SYNLAB agrees to sell its veterinary diagnostics business to Mars

SYNLAB (FSE: SYAB), the leader in medical diagnostic services and specialty testing in Europe, has agreed to sell its veterinary diagnostics business (SYNLAB VET) to Mars Incorporated (Mars). The transaction is still subject to customary conditions, including antitrust control approvals.

Divesting the SYNLAB VET business, which accounted for less than 1% of the total Group revenue in 2022, is consistent with our increased focus on core operations, said Mathieu Floreani, CEO of SYNLAB Group. We are convinced that SYNLAB VET will further thrive as part of the Mars organisation. Our highly talented SYNLAB VET colleagues in Belgium, Germany and Spain have made an important contribution to veterinary healthcare for many years. We are very grateful for this, and we have no doubt they will continue to succeed also in their new environment.

SYNLAB is following the outlined strategy to actively manage and optimise its portfolio of operations to improve the Groups performance and enable efficient use of capital as well as future-proof healthcare. The portfolio review is performed throughout all levels, including countries, activities, entities, contracts or customer groups. Further examples have been the sale of the veterinary business in the United Kingdom and Ireland in 2022 or the recent sale of the Groups operations in Switzerland offset by ongoing M&A activities to increase the network density and resulting use of synergies.

With the sale of its veterinary business, SYNLAB will be in an even better position to provide customer centric medical excellence for routine and specialty diagnostics in human medicine.

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About SYNLAB

• SYNLAB Group (FWB: SYAB; ISIN: DE000A2TSL71) is the leader in medical diagnostic services and specialty testing in Europe. The Group offers a full range of innovative and reliable medical diagnostics to patients, practising doctors, hospitals and clinics, governments and corporates.
• Providing the leading level of service within the industry, SYNLAB is the partner of choice for routine and specialty diagnostics in human medicine. The Group continuously innovates medical diagnostic services for the benefit of patients and customers.
• SYNLAB operates in more than 30 countries across four continents and holds leading positions in most markets, regularly reinforcing the strength of its network through a proven acquisition strategy. More than 28,000 employees, including over 2,000 medical experts, contribute every day to the Groups worldwide success.
• SYNLAB performed around 600 million laboratory tests and achieved revenues of 3.25 billion in 2022.
• More information can be found on www.synlab.com

SYNLAB forward looking statements

This document does not constitute or form a part of, and should not be construed as, an offer for sale or subscription of or solicitation of any offer to purchase or subscribe for any securities in any jurisdiction.

Statements made in this document may include forward-looking statements. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words “believes”, “expects, expected, “may”, “will”, “would”, “should”, “seeks”, “pro forma”, “anticipates”, “intends”, “plans”, “estimates”, estimated, or the negative of any thereof or other variations thereof or comparable terminology, or by discussions of strategy or intentions. These statements are not guarantees of future actions or performance and involve risks, uncertainties and assumptions as to future events that may not prove to be accurate. Actual actions or results may differ materially from what is expressed or forecasted in these forward-looking statements. As a result, these statements speak only as of the date they were made and SYNLAB undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. It should be noted that past performance is not a guide to future performance. Interim results are not necessarily indicative of full-year results.