Diasorin S.p.a. · MIL:DIA
Diasorin — Q3 2008 Earnings Presentation
13 slides from Diasorin's earnings presentation, Nov 13, 2008
Slide 1: Q3 & 9M 2008 Results
Diasorin Q3 & 9M 2008 Results November 13
Slide 2: Q3 highlights
Q3 highlights ● Revenues grow by 22.1% despite of exchange rate effects (-3.5%), also boosted by sales of Biotrin products (+ 4.5%) ● North America Q3 sales up 49.6% (constant exchange rates) vs previous year (Biotrin contribution +8.7%) ● Steady enlargement of Liaison installed base, from ca. 2280
Slide 3: Q3 Results: income statement
Q3 Results: income statement millions € Q3 2008 Q3 2007 Δ as reported Net Revenues 59.9 49.0 +22.1% Gross profit 39.8 30.8 +29.4% Margin 66.5% 62.8% G&A (6.6) (6.2) R&D (3.6) (2.7) S&M (11.8) (10.7) Total Operating Expenses (21.9) (19.6) % on sales (36.6%) (39.9%) Other operating Income/(Expenses) 0
Slide 4: Q3 Revenues break down: by technology
Q3 Revenues break down: by technology ● CLIA sales represents Diasorin growth engine: +36.6% Q3 08 vs. Q3 07; ● Good ELISA sales thanks to Biotrin acquisition and Brasil tender. Revenues mix by technology improved towards CLIA kits, from 51.1% in Q3 07 to 57.1% in Q3 08 of total sales Q3 07 Q3 08 In
Slide 5: Q3 Revenues break down: by geography
Q3 Revenues break down: by geography millions € Q3 08 Q3 07 ∆% Europe 32.9 28.7 14.5% North America 16.0 11.6 37.1% Rest of the World 11.0 8.7 27.5% TOTAL 59.9 49.0 22.1% ● In Europe, increased market share in consolidated as well as in developing markets: Italy +16.4% Q3 08 vs. Q3 07 France +17.1%
Slide 6: Q3 Profitability: continuous improvement
Q3 Profitability: continuous improvement All profitability indicators show a further improvement compared with Q3 07: Gross Margins +29.4% Q3 08 vs. Q3 07 from 62.8% to 66.5% of tot sales EBITDA +63.7% Q3 08 vs. Q3 07 from 27.5% to 36.8% of tot sales EBIT +85.2% Q3 08 vs. Q3 07 from 20.5% to 31.0 %
Slide 7: Non cash exch. rate differences on Q3 net results
Non cash exch. rate differences on Q3 net results Net income continuously improved: EBITDA +63.7% Q3 08 vs. Q3 07 from 27.5% to 36.8 % of tot sales EBIT +85.2% Q3 08 vs. Q3 07 from 20.5% to 31.0% of tot sales Net Result +32.9% Q3 08 vs. Q3 07 from 10.9% to 11.8% of tot sales ● Net financial costs in
Slide 8: Diasorin Forex policy
Diasorin Forex policy ● The Group generates ca. $1.5 millions free cash flow per month ● The forex policy is aimed at matching the excess cash generated in foreign currency by financing group activities in the same currency ● Strong and sudden fluctuations of exchange rates (e.g. Q3) generate signif
Slide 9: Diasorin Forex policy
Diasorin Forex policy ● The Group generates ca. $1.5 millions free cash flow per month ● The forex policy is aimed at matching the excess cash generated in foreign currency by financing group activities in the same currency ● Strong and sudden fluctuations of exchange rates (e.g. Q3) generate signif
Slide 10: 9M Results: income statement
9M Results: income statement millions € 9M 2008 9M 2007 Δ as reported Net Revenues 176.1 151.2 +16.5% Gross profit 115.2 97.2 +18.6% Margin 65.4% 64.3% G&A (19.4) (17.7) R&D (9.8) (8.2) S&M (34.7) (32.6) Total Operating Expenses (63.9) (58.5) % on sales (36.3%) (38.7%) Other operating Income/(Expens
Slide 11: 9M balance sheet & cash flow
9M balance sheet & cash flow millions € 30/09/2008 31/12/2007 Total tangible asset 33.5 33.9 Total intangible asset 89.2 65.4 Other non-current asset 10.0 9.2 Net Working Capital 56.6 46.2 Other non-current liabilities (22.1) (22.3) Net Capital Employed 167.2 132.4 Net Debt (23.3)* (12.1) Total shar
Slide 12: Solid financial structure
Solid financial structure ● Operating cash flow € 18 MM in Q3 08 vs. € 11.4 MM in Q3 07; OCF € 32.4 MM in Sep. YTD 08 vs. € 23.8 MM in Sep. YTD 07 ● Net debt of € 23.3 MM as at Sep. 08 vs. € 12.1 MM at Year End, after Biotrin acquisition (25.5m€ cash outlay) and dividends pay out (5.5 m€) ● Cash and
Slide 13: Forthcoming events
Forthcoming events December 4 – 5 EXANE BNP PARIBAS - MidCap Forum 2008 Paris Q3 & 9M ’08 conf. call Nov. 13 2008 12