Diasorin S.p.a. · MIL:DIA
Diasorin — Q4 2009 Earnings Presentation
10 slides from Diasorin's earnings presentation, Feb 12, 2010
Slide 1: Q4 '09 & Preliminary 2009 Results Conf call
Q4 ‘09 & Preliminary 2009 Results Conf call February 12
Slide 2: Q4 09 highlights
Q4 09 highlights ● Revenues grow by 15.5% (+18.9% at constant exchange rate) ● North America market keep growing: Q4 sales up 32.3% as reported (+44.4% at constant exchange rates) vs previous year, supported by Vit. D and ID sales (including Biotrin products sales) ● Steady enlargement of Liaison in
Slide 3: Q4 Results: income statement
Q4 Results: income statement millions € Q4 2009 Q4 2008 Δ Net Revenues 79.1 68.5 +15.5% Gross profit 55.9 45.4 +23.2% Margin 70.7% 66.3% G&A (9.1) (7.7) R&D (4.7) (4.1) S&M (15.7) (12.8) Total Operating Expenses (29.5) (24.6) % on sales (37.3%) (35.9%) Other operating Income/(Expenses) (0.3) (1.2) E
Slide 4: Revenues break down Q4: by technology
Revenues break down Q4: by technology CLIA sales keep growing +31.1% Q409 vs. Q408, thanks to: • Installed base enlargement : +465 new instruments placed in 2009 • Portfolio menu enlargement in the last few years • Vit. D sales boost Revenues mix by technology improved towards CLIA kits, from 58.3%
Slide 5: Revenues break down Q4: by geography
Revenues break down Q4: by geography Q4 millions € 2009 2008 ∆ Italy 14.2 12.6 +13,3% Rest of Europe 25.7 22.7 +13.0% North America 26.5 20.0 +32.3% Rest of World 12.7 13.2 -3.6% Total 79.1 68.5 15.5% ● In Europe, increased market share in consolidated as well as in developing markets: Italy +13.3%
Slide 6: Healthy improvement in profitability
Healthy improvement in profitability Profitability continue expanding: Gross Margins +23.2% Q4 09 vs. Q4 08 from 66.3% to 70.7% of tot sales EBITDA +28.3% Q4 09 vs. Q4 08 from 34.9% to 38.8% of tot sales EBIT +33.5% Q4 09 vs. Q4 08 from 28.6% to 33.0% of tot sales Thanks to: ● Improved technology mi
Slide 7: FY 2009E Results: income statement
FY 2009E Results: income statement millions € FY 2009E FY 2008 Δ Net Revenues 304.1 244.6 +24.3% Gross profit 213.6 160.6 +33.0% Margin 70.2% 65.7% G&A (32.4) (27.1) R&D (16.1) (13.8) S&M (56.9) (47.5) Total Operating Expenses (105.4) (88.4) % on sales (34.7%) (36.1%) Other operating Income/(Expense
Slide 8: FY 2009E results: Net Result adjusted from except. item
FY 2009E results: Net Result adjusted from except. item millions € FY 2009E FY 2008 Δ Net Result 69.8 37.5 +86.3% Financial exchange gain/losses (0.7) 6.3 Tax effect 0.2 (2.1) Net effect of substitutive tax for goodwill (4.5) step-ip and first time adoption Adjusted Net Result 64.8 41.7 +55.4% Conf
Slide 9: 4Q results: balance sheet & cash flow
4Q results: balance sheet & cash flow millions € 31/12/2009 31/12/2008 Total tangible asset 42,0 35.4 Total intangible asset 96.6 93.3 Other non-current asset 18.0 10.1 Net Working Capital 75.6 57.7 Other non-current liabilities (25.4) (22.9) Net Capital Employed 206.9 173.9 Net Debt 11.2 (19.8) Tot
Slide 10: Solid financial structure
Solid financial structure ● Operating cash flow of € 17.8 MM in Q4 09 (bef. Capex of 6.6 MM) vs € 15.4 MM in Q4 08 (bef. Capex of 9.2 MM); ● Positive Financial Position of € 11.2 MM at 31/12/09 vs. Net Debt of € 19.8 MM at year end 08, after dividend payment (€ 6.6 MM) and one-off tax payments (4.3