Biomerieux Sa · EURONEXT:BIM
Biomerieux Sa — FY2022 Earnings Presentation
43 slides from Biomerieux Sa's earnings presentation, March 2023
Slide 1: FY 2022 Results & Outlook 2023
FY 2022 RESULTS & OUTLOOK 2023 March 2023 PIONEERING DIAGNOSTICS 2022 full year results presentation / B I O M É R I E U X
Slide 2: Disclaimer
Disclaimer This presentation contains information, assumptions and estimates that were used by the Company to determine its objectives on a reasonable basis. They are subject to change or modification due to economic, financial, medical and competitive uncertainties in markets addressed by bioMérieu
Slide 3: Agenda
1. 2022 Business highlights Alexandre MÉRIEUX 2. 2022 Financial performance Guillaume BOUHOURS 3. Focus on Clinical Pierre BOULUD 4. Outlook 2023 Alexandre MÉRIEUX
Slide 4: 2022 Business highlights
Alexandre MÉRIEUX, CEO 2022 Business highlights 2022 full year results presentation / B I O M É R I E U X
Slide 5: Key highlights
Key highlights FREE SALES CONTRIBUTIVE CASH FLOW EBIT +0.2%* Positive net cash 18.5% of sales position ▪ Solid performance within a post pandemic transition year ▪ Strategic acquisition of Specific Diagnostics aligned with our focus on the fight against AMR** ▪ Strengthened leadership in Microbiolog
Slide 6: BIOFIRE keeps on innovating and shaping the market
BIOFIRE keeps on innovating and shaping the market ▪ Relevance of syndromic approach ▪ Robust performance of Respiratory panels ▪ Non-RP panels growth at +19%, within all regions ▪ Largest high plex syndromic installed base at 23.5 K units ▪ New platform launch, expanding dramatically potential user
Slide 7: Robust performance in Microbiology
Robust performance in Microbiology ▪ Solid growth of reagents sales at +7% ▪ Continued success of Blood culture range ▪ Nice take-off of VITEK MS PRIME ▪ First sales of SPECIFIC REVEAL Rapid AST platforms in Europe ▪ Filing of SPECIFIC REVEAL to FDA scheduled in March €1,164M Evol. +5.1% 2022 full y
Slide 8: A transition year in Immunoassays
A transition year in Immunoassays ▪ Unfavorable basis of comparison (covid-related demand in 2021) ▪ Continued competitive pressure on PCT ▪ Routine parameters back to growth in many regions ▪ Major launch with new VIDAS KUBE CE-MARKED END OF 2022 MODULAR FIT NEEDS OF DEVELOPING SETTINGS €404M Evol.
Slide 9: Industrial applications driven by food & healthcare segments
Industrial applications driven by food & healthcare segments ▪ Robust recurring reagents sales +7% ▪ Solid inflation pass through to customers ▪ Food: double digit performance of molecular biology ▪ Healthcare mainly driven by Cell & Gene Therapies and Bioproduction segments €549M Evol. +7% 2022 ful
Slide 10: CSR Roadmap – On track at the end of 2022
CSR ROADMAP – On track at the end of 2022 HEALTHCARE EXTENDED HEALTH PLANET EMPLOYEES ECOSYSTEM COMPANY Collaboration projects Lost Day Incident Rate ≥1% +30% -50% with patient associations of net income Group share patient results1 GHG absolute emissions ÷2 to 0.6 in 2025 dedicated to Philanthropy
Slide 11: 2022 Financial performance
Guillaume BOUHOURS, CFO 2022 Financial performance 2022 full year results presentation / B I O M É R I E U X
Slide 12: A robust performance vs high COVID 2021
A robust performance vs high COVID 2021 MOLECULAR +3% ▪ Remarkable double-digit growth MICROBIOLOGY +5% for non-respiratory panels ▪ Good FY performance led ▪ Solid performance of BIOFIRE in the by automated ID/AST and IMMUNOASSAYS -15% US & OUS Blood Culture reagents ▪ Reagents sales step back expl
Slide 13: FY 2022 sales by geography
FY 2022 sales by geography AMERICAS -1% EMEA +0.4% ASPAC +3% 51% of sales 31% of sales 17% of sales Europe Continued BIOFIRE® success North America in Japan Robust growth in non-respiratory Rapid uptake of non-respiratory panels, more than compensating Steady growth in India & ASEAN molecular & micr
Slide 14: FY 2022 P&L
FY 2022 P&L FY % FY % % % In €m sales sales Change Change LFL(1) 2022 2021 Net sales 3,589 3,376 + 6.3% + 0.2% Gross profit 2,009 56.0% 2,001 59.3% + 0.4% - 4.9% SG&A -955 - 26.6% -816 -24.2% + 17.0% + 11.3% R&D -447 - 12.4% -386 -11.4% + 15.8% + 6.2% Contributive Operating Income(2) 664 18.5% 844 2
