Diasorin S.p.a. · MIL:DIA
Diasorin — Non-Deal Roadshow (May 2018)
47 slides from Diasorin's roadshow presentation, May 2018
Slide 1: Roadshow Presentation
DiaSorin Ro a d S h Ow meee Presentation
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: We operate in two IVD segments
We operate in two IVD segments Immunodiagnostics: ~ 18% of IVD market Molecular Diagnostics: ~ 12% of IVD market 3% 3% DRUG MONITORING 6% INHERITED DISEASES 26% ALLERGY 5% ONCOLOGY TRANSPLANT 7% & ENDOCRINOLOGY AUTOIMMUNITY 9% 7% CANCER BONE & MINERAL 57% INFECTIOUS 18% DISEASES HEPATITIS & 11% RETR
Slide 4: Where we are
Where we are 4 Roadshow Presentation - May 2018
Slide 5: Revenues and EBITDA
Revenues and EBITDA 775 637 569 499 434 435 444 300 238 217 185 170 163 160 Data in €/mln 2012 2013 2014 2015 2016 2017 2019* Revenues EBITDA * 2019 Company Guidance 5 Roadshow Presentation - May 2018
Slide 6: Immunodiagnostics
Immunodiagnostics Roadshow Presentation - May 2018
Slide 7: Immunoassay innovation: 1970-2016
Immunoassay innovation: 1970-2016 (~ 200 ASSAYS) Y Area of O LOG HN MENU opportunity TEC NAL SIG A CLI FULL CONNECTIVITY SA FULLY AUTOMATED ELI SYSTEMS (Immuno+Clinical Chemistry) FIRST AUTOMATED SYSTEMS BENCH-TOP RIA SOLUTIONS RIA AUTOMATION 7 Roadshow Presentation - May 2018
Slide 8: LIAISON family platforms
LIAISON family platforms Each test has 100 samples Same raw material its specific cartridge for each cartridge for routine and specialty tests Calibrators Diluent Magnetic particles New in 2019 LAS 8 Roadshow Presentation - May 2018
Slide 9: Installed base evolution
Installed base evolution 7,398 6,862 LAS 6,336 5,872 5,272 4,740 4,206 605 1,075 1,665 2,863 128 2,292 3,518 3,641 +128 +477 +470 +590 +627 +571 +655 2,959 +682 +437 +57 +62 +10 -163 -45 -119 3,641 4,078 4,135 4,197 4,207 4,044 3,999 3,880 2009 2010 2011 2012 2013 2014 2015 2016 2017 9 Roadshow Pres
Slide 10: Menu positioning: tests - the broadest CLIA menu
Menu positioning: 118 tests - the broadest CLIA menu ONCOLOGY ß2-Microglobulin GROWTH REPRODUCTIVE INFECTIOUS DISEASE Toxo IgG Avidity Measles IgM HBc IgM TUMOUR MARKERS TK hGH ENDOCRINOLOGY EBV Rubella IgG Mumps IgG HBeAg CEA Calcitonin IGF-I LH EBV IgM Rubella IgM Mumps IgM Anti-HBe Free PSA FSH V
Slide 11: Menu positioning: tests - the broadest CLIA menu
Menu positioning: 118 tests - the broadest CLIA menu ONCOLOGY ß2-Microglobulin GROWTH REPRODUCTIVE ENDO- INFECTIOUS DISEASE Toxo IgG Avidity Measles IgM HBc IgM TUMOUR MARKERS TK hGH CRINOLOGY EBV Rubella IgG Mumps IgG HBeAg CEA Calcitonin IGF-I LH EBV IgM Rubella IgM Mumps IgM Anti-HBe Free PSA FSH
Slide 12: Where we plan to invest R&D money
Where we plan to invest R&D money 6 2 2017: DiaSorin products available 2018-2019: DiaSorin new tests # tests of the main competitor within the area 2 62 42 46 29 28 2 2 2 Investigational Markers Differentiating specialties High volume specialties Me too tests 12 Roadshow Presentation - May 2018
Slide 13: DiaSorin «First»: Fully Automated CLIA assays
DiaSorin «First» : Fully Automated CLIA assays > 45 times «First» in the last 10 years ZIKA IGM STOOL DX ASSAYS (8) PARVOVIRUS (2) 1,25 VITAMIN D MUMPS IGM BORDETELLA MEASLES IGM TORCH (11) ALDOSTERON HSV 1 IGG MYCOPLASMA (2) ALDOSTERON FGF 23 DIRECT RENIN HSV 2 IGG DIRECT RENIN BORRELLIA PARVOVIRUS
