Diasorin S.p.a. · MIL:DIA
Diasorin — Q3 2009 Earnings Presentation
10 slides from Diasorin's earnings presentation, Oct 30, 2009
Slide 1: Q3 & 9M 09 results
DIASORIN Q3 & 9M 09 results October 30th
Slide 2: Disclaimer
Disclaimer Save where otherwise indicated, the Company is the source of the content of this Presentation. Care has been taken to ensure that the facts stated in this Presentation are accurate, and that the opinions expressed are fair and reasonable. However, no representation or warranty, express or
Slide 3: Q3 09 results highlights
Q3 09 results highlights ● Sustained growth in revenues, in line with previous quarters (l-f-l): +23.9% Q3 09 vs Q3 08 ● North America continues booming: ¾ Q3 09 sales up 63.9% as reported (+55.5% at constant exchange rates) boosted by Vit D ¾enlarged Liaison installed base ¾ ID panel sales promisin
Slide 4: Q3 Results: income statement
Q3 Results: income statement millions € Q3 2009 Q3 2008 Δ Net Revenues 74.2 59.8 +23.9% Gross profit 51.6 39.8 +29.5% Margin 69.5% 66.5% G&A (7.4) (6.6) R&D (3.7) (3.6) S&M (13.1) (11.8) Total Operating Expenses (24.2) (21.9) % on sales (32.6%) (36.6%) Other operating Income/(Expenses) (2.0) 0.7 Ebi
Slide 5: Revenues break down Q3: by technology
Revenues break down Q3: by technology ELISA sales flat as we started Biotrin consolidation in Q3 08, whilst CLIA sales keep driving the top line +40.3% Q3 09 vs. Q3 08 Revenues mix by technology improved towards CLIA kits, from 57.1% in Q3 08 to 64.7% in Q3 09 of total sales Q3 08 Q3 09 Instruments
Slide 6: Revenues break down Q3: by geography
Revenues break down Q3: by geography Q3 millions € 2009 2008 ∆ Italy 12.8 12.1 6.0% Rest of Europe 22.7 20.8 9.3% North America 26.2 16.0 63.9% Rest of World 12.5 11.0 13.2% Total 74.2 59.8 23.9% ● Consolidate countries in Europe growing, with some outperformers: France +38.5% Q3 09 vs. Q3 08 Nordic
Slide 7: Continuous improvement in profitability
Continuous improvement in profitability Profitability growth rate keeps growing: Gross Margins +29.5% Q3 09 vs. Q3 08 from 66.5% to 69.5% of tot sales EBITDA +35.3% Q3 09 vs. Q3 08 from 36.8% to 40.2% of tot sales EBIT +36.7% Q3 09 vs. Q3 08 from 31.0% to 34.2% of tot sales Thanks to: ● Improved tec
Slide 8: 9M 09 Results: income statement
9M 09 Results: income statement millions € 9M 09 9M 08 Δ Net Revenues 225.0 176.1 +27.8% Gross profit 157.7 115.2 +36.9% Margin 70.1% 65.4% G&A (23.3) (19.4) R&D (11.4) (9.8) S&M (41.2) (34.7) Total Operating Expenses (75.9) (63.9) % on sales (33.7%) (36.3%) Other operating Income/(Expenses) (2.5) (
Slide 9: 9M results: balance sheet & cash flow
9M results: balance sheet & cash flow millions € 30/09/09 31/12/2008 Total tangible asset 39.5 35.4 Total intangible asset 96.8 93.3 Other non-current asset 18.3 10.4 Net Working Capital 70.7 57.7 Other non-current liabilities (25) (22.9) Net Capital Employed 200.3 173.9 Net Debt 0.4 (19.8) Total sh
Slide 10: Solid financial structure
Solid financial structure ● Operating cash flow € 20.5MM in Q3 09 vs. € 18.0MM in Q3 08 (€ 46.4 MM in 9M 09 vs. € 32.4 MM in 9M 08) ● Positive Financial Position of € 0.4 MM at 30/09/09 vs. Net Debt of € 19.8 MM at year end 08, after dividend payment (€ 6.6 MM), tax for the goodwill step-up (€ 3.6 M