FlexMedical Solutions

The Livingston-headquartered diagnostics firm has acquired new office facilities and five new research and development labs following a £1m investment. FlexMedical offer design, development and manufacturing services to customers in human point-of-care testing. Having doubled its revenue to £3m in the year to 30 April, they are on track to increasing this year’s revenue to £4m.

FlexMedical’s customers range from start-ups to established global corporations as they support them in their developments of tests, for the management and diagnosis of diseases and medical conditions. The company’s revenue currently comes from outside the UK at around 70% as they plan to increasingly target the North American market in 2022.

Chief Executive and co-founder, Kevin Fallon, explains how the company has been very fortunate to see continuing sustained growth since the pandemic started, despite the initial lockdown wobble. Fallon admits that supply chains were “definitely impacted by the pandemic” and highlights the pricing increase but more notably the increased lead times as well as Brexit adding “complexities” such as taxes, duties and shipping.

Although human diagnostics is FlexMedical’s primary market, the company recently completed the development of a test for use in the food and drink sector. They also are looking at other fast-growth sectors including agri-food and wearable technology. Fallon expressed their focus for the next 12 months is on the significant growth opportunities they have in international markets but at the same time if there is value-adding growth by way of acquisition then they will be looking at that.