Diasorin S.p.a. · MIL:DIA
Diasorin — H1 2011 Earnings Presentation
12 slides from Diasorin's earnings presentation, Aug 3, 2011
Slide 1: Q2 & H1 11 results Conference Call
Q2 & H1 11 results Conference Call August 3rd
Slide 2: Q2 and H1 11 results highlights
Q2 and H1 11 results highlights ● Revenues growth in line with guidelines despite negative FX impact during Q2 11: +15.1% Q2 11 vs Q2 10 (+20.2% at constant exchange rates) +21.3% H1 11 vs H1 10 (+23.3% at constant exchange rates) ● Double digit growth in Latin America as well as China ● Steady enla
Slide 3: H1 11 highlights
H1 11 highlights ● Key events occurred in the first half 2011: DiaSorin received clearance from the FDA for the commercialization in the US of the LIAISON XL. The system will be available in the US by the end of the second quarter 2011. DiaSorin signed a long-term worldwide incentive agreement w
Slide 4: Q2 11 Results: income statement
Q2 11 Results: income statement millions € Q2 11 Q210 D Net Revenues 115.7 100.5 +15.1% Gross profit 84.4 72.6 +16.3% Margin 73.0% 72.2% G&A (11.3) (9.2) R&D (5.5) (4.6) S&M (20.9) (17.6) Total Operating Expenses (37.7) (31.4) % on sales (32.6%) (31.2%) Other operating Income/(Expenses) (1.8) (1.8)
Slide 5: H1 11 Results: income statement
H1 11 Results: income statement millions € H1 11 H1 10 D Net Revenues 227.1 187.2 +21.3% Gross profit 164.3 134.6 +22.0% Margin 72.3% 71.9% G&A (22.0) (18.2) R&D (10.7) (8.7) S&M (39.4) (33.0) Total Operating Expenses (72.1) (59.9) % on sales (31.7%) (32.0%) Other operating Income/(Expenses) (3.8) (
Slide 6: Revenues breakdown H1: by technology (ex Murex)
Revenues breakdown H1: by technology (ex Murex) CLIA sales still represent revenues growth driver +19.8% H1 11 vs. H1 10 : • Bone & Mineral, Infectious Diseases and ToRCH sales boost • Installed base enlargement : +271 new instruments placed in H1 11 Revenues mix by technology improved towards CLIA
Slide 7: Revenues breakdown: by geography (ex Murex)
Revenues breakdown: by geography (ex Murex) Q2 H1 millions € 2011 2010 Δ% 2011 2010 Δ% Europe/ Africa 49.0 45.9 6.6% 98.0 89.0 10.1% Latin America 8.7 6.7 29.9% 17.5 12.1 44.9% Asia/Pacific 11.5 7.6 51.6% 21.1 14.0 50.5% North America 36.9 39.2 -5.9% 72.6 71.1 2.2% Total 106.1 99.5 6.7% 209.2 186.1
Slide 8: Continuous improvement in profitability
Continuous improvement in profitability Profitability improvement despite negative FX impact on sales Gross Margins +22.0% H1 11 vs. H1 10 from 71.9% to 72.3% of tot sales EBITDA +26.2% H1 11 vs. H1 10 from 42.9% to 44.7% of tot sales EBIT +24.6% H1 11 vs. H1 10 from 37.9% to 38.9% of tot sales Than
Slide 9: H1 results: balance sheet & cash flow
H1 results: balance sheet & cash flow millions € 30/06/11 31/12/2010 Total tangible asset 57.3 57.6 Total intangible asset 122.7 126.9 Other non-current asset 21.2 20.2 Net Working Capital 125.0 106.4 Other non-current liabilities (30.6) (28.2) Net Capital Employed 295.6 282.9 Net Financial position
Slide 10: Solid financial structure
Solid financial structure ● Operating cash flow € 49.5 MM in H1 11 (bef. Capex of 11.9 MM) vs. € 40.4 MM in H1 10 (bef. Capex of 12.5 MM) ● Decrease in cash and cash equivalents of €16.9 MM after: €25.1 MM cash absorption for the share buyback plan €3.2 MM payment related to Australia distributi
Slide 11: FY 2011 Guidance
FY 2011 Guidance Revenues in the range of € 465 – 475 MM (>+15%) LIAISON + LIAISON XL placements in the full year expected of more then 600 units Ebitda > € 200 MM H1 11 Conf. call Aug. 3 2011 10
Slide 12: DiaSorin Investor Day: SAVE THE DATE
DiaSorin Investor Day: SAVE THE DATE H1 11 Conf. call Aug. 3 2011 11