Services sold with instruments grow twice as fast that of after-market sales
In 2021, revenue derived from services and other revenues increased 16.1% to $1.6 billion as the organization experienced strong demand for installation, compliance and repair and maintenance services. An increase in demand from the company’s companion diagnostics and pathology businesses are also accountable for a strong increase in service revenue derived from its diagnostics and genomics business. The company provides highly specialized services that are essential for its customers to accurately use the equipment which will likely continue experiencing strong growth as investment in biotechnology rises over the coming years.
M&A|Discontinued ActivityIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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