Diasorin S.p.a. · MIL:DIA
Diasorin — H1 2009 Earnings Presentation
10 slides from Diasorin's earnings presentation, Aug 6, 2009
Slide 1: Q2 & H1 09 results conference call
DIASORIN Q2 & H1 09 results conference call August 6th
Slide 2: H1 09 results highlights
H1 09 results highlights ● Revenues growth accelerating quarter on quarter: +33.3% Q2 09/08 vs +26.0% Q1 09/08 (+ 29.8% H1 09 vs H1 08) ● North America continues booming: ¾H1 09 sales up 86.8% as reported (+62.8% at constant exchange rates) boosted by Vit D and Biotrin product sales (ca 11.3% contri
Slide 3: Q2 Results: income statement
Q2 Results: income statement millions € Q2 2009 Q2 2008 Δ Net Revenues 79.5 59.6 +33.3% Gross profit 56.3 38.8 +45.0% Margin 70.8% 65.1% G&A (8.1) (6.5) R&D (3.9) (3.1) S&M (14.6) (11.7) Total Operating Expenses (26.7) (21.2) % on sales (33.5%) (35.6%) Other operating Income/(Expenses) - 0.6 Ebit 29
Slide 4: H1 09 Results: income statement
H1 09 Results: income statement millions € H1 09 H1 08 Δ Net Revenues 150.9 116.3 +29.8% Gross profit 106.2 75.4 +40.8% Margin 70.4% 64.8% G&A (15.9) (12.8) R&D (7.7) (6.2) S&M (28.1) (22.9) Total Operating Expenses (51.7) (42.0) % on sales (34.3%) (36.1%) Other operating Income/(Expenses) (0.5) (0.
Slide 5: Revenues break down H1: by technology
Revenues break down H1: by technology ELISA sales grew by 24.5%, thanks mainly to Biotrin products, but CLIA sales keep growing at higher rate than other technologies +40.8% H1 09 vs. H1 08 Revenues mix by technology improved towards CLIA kits, from 57.0% in H1 08 to 61.8% in H1 09 of total sales H1
Slide 6: Revenues break down H1: by geography
Revenues break down H1: by geography H1 millions € 2009 2008 ∆ Italy 29.3 26.9 8.9% Rest of Europe 48.2 42.8 12.7% North America 49.3 26.4 86.8% Rest of World 24.1 20.2 19.2% Total 150.9 116.3 29.8% ● In Europe, increased market share in consolidated as well as in developing markets: Italy +8.9% H1
Slide 7: Continuous improvement in profitability
Continuous improvement in profitability Profitability growth rate accelerated: Gross Margins +40.8% H1 09 vs. H1 08 from 64.8% to 70.4% of tot sales EBITDA +56.6% H1 09 vs. H1 08 from 34.1% to 41.2 % of tot sales EBIT +65.2% H1 09 vs. H1 08 from 28.1% to 35.7% of tot sales Thanks to: ● Improved tech
Slide 8: H1 results: balance sheet & cash flow
H1 results: balance sheet & cash flow millions € 30/06/09 31/12/2008 Total tangible asset 38.8 35.4 Total intangible asset 96.9 93.3 Other non-current asset 16.8 10.1 Net Working Capital 71.5 57.7 Other non-current liabilities (23.8) (22.9) Net Capital Employed 200.2 173.9 Net Debt 15.4 19.8 Total s
Slide 9: Solid financial structure
Solid financial structure ● Operating cash flow € 25.9 MM in H1 09 (bef. Capex of 14.9 MM) vs. € 14.4 MM in H1 08 (bef. Capex of 6.3 MM); ● Net debt of € 15.4 MM at 30/06/09 vs. € 19.8 MM at year end 08, after dividend payment (€ 6.6 MM) and tax for the goodwill step-up (€ 3.6 MM); ● Cash and equiva
Slide 10: Forthcoming events
Forthcoming events 6th Goldman Sachs European Medtech and Healthcare Services Conference 2nd – 3rd September 2009 London UBS Global Life Sciences Conference 21st – 23rd September 2009 New York Q2&H1 09 conf call Aug. 6 2009 9