Diasorin S.p.a. · MIL:DIA
Diasorin — H1 2017 Earnings Presentation
26 slides from Diasorin's earnings presentation, Aug 3, 2017
Slide 1: Q2 and H1 2017 Results
Q2 and H1 2017 Results DIASORIN SPA August 3, 2017
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: Agenda
4 Siemens ELISA Immunodiagnostic business portfolio acquisition 8 Highlights Q2 and H1 ‘17 Main Topics Revenues • Breakdown by Technology • Breakdown by Geography Installed Base Expansion Profitability Profile 14 FY 2017 Company Guidance 16 Annex 3
Slide 4: Siemens ELISA Immunodiagnostic business portfolio acquisition
Siemens ELISA Immunodiagnostic business portfolio acquisition
Slide 5: Siemens ELISA Immunodiagnostic business portfolio acquisition
Siemens ELISA Immunodiagnostic business portfolio acquisition Siemens ELISA products are manufactured in one plant based in hospitals TARGET DESCRIPTION Germany and are marketed through direct network and independent distributors in: private laboratories blood banks Significant customers base (most
Slide 6: The rationale of the acquisition
The rationale of the acquisition A PERFECT FIT WITH THE BUSINESS EXPECTATIONS ELISA BUSINESS OVERLAP WITH EXISTING CLIA MENU AVAILABLE ON LIAISON PLATFORMS Conversion of the existing Siemens ELISA products offer to DiaSorin’s LIAISON offer (CLIA technology), leveraging on the menu overlap between th
Slide 7: Figures and financing
Figures and financing FINANCIAL FIGURES € 47 million FY 2016 revenues as of Sept 30, 2016 EBITDA margin expected (*) during the next 3 years in line with DiaSorin Group profitability FINANCING The price for the transaction is up to a maximum of € 47.5 Price of the transaction million on a debt free
Slide 8: Highlights
Highlights
Slide 9: Q2 and H1 '17 main topics
Q2 and H1 ‘17 main topics Q2’17 H1’17 Q2’17 H1’17 @ Jun 30, 2017 LIAISON & LIAISON XL PLACEMENTS REVENUES €/mln 161.8 (*) €/mln 319.3 (*) LIAISON XL +185 +370 3,233 +14.2% +19.9% @ CER +13.2% @ CER +18.3% LIAISON -23 -35 3,964 CLIA ex Vit D 25 OH +12.4% +12.3% @ CER +12.1% @ CER +11.5% TOTAL +162 +3
Slide 10: Revenues
Revenues (*) Q2’17 H1’17 vs. vs. Q2’16 H1’16 Growth driven by • all CLIA tests, net of Vitamin D 25 OH, with particular evidence on: • Infectious Diseases • Hepatitis @ current +14.2% +19.9% • Endocrinology • Gastro-Intestinal Testing • Vitamin D 1,25 Revenues • molecular tests (different scope of c
Slide 11: H1'17 Revenues: contribution by technology
H1’17 Revenues (*): contribution by technology H1’16 H1’17 Instruments, consumables & others: Instruments, consumables & others: 11.4% 11.7% Molecular tests: Molecular tests: 2.5% 9.6% ELISA tests: CLIA tests: ELISA tests: CLIA tests: 12.9% 73.2% 11.9% 66.8% (*) Revenues includes the contribution of
Slide 12: Revenues: breakdown by technology
Revenues (*): breakdown by technology Q2’17 H1’17 vs. vs. Q2’16 H1’16 @ current +12.4% +12.3% CLIA ex Vitamin D 25 OH tests @ CER +12.1% +11.5% CLIA @ current +3.4% +3.3% Vitamin D 25 OH test (CLIA) @ CER +1.6% +0.8% @ current +2.4% +10.2% ELISA tests @ CER +0.9% +8.0% Molecular Diagnostic € / mln 1
Slide 13: Revenues: breakdown by geography
Revenues (*): breakdown by geography Europe & Africa North America 136.4 €/mln 42.7% of sales +10.2% 103.5 €/mln 32.4% of sales +37.7% Germany France +8.4% +5.7% USA +38.1% Italy +3.2% China +20.0% Asia Pacific Mexico +21.9% 56.1 €/mln 17.6% of sales +12.3% Brazil Latin America +18.4% 23.2 €/mln 7.3
