Avalon GloboCare Corp (NASDAQ:ALBT) has announced 2022 financial results for Laboratory Services MSO LLC, a clinical diagnostics and reference laboratory that Avalon acquired a 40% interest earlier this year.
LSM saw revenue of $14.7 million and gross profit of $8.1 million, the company said. Net income was $6.3 million.
“We are pleased to report strong financial results and profitability for LSM in 2022, which we believe is further validation of our strategic investment,” Avalon CEO David Jin said in a statement. “LSM offers an extensive test menu, from general bloodwork to anatomic pathology, urine toxicology, pharmacogenomics (PGx) testing and more, with quick turnaround times.”
The Costa Mesa-based company has a sophisticated facility for clinical diagnostics and reference laboratory, the company said, having completed more than 600,000 tests since its inception.
“Our goal is to continue to grow LSM’s top and bottom line by taking advantage of a unique roll-up opportunity within the highly fragmented market for laboratory testing and services,” Jin said. “By targeting laboratories with exceptional performance, a positive revenue track record and niche-market advantage, we believe we can effectively leverage LSM’s experience and infrastructure to achieve significant synergies.”
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