Diasorin S.p.a. · MIL:DIA
Diasorin — Q1 2009 Earnings Presentation
9 slides from Diasorin's earnings presentation, May 15, 2009
Slide 1: Q1 09 Results conference call
Q1 09 Results conference call May 15
Slide 2: Q1 09 highlights
Q1 09 highlights ● Revenues grow by 26.0% (+22.2% at constant exchange rate) ● Constant improvement in profitability: ¾ Gross Margin +36.4% ¾ EBITDA +47.9% ¾ Ebit +55.6% ● Net earnings increase 29.8% vs Q1 08, notwithstanding non cash foreign exchange losses in Q1 09. ● Steady enlargement of Liaison
Slide 3: Q1 09 Results: income statement
Q1 09 Results: income statement millions € Q1 2009 Q1 2008 Δ Net Revenues 71.4 56.6 26.0% Gross profit 49.9 36.6 36.4% Margin 69.9% 64.6% G&A (7.8) (6.4) R&D (3.8) (3.1) S&M (13.5) (11.3) Total Operating Expenses (25.1) (20.7) % on sales (35.1%) (36.6%) Other operating Income/(Expenses) (0.4) (0.2)
Slide 4: Revenues break down Q1: by technology
Revenues break down Q1: by technology ELISA sales grew by 29.7%, thanks mainly to Biotrin products (ca 24.1% contribution) but CLIA sales keep growing at higher rate than other technologies +34.8% Q1 09 vs. Q1 08 Revenues mix by technology improved towards CLIA kits, from 56.6% in Q1 08 to 60.6% in
Slide 5: Revenues break down Q1: by geography
Revenues break down Q1: by geography (millions €) Q1 2009 2008 ∆ Italy 14.4 13.6 6,0% Rest of Europe 23.1 21.0 10,0% North America 22.0 12.7 73,4% Rest of world 11.9 9.4 26,6% Totale 71.4 56.6 26,0% ● In Europe, increased market share in consolidated as well as in developing markets: France +31.6% Q
Slide 6: Profitability still growing
Profitability still growing Extraordinary growth in profitability: Gross Margins +36.4% Q1 09 vs. Q1 08 from 64.6% to 69.9% of tot sales EBITDA +47.9% Q1 09 vs. Q1 08 from 33.9% to 39.8% of tot sales EBIT +55.6% Q1 09 vs. Q1 08 from 27.7% to 34.2% of tot sales Thanks to: ● Improved technology mix: C
Slide 7: Q1 results: balance sheet & cash flow
Q1 results: balance sheet & cash flow millions € 31/03/2009 31/12/2008 Total tangible asset 37.2 35.4 Total intangible asset 96.9 93.3 Other non-current asset 10.3 10.1 Net Working Capital 61.0 57.7 Other non-current liabilities (23.4) (22.9) Net Capital Employed 182.0 173.9 Net Debt (12.1) (19.8) T
Slide 8: Solid financial structure
Solid financial structure ● Operating cash flow € 18.1 MM (before capex of € 8.8MM) in Q1 09 vs. € 8.2 MM in Q1 08 (before capex of € 2.7MM); ● Net debt of € 12.1 MM at 31.03.09 vs. € 19.8 MM at year end 08. ● Cash and equivalents at the end of Q1 09 amount to € 25.2 MM Conf call Q109 results May 15
Slide 9: Forthcoming events
Forthcoming events 6th Annual Pan European Bank of America - Merrill Lynch MedTech Conference 19th – 21st May 2009 London European Midcap Forum 28th - 29th May 2009 New York Conf call Q109 results May 15 2009 8