Eurofins Scientific: Lab Network Structure & Scale

Eurofins is a French-listed, owner-operated lab testing company that operates in the food, agriculture, environmental, and pharmaceutical industries. The company was founded in 1987 and has compounded at 30% for over 34 years to become one of the highest performing European listed equities over the last 30 years.

Eurofins is run by the founder Gilles Martin who still owns 25% of the business. Martin has made over 400 acquisitions since 1997 and opened 180 new labs. The company owns ~800 labs that offer 200,000 microbiology, chemistry, and other types of specialized testing to large corporate QA divisions to ensure product quality meets regulatory standards and customer demands.

Eurofins benefits from high lab density that reduces the test turnaround time and the wide range of tests available create sticky relationships with customers. Over 70% of the revenue ex-COVID benefits come from food, pharma, cosmetic, and environmental verticals but the potential growth opportunity lies in more specialised clinical diagnostic testing.

Written in December 2021

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