Diasorin S.p.a. · MIL:DIA
Diasorin — Q4 2008 Earnings Presentation
10 slides from Diasorin's earnings presentation, Feb 13, 2009
Slide 1: Conference call Q4 08 Results
Conference call Q4 08 Results February 13th 2009
Slide 2: Q4 highlights
Q4 highlights ● Revenues grow by 33.9% (+32.9% at constant exchange rate) ● North America market still booming: Q4 sales up 67.8% as reported (+59.0% at constant exchange rates) vs previous year, also boosted by sales of Biotrin products ● Steady enlargement of Liaison installed base, from ca. 2390
Slide 3: Q4 Results: income statement
Q4 Results: income statement millions € Q4 2008 Q4 2007 Δ Net Revenues 68.5 51.2 +33.9% Gross profit 45.6 32.1 +41.8% Margin 66.5% 62.8% G&A (7.7) (7.0) R&D (4.1) (3.0) S&M (12.9) (11.0) Total Operating Expenses (24.7) (21.0) % on sales -36.0% -41.1% Other operating Income/(Expenses) (1.1) 0.3 Ebit
Slide 4: Revenues break down Q4: by technology
Revenues break down Q4: by technology ELISA sales grew by 29.4%, thanks mainly to Biotrin products (ca 21% contribution) but CLIA sales keep growing at higher rate than other technologies +46.0% Q408 vs. Q407 Revenues mix by technology improved towards CLIA kits, from 53.4% in Q4 07 to 58.3% in Q4 0
Slide 5: Revenues break down Q4: by geography
Revenues break down Q4: by geography Q4 millions € 2008 2007 ∆ Italy 12.6 11.3 11.1% Rest of Europe 22.7 19.3 17.8% North America 20.0 11.9 67.8% Rest of World 13.2 8.7 52.9% Total 68.5 51.2 33.9% ● In Europe, increased market share in consolidated as well as in developing markets: Italy +11.1% Q4 0
Slide 6: Continuous improvement in profitability
Continuous improvement in profitability Profitability growth rate accelerated: Gross Margins +41.8% Q4 08 vs. Q4 07 from 62.8% to 66.5% of tot sales EBITDA +62.0% Q4 08 vs. Q4 07 from 29.2% to 35.3 % of tot sales EBIT +73.5% Q4 08 vs. Q4 07 from 22.3% to 28.9% of tot sales Thanks to: ● Improved tech
Slide 7: 4Q results: balance sheet & cash flow
4Q results: balance sheet & cash flow millions € 31/12/2008 31/12/2007 Total tangible asset 35.4 33.9 Total intangible asset 93.3 65.4 Other non-current asset 10.1 9.2 Net Working Capital 58.1 46.2 Other non-current liabilities (22.9) (22.3) Net Capital Employed 174.0 132.4 Net Debt (19.8) (12.1) To
Slide 8: Solid financial structure
Solid financial structure ● Operating cash flow € 15.3 MM in Q4 08 (bef. Capex of 9.1 MM) vs. € 7.0 MM in Q4 07 (bef. Capex of 4.3 MM); ● Net debt of € 19.8 MM at year end 08 vs. € 23.3 MM at year end Q3. ● Cash and equivalents at the end of Q4 08 amount to € 16.8 MM, after 13 MM $ loan reimbursed d
Slide 9: FY 2008E Results: income statement
FY 2008E Results: income statement millions € FY 2008E FY 2007 Δ Net Revenues 244.6 202.3 +20.9% Gross profit 160.8 129.3 +24.3% Margin 65.7% 63.9% G&A (27.1) (24.7) R&D (13.8) (11.2) S&M (47.6) (43.7) Total Operating Expenses (88.5) (79.5) % on sales (36.2%) (39.3%) Other operating Income/(Expenses
Slide 10: Forthcoming events
Forthcoming events March 19th Board of Directors : 2008 Results approval March 24 – 25 STAR Conference Milan Conf call Q408 Feb. 13 2009