Australian-based analytical science and device company Trajan (ASX:TRJ) has raised its guidance for the full 2023 financial year after reporting an 83.2 per cent rise in revenue for the six months to the end of December last year.
The dramatic growth in revenue to $80.1 million was complemented by 115.9 per cent growth in earnings to $10.3 million.
The growth was delivered across the company's operations.
Its Analytical Products and Life Science Solutions business, which provides a range of analytical products focused on biological, food and environmental testing applications, delivered revenue growth of 49.2 per cent to $43.2 million.
Trajan's Life Science business includes a range of products and services targeting human health. Revenue for this segment rose 149.8 per cent.
As a result of its strong performance, Trajan announced that it has upgraded its guidance for the full 2023 financial year with revenue expected between $155 million and $165 million. It now expects earnings of between $21.7 million and $25.8 million.
The company said it ended 2022 with $21.1 million in cash and a reduced level of debt.
CEO Stephen Tomisich said, “The Trajan business continues to perform strongly, yet again delivering results aligned with guidance, building on our track record of execution with more than 11 consecutive years of growth against a backdrop of a broad range of prevailing macro-economic conditions.
“We continue to demonstrate a resilience influenced by our global footprint which is scaled and strategically organised to provide capacity for growth through a diversified product portfolio, trusted and long-term relationships with our customers, and healthcare trends that align directly to our business."