Diasorin S.p.a. · MIL:DIA
Diasorin — Q3 2010 Earnings Presentation
12 slides from Diasorin's earnings presentation, Nov 5, 2010
Slide 1: DiaSorin Q3 & 9M 10 results conf call
DiaSorin Q3 & 9M 10 results conf call November 5th
Slide 2: Q3 and 9M 10 results highlights
Q3 and 9M 10 results highlights ● Strong revenues growth as reported as well as at constant exchange rates, thanks to DiaSorin business as well as Murex business: +45.7% Q3 10 vs Q3 09 (+38.5% at constant exchange rates) +28.7% Q3 10 vs Q3 09 excl. Murex (+21.5% at constant exchange rates) +31.2% 9M
Slide 3: Q3 10 Results: Income Statement
Q3 10 Results: Income Statement millions € Q3 2010 Q3 2009 D Net Revenues 108.0 74.2 +45.7% Gross profit 74.1 51.6 +43.7% Margin 68.6% 69.5% G&A (11.5) (7.4) R&D (5.0) (3.7) S&M (17.4) (13.1) Total Operating Expenses (33.9) (24.2) % on sales (31.4%) (32.6%) Other operating Income/(Expenses) (2.1) (2
Slide 4: Q3 10 Results: Income Statement
Q3 10 Results: Income Statement millions € Q3 2010 Q3 2009 D Net Revenues 108.0 74.2 +45.7% Gross profit 74.1 51.6 +43.7% Margin 68.6% 69.5% G&A (11.5) (7.4) R&D (5.0) (3.7) S&M (17.4) (13.1) Total Operating Expenses (33.9) (24.2) % on sales (31.4%) (32.6%) Other operating Income/(Expenses) (2.1) (2
Slide 5: Revenues break down: by technology
Revenues break down : by technology CLIA sales still represent revenues growth driver +40.8% Q3 10 vs. Q3 09 • Vit. D sales boost • Increasing market share in European markets • Installed base enlargement : +157 new instruments placed in Q3 10 • New Distribution agreements in Latin America Revenues
Slide 6: Revenues break down: by geography
Revenues break down: by geography Q3 millions € 2010 2009 Δ% Europe/ Africa 41.7 37.7 10.7% Latin America 6.0 4.8 25.2% Asia/Pacific 9.1 5.4 67.4% North America 38.7 26.3 47.2% Murex 12.6 - - Total 108.0 74.2 45.7% ● In Europe/Africa, strong performance in several markets offset single digit growth
Slide 7: Q3 10 Results: Income Statement
Q3 10 Results: Income Statement millions € Q3 2010 Q3 2009 D Net Revenues 108.0 74.2 +45.7% Gross profit 74.1 51.6 +43.7% Margin 68.6% 69.5% G&A (11.5) (7.4) R&D (5.0) (3.7) S&M (17.4) (13.1) Total Operating Expenses (33.9) (24.2) % on sales (31.4%) (32.6%) Other operating Income/(Expenses) (2.1) (2
Slide 8: Continuous improvement in profitability
Continuous improvement in profitability Steady profitability growth rate, despite Murex business dilutive impact: Gross Margins +43.7% Q3 10 vs Q3 09 from 69.5% to 68.6% of tot sales excl. Murex from 69.5% to 73.4% of tot sales EBITDA +47.9% Q3 10 vs Q3 09 from 40.2% to 40.8% of tot sales excl. Mure
Slide 9: 9M 10 Results: Income Statement
9M 10 Results: Income Statement millions € 9M 10 9M 09 D Net Revenues 295.2 225.0 +31.2% Gross profit 208.8 157.7 +32.4% Margin 70.7% 70.1% G&A (29.7) (23.3) R&D (13.7) (11.4) S&M (50.4) (41.2) Total Operating Expenses (93.8) (75.9) % on sales (31.8%) (33.7%) Other operating Income/(Expenses) (8.0)
Slide 10: 9M results: balance sheet & cash flow
9M results: balance sheet & cash flow millions € 30/09/10 31/12/2009 Total tangible asset 55.3 42.0 Total intangible asset 127.4 96.1 Other non-current asset 20.5 19.4 Net Working Capital 96.5 74.5 Other non-current liabilities (28.3) (25.3) Net Capital Employed 271.4 206.7 Net Financial position 16
Slide 11: Solid financial structure
Solid financial structure ● Operating cash flow € 74.1 MM in 9M 10 (bef. Capex of 20.0 MM, excl. Murex acquisition) vs. € 46.4 MM in 9M 09 (bef. Capex of 20.2 MM); ● Positive financial position of € 16.4 MM at 30/09/10 vs. positive financial position of € 11.2 MM at 31/12/09 after: dividend paymen
Slide 12: 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