Slide 14: Development of Differentiating Specialty Tests
Development of Differentiating Specialty Tests Internal Development e.g. ZIKA Test R&D Pipeline Leverage on LIAISON Content & Technology Development of differentiating specialty tests Products creating complementary opportunities that should generate €/mln 25-50 each Access to partner’s specialties
Slide 15: LIAISON XS: the opportunity
LIAISON XS: the opportunity PPM Moderate to High 27,467 complexity POLs COMPLIANCE These POLs use Instruments 11,721 normally found in Hospitals and WAIVER Private Labs 75,964 ACCREDITATION 5,767 PUBLIC TOWNSHIP HOSPITAL 37,763 PUBLIC COMMUNITY Professional Medical Service MEDICAL Institution SERVIC
Slide 16: Molecular Diagnostics
Molecular Diagnostics Roadshow Presentation - May 2018
Slide 17: Technologies in the Molecular Diagnostic Market
Technologies in the Molecular Diagnostic Market MENU ON Area of TECTI N / DE opportunity ATI O PL IFIC AM s ray - Ar ncing que - Se ltiplex Mu ex Singl PCR Area of AUTOMATION opportunity 17 Roadshow Presentation - May 2018
Slide 18: Platforms in the Molecular Diagnostic Market
Platforms in the Molecular Diagnostic Market Point of Care systems Benchtop systems High throughput systems CLIA Limited menu Single Multiplex Total Lab Limited menu waived (e.g. FLU) target Automation (HCV, HIV, HBV, HPV, CT/NG) Direct Amplification Multiplex Disc Universal Disc (UD) Disc (DAD) New
Slide 19: Our technology: Liaison MDX
Our technology: Liaison MDX Technology Compact. Powerful. Expandable. Unique technology developed by 3M, with no extraction required Versatile Same platform, multiple discs Direct Amplification Disc Universal Disc (DAD) (UD) 8 reaction well 96 reaction well PCR Based Low to Mid Volume High Volume AS
Slide 20: DiaSorin menu positioning
DiaSorin menu positioning 12 58 Lab Developed Tests (LDT) ASRs Real-time PCR assays for quantitative, Analyte Specific Reagents qualitative and multi-analyte detection (ASRs for US market only) Infectious Disease Transplant Inherited Diseases Respiratory HAI/ Gastro Women’s Monitoring Coagulation He
Slide 21: Molecular kits and ASRs
Molecular kits and ASRs Kits Produced by manufacturer rigorously tested Kits for safety and efficacy in clinical trials for “approval or clearance” Level of complexity given to approved test ASRs Highly complex to Clia Waived Kits ASRs Sold as separate components instead of a kit, building blocks or
Slide 22: Molecular Kits Pipeline Strategy
Molecular Kits Pipeline Strategy Avg. # 2 new Kits / Year Kits Vector CONGENITAL Borne CMV MENINGITIS Level of Differentiation ATYPICAL PNEUMONIA RESISTANCE ASSAYS BORDETELLA M. GENITALIUM HSV - MC/C VZV ENTERIC PANELS VAGINOSIS GROUP B STREP Competitive Intensity Investigational Markers Differentia
Slide 23: ASRs Pipeline Strategy
ASRs Pipeline Strategy Avg. # 4 new ASRs / Year Reagents ASRs 2017 - 2019 2019 - beyond Infectious Disease Immuno- compromised Vector-Borne Resistance Genetics Gastro- Respiratory intestinal infections Differentiating specialties 23 Roadshow Presentation - May 2018
