Biomerieux Sa · EURONEXT:BIM
Biomerieux Sa — H1 2022 Earnings Presentation
22 slides from Biomerieux Sa's earnings presentation, Aug 31, 2022
Slide 1: H1 2022 Results & Outlook
H1 2022 Results & Outlook August 31, 2022 PIONEERING DIAGNOSTICS
Slide 2: Disclaimer
DISCLAIMER • This presentation contains information, assumptions and estimates that were used by the Company to determine its objectives on a reasonable basis. They are subject to change or modification due to economic, financial, medical and competitive uncertainties in markets addressed by bioMéri
Slide 3: Agenda
AGENDA OVERVIEW of H1 2022 ACTIVITY REVIEW Photo Reveal H1 2022 FINANCIAL RESULTS CSR & OUTLOOK BIOMÉRIEUX
Slide 4: Key Highlights
KEY HIGHLIGHTS SALES Contributive EBIT* LEVERAGE €1 658m Stable €322m 0.2x at constant exchange rates and scope of consolidation 19.4% of sales Net Debt / Ebitda ✓ Solid commercial & financial performance ✓ Key growth drivers: BIOFIRE, Microbiology and Industrial Applications ✓ Strengthened commitme
Slide 5: BioFire: Continued Relevance of Syndromic Approach
BIOFIRE: CONTINUED RELEVANCE OF SYNDROMIC APPROACH Solid growth of all BioFire reagents in H1 • Strong growth of RP and non-RP reagents sales • High demand of Respiratory Panels all along the RP +15% semester NON-RP +13% • Non-RP panels: all regions growing double digit • Launch of the 6th panel “Jo
Slide 6: Expanding Leadership in Syndromic Testing
EXPANDING LEADERSHIP IN SYNDROMIC TESTING BIOFIRE ® SPOTFIRE ® INTRODUCING BUILD ON LARGER System SPOTFIRE® PLATFORM ADOPTION New modular system for Broadening the menu: molecular syndromic testing ➔ Joint Infection panel FDA addressing point of care approved settings Leveraging this broad menu and
Slide 7: Microbiology Growth at +5.2%
MICROBIOLOGY GROWTH AT +5.2% • Solid performance in first-half 2022 with mid-single digit growth BIOFIRE ® BCID 2 VITEK® MS prime • ID/AST reagents growing at a faster pace especially in Latam and Aspac • Positive growth in Blood culture despite lockdowns in China BACT/ALERT ® VITEK® 2 VIRTUO ® • VI
Slide 8: Continue Our Strategic Focus on AMS / AMR
CONTINUE OUR STRATEGIC FOCUS ON AMS / AMR SPECIFIC REVEAL™ • Acquisition of Specific Diagnostics RAPID-AST • Addressing a major unmet need in Rapid AST => Actionable results on Positive Blood culture GN in an average of 5.5 hours • Thru an innovative solution: => Granted “Breakthrough Device Designa
Slide 9: Immunoassays: Challenging First Half
IMMUNOASSAYS: CHALLENGING FIRST HALF • Unfavorable basis of comparison with last year high demand on assays used to monitor COVID-19 patients • Temporary additional challenge from the lockdowns in China • Continued competitive pressure in the US on PCT • Routine parameters growing in Q2 outside of C
Slide 10: Industry: Growth Fueled by Both Segments
INDUSTRY: GROWTH FUELED BY BOTH SEGMENTS • First semester growth is fueled by both Food and Healthcare segments, especially reagents sales • In Healthcare, growth within all ranges, in particular within environmental monitoring solutions • In Food, molecular solutions keep on driving the positive tr
Slide 11: Agenda
AGENDA H1 2022 ACTIVITY REVIEW H1 2022 FINANCIAL RESULTS CSR & OUTLOOK BIOMÉRIEUX BIOMÉRIEUX
