Diasorin S.p.a. · MIL:DIA
Diasorin — H1 2015 Earnings Presentation
22 slides from Diasorin's earnings presentation, July 2015
Slide 1: Q2’15 and H1’15 Results
Q2’15 and H1’15 Results
Slide 2: Disclaimer
Disclaimer These statements are related, among others, to the intent, belief or current expectations of the customer base, estimates regarding future growth in the different business lines and the global business, market share, financial results and other aspects of the activities and situation rela
Slide 3: Overview
Overview Highlights Q2’15 and H1’15 Main Topics Revenues Revenues: breakdown by technology Revenues: breakdown by geography Installed base expansion Profitability profile Business and Products Development Q2’15 and H1’15 Financials FY 2015 Company Guidance 3
Slide 4: Q2’15 and H1’15 highlights
Q2’15 and H1’15 highlights Revenues: Q2’15 H1’15 Liaison & Liaison XL placements Ongoing worldwide success of Liaison XL @ CUR +15.0% +13.1% @ CER +6.0% +5.0% Placements Q2’15 H1’15 @ June 30th’15 Acceleration of: ● Liaison XL +178 +354 2,019 CLIA ex Vit D @ CUR +25.5% + 22.4% @ CER +18.5% +16.4% ●
Slide 5: Revenues
Revenues Q2’15 H1’15 vs. vs. Q2’14 H1’14 • Positive FX effect, mainly due to the strengthening of the USD and CNY @ current +15.0% +13.1% • Stabilization of Vitamin D franchise thanks to the newly signed agreement with Quest SALES • Growth of Vitamin D volumes worldwide • Continued double digit grow
Slide 6: Revenues: Breakdown by Technology
Revenues: Breakdown by Technology Q2’15 H1’15 vs. vs. Q2’14 H1’14 @ current +25.5% +22.4% • Increase in Infectious Disease and Torch, Stool testing CLIA ex Vit D and Vitamin D 1,25 @ CER +18.5% +16.4% • Vitamin D stabilization also thanks to the newly signed @ current +14.7% +8.9% agreement with Que
Slide 7: Revenues: Breakdown by Geography (1 of 3)
Revenues: Breakdown by Geography (1 of 3) Europe North America Vit D +5.4% +4.3% +6.7% +3.3% +4.8% -2.1% Q2’15 H1’15 Q2’15 H1’15 Q2’15 H1’15 France Germany -5.1% -5.6% +7.4% +7.9% CLIA ex Vit D Q2’15 H1’15 Q2’15 H1’15 +40.0% +45.3% Italy +4.1% +3.5% Q2’15 H1’15 Q2’15 H1’15 Apac +11.0% +17.5% Q2’15 H
Slide 8: Revenues: Breakdown by Geography (2 of 3)
Revenues: Breakdown by Geography (2 of 3) Q2’15 vs. H1’15 vs. Q2’15 vs. H1’15 vs. Q2’14 H1’14 Q2’14 H1’14 • Growth of Clia ex Vitamin D, in particular Infectious Disease, Hepatitis, Europe +5.4% +4.3% Italy +4.1% +3.5% Endocrinology and Stool testing • Continuous growth of Vitamin D • Steady growth
Slide 9: Revenues: Breakdown by Geography (3 of 3)
Revenues: Breakdown by Geography (3 of 3) Q2’15 vs. H1’15 vs. Q2’15 vs. H1’15 vs. Q2’14 H1’14 Q2’14 H1’14 • Steady growth of Clia products Apac +11.0% +17.5% China +36.4% +26.0% • Liaison xl installed base keep growing at a strong pace • Growth of Clia ex Vitamin D products Australia -6.7% -6.4% tha
Slide 10: Installed Base Expansion
Installed Base Expansion Total units Net Total units Net placements Total units at December placements in at March in at June 31st, 2014 H1’15 31st, 2015 Q2’15 30th, 2015 4,207 -82 4,183 -58 4,125 1,665 +354 1,841 +178 2,019 TOTAL 5,872 +272 6,024 +120 6,144 10
Slide 11: Profitability profile
Profitability profile Q2’14 Q2’15 H1’14 H1’15 GROSS PROFIT 74.2 mln 87.3 mln +17.7% 145.9 mln 166.3 mln +14.0% GROSS margin 66.9% 68.4% +150 bps 67.3% 67.9% +50 bps EBITDA 39.5 mln 48.3 mln +22.4% 78.1 mln 91.4 mln +17.1% EBITDA margin 35.6% 37.9% +230 bps 36.0% 37.3% +130 bps EBIT 32.0 mln 40.0 mln