Slide 24: Europe: Options in High Throughput testing
Europe: Options in High Throughput testing Viral Load Monitoring Women’s Health Post Transplantation CMV/EBV/BKV HIV CT/NG/TV HSV/VZV Hepatitis B Virus HPV HHV6/HHV8/Adeno Hepatitis C Virus Parvo/JCV Big Players No Clear Leader Established Players Established Systems Big Players Absent Competitive A
Slide 25: Europe Molecular Post Transplant
Europe Molecular Post Transplant Strategy Instrument for 11 transplant assays extraction/PCR set up CMV HSV 1 HHV8 EBV HSV 2 ADENOVIRUS BKV VZV PARVOVIRUS LIAISON MDX for Amplification HHV6 JCV Provide complete transplant menu 25 Roadshow Presentation - May 2018
Slide 26: Europe: IMMUNO - MDX Synergy
Europe: IMMUNO - MDX Synergy Expand cross selling opportunity IMMUNO-MDX with most complete panel Market size estimates: Post Transplantation ~100 €/mln Panel Immuno ID Assays MDX PANEL CMV VZV CMV ADENOVIRUS EBV TOXO EBV PARVOVIRUS HSV 1 PARVOVIRUS HSV 1 HHV6 HSV 2 HSV 2 HHV8 VZV JCV BKV Existing D
Slide 27: Mid-term objectives
Mid-term objectives Roadshow Presentation - May 2018
Slide 28: 2019 targets
2019 targets 2019 Company Guidance Solid growth of the Immunoassay franchise with addition of 1 innovative and differentiating new products Revenues ~ 775 €/mln Launch of Liaison XS allows penetration of the small labs/ 2 POLs segment CAGR 16-19: ~ +11% QIAGEN partnership demonstrates that DiaSorin
Slide 29: Business Development, partnerships and M&A
Business Development, partnerships and M&A 2008-2009 2010 2011-2012 2013-2014 2015-2016 2017 LIAISON XS CLIA menu LIAISON IAM LIAISON XL LIAISON MDX project Technological expansion LIAISON IXT (launch in 2019) evolution Portugal Austria Czech Republic Canada Australia India Switzerland Poland Geogra
Slide 30: Q1 2018 Results
Q1 2018 Results Roadshow Presentation - May 2018
Slide 31: Q1'18 main topics
Q1’18 main topics Q1’18 Q1’18 @ March 31, 2018 L IAISON & L IAISON XL P LACEMENTS €/mln 164.5 (*) R EVENUES L IAISON XL +116 3,634 +4.4% +11.2% (**) CLIA ex Vit D 25 OH +9.1% +13.8% (**) L IAISON -13 3,867 Vit D 25 OH -11.5% -2.6% (**) TOTAL +103 7,501 ELISA tests +18.2% +24.4% (**) Molecular tests
Slide 32: Q1'18 Revenues
Q1’18 Revenues Q1’18 FY’17 vs. Q1’17 Growth driven by • all CLIA tests, net of Vitamin D 25 OH, with particular evidence on: • Infectious Diseases @ current +4.4% • Hepatitis • Torch • Gastro-Intestinal Testing Revenues • Vitamin D 1,25 • molecular tests, with a strong flu season • positive contribu
Slide 33: Q1'18 Revenues: breakdown by technology
Q1’18 Revenues: breakdown by technology Q1’18 vs. Q1’17 @ current +9.1% CLIA ex Vitamin D 25 OH tests @ CER +13.8% CLIA @ current -11.5% Vitamin D 25 OH test (CLIA) @ CER -2.6% @ current +18.2% ELISA tests(*) @ CER +24.4% @ current +4.8% Molecular Diagnostic tests @ CER 19.1% Instruments & @ current
Slide 34: Q1'18 Revenues: breakdown by geography
Q1’18 Revenues*: breakdown by geography Q1’18 Q1’18 vs. vs. Q1’17 Q1’17 EUROPE & AFRICA +16.4% ASIA PACIFIC +15.8% Germany +23.5% China +0.9% Growth mainly driven by Gastro-Intestinal testing, Vitamin D 1,25 Growth in CLIA tests (+17.8%) driven by Hepatitis, Prenatal diseases and Siemens’ ELISA busi
Slide 35: Q1'18 Revenues Breakdown
