Diasorin S.p.a. · MIL:DIA
Diasorin — H1 2014 Earnings Presentation
20 slides from Diasorin's earnings presentation, 2014
Slide 1: H1'14 Results
A Wi H1’14 Results The Diagnostic Specialist Tw, 3 \
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 H1 2014 Main Topics Revenues Revenues: breakdown by technology Revenues: breakdown by geography Installed base expansion Profitability profile Business and Products Development H1’14 H1 2014 Financials FY 2014 Company Guidance 3
Slide 4: H1 2014 Main Topics
H1 2014 MAIN TOPICS REVENUES: +1.5% AT CER PRODUCT DEVELOPMENT CLIA EX VIT D: +18.2% AT CER Launch of: Growth as a result of: VITAMIN D 1,25 IMMUNODIAGNOSTICS • Growth from Hepatitis, ToRCH, Infectious Diseases tests • Success of Gastrointestinal stool testing The only fully automated product availa
Slide 5: Revenues
REVENUES Q2’14 H1’14 vs. vs. Q2’13 H1’13 CLIA ex Vitamin D sales up at sustained pace on H1’14, following success of LIAISON® XL and new products brought to the market @ current -2.7% -1.3% Vitamin D negative trend decelerating, above all when excluding the price concession to LabCorp (contract exte
Slide 6: Revenues: Breakdown by Technology
REVENUES: BREAKDOWN BY TECHNOLOGY Q2’14 H1’14 vs. vs. Q2’13 H1’13 Strong growth following the success of: @ current +13.0% +15.8% • LIAISON® XL installations • Growth of Hepatitis, Infectious Diseases, CLIA ex Vit D Gastrointestinal stool testing and ToRCH @ CER +15.2% +18.2% • DiaSorin as the Compa
Slide 7: Revenues: Breakdown by Geography (1 of 2)
REVENUES: BREAKDOWN BY GEOGRAPHY (1 OF 2) Q2’14 vs. H1’14 vs. Q2’14 vs. H1’14 vs. Q2’13 H1’13 Q2’13 H1’13 • Strong performance in a weak country market Europe +2.7% +5.5% Italy +2.2% +4.7% • Success of CLIA ex Vitamin D tests, in particular Infectious Diseases • Growth of Vitamin D tests • Confirmed
Slide 8: Revenues: Breakdown by Geography (2 of 2)
REVENUES: BREAKDOWN BY GEOGRAPHY (2 OF 2) Q2’14 vs. H1’14 vs. Q2’14 vs. H1’14 vs. Q2’13 H1’13 Q2’13 H1’13 • Revenue gains for all CLIA products Apac +9.3% +4.2% China +5.4% +5.4% • Ongoing success of LIAISON® XL reaching 68 total units in the country • Sales following positive performance of Austral
Slide 9: Installed Base Expansion
INSTALLED BASE EXPANSION Total units at Net Total units Net Total units December 31, placements at March 31, placements at June 30, 2013 in H1’14 2014 in Q2’14 2014 4,197 -16 4,201 -20 4,181 1,075 +305 1,230 +150 1,380 TOTAL 5,272 +289 5,431 +130 5,561 9
Slide 10: Profitability Profile
PROFITABILITY PROFILE Q2’13 Q2’14 H1’13 H1’14 Statutory 37.1% 35.6% -150bps 38.2% 36.0% -220bps EBITDA margin Excluding Adjusted** Adjusted** Molecular Business, 39.1% 37.6% -150bps 40.1% 38.0% -210bps at CER* The profitability of the Group in the Q2’14 was strongly influenced by the negative FX, as
Slide 11: Overview
OVERVIEW Highlights H1 2014 Main Topics Revenues Revenues: breakdown by technology Revenues: breakdown by geography Installed base expansion Profitability profile Business and Products Development H1 2014 Financials FY 2014 Company Guidance 11
Slide 12: H1'14 Business and Products Development
H1’14 BUSINESS AND PRODUCTS DEVELOPMENT BUSINESS DEVELOPMENT Expansion of LIAISON® XL menu offering to LabCorp with 15 new 3-year extension of agreement with LabCorp tests, while maintaining existing Vitamin D business Marketing approvals for Hepatitis B and C, Retrovirus and Syphilis Approval for H
Slide 13: Overview
OVERVIEW Highlights H1 2014 Main Topics Revenues Revenues: breakdown by technology Revenues: breakdown by geography Installed base expansion Profitability profile Business and Products Development H1 2014 Financials FY 2014 Company Guidance 13
Slide 14: Q2'14 Results: Income Statement
Q2’14 RESULTS: INCOME STATEMENT Q2 Change €/mln 2014 2013 amount % Net revenues 110.9 113.9 -3.0 -2.7% Gross profit 74.2 79.8 -5.7 -7.1% Gross margin 66.9% 70.1% -3.2% S&M (22.3) (22.5) +0.1 -0.6% R&D (6.4) (6.2) -0.3 +4.3% G&A (12.5) (12.7) +0.2 -1.6% Total operating expenses (41.2) (41.3) +0.1 -0.
Slide 15: H1'14 Results: Income Statement
H1’14 RESULTS: INCOME STATEMENT H1 Change €/mln 2014 2013 amount % Net revenues 216.8 219.7 -2.9 -1.3% Gross profit 145.9 151.9 -6.0 -3.9% Gross margin 67.3% 69.1% -1.8% S&M (44.1) (43.0) -1.0 +2.4% R&D (12.4) (12.2) -0.2 +1.6% G&A (24.3) (24.5) +0.2 -0.9% Total operating expenses (80.7) (79.7) -1.0
Slide 16: H1'14 Results: Balance Sheet
H1’14 RESULTS: BALANCE SHEET €/mln 6/30/2014 12/31/2013 Total intangible assets 117.6 119.4 Total tangible assets 69.0 66.3 Other non-current assets 24.8 23.2 Net Working Capital 144.1 141.7 Other non-current liabilities (35.6) (34.4) Net Capital Employed 319.9 316.2 Net Financial Position 107.0 98.
Slide 17: H1'14 Results: Cash Flow Statement
H1’14 RESULTS: CASH FLOW STATEMENT €/mln H1 Change in value 2014 2013 Cash and cash equivalents at beginning of period 105.1 104.6 +0.5 Operating activities 52.9 48.7 +4.1 Financial activities (33.3) (73.2) +39.9 Investing activities (14.2) (12.9) -1.3 Investments in financial assets (21.8) 0.0 -21.
Slide 18: Overview
OVERVIEW Highlights Q1 2014 Main Topics Revenues Revenues: breakdown by technology Revenues: breakdown by geography Installed base expansion Profitability profile Business and Products Development Q1 2014 Financials FY 2014 Company Guidance 18
Slide 19: FY 2014 Company Guidance
FY 2014 COMPANY GUIDANCE Revenues: growth between +3% and +5% at CER vs. FY’13 Revenues EBITDA: growth ca. +3% at CER vs. FY’13 EBITDA New systems installed (LIAISON® + LIAISON® XL): ~ 500 19
Slide 20: DiaSorin
DiaSorin ‘the Diagnostic Specialist