Slide 15: FY 2022 P&L: contributive operating income to EPS
FY 2022 P&L: contributive operating income to EPS FY % FY % % change In €m sales sales 2022 2021 as reported CEBIT 664 18.5% 844 25.0% - 21.4% Including Amortization of acquired Intangible amortization - 77 - 60 of BIOFIRE ® assets & related expenses + Hist. acquisitions + Operating income 587 16.4%
Slide 16: FY 2022 Cash Flow statement
FY 2022 Cash Flow statement in €m December 2022 December 2021 Inventory - €92 m, incl. inventory re-build Receivables - €146 m, with a high last quarter EBITDA (1) 864 1032 Payables €10m Working capital requirement - 170 - 25 Social & tax debts €51m Tax payment & financial cost - 222 - 193 Investmen
Slide 17: Focus on Clinical
Pierre BOULUD COO, EVP Clinical Operations Focus on Clinical 2022 full year results presentation / B I O M É R I E U X
Slide 18: Antimicrobial Resistance, the so called silent pandemic
We are addressing the biggest threats to public health in the future: Antimicrobial Resistance, the so called “silent pandemic” Antimicrobial Resistance (AMR): Septic shock : one of the most significant health the Silent Pandemic complications that can result from AMR Stewardship & Infection Prevent
Slide 19: … with the most comprehensive and relevant solution…
… with the most comprehensive and relevant solution… 2022 full year results presentation / B I O M É R I E U X 19
Slide 20: Strong leadership positions in infectious disease diagnostics
… supported by already strong leadership positions in infectious disease diagnostics 1 # 1 # 1 # Automated ID/AST Blood culture Syndromic molecular testing Clear market leader Fastest growing Undisputed leader and market leader position ~50% market share globally ~50% market share globally ~ >70% ma
Slide 21: Strong momentum of platforms launches that will fuel future growth
STRICTLY CONFIDENTIAL Strong momentum of platforms launches that will fuel future growth… Each business range will benefit from major innovations in next 2 years Microbiology Molecular Biology Immunoassays VITEK ® MS PRIME VITEK ® REVEALTM BIOFIRE ® SPOTFIRE ® VIDAS ® KUBE™ …THAT WILL REINFORCE OUR
Slide 22: Focus on microbiology
Focus on microbiology 2022 full year results presentation / B I O M É R I E U X
Slide 23: VITEK MS PRIME: our new asset to become #1 in mass spectrometry
VITEK® MS PRIME Our new ASSET to become #1 in mass spectrometry OUR ASSETS ▪ Integrated into our full micro solution ▪ Superior end-to-end workflow enabling efficient routine management ▪ Capacity to prioritize urgent samples ▪ Most efficient spectrum database for IVD ▪ CE-IVD & FDA Cleared BUSINESS
Slide 24: VITEK MS PRIME: business objective
VITEK® MS PRIME Our new ASSET to become #1 in mass spectrometry OUR ASSETS BUSINESS OBJECTIVE ▪ BECOME THE LEADER in Mass Spec for the clinical Microbiology market • Current customer renewal and conversion from main competitor • Acquisition of new mass spectrometry users 2022 full year results prese
Slide 25: VITEK REVEAL addressing the #1 unmet need: reduced time to AST
VITEK® REVEAL™ is our newest asset, addressing the #1 customers’ unmet need: reduced-time to AST* OUR ASSETS ▪ Fast AST* enabling optimal antibiotic therapy in only 5.5 hours after Blood Culture turns positive ▪ Integrated into our sepsis solution and within our DATA / IT ecosystem ▪ Modular to adap
Slide 26: VITEK REVEAL: business objective
VITEK® REVEAL™ is our newest asset, addressing the #1 customers’ unmet need: reduced-time to AST* OUR ASSETS BUSINESS OBJECTIVE ▪ Reinforce our AST* leadership position ▪ Establish the standard of care in fast AST ▪ >60M$ in 2027 **AST : Antimicrobial Susceptibility Testing 2022 full year results pr
Slide 27: Product combination empowered by DATA/IT offer
Our product combination, empowered by our DATA/IT offer can deliver superior value to all types of customers/lab organizations BACT/ALERT® BIOFIRE® VITEK® VITEK® VITEK® 2 VIRTUO ® BCID2 MS PRIME REVEALTM CONNECTED & INTEGRATED WITH OUR MAESTRIATM MIDDLEWARE (MAESTRIA is part of bioMérieux Vision Sui
Slide 28: Focus on molecular biology
