BATM profits jump 70 per cent amid strong demand for Covid tests
Technology company BATM saw operating profits soar in 2021 amid strong demand for the group’s PCR tests.
Group revenue tumbled by almost a quarter year-on-year from $183m in 2020 to $140m last year after the company secured a lucrative contract for ventilators in the first year of the pandemic. Despite the dip operating profit at the company increased from $14m to $24m driven by strong performance at the company’s bio-medical division which secured revenue of $112m after launching a saliva-based PCR test capable of detecting Omicron.
“We are delighted to be announcing another excellent set of results with growth from ongoing operations in all of our business units,” said Dr Zvi Marom, Chief Executive Officer of BATM.
“We are particularly proud of the significant progress made in our Diagnostics unit, where our investment in recent years has really come to fruition, and of the substantial contracts awarded during the year in our cyber business. We were also excited to launch our Edgility platform for edge computing and virtual networking, which we believe will be a key driver of our future growth,” Marom continued.
Growth was strong across company departments with revenues up 84 per cent at the bio-medical unit, excluding the exceptional ventilator contract secured in 2020. Revenue at the company’s cyber division more than doubled, growing 111 per cent, after the Israeli-based technology firm was awarded $18 in cyber contracts from a government defence department.
“Looking ahead, we entered the new year with sustained momentum across the business and we remain on track to deliver significant growth for full year 2022, in line with market expectations,” commented Marom.
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