Diasorin S.p.a. · MIL:DIA
Diasorin — FY2023 Earnings Presentation
18 slides from Diasorin's earnings presentation, Mar 15, 2024
Slide 1: FY 2023 Results
FY 2023 RESULTS March 15, 2024
Slide 2: Disclaimer
DISCLAIMER In General. This disclaimer applies to this presentation and any oral No distribution of this Presentation. This Presentation is being furnished to you comments of any person presenting it. This document, taken together with solely for your information and may not be reproduced, in whole
Slide 3: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This document contains forward-looking statements that are based on current expectations, estimates, forecasts and projections about the industries in which Diasorin operates and the beliefs and assumptions of the management of Diasorin. In addition, the management of Dias
Slide 4: Financial Highlights
FINANCIAL HIGHLIGHTS
Slide 5: Financial Highlights
FINANCIAL HIGHLIGHTS Change Change Data in €/mln Q4 2023 FY 2023 @ current @ CER @ current @ CER Revenues 302 -13% -11% 1,148 -16% -14% Immunodiagnostics ex-COVID 190 +8% +10% 721 +6% +8% Molecular Diagnostics ex-COVID 56 -21% -17% 197 -11% -8% Licensed Technologies1 43 -9% -4% 168 -4% -1% COVID 13
Slide 6: FY 2023 Key Facts
FY 2023 KEY FACTS PRODUCT & BUSINESS DEVELOPMENT IMMUNODIAGNOSTICS • LIAISON® B·R·A·H·M·S MR-proADM™ assay launched in all countries accepting the CE Mark to improve patient management by providing the assessment of disease severity • Consolidation of strategic partnership with MeMed, by signing a d
Slide 7: Managerial Outlook on Q4 and FY 2023 Revenues
MANAGERIAL OUTLOOK ON Q4 AND FY 2023 REVENUES Q4 2023 Group revenues1 (data in €/mln) FY 2023 Group revenues1 (data in €/mln) Data @CER Data @CUR Data @CER Data @CUR -7% -10% -12% -13% 337 312 337 302 1,320 1,168 1,320 1,144 42 13 42 244 COVID sales 13 60 244 47 45 47 43 59 175 172 168 175 71 59 71
Slide 8: Q4'23 and FY'23 Revenues by Geography
Q4’23 AND FY’23 REVENUES BY GEOGRAPHY Q4’23 FY’23 COVID COVID 4% 5% Rest of the World Rest of the World 18% 17% North America North America Direct Direct 45% 45% Europe Direct Europe Direct 33% 33% Q4’22 FY’22 COVID COVID 12% 18% Rest of the World North America North America 16% Direct Rest of the W
Slide 9: Q4'23 and FY'23 Profitability Profile
Q4’23 AND FY’23 PROFITABILITY PROFILE (data in €/mln @ current exchange rates) 35% 32% 349 302 123 97 Adjusted2 EBITDA margin decrease mostly due to lower COVID revenues, resulting in operating leverage reduction. Q4’22 Q4’23 Gross Margin ratio broadly in line with FY’22, mainly due to initiatives 3
Slide 10: FY 2024 Company Guidance
FY 2024 COMPANY GUIDANCE
Slide 11: FY 2024 Company Guidance @ CER 2023
FY 2024 COMPANY GUIDANCE @ CER 2023 Revenues: +5% / +7% excluding Covid; Covid sales equal to ~ 30 €/mln Adjusted2 EBITDA Margin: 32% / 33% 2 With reference to the Adjusted EBITDA please refer to the table included in the financial schemes section of this presentation 11
Slide 12: Financial Schemes
FINANCIAL SCHEMES
Slide 13: Income Statement
INCOME STATEMENT FY Change Amounts in millions of Euro 2022 2023 amount % Net Revenues 1,361 1,148 -213 -16% Cost of sales (461) (407) +54 -12% Gross profit 901 741 -159 -18% 66% 65% -161 bps Sales and marketing expenses (292) (286) +6 -2% Research and development costs (97) (91) +6 -6% General and
Slide 14: 2023 Reconciliation to Consolidated Financial Statements
2023 RECONCILIATION TO CONSOLIDATED FINANCIAL STATEMENTS Amounts in millions of Euro Gross Margin EBITDA EBIT Net Profit IFRS Financial Statements Measures 741 353 216 159 % on Revenues 65% 31% 19% 14% Adjustments “One-off” costs related to the integration and restructuring of Luminex 1 8 8 8 Deprec
Slide 15: 2022 Reconciliation to Consolidated Financial Statements
2022 RECONCILIATION TO CONSOLIDATED FINANCIAL STATEMENTS Amounts in millions of Euro Gross Margin EBITDA EBIT Net Profit IFRS Financial Statements Measures 901 497 351 240 % on Revenues 66% 37% 26% 18% Adjustments Reversal of the effects of the Fair value measurement of the initial Luminex inventory
Slide 16: Balance Sheet
BALANCE SHEET Amounts in millions of Euro 12/31/2022 12/31/2023 Change Goodwill and intangibles assets 1,995 1,925 -70 Property, plant and equipment 268 256 -12 Other non-current assets 38 35 -4 Net working capital 434 369 -65 Other non-current liabilities (309) (270) +39 Net Invested Capital 2,426
Slide 17: Cash Flow Statement
CASH FLOW STATEMENT FY Amounts in millions of Euro 2022 2023 Cash and cash equivalents at the beginning of the period 403 242 Cash provided by operating activities 389 312 Cash provided/(used) in investing activities (232) (29) Cash provided/(used) in financing activities (319) (244) Net change in c
Slide 18: Diasorin
}) Diasorin