Slide 12: H1 2022 Sales by Range
H1 2022 SALES BY RANGE 2% MOLECULAR +8% INDUSTRY +5% 38% • Robust performance of Syndromic solutions (+11%) • Both Food and Healthcare segments have been fueling this 16% • Remarkable performance in the US solid growth GROUP • Non-Respiratory panels growing €1,658m double digit 0.0% 12% MICROBIOLO
Slide 13: H1 2022 Sales by Geography
H1 2022 SALES BY GEOGRAPHY EMEA -2% AMERICAS +4% 32% of sales 50% of sales Europe: North America: • Strong growth of Non-RP • Strong demand on both RP syndromic panels, and non RP panels Microbiology & Industry • COVID-19 related Latin America: parameters base effect in IA • Very robust growth in Me
Slide 14: New P&L Presentation
NEW P&L PRESENTATION: ALL AMORTIZATION/DEPR LINKED TO ACQUISITIONS WITHIN THE SAME P&L LINE In €m H1 2021 H1 2021 Adj. Published New Net sales 1,574 1,574 COS - 659 5 - 654 Gross profit 915 5 920 • Following acquisition of Specific Dx, decision to regroup amortization OPEX - 561 1 - 560 of all acqui
Slide 15: H1 2022 P&L
H1 2022 P&L In €m H1 % H1 % % % sales sales Change Change LFL(1) 2022 2021 Net sales 1,658 1,574 + 5.3% + 0.0% Gross profit 938 56,6% 920 58.5% +1.9% - 3.1% SG&A - 440 - 26.6% - 379 -24.1% + 16.3% + 11.1% R&D - 207 - 12.5% - 181 -11.5% + 14.5% + 8.0% Contributive Operating Income (2) 322 19.4% 381 2
Slide 16: H1 2022 P&L: Contributive Operating Income to EPS
H1 2022 P&L: CONTRIBUTIVE OPERATING INCOME TO EPS In €m H1 % H1 % % change sales sales as reported 2022 2021 CEBIT 322 19.4% 381 24.2% - 15.5% Including amortization Amortization of acquired Intangible for BIOFIRE ® + Hist. - 25 - 15 acquisitions + Spec Dx assets & related expenses acquisition Ope
Slide 17: Cash Flow Statement
FY 2021 CASH FLOW STATEMENT In €m H1 2022 H1 2021 EBITDA (1) 413 471 • EBITDA reaching 25% of sales Working capital requirement - 106 - 86 • Working capital requirement: Income tax paid & financial charges - 148 - 102 • Inventory rebuild Other cash flow from operations 9 6 • Receivables and payables
Slide 18: Exposure & Sensitivity to Foreign Currencies
EXPOSURE & SENSITIVITY TO FOREIGN CURRENCIES FX exposure Estimated impact of +/- 5% FX on revenues variation vs EUR on contributive Others € 8m 24% (2021 basis) operating income (1) KRW € 2m 5% USD & related(2) 46% +/- € 4m CNY Chinese Yuan 7% +/- € 9m CAD € 2m 5% € 9m 26% Japanese Yen 3% +/- € 2m J
Slide 19: Agenda
AGENDA H1 2022 ACTIVITY REVIEW H1 2022 FINANCIAL RESULTS CSR & OUTLOOK BIOMÉRIEUX BIOMÉRIEUX
Slide 20: Follow-up of Our CSR Indicators (End of June)
FOLLOW-UP OF OUR CSR INDICATORS (END OF JUNE) HEALTH PLANET HEALTHCARE EMPLOYEES EXTENDED ECOSYSTEM COMPANY +30% -50% Collaboration projects in 2025 with patient associations Lost Day Incident Rate ≥1% patient results1 GHG absolute emissions in ÷2 to 0.6 in 2025 of net income Group share supporting
Slide 21: 2022 Outlook: Slightly Adjusted Upward
2022 OUTLOOK : SLIGHTLY ADJUSTED UPWARD GUIDANCE TRENDS • Microbiology Mid-single digit • SALES 3.3 to 3.45 Bn€ • Immunoassays Non-RP panels Negative mid-teens Double digit (6%) – (3%) organic • Industry Mid to high-single digit • RP panels Covid-related decrease • Guidance stated on new cEBIT defin
Slide 22: Pioneering Diagnostics
BIOMERIEUX PIONEERING DIAGNOSTICS