Slide 12: Overview
Overview Highlights Q2’15 and H1’15 Main Topics Revenues Revenues: breakdown by technology Revenues: breakdown by geography Installed base expansion Profitability profile Business and Products Development Q2’15 and H1’15 Financials FY 2015 Company Guidance 12
Slide 13: H1’15 Business and Products Development
H1’15 Business and Products Development Business Development Future growth based on CLIA broadest menu in the market and strategic Industrial Plan 2015-2017 alliances Ca. +8% Revenues, ca. +9.5% EBITDA and ca. +10% Net Results CAGR over the plan period Agreement with 5 years agreement for the commer
Slide 14: Overview
Overview Highlights Q2’15 and H1’15 Main Topics Revenues Revenues: breakdown by technology Revenues: breakdown by geography Installed base expansion Profitability profile Business and Products Development Q2’15 and H1’15 Financials FY 2015 Company Guidance 14
Slide 15: Q2’15 Results: Income Statement
Q2’15 Results: Income Statement €/mln Q2 Change 2015 2014 amount % Net revenues 127.5 110.9 +16.6 +15.0% Gross profit 87.3 74.2 +13.1 +17.7% Gross margin 68.4% 66.9% +1.5% S&M (24.8) (22.3) -2.5 +11.3% R&D (6.6) (6.4) -0.2 +2.8% G&A (13.8) (12.5) -1.3 +10.7% Total operating expenses (45.3) (41.2) -4
Slide 16: H1’15 Results: Income Statement
H1’15 Results: Income Statement €/mln H1 Change 2015 2014 amount % Net revenues 245.1 216.8 +28.4 +13.1% Gross profit 166.3 145.9 +20.4 +14.0% Gross margin 67.9% 67.3% +0.5% S&M (48.7) (44.1) -4.7 +10.6% R&D (12.7) (12.4) -0.3 +2.4% G&A (27.0) (24.3) -2.7 +11.1% Total operating expenses (88.4) (80.7
Slide 17: H1’15 Results: Balance Sheet
H1’15 Results: Balance Sheet €/mln 6/30/2015 12/31/2014 var. Total intangible assets 116.6 117.0 -0.4 Total tangible assets 76.1 72.2 +3.8 Other non-current assets 25.6 25.6 +0.0 Net Working Capital 156.1 142.3 +13.8 Other non-current liabilities (38.8) (39.8) +1.0 Net Capital Employed 335.4 317.2 +
Slide 18: Q2’15 Results: Cash Flow Statement
Q2’15 Results: Cash Flow Statement €/mln Q2 Change in value 2015 2014 Cash and cash equivalents at beginning of period 196.0 110.4 +85.6 Operating activities 21.5 18.2 +3.3 Investing activities (8.5) (6.9) -1.6 Financing activities (36.0) (33.0) -3.0 Acquisitions of companies and business operations
Slide 19: H1’15 Results: Cash Flow Statement
H1’15 Results: Cash Flow Statement €/mln H1 Change in value 2015 2014 Cash and cash equivalents at beginning of period 144.9 105.1 +39.7 Operating activities 55.8 52.9 +2.9 Investing activities (16.2) (14.2) -2.0 Financing activities (11.3) (33.3) +22.0 Acquisitions of companies and business operati
Slide 20: Overview
Overview Highlights Q2’15 and H1’15 Main Topics Revenues Revenues: breakdown by technology Revenues: breakdown by geography Installed base expansion Profitability profile Business and Products Development Q1 2015 Financials FY 2015 Company Guidance 20
Slide 21: FY 2015 Company Guidance
FY 2015 Company Guidance Revenues: Growth between +4% and +5% at CER vs. FY’14 EBITDA: Growth between +4% and +5% at CER vs. FY’14 New systems installed (Liaison + Liaison XL): ~ 550 21
Slide 22: DiaSorin
DiaSorin ‘The Diagnostic Specialist