Philab Holdings Corp., a listed healthcare and biotechnology firm, expects strong growth in 2019 as it continues to expand its businesses.
“We expect revenues of subsidiary Philab Industries Inc. alone to quadruple next year,” said Philab Holdings chairman and chief executive Hector Thomas Navasero.
He said the surge in revenues would come on the back of better distribution of its Dengue testing kits by LABit, as well as the medical laboratory business of Philab Industries.
Philab expects the company to turn around next year and start booking profits, as it aims for double digit growth in net income for both LABit and the laboratory equipment business.
“The company will also continue to pursue the new acquisitions as well as new products and technology that will have strategic importance to Philab’s existing businesses,” Navasero said.
Philab recently announced investment in High Garden and the joint venture with BF Corp. over the National Institute of Health.
LABit has signed a nationwide distribution deal with one of the leaders in the cold chain pharmaceutical distribution company, that will allow more efficient access to several sales channels (doctors’ clinics, pharmacies, hospitals and wholesale sub distributors).
LABit signed a five-year licensing agreement to manufacture and distribute Dengue Testing Kits of Januarius Holdings Inc., which is owned by businessman Januario Jesus Atencio.
“This has given the company much-needed momentum to scale-up the production of these test kit products and provide ample marketing support,” Navasero said.
JHI has provided Philab with P50 million worth of loans and credit lines to fund the planned expansion.
Meanwhile, Philab Industries president Paolo Cagalingan said the laboratory business was to triple its revenues next year.
“Also, the opening of JHI credit line to fund account receivables and purchase orders addressed various operational issues which would enable the sales team to fulfill and serve product orders without delay,” said Cagalingan.