bioMerieux SA · EURONEXT:BIM
bioMerieux SA — FY2018 Earnings Presentation
36 slides from bioMerieux SA's earnings presentation, Feb 27, 2019
Slide 1: FY2018 Results & 2019 Outlook
FY2018 Results & 2019 Outlook Investor Presentation – February 27th, 2019 PIONEERING DIAGNOSTICS
Slide 2: Disclaimer
Disclaimer This presentation contains information, assumptions and estimates that were used by the Company to determine its objectives on a reasonable basis. They are subject to change or modification due to economic, financial, medical and competitive uncertainties in markets addressed by bioMérieu
Slide 3: Agenda
AGENDA > OVERVIEW OF BIOMERIEUX FY2018 STRATEGY REVIEW FY2018 FINANCIAL RESULTS 2019 OUTLOOK
Slide 4: bioMérieux at a glance
bioMérieux at a glance + 50 YEARS CLINICAL APPLICATIONS OF EXPERTISE IN INDUSTRIAL APPLICATIONS 80% of revenues IN VITRO DIAGNOSTICS 20% of revenues Sales amounting to 91% €2.4 billion of international sales About Strong commitment 1,700 people 11,200 13% to innovation ~ dedicated to R&D employees w
Slide 5: Mission, strategy and strengths
bioMérieux: mission, strategy and strengths PIONEERING DIAGNOSTICS to improve public health, especially in the fight against infectious diseases. MICROBIOLOGY MOLECULAR BIOLOGY IMMUNOASSAYS Maintain leadership positions Own the rapidly growing market of Reinforce specialty positioning in both clinic
Slide 6: Solutions to manage infectious diseases and improve patient care
bioMérieux provides solutions to manage infectious diseases and improve patient care ANTIMICROBIAL RESISTANCE CONSUMER HEALTH SEPSIS RESPIRATORY INFECTIONS 6
Slide 7: Agenda
AGENDA OVERVIEW OF BIOMERIEUX > FY2018 STRATEGY REVIEW FY2018 FINANCIAL RESULTS 2019 OUTLOOK
Slide 8: Key takeaway messages: a solid performance in 2018
KEY TAKEAWAY MESSAGES a solid performance in 2018 > SALES > CONTRIBUTIVE Key growth drivers OPERATING INCOME Molecular biology €2,421m €361m Industrial applications +9.9% 14.9% at constant exchange rates and of sales AsPac region scope of consolidation vs. 14.6% in 2017 M&A BIOFIRE® CASH FLOWS Acq
Slide 9: Key takeaway messages: a 4th year of steady improvement
KEY TAKEAWAY MESSAGES a 4th year of steady improvement 14,9% 14,6% € 2,600m 14,2% +25,0% € 2,421m € 2,400m 13,4% € 2,288m 13,2% +20,0% € 2,200m € 2,103m Contributive operating margin in % of sales € 2,000m € 1,965m +15,0% Growth at Constant Exchange Rate € 1,800m € 1,698m +10,2% +9,9% +9,6% +8,7% +1
Slide 10: Tackling the threat of AMR is central to our strategy
Tackling the threat of AMR is central to our strategy and benefits all product lines Diagnostic is key for 2/3rd of inappropriate AntiMicrobial Stewardship programs antibiotic use in respiratory diseases (US) 1 Optimization of the Detection, prevention Detection, prevention use of antibiotics and co
Slide 11: Microbiology: reinforcing our leadership thanks to our broad portfolio
MICROBIOLOGY reinforcing our leadership thanks to our broad portfolio CULTURE IDENTIFICATION AST (Antibiotic Susceptibility Testing) Culture Media API® Galleries VITEK® 2 CHROMID® VITEK® 2 COMPACT VITEK® MS WASP® (MALDI-TOF) ETEST® WASPLab™ VITEK® 2 RAPIDEC® CARBA NP BACT/ALERT® VIRTUO™ VITEK® 2 COM
Slide 12: Molecular biology: sustaining leadership position in syndromic testing
MOLECULAR BIOLOGY sustaining leadership position in syndromic testing +37% 8,200 units Installed base from 6,100 to Customers from 1,900 to 2,600 +50% Sales outside USA from 13% to 17% Changes in US reimbursement landscape +60% BIOFIRE® FILMARRAY ® sales 483 368 +80% Future growth drivers 249 Grow t