Slide 14: Revenues: breakdown by geography
Revenues (*): breakdown by geography H1’16 H1’17 North America: North America: Europe and Africa: 27.4% Europe and Africa: 32.4% 46.6% 42.7% Asia Pacific: Asia Pacific: 18.8% 17.6% Central and South America: Central and South America: 7.2% 7.3% (*) Revenues includes the contribution of DiaSorin Mole
Slide 15: Revenues: breakdown by geography
Revenues (*): breakdown by geography Q2’17 H1’17 Q2’17 H1’17 vs. vs. vs. vs. Q2’16 H1’16 Q2’16 H1’16 EUROPE & AFRICA +10.3% +10.2% ASIA PACIFIC +14.2% +12.3% Germany +7.9% +8.4% China +18.0% +20.0% Growth mainly driven by Vitamin D 1,25, Gastro-Intestinal testing and Infectious Disease panel. Growth
Slide 16: Installed base expansion
Installed base expansion Units at Net placements Units at December 31, 2016 in H1 2017 June 30, 2017 3,999 -35 3,964 2,863 +370 3,233 TOTAL 6,862 +335 7,197 Q2 and H1 2017 Results Presentation 16
Slide 17: Profitability Profile
Profitability Profile Q2’16 Q2’17 H1’16 H1’17 EBITDA (€/mln) 55.0 63.7 +15.6% 102.3 126.2 +23.4% EBITDA 38.8% 39.4% +50 bps 38.4% 39.5% +110 bps margin Increase compared to H1’16, mainly driven by: • Higher sales, due to change in scope of consolidation; sound growth of immunodiagnostic products
Slide 18: FY 2017 Company Guidance
FY 2017 Company Guidance
Slide 19: FY 2017 Company Guidance
FY 2017 Company Guidance FY 2017 Company Guidance, not including ELISA business acquisition from Siemens(*) Growth equal to around +11% at CER compared with 2016 (**) Revenues (No changes compared to Previous guidance) Growth equal to around +13% at CER compared with 2016 (**) EBITDA (Previous guida
Slide 20: Annex
Annex
Slide 21: Q2'17 results: Income Statement
Q2’17 results: Income Statement Q2 Change Data in € million 2016 2017 amount % Net revenues 141.7 161.8 +20.1 14.2% Gross profit 97.6 111.3 +13.7 14.0% Gross Margin 68.8% 68.8% -10bp S&M (27.1) (30.3) -3.1 +11.6% R&D (9.5) (11.4) -1.9 +19.7% G&A (14.6) (17.0) -2.4 +16.3% Total operating expenses (51
Slide 22: H1'17 results: Income Statement
H1’17 results: Income Statement H1 Change Data in € million 2016 2017 amount % Net revenues 266.2 319.3 +53.0 19.9% Gross profit 183.3 219.2 +35.9 19.6% Gross Margin 68.9% 68.7% -20 bps S&M (51.4) (60.1) -8.7 +16.9% R&D (16.7) (21.6) -4.9 +29.1% G&A (28.2) (33.0) -4.8 +16.9% Total operating expenses
Slide 23: H1'17 results: Balance Sheet
H1’17 results: Balance Sheet Data in € million 12/31/2016 6/30/2017 Change Goodwill and intangibles assets 357.1 331.5 -25.6 Property, plant and equipment 92.1 88.4 -3.7 Other non-current assets 24.0 24.7 +0.7 Net working capital 165.0 176.4 +11.4 Other non-current liabilities -46.1 -47.8 -1.7 Net I
Slide 24: Q2'17 results: Cash Flow Statement
Q2’17 results: Cash Flow Statement Q2 Data in € million Change 2016 2017 Cash and cash equivalents at the beginning of the period 292.1 172.8 -119.4 Cash provided by operating activities 34.3 25.8 -8.5 Cash used in investing activities -8.7 -9.1 -0.4 Cash provided/(used) in financing activities 17.9
Slide 25: H1'17 results: Cash Flow Statement
H1’17 results: Cash Flow Statement H1 Data in € million Change 2016 2017 Cash and cash equivalents at the beginning of the period 212.2 130.5 -81.7 Cash provided by operating activities 68.1 77.0 8.8 Cash used in investing activities -14.5 -17.1 -2.6 Cash provided/(used) in financing activities 12.8
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