Slide 1: DiaSorin Q2 & H1 10 results conference call
DiaSorin Q2 & H1 10 results conference call August 6th
Slide 2: Q2 and H1 10 results highlights
Q2 and H1 10 results highlights ● Steady revenues growth as reported as well as at constant exchange rates: +26.5% Q2 10 vs Q2 09 (+21.4% at constant exchange rates) +24.1% H1 10 vs H1 09 (+22.3% at constant exchange rates) ● Double digit growth in all regions, strong growth in US and developing mar
Slide 3: Net Revenues by Quarter 2008 - 2010
Net Revenues by Quarter 2008 - 2010 120 100,5 100 86,7 79,5 79,1 80 71,4 74,2 68,5 56,6 59,6 59,9 2008 60 2009 2010 40 20 0 Q1 Q2 Q3 Q4 H1 10 results conf call Aug. 6 2010 2
Slide 4: Q2 10 Results: income statement
Q2 10 Results: income statement millions € Q2 2010 Q2 2009 D Net Revenues 100.5 79.5 +26.5% Gross profit 72.6 56.3 +29.0% Margin 72.2% 70.8% G&A (9.2) (8.1) R&D (4.6) (3.9) S&M (17.6) (14.6) Total Operating Expenses (31.4) (26.7) % on sales (31.2%) (33.5%) Other operating Income/(Expenses) (3.8) - E
Slide 5: H1 10 Results: income statement
H1 10 Results: income statement millions € 1H 10 1H 09 D Net Revenues 187.2 150.9 +24.1% Gross profit 134.6 106.2 +26.8% Margin 71.9% 70.4% G&A (18.2) (15.9) R&D (8.7) (7.7) S&M (33.0) (28.1) Total Operating Expenses (59.9) (51.7) % on sales (32.0%) (34.3%) Other operating Income/(Expenses) (5.8) (0
Slide 6: H1 10 Results: income statement
H1 10 Results: income statement millions € 1H 10 1H 09 D Net Revenues 187.2 150.9 +24.1% Gross profit 134.6 106.2 +26.8% Margin 71.9% 70.4% G&A (18.2) (15.9) R&D (8.7) (7.7) S&M (33.0) (28.1) Total Operating Expenses (59.9) (51.7) % on sales (32.0%) (34.3%) Other operating Income/(Expenses) (5.8) (0
Slide 7: Revenues break down H1: by technology
Revenues break down H1: by technology CLIA sales still represent revenues growth driver +37.1% H1 10 vs. H1 09 : • Vit. D sales boost • Installed base enlargement : +315 new instruments placed in H1 10 • New Distribution agreements in Latin America Revenues mix by technology improved towards CLIA ki
Slide 8: Revenues break down Q2/H1: by geography
Revenues break down Q2/H1: by geography Q2 H1 millions € 2010 2009 Δ% 2010 2009 Δ% Europe/ Africa 46.5 41.8 11.2% 89.6 81.4 10.1% Latin America 7.1 4.7 51.6% 12.4 9.2 35.4% Asia/Pacific 7.7 5.7 36.2% 14.1 11.0 28.5% North America 39.2 27.3 43.5% 71.1 49.3 44.1% Total 100.5 79.5 26.5% 187.2 150.9 24.
Slide 9: H1 10 Results: income statement
H1 10 Results: income statement millions € 1H 10 1H 09 D Net Revenues 187.2 150.9 +24.1% Gross profit 134.6 106.2 +26.8% Margin 71.9% 70.4% G&A (18.2) (15.9) R&D (8.7) (7.7) S&M (33.0) (28.1) Total Operating Expenses (59.9) (51.7) % on sales (32.0%) (34.3%) Other operating Income/(Expenses) (5.8) (0
Slide 10: Continuous improvement in profitability
Continuous improvement in profitability Profitability growth rate accelerated, despite of one off effects: Gross Margins +26.8% H1 10 vs. H1 09 from 70.4% to 71.9% of tot sales EBITDA +26.1% H1 10 vs. H1 09 from 41.2% to 41.9% of tot sales EBIT +27.8% H1 10 vs. H1 09 from 35.7% to 36.8% of tot sales
Slide 11: H1 results: balance sheet & cash flow
H1 results: balance sheet & cash flow millions € 30/06/10 31/12/2009 Total tangible asset 53.6 42.0 Total intangible asset 128.7 96.1 Other non-current asset 22.0 19.4 Net Working Capital 97.7 74.5 Other non-current liabilities (25.6) (25.3) Net Capital Employed 276.4 206.7 Net Financial position (1
Slide 12: Solid financial structure
Solid financial structure ● Operating cash flow € 40.1 MM in H1 10 (bef. Capex of 12.5 MM) vs. € 25.9 MM in H1 09 (bef. Capex of 14.9 MM); ● Negative financial position of € 12.3 MM at 30/06/10 vs. positive financial position of € 11.2 MM at 31/12/09 after dividend payment (€ 11.0 MM) and Murex acqu
Slide 13: 2010 business outlook
2010 business outlook In view of the strong rate of revenue growth, the favorable trend in the exchange rates for the euro versus the Group’s main currencies and the continuing success of the LIAISON Vitamin D -TOTAL test in the global market… … management believes that it should revise upward its e