Diasorin S.p.a. · MIL:DIA
Diasorin — Q1 2016 Earnings Presentation
20 slides from Diasorin's earnings presentation, May 9, 2016
Slide 1: Q1 2016 Results
DIASORIN SPA Q1 2016 Results May 9, 2016
Slide 2: Disclaimer
Disclaimer These statements are related, among others, to the intent, belief or current expectations of the customer base, estimates regarding future growth in the different business lines and the global business, market share, financial results and other aspects of the activities and situation rela
Slide 3: Overview
Overview Highlights Q1 2016 Main Topics Revenues • Breakdown by Technology • Breakdown by Geography Installed Base Expansion Profitability Profile Business Development Q1 2016 Financials FY 2016 Company Guidance Q1 2016 Results 3
Slide 4: Highlights
Highlights
Slide 5: Q1 2016 Main Topics
Q1 2016 Main Topics CHANGE YOY CHANGE YOY REVENUES: €/mln 124.5 +5.8% LIAISON & LIAISON XL PLACEMENTS: +88 @ CER +6.7% LIAISON XL +132 Ongoing worldwide success of LIAISON XL CLIA ex Vit D 25 OH: +15.6% @ CER +17.1% 2016 NEW GUIDANCE Vit D 25 OH: +2.6% Management confirms the guidance for 2016 reven
Slide 6: Revenues
Revenues Q1’16 vs. Q1’15 Growth driven by all CLIA tests, in particular Infectious Diseases, Hepatitis, ToRCH, Stool Testing and Vitamin D 1,25. @ current +5.8% Revenues Growth in almost all geographies. Italy sales negatively affected by the recently introduced health care reform. @ CER +6.7% Forex
Slide 7: Revenues: Breakdown by Technology
Revenues: Breakdown by Technology Q1’16 Q1’16 vs. vs. Q1’15 Q1’15 @ current +15.6% @ current -6.1% CLIA ex Vitamin D Instruments & 25 OH tests Consumables @ CER +17.1% @ CER -4.6% CLIA @ current +2.6% Vitamin D 25 OH test (CLIA) @ CER +1.7% @ current -9.4% @ current -2.1% ELISA + RIA tests Molecular
Slide 8: Revenues: Breakdown by Geography
Revenues: Breakdown by Geography EUROPE & AFRICA 60.6 €/MLN NORTH AMERICA 48.7% of sales 32.2 €/MLN +4.3% 25.8% of sales +7.0% GERMANY FRANCE +6.4% +3.5% USA +7.3% ITALY CHINA -4.4% +74.1% ASIA PACIFIC MEXICO 23.6 €/MLN +3.7% BRAZIL 19.0% of sales -6.3% +17.7% LATIN AMERICA 8.1 €/MLN 6.5% of sales -
Slide 9: Revenues: Breakdown by Geography
Revenues: Breakdown by Geography Q1’16 Q4’15 Q1’16 vs. vs. Q1’15 Q4’14 Q1’15 Continuous growth on all CLIA tests. EUROPE & +4.3% Germany +6.4% Good performance of Stool testing, Infectious AFRICA Diseases, ToRCH and Vitamin D 1,25. Decrease in CLIA tests mainly due to lower Italy -4.4% volumes (heal
Slide 10: Revenues: Breakdown by Geography
Revenues: Breakdown by Geography Q1’16 Q4’15 Q1’16 vs. vs. Q1’15 Q4’14 Q1’15 ASIA Growth vs. Q1’15 boosted by strong CLIA +17.7% China +74.1% PACIFIC sales, good performance of Murex, and Q1’15 seasonality. Distributors -16.6% Trend driven by the seasonal nature of sales that recorded the best resul
Slide 11: Installed Base Expansion
Installed Base Expansion TOTAL UNITS AT TOTAL UNITS AT NET PLACEMENTS MARCH 31, DECEMBER 31, IN Q1 2016 2015 2016 4,044 -44 4,000 2,292 +132 2,424 TOTAL 6,336 +88 6,424 Q1 2016 Results 11
Slide 12: Profitability profile
Profitability profile Q1’15 Q1’16 EBITDA 36.6% 37.9% +130 bps margin Raise in marginality compared to Q1’15 mainly driven by: Increase in Gross Profit Lower incidence of operating expenses Q1 2016 Results 12
Slide 13: Business Development
Business Development
Slide 14: Business Development: Focus Diagnostics Acquisition
Business Development FOCUS DIAGNOSTICS ACQUISITION Rationale Compete in the Molecular Diagnostics segment with a set of specialty products; Strengthen US market presence in the years to come with the aim of making the US 50% of the total Company turnover in the near future; Penetration to a qualifie
Slide 15: Q1 2016 Financial Data
Q1 2016 Financial Data
Slide 16: Income Statement
Income Statement Q1 Change Data in € million 2015 2016 amount % Net revenues 117.6 124.5 +6.9 +5.8% Gross profit 79.1 85.8 +6.7 +8.5% Gross Margin 67.2% 68.9% +170 bps S&M (23.9) (24.3) -0.4 +1.6% R&D (6.0) (7.2) -1.1 +18.8% G&A (13.2) (13.6) -0.5 +3.5% Total operating expenses (43.1) (45.1) -2.0 +4
Slide 17: Balance Sheet
Balance Sheet Data in € million 12/31/2015 03/31/2016 Change Total intangible assets 117.9 114.9 -3.0 Total tangible assets 74.5 71.9 -2.6 Other non-current assets 21.2 21.6 +0.4 Net Working Capital 144.0 142.6 -1.4 Other non-current liabilities (38.3) (38.9) -0.6 Net Capital Employed 319.2 312.2 -7
Slide 18: Cash Flow Statement
Cash Flow Statement Q1 Data in € million Change 2015 2016 Cash and cash equivalents at the beginning of the period 144.9 212.2 +67.3 Operating activities 34.3 33.8 -0.4 Investing activities (7.8) (5.8) +2.0 Financing activities 24.7 (5.2) -29.8 Net change in cash and cash equivalents before investme
Slide 19: FY 2016 Company Guidance
FY 2016 Company Guidance
Slide 20: FY 2016 Company Guidance
FY 2016 Company Guidance New FY 2016 Company Guidance: Revenues Growth between +5% and +6% at CER vs. FY’15 Revenues Growth equal to ca. +8% at CER vs. FY’15 EBITDA EBITDA (previous guidance: growth between +6% and +7% at CER) Q1 2016 Results 20