly defined ESG strategy, SYNLAB has published the company?s second ESG report on 29 April 2022. The ESG strategy entails three areas that help drive the Group?s ambitious ESG agenda through concrete actions: the fight against climate change, access to high quality healthcare, and business ethics. Furthermore, SYNLAB joined the United Nations Global Compact initiative ? a voluntary platform for the development, implementation, and disclosure of responsible business practices. Together with more than 9,500 companies and 3,000 non-business signatories, SYNLAB will act in support of UN goals and issues embodied in the Sustainable Development Goals (SDGs). M&A Since the beginning of 2022 SYNLAB has spent approximately ?63 million on acquisitions, completing eight acquisitions in six countries. The acquisitions represent an estimated annualised revenue of around ?32 million. The acquisitions of Sistemas Genómicos in Spain and the Institute for Pathology and Molecular Pathology Pforzheim in Germany reflect the focus to further expand in specialty testing services. 2022 outlook Based on the strong start into the year due to the Omicron wave, and continuous strength in the non-COVID-19 [4] testing activity following the strong March rebound, SYNLAB now expects FY 2022 revenue to be around ?3.1 billion (March 2022 guidance: ?3.0 billion) compared with ?3.76 billion in FY 2021. The adjusted EBITDA margin is expected to be within a 24-25% range (March 2022 guidance: 23-25%), compared with 32.1% in FY 2021. The year-on-year expected decrease is attributable to lower COVID-19 testing revenue. The adjusted EBITDA margin range is narrowed upwards to reflect the increase in expected revenue. It factors in: 1) the strategy to maintain COVID-19 response capacity at the level medically necessary and potential lag time before any ramp down 2) the dilutive impact on margin of additional growth initiatives, notably in the Direct to Consumer (D2C) activity and 3) inflation risks. The pipeline for future acquisitions remains strong and diversified. In line with the longer-term targets set at the IPO as well as the FY 2021 performance, SYNLAB aims to exceed ?200 million of M&A spend again in 2022. *** Conference call A conference call with the SYNLAB Management Board for analysts and investors will take place today at 3:00 p.m. CET. It can be accessed here . For more information: About SYNLAB - SYNLAB Group is the leader in medical diagnostic services and specialty testing in Europe. The Group offers a full range of innovative and reliable medical diagnostics to patients, practising doctors, hospitals and clinics, governments and corporates. - Providing the leading level of service within the industry, SYNLAB is the partner of choice for routine and specialty diagnostics in human and veterinary medicine. The Group continuously innovates medical diagnostic services for the benefit of patients and customers. - SYNLAB operates in 36 countries across four continents and holds leading positions in most markets, regularly reinforcing the strength of its network through a proven acquisition strategy. More than 30,000 employees, including over 2,000 medical experts, contribute every day to the Group?s worldwide success. - SYNLAB performed around 600 million laboratory tests and achieved revenues of ?3.76 billion in 2021. - More information can be found on www.synlab.com Financial Calendar

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  • When was SYNLAB founded?

    SYNLAB was founded in 1998.

  • Where is SYNLAB's headquarters?

    SYNLAB's headquarters is located at Moosacher Strasse 88, Munich.

  • What is SYNLAB's latest funding round?

    SYNLAB's latest funding round is IPO.

  • How much did SYNLAB raise?

    SYNLAB raised a total of $265M.

  • Who are the investors of SYNLAB?

    Investors of SYNLAB include Oklahoma Equity Partners, Mesa Capital Partners, McClendon Venture Company, TLW Venture Co, Tercet Partners and 4 more.

  • Who are SYNLAB's competitors?

    Competitors of SYNLAB include Cyted.

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