Diasorin S.p.a. · MIL:DIA
Diasorin — Q1 2015 Earnings Presentation
20 slides from Diasorin's earnings presentation, 2015
Slide 1: Q1'15 Results
QiT'15 Results The Diagnostic Specialist
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 2015 Main Topics Revenues Revenues: breakdown by technology Revenues: breakdown by geography Installed base expansion Profitability profile Business and Products Development Q1 2015 Financials FY 2015 Company Guidance 3
Slide 4: Q1 2015 Main Topics
Q1 2015 Main Topics Revenues: growing at +4.0% at CER: Liaison & Liaison XL placements CLIA ex-Vit D revenues : +14.2% at CER Ongoing worldwide success of Liaison XL Success of LIAISON XL installments and new tests launched, such as: Placements Q1’15 Total at March 31, 2015 Vitamin D1,25, Infectious
Slide 5: Revenues
Revenues Q1’15 vs. Q1’14 Positive effect of FX on Q1’15. @ current +11.1% CLIA ex Vitamin D sales up thanks to the good performance of Vitamin D 1.25, Infectious Diseases, Hepatitis, Endocrinology and Stool testing. SALES Vitamin D negative trend impacted by the price concession granted to LabCorp i
Slide 6: Revenues: Breakdown by Technology
Revenues: Breakdown by Technology Q1’15 vs. Q1’14 @ current +19.2% Strong growth following the success of: • Vitamin D 1.25 CLIA ex Vit D • Increase of Infectious Diseases, Hepatitis, Endocrinology and Stool testing • Increase of total CLIA tests, reaching 114 tests, which is the broadest menu avail
Slide 7: Revenues by Geography (QoQ comparison)
Revenues by Geography (QoQ comparison) Europe North America Vit D +3.2% -0.2% -9.0% Q1’15 Q1’15 Q1’15 France Germany -6.1% +8.5% CLIA ex Vit D Q1’15 Q1’15 +52.3% Italy +2.8% Q1’15 Q1’15 Apac +26.1% Q1’15 Mexico China -1.8% Latam +11.0% Q1’15 Q1’15 Australia -12.8% Brazil -6.1% Q1’15 -22.3% Q1’15 Q1’
Slide 8: Revenues: Breakdown by Geography (1 of 2)
Revenues: Breakdown by Geography (1 of 2) Q1’15 vs. Q1’15 vs. Q1’14 Q1’14 • Strong performance of tests launched in 2014 in different clinical areas Europe +3.2% Italy +2.8% • Success of Infectious Diseases, pre-natal screening, Tumor markers and Vitamin D (+15.2%) tests • Constant growth of Vitamin
Slide 9: Revenues: Breakdown by Geography (2 of 2)
Revenues: Breakdown by Geography (2 of 2) Q1’15 vs. Q1’15 vs. Q1’14 Q1’14 • Growth driven by all CLIA products (+15.7%) • Slowdown of Murex sales (phasing) Apac +26.1% China +11.0% • Ongoing success of Liaison XL = 19 placements in Q1’15; Total XL units in the country = 143 • Sales increase in CLIA
Slide 10: Installed Base Expansion
Installed Base Expansion Total units at Net placements in Total units at December 31, 2014 Q1 2015 March 31, 2015 4,207 -24 4,183 1,665 +176 1,841 TOTAL 5,872 +152 6,024 10
Slide 11: Profitability Profile
Profitability Profile Q1’14 Q1’15 EBITDA Statutory margin 36.4% 36.6% +20bps Increasing Marginality when compared with Q1’14, mainly driven by a lower incidence of operating expenses 11 (*) Managerial outlook on data reported
Slide 12: Overview
Overview Highlights Q1 2015 Main Topics Revenues Revenues: breakdown by technology Revenues: breakdown by geography Installed base expansion Profitability profile Business and Products Development Q1 2015 Financials FY 2015 Company Guidance 12
Slide 13: Q1'15 Business and Products Development
Q1’15 Business and Products Development Business Development Agreement with a large laboratory in the US to stabilize the Stabilization of Vitamin D in the US Vitamin D franchise in the country Products Development The first completely automated test for Gastro-Intestinal tract Calprotectina inflamm
Slide 14: Overview
Overview Highlights Q1 2015 Main Topics Revenues Revenues: breakdown by technology Revenues: breakdown by geography Installed base expansion Profitability profile Business and Products Development Q1 2015 Financials FY 2015 Company Guidance 14
Slide 15: Q1'15 Results: Income Statement
Q1’15 Results: Income Statement €/mln Q1 Change 2015 2014 Amount % Net revenues 117.6 105.9 +11.7 +11.1% Gross profit 79.1 71.8 +7.3 +10.2% Gross margin 67.2% 67.7% -0.5% S&M (23.9) (21.8) -2.1 +9.9% R&D (6.0) (5.9) -0.1 +1.9% G&A (13.2) (11.8) -1.4 +11.5% Total operating expenses (43.1) (39.5) -3.6
Slide 16: Q1'15 Results: Balance Sheet
Q1’15 Results: Balance Sheet €/mln 3/31/2015 12/31/2014 var. Total intangibile assets 118.3 117.0 +1.4 Total tangibile assets 76.2 72.2 +4.0 Other non-current assets 25.4 25.6 -0.2 Net Working capital 143.8 142.3 +1.5 Other non-current liabilities (39.7) (39.8) +0.1 Net capital employed 324.0 317.2
Slide 17: Q1'15 Results: Cash Flow Statement
Q1’15 Results: Cash Flow Statement €/mln Q1 Change in value 2015 2014 Cash and cash equivalents at beginning of period 144.9 105.1 +39.7 Operating activities 34.3 34.7 -0.4 Investing activities (7.8) (7.3) -0.4 Financing activities 24.5 (0.3) +25.0 Change in net cash and cash equivalents before inve
Slide 18: Overview
Overview Highlights Q1 2015 Main Topics Revenues Revenues: breakdown by technology Revenues: breakdown by geography Installed base expansion Profitability profile Business and Products Development Q1 2015 Financials FY 2015 Company Guidance 18
Slide 19: FY 2015 Company Guidance
FY 2015 Company Guidance Revenues: Growth between +4% and +5% at CER vs. FY’14 Revenues EBITDA: Growth between +4% and +5% at CER vs. FY’14 EBITDA New systems installed (Liaison + Liaison XL): ~ 550 19
Slide 20: DiaSorin
DiaSorin ‘The Diagnostic Specialist