Focus on molecular biology 2022 full year results presentation / B I O M É R I E U X
Slide 29: BIOFIRE strategy based on 3 axes
Our BIOFIRE ® strategy is based on 3 axes: customer acquisition, cross-selling and healthcare settings expansion Of target lab customers Although COVID accelerated the uptake of syndromic Non-customers potential testing, we still have potential to grow ~ 50% US ~75% EU Growth rate of non-RP panels A
Slide 30: Expanding US respiratory testing footprint: point-of-care and low plex
In the US, we aim at expanding our respiratory testing footprint through two growth drivers: point-of-care settings and low plex market HOSPITALS POINT-OF-CARE SETTINGS (lab testing) (Professional POC testing by non-lab personnel) ~5k ~140k Free- Urgent Family Hospital Hospital Practice / Retail Sta
Slide 31: SPOTFIRE leverages BIOFIRE core technology
SPOTFIRE ® leverages BIOFIRE ® core technology to keep on shaping the syndromic testing market OUR ASSETS ▪ CLIA-waived platform to bring syndromic testing closer to patients ▪ Only ~15 min from sample to results ▪ Small footprint, 1 to 4 stackable modules ▪ Instrument and first RP 15-plex panel bot
Slide 32: SPOTFIRE: business objective
SPOTFIRE ® leverages BIOFIRE ® core technology to keep on shaping the syndromic testing market OUR ASSETS BUSINESS OBJECTIVE ▪ Enter the POC market by introducing syndromic testing closer to the patient ▪ Gaining market shares on low plex molecular respiratory segment wherever it’s used ▪ >400M€ sal
Slide 33: Focus on immunoassays
Focus on immunoasays 2022 full year results presentation / B I O M É R I E U X
Slide 34: Strategy on VIDAS: renewed instrument and innovative biomarkers
Strategy on VIDAS® is to secure growth in developing settings through a renewed instrument and push innovative biomarkers OUR ASSETS ▪ New instrument VIDAS® KUBE: ▪ Easy-to-use, reliable instrument ▪ Stackable to adapt to customer needs and evolution ▪ Lower energy consumption ▪ Large menu of tests
Slide 35: VIDAS: business objective
Strategy on VIDAS® is to secure growth in developing settings through a renewed instrument and push innovative biomarkers OUR ASSETS BUSINESS OBJECTIVE ▪ Reinforce brand loyalty ▪ Sustain growth in developing settings ▪ Drive the adoption of innovative biomarkers in developed settings through co-pro
Slide 36: On-going business transformation
On-going business transformation 2022 full year results presentation / B I O M É R I E U X
Slide 37: North America: large healthcare market and new leadership
North America: a large and evolving healthcare market addressed by a powerful organization and a new leadership Largest healthcare market in the world 5,000 10,000+ A new leader with US market Hospitals Urgent Care broad experience St Louis : Vitek & BTA 75% 120,000 Consolidating Physician Labs Jenn
Slide 38: Medical Affairs team to demonstrate value
Innovative products need a powerful and knowledgeable Medical Affairs team to demonstrate the value we bring to healthcare bioMérieux amongst the first IVD companies to establish Medical Affairs position back to 2012 ▪ 160+ Medical Experts in more than 35 countries ▪ 200 ongoing Clinical Studies 10
Slide 39: Business outlook summary
Business outlook summary 2022 full year results presentation / B I O M É R I E U X
Slide 40: Key Takeaway
Key Takeaway 1 2 3 ▪ Very strong mega trends ▪ We will have launched ▪ Launches and Ambition backed support our business: an unprecedented number by strong business supports of of new solutions in a few years which • Increased threat of Antimicrobial to sustain our growth Resistance globally ▪ US or
Slide 41: 2023 outlook
2023 outlook 2022 full year results presentation / B I O M É R I E U X
Slide 42: 2023 Outlook: guidance trends
2023 Outlook GUIDANCE TRENDS ▪ Excluding Resp.: Non-RP ~+15%, Microbio ~+8%, Immuno >0%, Industry ~+8% Assuming a medium flu season at the end of 2023 ▪ RP slow down : SALES vs strong one in Q4 2022 Organic, Excluding Respiratory ▪ Overall growth: +4% to +6%, organic ▪ Sales growth and price increas
Slide 43: Pioneering Diagnostics
BIOMERIEUX PIONEERING DIAGNOSTICS