“We delivered substantial financial growth, which was driven by our Bio-Medical division that was able to respond rapidly to the outbreak of the pandemic,” chief executive Dr Zvi Marom highlighted
() financial results for 2020 confirmed strong growth in revenues and gross profit, which rose by 49% and 83% respectively, driven by the group’s Bio-Medical business – which produce COVID-19 diagnostic tests and critical care ventilators.
“This was an outstanding year for BATM,” said chief executive Dr Zvi Marom.
“We delivered substantial financial growth, which was driven by our Bio-Medical division that was able to respond rapidly to the outbreak of the pandemic.”
Marom added: “In our Networking and Cyber division, we achieved a key milestone in securing our first tier 1 customer for NFVTime, which will soon begin the roll-out of our solution. As a result, we significantly advanced the execution of our strategy in molecular diagnostics and NFV – our key future growth markets.”
For the twelve months ended December 31, BATM reported US$183.6mln of revenue, up from US$123.4mln, whilst gross profit increased to US$60.7mln from US$33.1mln. Gross margins was marked at 33.1%, up from 26.9%.
Adjusted operating profit was stated at US$15mln, up 183% from US$5.3mln, and, earnings (EBITDA) doubled to US$19.7mln from US$9.8mln.
Cash from operations rose by 138% to US$20.1mln from US$8.4mln.
Marom highlighted “great confidence” as the company looked to the future of the business.
“Looking ahead, we entered 2021 with sustained momentum in the Bio-Medical division as we continue to receive strong demand for our COVID-19 test kits and instruments,” he said.
“We are also scheduled to launch various new, very advanced diagnostic testing kits this year.
“In the Networking and Cyber division, we expect sales of NFVTime to make a good contribution to the full year revenue of this division.
“This will enable us to achieve further improvement in our gross margin, reflecting the strengthened foundations of the group.