Slide 1: Q1 '11 Results Conference Call
Q1 ’11 Results Conference Call May 13
Slide 2: Q1 11 highlights
Q1 11 highlights ● Strong revenues growth, Murex sales affected by North African crisis +28.5% (+26.9% at constant exchange rate) +18.9% ex Murex (+17.3% at constant exchange rate) ● Strong growth in emerging markets: Asia Pacific +49.2% (+47,5% at constant exchange rate) Latin America +63.7% (+
Slide 3: Q1 11 highlights
Q1 11 highlights ● Key events occurred in the first quarter 2011: DiaSorin received clearance from the FDA for the commercialization in the US of the LIAISON XL. The system will be available in the US by the end of the second quarter 2011. DiaSorin signed a long-term worldwide incentive agreemen
Slide 4: Q1 Results: Income Statement
Q1 Results: Income Statement millions € Q1 2011 Q1 2010 D Net Revenues 111.4 86.7 +28.5% Gross profit 79.8 62.0 +28.7% Margin 71.7% 71.6% G&A (10.7) (9.0) R&D (5.2) (4.0) S&M (18.5) (15.4) Total Operating Expenses (34.4) (28.5) % on sales (30.9%) (32.9%) Other operating Income/(Expenses) (2.0) (2.0)
Slide 5: Revenues break down Q1: by technology
Revenues break down Q1: by technology CLIA sales keep growing: +26.7% Q1 11 vs. Q1 10 thanks to: • Installed base enlargement : +133 new instruments placed in Q1 11 • Strong sales in Latin America and Asia Pacific • Vit. D and Infectious Disease products sales boost Revenues mix by technology improv
Slide 6: Revenues break down Q1: by geography
Revenues break down Q1: by geography Q1 millions € 2010 2010 ∆ Europe/Africa 49.0 43.0 +13.9% North America 35.7 31.8 +12.1% Latin America 8.8 5.3 +63.7% Asia Pacific 9.6 6.4 +49.2% Murex 8.3 - - Total 111.4 86.7 +28.5% ● In Europe/Africa, healthy growth in several strategic markets: France +33.0% Q
Slide 7: Continuous improvement in profitability
Continuous improvement in profitability Stabilization of Gross Margin and continuous improvement of Operating Margins as reported as well as adjusted for Q1 10 extraordinary cost of € 1 mln due to the Murex acquisition: Gross Margin +28.7% Q1 11 vs. Q1 10 from 71.6% to 71.7% of tot sales EBITDA +38.
Slide 8: Q1 results: Balance Sheet & Cash Flow
Q1 results: Balance Sheet & Cash Flow millions € 31/03/2011 31/12/2010 Total tangible asset 55.5 57.6 Total intangible asset 123.8 126.9 Other non-current asset 20.2 20.2 Net Working Capital 109.4 106.4 Other non-current liabilities (27.4) (28.2) Net Capital Employed 281.5 282.9 NFP 31.2 33.1 Total
Slide 9: Solid financial structure
Solid financial structure ● Operating cash flow of € 27.6 MM in Q1 11 (bef. Capex of 4.2 MM) vs. € 25.2 MM in Q1 10 (bef. Capex of 5.8 MM); ● Decrease in cash and cash equivalents of € 4.4 MM after: € 25.1 MM cash absorption for the share buy back program € 3.2 MM payment related to Australia di
Slide 10: Guidance confirmed
Guidance confirmed In view of Q1 results, management confirms the previously provided guidance for the full year 2011: Revenues in the range of 465 – 475 million € (>+15%) LIAISON placements in the full year expected of more then 600 units Ebitda in the range of 200 million € Q1 11 Conference