Diasorin S.p.a. · MIL:DIA
Diasorin — H1 2013 Earnings Presentation
20 slides from Diasorin's earnings presentation, 2013
Slide 1: H1'13 Results Conference Call
H1’13 RESULTS Conference Call
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: Highlights
HIGHLIGHTS
Slide 4: Main Topics
MAIN TOPICS Group’s revenues slightly growing in H1’13 vs. last year, in line with Company expectations (+0.7% at CER; +7.4% at CER when excluding Vitamin D) Strong revenues of CLIA ex Vit D tests in H1’13 (+12.9%; +13.5% at CER) Instruments and consumables sales relevant growth in H1’13 (+17.4%; +1
Slide 5: Q2'13 and H1'13 Revenues
Q2’13 AND H1’13 REVENUES Q2’13 H1’13 vs. vs. Q2’12 H1’12 CLIA ex Vitamin D sales up at sustained pace, driven by: Tumor Markers, Infectious Diseases, Prenatal Screening, Parvovirus, HIV and Hepatitis @ current -1.0% -0.4% Vitamin D trend negative as expected (pricing erosion), but decelerating when
Slide 6: Revenues: Breakdown by Technology
REVENUES: BREAKDOWN BY TECHNOLOGY Q2’13 H1’13 vs. vs. Q2’12 H1’12 •Strong growth confirmed in Q2’13 and H1’13 in all @ current +10.7% +12.9% geographies, with positive trend of all products throughout the different clinical areas CLIA ex Vit D @ CER +11.2% +13.5% •Success leveraging on menu complete
Slide 7: Revenues: Breakdown by Geography (1 of 2)
REVENUES: BREAKDOWN BY GEOGRAPHY (1 OF 2) Q2’13 vs. H1’13 vs. Q2’13 vs. H1’13 vs. Q2’12 H1’12 Q2’12 H1’12 • Strong and steady growth in Q2 and H1 Europe +4.4% +3.8% Germany +15.4% +13.4% • Success of new products launched • Strong growth of Vitamin D -9.5% -5.6% • Substantial growth of CLIA ex Vit D
Slide 8: Revenues: Breakdown by Geography (2 of 2)
REVENUES: BREAKDOWN BY GEOGRAPHY (2 OF 2) Q2’13 vs. H1’13 vs. Q2’13 vs. H1’13 vs. Q2’12 H1’12 Q2’12 H1’12 +15.5% +14.0% • Q2’13 as the best quarter ever of the Country Apac +1.4% +12.6% China • Sequential quarterly recovery after seasonality effect in Q1’13 (Chinese New Year) • Successful growth of
Slide 9: Installed Base Enlargement
INSTALLED BASE ENLARGEMENT Total units Net placements in Net placements in Total units at March 31, 2013 Q2’13 H1’13 at June 30, 2013 4,125 +49 +39 4,174 749 +137 +281 886 TOTAL 4,874 +186 +320 5,060 8
Slide 10: Profitability Profile
PROFITABILITY PROFILE Q2’12 Q2’13 H1’12 H1’13 Statutory 38.9% 37.1% -180bps 40.3% 38.2% -210bps EBITDA margin Excluding Molecular 39.8% 39.1% -70bps 41.1% 40.1% -100bps Business (*) Solid and strong Group marginality driven by reagents confirming steady and high margin levels, although: Progressive
Slide 11: Net Income and Tax Rate
NET INCOME AND TAX RATE Q2’12 Q2’13 H1’12 H1’13 € 35.9 € 33.6 -€ 2.3 € 73.1 € 66.7 -€ 6.4 EBT mln mln mln mln mln mln Tax Rate 35.8% 38.9% +310bps 37.7% 38.5% +80bps Net € 23.1 € 20.5 -€ 2.6 € 45.5 € 41.0 -€ 4.5 profit mln mln mln mln mln mln Net profit affected by: Higher tax rate in Q2’13 due to n
Slide 12: Q2'13 and H1'13 Financials
Q2’13 AND H1’13 FINANCIALS 11
Slide 13: Q2'13 Results: Income Statement
Q2’13 RESULTS: INCOME STATEMENT Q2 Change €/mln 2013 2012 amount % Net revenues 113.9 115.0 -1.2 -1.0% Gross profit 79.8 78.5 +1.3 +1.7% Gross margin 70.1% 68.3% +1.8% S&M (22.5) (20.5) -1.9 +9.4% R&D (6.2) (6.3) +0.1 -1.7% G&A (12.7) (12.5) -0.2 +1.9% Total operating expenses (41.3) (39.3) -2.1 +5.
Slide 14: H1'13 Results: Income Statement
H1’13 RESULTS: INCOME STATEMENT H1 Change €/mln 2013 2012 amount % Net revenues 219.7 220.7 -1.0 -0.4% Gross profit 151.9 153.3 -1.4 -0.9% Gross margin 69.1% 69.5% -0.3% S&M (43.0) (40.6) -2.4 +5.9% R&D (12.2) (11.8) -0.4 +3.7% G&A (24.5) (24.3) -0.2 +0.8% Total operating expenses (79.7) (76.7) -3.0
Slide 15: H1'13 Results: Balance Sheet
H1’13 RESULTS: BALANCE SHEET €/mln 06/30/2013 12/31/2012 Total intangible assets 122.8 125.3 Total tangible assets 63.9 65.3 Other non-current assets 23.1 22.4 Net Working Capital 145.9 137.6 Other non-current liabilities (32.9) (32.8) Net Capital Employed 322.8 317.8 Net Financial Position 56.8 47.
Slide 16: H1'13 Results: Cash Flow Statement
H1’13 RESULTS: CASH FLOW STATEMENT €/mln H1 Change in value 2013 2012 Cash and cash equivalents at beginning of period 104.6 64.1 +40.5 Operating activities 48.7 54.9 -6.2 Investing activities (12.4) (13.3) +0.9 Financing activities (73.7) (28.3) -45.4 Acquisitions of subsidiaries and business opera
Slide 17: Business Development
BUSINESS DEVELOPMENT 16
Slide 18: H1'13 Business Development: Immunodiagnostics
H1’13 BUSINESS DEVELOPMENT Expansion of the immunoassay menu with KEY and UNIQUE SPECIALTY PRODUCTS 5 Heps & Retrovirus tests approved Only provider of complete solution for blood in Brazil on LIAISON XL banks on both ELISA and CLIA technology Liaison Chlamydia Trachomatis Enrichment of infectious d
Slide 19: 2013 Company Guidance
2013 COMPANY GUIDANCE 18
Slide 20: FY 2013 Guidance
FY 2013 GUIDANCE Revenues: growth between +2% and +4% at CER vs. FY’12 revenues; molecular revenues representing ~ € 5 million EBITDA: comparable at CER to the 2012 EBITDA; molecular business affecting negatively the FY’13 EBITDA for ~ € 6 million, due to the needed investments to develop and grow t