Q1’18 Revenues Breakdown BY GEOGRAPHY BY TECHNOLOGY Q1’17 Q1’17 Instruments, consumables & others: North America: 11.2% Molecular tests: 33.7% Europe and Africa: 11.6% 42.4% ELISA tests: 11.8% CLIA tests: 65.4% Asia Pacific: 16.6% Central and South America: 7.3% Instruments, consumables & others: Q1’
Slide 36: Installed base expansion
Installed base expansion 7,305 7,398 7,501 7,035 7,197 6,862 3,233 +149 3,382 +136 3,518 +116 3,634 2,863 +185 3,048 +185 LAS -23 -41 -43 -13 3,999 -12 3,987 3,964 3,923 3,880 3,867 2016 Q1'17 H1'17 9M'17 2017 Q1'18 36 Roadshow Presentation - May 2018
Slide 37: Q1'18 EBITDA
Q1’18 EBITDA* Q1’17 Q1’18 Change % Q1’18 @ CER Change % @ CER EBITDA ( €/mln) 62.5 63.3 +1.3% 68.3 +9.3% EBITDA 39.7% 38.5% -120 bps 39.0% -70 bps margin Variance versus Q1’17 mainly driven by: • higher sales as a consequence of: • growth of immunodiagnostic products, mainly driven by CLIA ex Vitami
Slide 38: Business Development
Business Development Roadshow Presentation - May 2018
Slide 39: Business and product development
Business and product development PORTFOLIO NEW PRODUCT PARTNERSHIPS NEW PLATFORMS DEVELOPMENT ACQUISITION CO-DEVELOPMENT in China in the US Increase Increase Launch Hepatitis & Market share: New market Access to new mkt Extraction for Rationale segment: penetration penetration Retroviruses conversio
Slide 40: FY 2018 Company Guidance
FY 2018 Company Guidance Roadshow Presentation - May 2018
Slide 41: FY 2018 Company Guidance
FY 2018 Company Guidance Revenues Growth equal to around +11% @ CER compared with 2017 (*) EBITDA Growth equal to around +13% @ CER compared with 2017 (*) (*) 2017 €/US$ exchange rate: 1.13 41 Roadshow Presentation - May 2018
Slide 42: 2017-2019 guidance
2017-2019 guidance 2017-2019 STRATEGIC GOALS ACTUAL RESULTS G UIDANCE DATA IN €/MLN DATA IN €/MLN 2016 2017 2018 2019 Solid growth of Immunoassay franchise with addition of 1 innovative and differentiatingnew products R EVENUES 637.5 ~ +11% @ CER 3-years plan Launch of LIAISON XS allows penetration
Slide 43: Annexes
Annexes Roadshow Presentation - May 2018
Slide 44: Q1'18 results: Income Statement
Q1’18 results: Income Statement Q1 Change Data in € million 2017 2018 amount % Net revenues 157.5 164.5 +7.0 +4.4% Gross profit 107.9 111.2 +3.3 +3.0% Gross Margin 68.5% 67.6% -93 bps S&M (29.8) (31.7) -1.9 +6.3% R&D (10.2) (11.7) -1.5 +14.7% G&A (16.0) (15.1) +0.9 -5.7% Total operating expenses (56.
Slide 45: Q1'18 results: Balance Sheet
Q1’18 results: Balance Sheet Data in € million 12/31/2017 3/31/2018 Change Goodwill and intangibles assets 347.1 344.6 -2.5 Property, plant and equipment 92.4 90.8 -1.6 Other non-current assets 23.8 24.5 +0.7 Net working capital 191.9 206.8 +14.9 Other non-current liabilities (62.5) (63.7) -1.2 Net
Slide 46: Q1'18 results: Cash Flow Statement
Q1’18 results: Cash Flow Statement Q1 Data in € million Change 2017 2018 Cash and cash equivalents at the beginning of the period 130.5 159.3 +28.9 Operating activities 51.2 37.6 -13.6 Investing activities (8.0) (10.0) -2.1 Financing activities (0.8) (3.5) -2.7 Acquisitions of companies and business
Slide 47: Roadshow Presentation - May 2018
47 Roadshow Presentation - May 2018