IPFS News Link • Pandemic
New data shows huge profits for PCR testing providers during COVID-19 pandemic
• https://www.naturalnews.com, by: Cassie B.The latest yearly reports from a trio of prominent pathology firms show just how profitable PCR tests were during the height of the pandemic.
The three firms involved all provided large-scale PCR testing throughout the pandemic. Sonic Healthcare, the biggest medical lab and pathology service provider in Europe and Australasia and the third largest in America, enjoyed a record $950 million net profit, marking an 11 percent rise over the previous year. At the same time, their revenue went up by 7 percent.
In the company's annual report, chairman Mark Compton noted that they had experienced "two years of exceptional profit and cash flow generation," adding: "Twelve months ago, we would never have expected our COVID-related revenues to grow by 13 percent in 2022. It remains difficult to predict future revenues from COVID-19 testing; however, we do expect ongoing demand, coupled with seasonally weighted increased testing for other respiratory viruses too."
As the top provider of testing in Australia, they benefited from rules that made it mandatory for those wishing to work or travel to undergo PCR testing, particularly in the time before there was broader recognition of rapid antigen test results.
Another company, Healius Pathology, also had a bumper year. The company operates 2,000 patient collection centers throughout Australia and carried out around 13 million COVID-19 tests. They managed to double their net profits, from $148.4 million the previous year to $309.3 million last year, along with a 30 percent increase in revenue as of June.