Diasorin S.p.a. · MIL:DIA
Diasorin — Q1 2010 Earnings Presentation
10 slides from Diasorin's earnings presentation, May 14, 2010
Slide 1: Q1 '10 Results
DiaSorin Q1 ’10 Results May 14
Slide 2: Q1 10 highlights
Q1 10 highlights ● Revenues grow by 21.4% (+23.2% at constant exchange rate) ● North America market keep growing: Q1 sales up 44.8% as reported (+53.7% at constant exchange rates) vs previous year, supported by Vit. D sales and promising ID sales ● Asia Pacific: capable Q1 sales up 20.4% (+22.3% at
Slide 3: Q1 Results: income statement
Q1 Results: income statement millions € Q1 2010 Q1 2009 D Net Revenues 86.7 71.4 +21.4% Gross profit 62.0 49.9 +24.4% Margin 71.6% 69.9% G&A (9.0) (7.8) R&D (4.0) (3.8) S&M (15.4) (13.5) Total Operating Expenses (28.5) (25.1) % on sales (32.9%) (35.1%) Other operating Income/(Expenses) (2.0) (0.4) E
Slide 4: Q1 Results: income statement
Q1 Results: income statement millions € Q1 2010 Q1 2009 D Net Revenues 86.7 71.4 +21.4% Gross profit 62.0 49.9 +24.4% Margin 71.6% 69.9% G&A (9.0) (7.8) R&D (4.0) (3.8) S&M (15.4) (13.5) Total Operating Expenses (28.5) (25.1) % on sales (32.9%) (35.1%) Other operating Income/(Expenses) (2.0) (0.4) E
Slide 5: Revenues break down Q1: by technology
Revenues break down Q1: by technology CLIA sales keep growing +36.2% Q1 10 vs. Q1 09, thanks to: • Installed base enlargement : +153 new instruments placed in Q1 10 • Portfolio menu enlargement • New Distribution agreements in Latin America • Vit. D sales boost Revenues mix by technology improved to
Slide 6: Revenues break down Q1: by geography
Revenues break down Q1: by geography Q1 millions € 2010 2009 ∆ Europe/Africa 43.0 39.5 +8.9% North America 31.8 22.0 +44.8% Latin America 5.3 4.5 +18.7% Asia/Pacific 6.4 5.3 +20.4% Total 86.7 71.4 +21.4% ● In Europe/Africa, increased market share in consolidated as well as in developing markets: Fra
Slide 7: Q1 Results: income statement
Q1 Results: income statement millions € Q1 2010 Q1 2009 D Net Revenues 86.7 71.4 +21.4% Gross profit 62.0 49.9 +24.4% Margin 71.6% 69.9% G&A (9.0) (7.8) R&D (4.0) (3.8) S&M (15.4) (13.5) Total Operating Expenses (28.5) (25.1) % on sales (32.9%) (35.1%) Other operating Income/(Expenses) (2.0) (0.4) E
Slide 8: Continuous improvement in profitability
Continuous improvement in profitability Profitability continue expanding: Gross Margins +24.4% Q1 10 vs. Q1 09 from 69.9% to 71.6% of tot sales EBITDA +27.3% Q1 10 vs. Q1 09 from 39.8% to 41.7% of tot sales EBIT +29.2% Q1 10 vs. Q1 09 from 34.2% to 36.4% of tot sales Thanks to: ● Improved technology
Slide 9: 1Q results: balance sheet & cash flow
1Q results: balance sheet & cash flow millions € 31/03/2010 31/12/2009 Total tangible asset 43.9 42.0 Total intangible asset 97.8 96.0 Other non-current asset 20.1 19.6 Net Working Capital 76.2 74.5 Other non-current liabilities (25.6) (25.3) Net Capital Employed 212.4 206.7 NFP (31.3) (11.2) Total
Slide 10: Solid financial structure
Solid financial structure ● Operating cash flow of € 25.2 MM in Q1 10 (bef. Capex of 5.8 MM) vs € 18.1 MM in Q1 09 (bef. Capex of 8.8 MM); ● Positive Financial Position of € 31.3 MM at 31/03/10 vs. € 11.2 MM at year end 09; ● Cash and equivalents at the end Q1 10 amount to € 69.3 MM. Conf call Q1 10