Diasorin S.p.a. · MIL:DIA
Diasorin — Q1 2014 Earnings Presentation
19 slides from Diasorin's earnings presentation, 2014
Slide 1: Q1'14 Results
Q1’14 Results Yl
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 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 3
Slide 4: Q1 2014 Main Topics
Q1 2014 Main Topics Revenues: +3.1% at CER Liaison & Liaison XL placements Ongoing worldwide success of Liaison XL and confirmation of interest on Liaison CLIA ex Vit D: +21.4% at CER Growth as a result of: Placements Q1’14 Total at March 31, 2014 • higher revenues from tests on Liaison XL Liaison X
Slide 5: Revenues
Revenues Q1’14 vs. Q1’13 CLIA ex Vitamin D sales up at sustained pace on Q1’14, following success of Liaison XL and new products brought to the market. Three quarters with YoY growth above 20% @ current +0.1% Vitamin D negative trend decelerating, above all when excluding the price concession to Lab
Slide 6: Revenues: Breakdown by Technology
Revenues: Breakdown by Technology Q1’14 vs. Q1’13 @ current +19.0% • Strong growth following the success of: • Liaison XL installations CLIA ex Vit D • new tests launched (new HIV and Viral Hepatitis assays line), in addition to the consolidated success of Tumor Markers, Infectious Diseases, Prenata
Slide 7: Revenues: Breakdown by Geography (1 of 2)
Revenues: Breakdown by Geography (1 of 2) Q1’14 vs. Q1’14 vs. Q1’13 Q1’13 • Strong performance in a weak country market Europe +8.4% Italy +7.5% • Success of Hepatitis & Retrovirus, Endocrinology, Infectious Diseases and Vitamin D tests • Robust and constant growth • Strong growth of Infectious Dise
Slide 8: Revenues: Breakdown by Geography (2 of 2)
Revenues: Breakdown by Geography (2 of 2) Q1’14 vs. Q1’14 vs. Q1’13 Q1’13 Apac -1.7% China +5.3% • Growth in line with expectations, as a consequence of seasonal events that led to peak sales at the end of 2013 in view of the Chinese New Year that occurred in Q1’14 • Revenue gains for all CLIA produ
Slide 9: Installed Base Expansion
INSTALLED BASE expansion Total units Net placements in Total units at Dec 31, 2013 Q1’14 at Mar 31, 2014 4,197 +4 4,201 1,075 +155 1,230 TOTAL 5,272 +159 5,431 9
Slide 10: Profitability Profile
Profitability Profile Q1’13 Q1’14 Statutory 39.3% 36.4% -290bps EBITDA margin Excluding Molecular Business, at 40.1% 38.5% -160bps CER (*) Solid and strong Group marginality driven by: Reagents confirming steady and high margin levels in Q1’14 Despite a negative impact on EBITDA due to: Costs suppor
Slide 11: 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 11
Slide 12: Q1'14 Business and Products Development
Q1’14 Business and Products Development Business Development Expansion of Liaison XL menu offering to LabCorp with 15 new tests, 3-year extension of agreement with LabCorp while maintaining existing Vitamin D business Marketing approvals for Hepatitis B and C, Retrovirus and Syphilis Approval for He
Slide 13: 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 13
Slide 14: Q1'14 Results: Income Statement
Q1’14 Results: Income Statement Q1 Change €/mln 2014 2013 amount % Net revenues 105.9 105.8 +0.1 +0.1% Gross profit 71.8 72.0 -0.3 -0.4% Gross margin 67.7% 68.1% -0.4% S&M (21.8) (20.6) -1.2 +5.7% R&D (5.9) (6.0) +0.1 -1.2% G&A (11.8) (11.8) +0.0 -0.1% Total operating expenses (39.5) (38.4) -1.1 +2.
Slide 15: Q1'14 Results: Balance Sheet
Q1’14 Results: Balance Sheet €/mln 03/31/2014 12/31/2013 Total intangible assets 118.6 119.4 Total tangible assets 67.5 66.3 Other non-current assets 23.0 23.2 Net Working Capital 134.6 141.7 Other non-current liabilities (34.5) (34.4) Net Capital Employed 309.1 316.2 Net Financial Position 125.1 98
Slide 16: Q1'14 Results: Cash Flow Statement
Q1’14 Results: Cash Flow Statement €/mln Q1 Change in value 2014 2013 Cash and cash equivalents at beginning of period 105.1 104.6 +0.5 Operating activities 34.7 30.1 +4.6 Investing activities (7.3) (5.2) -2.1 Financing activities (0.3) (44.1) +43.8 Change in net cash and cash equivalents before inv
Slide 17: 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 17
Slide 18: 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 18
Slide 19: DiaSorin
DiaSorin ‘The Diagnostic Specialist