Europe’s largest laboratory chain SYNLAB continues to struggle with rising costs and the sharp decline in COVID tests.
Although the group is countering this with savings, price increases and sales of parts of the company, it was unable to avoid a decline in sales and earnings in the third quarter. As SYNLAB announced on Wednesday in Munich, revenue fell to 617 million euros in the three months from July to September, compared to 698 million euros a year ago. Adjusted earnings before taxes, interest, depreciation and amortization fell from 135 to 96 million euros. The company confirmed its annual targets.
SYNLAB may soon be about to be taken over by the financial investor Cinven, which only took the company public in spring 2021. At the end of September, the major shareholder submitted an offer of ten euros per share. The SYNLAB share, which is listed in the SDAX, was recently quoted slightly lower. Last week, the SYNLAB board of directors and the company’s supervisory board said that the offer price did not adequately reflect the long-term value of the company. Both committees therefore refrained from recommending Cinven’s takeover offer.
The SYNLAB share temporarily fell by 0.25 percent to 9.90 euros via XETRA on Wednesday.
/tav/stk
MUNICH (dpa-AFX)
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