Diasorin S.p.a. · MIL:DIA
Diasorin — Q4 2007 Earnings Presentation
15 slides from Diasorin's earnings presentation, Feb 14, 2008
Slide 1: 4th quarter 2007 Conference Call
4th quarter 2007 Conference Call February, 14
Slide 2: Disclaimer
Disclaimer Save where otherwise indicated, the Company is the source of the content of this Presentation. Care has been taken to ensure that the facts stated in this Presentation are accurate, and that the opinions expressed are fair and reasonable. However, no representation or warranty, express or
Slide 3: Q4 Results: income statement
Q4 Results: income statement millions € Q4 2007 Q4 2006 Δ as reported Net Revenues 51.2 43.1 +18.7% Gross profit 31.7 26.2 +21.2% Margin 62.0% 60.7% S&M (10.7) (10.2) R&D (3.3) (2.5) G&A (6.9) (5.7) Other operating Income/(Expenses) 0.5 (1.1) Ebit 11.4 6.7 69.2% Margin 22.3% 15.6% Net Financial expe
Slide 4: Accelerated revenues growth
Accelerated revenues growth Revenues increase by 18.7% notwithstanding a negative impact from the € to USD exchange rate (+22.4% at comparable fx). Growth rate keeps accelerating thanks to: ● Steady enlargement of Liaison installed base, grown from around 1672 (31/12/06) to around 2070 (31/12/2007)
Slide 5: Revenues break down: by technology
Revenues break down: by technology CLIA sales still growing at higher rate than other technologies: +34.5% Q4 07 vs Q4 06 Revenues mix by technology improved towards CLIA kits, from 47.1% in Q4 07 to 53.4% in Q4 07 of total sales. At 31/12/07 CLIA sales represent more than 50% of total revenues Q4 0
Slide 6: Revenues break down: by geography
Revenues break down: by geography millions € 4rd Quarter 2007 2006 Δ% Europe 30.6 26.2 16.9% North America 11.9 9.3 28.1% Rest of the World 8.6 7.6 13.5% Total 51.2 43.1 18.7% ● In Europe, increased market share in consolidated as well as in developing markets: France +13.9% Q4 07 vs Q4 06 Spain +15
Slide 7: Clearly improving profitability
Clearly improving profitability Profitability continuously improved: Gross Margins +21.2% Q4 07 vs Q4 06 from 60.7% to 62.0% of tot sales EBITDA +42.4% Q4 07 vs Q4 06 from 24.3% to 29.2% of tot sales EBIT +69.2% Q4 07 vs Q4 06 from 15.6% to 22.3% of tot sales Thanks to: ● Improved technology mix: CL
Slide 8: 4Q Results: balance sheet & cash flow
4Q Results: balance sheet & cash flow millions € 31/12/07 31/12/06 Total tangible asset 34.1 35.5 Total intangible asset 65.2 62.8 Other non-current asset 9.2 8.7 Net Working Capital 46.0 38.3 Other non-current liabilities (22.1) (22.9) Net Capital Employed 132.4 122.4 Net Debt (12.2) (34.7) Total s
Slide 9: Solid financial structure
Solid financial structure ● Operating cash flow (after investment activities) in Q4 07 € 6.6 MM vs € 7.2 MM in Q4 06: net working capital increased due to business growth ● Negative impact on Cash flow from financing activities due to reimbursement (€ 13.5 MM) of part of Interbanca long term debt ●
Slide 10: FY07E Results: income statement
FY07E Results: income statement millions € 2007E 2006 Δ as reported Net Revenues 202.3 179.8 +12.6% Gross profit 128.0 109.2 +17.2% Margin 63.3% 60.8% S&M (42.4) (39.6) R&D (11.4) (9.2) G&A (24.6) (20.3) Other operating Income/(Expenditure) (3.6) 0.0 Out of which non recurring (4.5) 1.9 Ebit 46.1 40
Slide 11: Clearly improving profitability
Clearly improving profitability Profitability strongly improved, although non recurring expenditures, due to IPO process: Gross Margins +17.2% FYE 07 vs FY 06 from 60.8% to 63.3% of tot sales EBITDA + 10.1% FYE 07 vs FY 06 from 30.3% to 29.7% of tot sales EBITDA ex excep.* +21.8% FYE 07 vs FY 06 fro
Slide 12: Research and development from 2007 …
Research and development from 2007 … ● New tests Liaison pipeline enriched of new specialties: 8 new products received CE mark, out of which 7 specialties 82 assays, out of which 34 specialties, available on Liaison menu 3 new products received FDA approval, all specialties. 14 assays, out of which
Slide 13: …onwards
…onwards ● New IVD segment Entering in molecular diagnostics segment by 2011 to complete current extensive Liaison product offering in the field of immunodiagnostic: - License option agreement signed in December with Eiken Chemical for LAMP (Loop-mediated Isothermal Amplification) technology, combin
Slide 14: Forthcoming events
Forthcoming events February 20 – 21 London Roadshow March 5 – 6 STAR Conference MILAN March 19th 2007 Annual Report approval April 24th Shareholders’ Meeting 4Q ’07 Conference Call February, 14 2008 13
Slide 15: DiaSorin
DiaSorin The Diagnostic Specialist