From the Lab to the World: EFK Diagnostics Holdings are Celebrated on the 2022 Wales Fast Growth 50 Index

EKF is a leading global diagnostics business with custom manufacturing facilities across sites in the US, UK and Germany for a variety of life science products. EKF provides a portfolio of point-of-care analysers and consumables, particularly for use in haematology and diabetes, as well as providing clinical chemistry products for the diagnostic industry as well as small, lab analysers and centrifuges. EKF has a growing enzyme fermentation business, a contract manufacturing business for sample collection, molecular and forensic kits, and a laboratory testing business for high complexity testing.

82% GROWTH BETWEEN 2019 AND 2021

Origins

In 2009 the management team had a vision to build a diagnostics business through acquisition and organic growth, quickly establishing a profitable and cash generative business within the diagnostic devices and reagent supply industry, with the objective of delivering value to shareholders, having listed on public markets with an AIM IPO in June 2010, whilst at the same time improving healthcare for millions of patients worldwide. EKF faced the challenges of building up a business of scale and managing the rapid growth of a business which now has 12 facilities around the world including six manufacturing sites in the US, UK and Germany.

Success Factor

The biggest driver of growth for recent growth was the considerable demand seen by its contract manufacturing business for services supporting COVID testing mainly in terms of sample collection kits, with revenues up 38%. EKF Diagnostics’ point-of-care revenues were up 18% for the year 2021 as blood banks and anaemia programmes came back online after disruption due to the global pandemic. Central laboratory revenues were up 7% and the business saw small increase in revenues from enzyme fermentation, up 3%. Its newly acquired laboratory testing business contributed revenues for the first time.

The Future

EKF Diagnostics expects to deliver further organic growth from its stable and established point-of-care and central laboratory businesses, leveraging existing products and routes to markets, innovating, and expanding into new territories. It has also invested significantly in its highly-scalable life sciences business unit through the expansion plans for its fermentation capacity and capabilities which are led by customer demand and will accelerate organic growth; The business will also pivot contract manufacturing and laboratory testing to non-COVID activities and build revenues by broadening its high-value services offering.

In partnership with UBS, the world’s leading global wealth manager, this year, Fast Growth 50 will rank the companies based on turnover growth in eight nations and regions across the UK.