Slide 13: Molecular biology: largest syndromic menu, with unique Pneumonia Panel
MOLECULAR BIOLOGY the largest syndromic menu, with unique Pneumonia Panel BIOFIRE ® FILMARRAY® Pneumonia Panel Respiratory Panels Pneumonia causes about 1 million hospitalizations / year in the US alone Gastro-intestinal Panel MARKED Meningitis-Encephalitis Panel FEATURES POTENTIAL BENEFITS Blood Cu
Slide 14: Immunoassays: towards a reinforced portfolio of solutions
IMMUNOASSAYS towards a reinforced portfolio of solutions TODAY GROWTH DRIVERS Price pressure on VIDAS® High medical value markers for acute kidney procalcitonin injury, already included in medical guidelines in the US NephroCheck test in development for VIDAS ® $90m acquisition Volume growth i
Slide 15: Industrial microbiology: organic growth & acquisition of Invisible Sentinel
INDUSTRIAL MICROBIOLOGY strong organic growth & acquisition of Invisible Sentinel solid 2018 performance Key assets for future growth +9% Simple & robust at-line molecular method Cost efficient solution to drive adoption in low organic sales growth volume production settings US-based, agile an
Slide 16: Agenda
AGENDA OVERVIEW OF BIOMERIEUX FY2018 STRATEGY REVIEW > FY2018 FINANCIAL RESULTS 2019 OUTLOOK
Slide 17: FY2018 sales
FY2018 sales Currency Change in scope of Organic effect consolidation growth - €95m + €227m + €1m USD: LatAm*: - €43m - €21m +9.9% Asia**: - €12m o/w > half from BIOFIRE® €2,421m €2,288m Metera***: - €11m + 5.8% 2017 2018 17 * ARS, BRL, CLP, COP, MXN ** CNY, INR, JPY, KRW, SGD, THB *** TRY, RUB, ZAR
Slide 18: FY2018 sales by geography
FY2018 sales by geography: strong sales dynamic at 9.9% organic growth AMERICAS EMEA* ASIA PACIFIC €1,070m €922m €430m +12.5% +5.9% +12.4% 44% 38% 18% GROUP €2,421m +9.9% 18 * EMEA: Europe, Middle East, Africa
Slide 19: FY2018 sales by application
FY2018 sales by application: strong growth supported by most strategic lines €32m 1% INDUSTRY +9% €434m MICROBIOLOGY +6% [18%] €965m [40%] GROUP €549m €2,421m [23%] +9.9% MOLECULAR +30% €442m [18%] IMMUNOASSAYS 0% 19
Slide 20: FY2018 consolidated P&L: sales dynamics driving profitability improvement
FY2018 consolidated P&L: sales dynamics driving profitability improvement In €m 2018 As a % 2017 As a % % change % change of sales of sales as reported at constant exchange rates Net sales 2,421 100% 2,288 100% + 5.8% +9.9% Cost of sales -1,119 -46.2% -1,076 -47.0% + 4.0% +5.8% Gross profit 1,302 53
Slide 21: FY2018 consolidated P&L: from contributive operating income to EPS
FY2018 consolidated P&L: from contributive operating income to EPS In €m 2018 As a % 2017 As a % % change of sales of sales as reported Contributive operating income 361 14.9% 335 14.6% + 7.8% BioFire acquisition related costs - 18 - 18 Operating income 344 14.2% 317 13.8% + 9.1% Net financial expen
Slide 22: FY2018 tax rate
FY2018 tax rate 2018 French tax rate 34.4% Foreign & reduced tax rates -2.5% -2.5% Decrease of recurring tax rate due to US US tax reform -6.7% -6.7% tax reform Tax credits -3.4% -3.4% Others (1) 1.2% 1.2% Recurring effective 22.9% tax rate Positive impact of extraordinary Non-recurring items -2.6
Slide 23: FY2018 cash flow statement
FY2018 cash flow statement In €m 2018 2017 Inventory: - €27m Receivables: - €30m EBITDA (1) 519 475 Payables: €14m Working capital requirement -3 - 38 Others: €41m Income tax paid & financial charge - 85 - 108 Other cash flow from operations + 17 + 19 Capital expenditure - 227 - 184 Sustained inve
Slide 24: Exposure and sensitivity to foreign currencies
