- Networking solution company BATM upgraded its outlook on revenue and earnings as stronger-than-expected demand for Covid-19 test kits toward the end of the year boosted performance.

For the full year 2020, revenue was expected to be at least $180 million - 'significantly ahead' of the upgraded market expectations - representing annual growth of over 45% and, consequently, earnings before interest, taxes, depreciation and amortisation, or EBITDA, to be 'substantially' ahead of market expectations.

The substantial growth over the previous year was driven by the bio-medical division.

In particular, the diagnostics unit rapidly developed testing kits in response to the outbreak of COVID-19 and received strong demand throughout the year for its reagents and instruments.

'These sales were primarily to public health authorities in Europe and South East Asia, and the group has continued to receive significant orders for its diagnostic solutions into 2021,' the company said.

'The eco-med unit also contributed to the exceptional performance of the bio-medical division in 2020 with the manufacture of critical care ventilators,' it added.

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