Tecan Reports Financials for 2020

Based on strong demand for COVID-19-related products, Tecan Group has reported significant growth in sales and profits in an exceptional and demanding year 2020. The company recorded a surge in orders for product lines supporting the global fight against the coronavirus pandemic. Full-year order entry increased by 33.9% to CHF 855.2 million (2019: CHF 638.6 million), or by 38.5% in local currencies. Orders grew by 24.3% in local currencies in the first half of the year, (with an increase of 51.8% in local currencies) and then accelerated even further in the second half. Order backlog even grew at a significantly higher rate than full-year order entry to reach a record high as of December 31, 2020.

Tecan CEO Dr. Achim von Leoprechting commented: “I’m extremely proud of the fact that Tecan played such a key part in the global response to COVID-19. This was only possible because our employees stepped up to the challenges presented by the pandemic, supporting our customers with expertise, responsiveness and exceptional dedication.”

Sales for fiscal year 2020 climbed by 14.8% to CHF 730.9 million (2019: CHF 636.8 million), corresponding to growth of 18.7% in local currencies. The growth trend accelerated in the second half of the year, with sales increasing by 23.5% in Swiss francs and 27.8% in local currencies.
Demand for pipette tips increased drastically due to the testing needs associated with COVID-19. As a result, overall recurring sales of services, consumables and reagents also increased in the full year 2020 by 26.2% in local currencies and 21.3% in Swiss francs, thus amounting to 43.6% of total sales (2019: 41.3%).

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