Exposure and sensitivity to foreign currencies FX impact of +/- 5% FX variation vs. EUR FX exposure Estimated impact of +/- 5% FX on contributive operating income on revenues variation vs EUR on contributive (2018 basis) operating income (1) USD & Others related CAD Other € 7m € 5m USD & related(2)
Slide 25: Agenda
AGENDA OVERVIEW OF BIOMERIEUX FY2018 STRATEGY REVIEW FY2018 FINANCIAL RESULTS > 2019 OUTLOOK
Slide 26: 2019 Outlook
2019 OUTLOOK +7.0% to +8.5% Less intense flu season driving lower Q1 growth Revenues at constant exchange rates Estimated neutral FOREX impacts on sales & scope of consolidation Corresponding to +10% to +15% increase at constant exchange rates & scope of consolidation Contributive €385m to €
Slide 27: Well positioned to address the challenge of diagnostics for infectious diseases
bioMérieux is well positioned to address the challenge of diagnostics for infectious diseases FIGHT SEPSIS CURB ADDRESS PROTECT ANTIMICROBIAL RESPIRATORY CONSUMERS’ RESISTANCE INFECTIONS HEALTH Balanced profile both in terms of portfolio and geographic footprint Long term view associated with progra
Slide 28: Pioneering Diagnostics
PIONEERING DIAGNOSTICS
Slide 29: Appendices
APPENDICES
Slide 30: Recognized for Corporate Social Responsibility policy
bioMérieux is recognized for its Corporate Social Responsibility policy RESPONSIBILITY TO THE RESPONSIBILITY RESPONSIBILITY ENVIRONNEMENT TO OUR WORKFORCE TO THE SOCIETY Reduce and control our Create an optimal working Help make diagnostics accessible, environmental impact to preserve environment th
Slide 31: Balance sheet as of Dec. 31st, 2018
Balance sheet as of Dec. 31st, 2018 ASSETS Dec 31, Dec 31, EQUITY & LIABILITIES Dec 31, Dec 31, in € million 2018 2017 in € million 2018 2017 Equity attributable to owners of the parent 1,929 1,738 Minority interests 74 -1 Intangible assets (incl. goodwill) 1,124 873 TOTAL EQUITY 2,003 1,737 Propert
Slide 32: Evolution of CAPEX
Evolution of CAPEX 2014 2015 2016 2017 2018 2019e €58m €57m €44m €31m €51m Instruments 9-10% of sales €154m €135m Other capital €103m €132m €106m expenditure Intangible capital expenditure €32m €25m €23m €24m €31m TOTAL € 166m € 201m € 236m € 181m € 223m ~10% of In % of sales 9.8% 10.2% 11.2% 7.9% 9
Slide 33: Clinical Applications: Microbiology
Clinical Applications Microbiology CULTURE IDENTIFICATION AST Culture Media API® Galleries RAPIDEC® CARBA NP CHROMID® ETEST® WASPLab™ VITEK® MS VITEK® 2 (MALDI-TOF) WASP® BACT/ALERT® VIRTUO™ BACT/ALERT® 3D VITEK® ID cards VITEK® 2 COMPACT VITEK® AST cards 33 To know more about the whole bioMérieux o
Slide 34: Clinical Applications: Immunoassays and Molecular Biology
Clinical Applications Immunoassays and Molecular Biology IMMUNOASSAYS MOLECULAR BIOLOGY VIDAS® VIDAS® 3 easyMAG® and EMAG® ESTREAM® MINIVIDAS® FILMARRAY® reagents VIDAS® reagents BIONEXIA® and VIKIA® rapid tests FILMARRAY® 2.0 FILMARRAY® Torch 34 To know more about the whole bioMérieux offer in clin
Slide 35: Industrial Applications
Industrial Applications FOOD PHARMA & COSMETICS BLUE LINE™ MASTERCLAVE® sample preparation culture media preparation 3P® environmental monitoring Chromogenic Media BIOBALL® GENE-UP® Pathogen detection and method validation PCR pathogen detection enumeration BACT/ALERT® platelet microbial safety VITE
Slide 36: Contacts
CONTACTS Ordinary shares (EUR) Sylvain MORGEAU ISIN: FR0013280286 Investor Relations bioMérieux is listed on Euronext Paris sylvain.morgeau@biomerieux.com Reuters: BIOX.PA / Bloomberg: BIM.FP +33 (0)6 01 27 56 46 American Depository Receipt (1:0.1 USD) Reuters: BMXXY.PK / Bloomberg: BMXXY.US Follow