Diasorin S.p.a. · MIL:DIA
Diasorin — Q1 2013 Earnings Presentation
16 slides from Diasorin's earnings presentation, 2013
Slide 1: Q1'13 Results Conference Call
Q1’13 RESULTS Conference Call
Slide 2: Highlights
Highlights
Slide 3: Main Topics
MAIN TOPICS Q1’13 Group’s revenues growing when compared with Q1’12 (+1.3% at CER; +0.2% at current exchange rate) Strong and boosting revenues of tests ex Vit D on CLIA technology in Q1’13 (+16.2% at CER, +15.4% at current exchange rate) Instruments and consumables sales relevant growth (+30.0% at
Slide 4: Q1'13 Revenues
Q1’13 REVENUES Q1’13 vs. Q1’12 CLIA ex Vitamin D sales up +16.2% at CER in Q1’13 @ current +0.2% Vitamin D negative trend as expected (-15.2% at CER) from pricing erosion. Increase in total volumes and sales pick up Q1’13 in some markets (DE, ITA, BRA, ANZ) SALES Instruments and consumables sales up
Slide 5: Revenues: Breakdown by Technology
REVENUES: BREAKDOWN BY TECHNOLOGY Q1’13 vs. Q1’12 at CER Double-digit growth confirmed in Q1’13, due to new CLIA ex VIT D +16.2% products launched in the previous quarters and the success of LIAISON XL placements Negative effect mainly due to pricing pressure, especially in the US. VIT D -15.2% Incr
Slide 6: Revenues: Breakdown by Geography (1 of 2)
REVENUES: BREAKDOWN BY GEOGRAPHY (1 of 2) Q1’13 vs. Q1’13 vs. Q1’12 Q1’12 Strong and steady growth; all CLIA families Europe +2.8% Germany +11.3% growing at fast pace (e.g. Endo, Vit D) + long-term contracts with big private lab chains France -1.3% CLIA ex Vit D up in Q1’13, partially offset by Vita
Slide 7: Revenues: Breakdown by Geography (2 of 2)
REVENUES: BREAKDOWN BY GEOGRAPHY (2 of 2) Q1’13 vs. Q1’13 vs. Q1’12 Q1’12 Seasonality confirmed in Q1, due to the Chinese New Year Apac +28.9% China +12.0% Successful growth of CLIA sales LIAISON installed base growth confirmed (+20 units), total units: 422 CLIA ex Vit D sales consistently up (tripl
Slide 8: Installed Base Enlargement
INSTALLED BASE ENLARGEMENT Total units Net placements Total units at Dec 31, 2012 in Q1’13 at March 31, 2013 4,135 -10 4,125 605 + 144 749 TOTAL 4,740 + 134 4,874 8
Slide 9: Profitability Profile
PROFITABILITY PROFILE Q1’12 Q1’13 Including molecular business, as reported at current exchange rate 41.8% 39.3% EBITDA margin - 250 bps Excluding molecular business 42.4% 41.3% - 110 bps SOLID AND STRONG GROUP MARGINALTY DRIVEN BY: Reagents confirming steady and high margin levels Vitamin D pricing
Slide 10: Business development
Business development 10
Slide 11: Immunodiagnostics Business Development
BUSINESS DEVELOPMENT Expansion of the immunoassay menu with KEY and UNIQUE SPECIALTY PRODUCTS DiaSorin as the WW leading company of the following key tests on CLIA platforms Liaison Clostridium • Stool testing panel enrichment, in Difficile GDH addition to C. Diff. Toxins A&B and H. Pylori • Complet
Slide 12: Q1'13 Financials
Q1’13 FINANCIALS 12
Slide 13: Q1'13 Results: Income Statement
Q1’13 RESULTS: INCOME STATEMENT Q1 Change €/mln 2013 2012 amount % Net revenues 105.8 105.7 +0.2 +0.2% Gross profit 72.0 74.7 -2.7 -3.6% Gross margin 68.1% 70.7% -2.6% S&M (20.6) (20.1) -0.5 +2.4% R&D (6.0) (5.5) -0.5 +9.8% G&A (11.8) (11.9) +0.0 -0.4% Total operating expenses (38.4) (37.4) -1.0 +2.
Slide 14: Q1'13 Results: Balance Sheet
Q1’13 RESULTS: BALANCE SHEET €/mln 03/31/2013 12/31/2012 Total intangible assets 125.4 125.3 Total tangible assets 64.5 65.3 Other non-current assets 22.3 22.4 Net Working Capital 139.4 137.6 Other non-current liabilities (33.2) (32.8) Net Capital Employed 318.4 317.8 Net Financial Position 72.2 47.
Slide 15: Q1'13 Results: Cash Flow Statement
Q1’13 RESULTS: CASH FLOW STATEMENT €/mln Q1 Change in value 2013 2012 Cash and cash equivalents at beginning of period 104.6 64.1 +40.5 Operating activities 30.1 22.3 +7.8 Financing activities (44.1) 0.4 -44.5 Investing activities (5.2) (6.2) +1.0 Change in net cash and cash equivalents (19.2) 16.5
Slide 16: FY 2013 Guidance
FY 2013 GUIDANCE Revenues: growth between +2% and +4% at CER vs. FY’12 revenues; molecular revenues representing ~ € 5 million EBITDA: comparable at CER to the 2012 EBITDA; molecular business affecting negatively the FY’13 EBITDA for ~ € 6 million, due to the needed investments to develop and grow t