2018 roadshow presentation...of legislative decree february 24, 1998, no. 58, declares that, to the...
TRANSCRIPT
Roadshow Presentation - September 20182
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 relating to the Company.
Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ materially from those expressed in or implied by these forward-looking statements as a result of various factors, many of which are beyond the ability of DiaSorin S.p.A. to control or estimate precisely.The Company does not undertake to update or otherwise revise any forecasts or objectives presented herein, except in compliance with the disclosure obligations applicable to companies whose shares are listed on a stock exchange.
Piergiorgio Pedron, the Officer Responsible for the preparation of corporate financial reports of DiaSorin S.p.A., in accordance with the second subsection of art. 154-bis, part IV, title III, second paragraph, section V-bis, of Legislative Decree February 24, 1998, no. 58, declares that, to the best of his knowledge, the financial information included in the present document corresponds to book of accounts and book-keeping entries of the Company.
Disclaimer
Roadshow Presentation - September 20183
We operate in two IVD segments
26%ONCOLOGY & ENDOCRINOLOGY
3%DRUG MONITORING 6%
ALLERGY
7%AUTOIMMUNITY
7%BONE & MINERAL
15%CARDIAC MARKERS
5%GI STOOL TESTING
13%INFECTIOUS DISEASES
18%HEPATITIS & RETROVIRUS
57%INFECTIOUS DISEASES
3%INHERITED DISEASES
5%TRANSPLANT
9%CANCER
11%HISTOLOGY
15%BLOOD SCREENING
Immunodiagnostics: ~ 18% of IVD market Molecular Diagnostics: ~ 12% of IVD market
Roadshow Presentation - September 20185
Revenues and EBITDA
434 435 444
499
569
637
775
170 163 160 185
217 238
300
2012 2013 2014 2015 2016 2017 2019*
Revenues EBITDA * 2019 Company Guidance
Data in €/mln
Roadshow Presentation - September 20187
Area ofopportunity
ME
NU
AUTOMATION
SIGNAL TECHNOLOGY
RIA
ELISA
RIA
BENCH-TOPSOLUTIONS
(~ 200 ASSAYS)
FIRST AUTOMATEDSYSTEMS
FULLY AUTOMATEDSYSTEMS
FULL CONNECTIVITY(Immuno+Clinical Chemistry)
CLIA
Immunoassay innovation: 1970-2016
Roadshow Presentation - September 20188
LIAISON family platforms
Magnetic particles
CalibratorsDiluent
Each test hasits specific cartridge
100 samples for each cartridge
Same raw materialfor routine and specialty tests
New in 2019
LAS
Roadshow Presentation - September 20189
Installed base evolution
LAS
2009 2010 2011 2012 2013 2014 2015 2016 2017
3,641 4,078 4,135 4,197 4,207 4,044 3,880
128 605 1,075 1,665
2,292 3,518
+682 +437 +57 +62 +10 -163
+128 +477 +470 +590 +627
2,959
3,641
4,206 4,740
5,272 5,872
6,336
7,398
3,999
2,863
6,862
+571
-45 -119
+655
Roadshow Presentation - September 201810
Men
u
ONCOLOGY
TUMOUR MARKERS
CEA
Free PSA
Total PSA
CA 15-3
CA 125 II
CA 19-9
TPA-M
NSE
S100
AFP
Tg
Tg Gen II(*)
hCG/ß-hCG
ß2-Microglobulin
TK
Calcitonin
ENDOCRINOLOGY
THYROID
TSH (3rd Gen.)
Free T3
Free T4
T3
T4
Tg
Tg Gen II(*)
Anti-Tg
Anti-TPO
GROWTHhGHIGF-I
ADRENAL FUNCTIONACTHCortisolDHEA-S
ANAEMIAFerritinFolate(*)Vitamin B12(*)
DIABETESC-PeptideInsulin
REPRODUCTIVE
ENDOCRINOLOGY
LH
FSH
Prolactin
Progesterone
Testosterone
Estradiol
hCG/ß-hCG
Androstenedione
SHBG
BONE & MINERAL
25-OH Vitamin D TOTAL
N-TACT PTH II
Menu positioning: 118 tests - the broadest CLIA menu
Men
u
INFECTIOUS DISEASE
EBV
EBV IgM
VCA IgG
EBNA IgG
EA IgG
H.PYLORI
H. Pylori IgG
TREPONEMA
Treponema Screen
SEPSIS
BRAHMS PCT II Gen
TORCH
Toxo IgG
Toxo IgM
Toxo IgG Avidity
Rubella IgG
Rubella IgM
CMV IgG
CMV IgM
CMV IgG Avidity
HSV-1/2 IgG
HSV-1 IgG
HSV-2 IgG
HSV-1/2 IgM
BORRELIA
Borrelia burgdorferi IgG
Borrelia burgdorferi IgM
MEASLES & MUMPS
Measles IgG
Measles IgM
Mumps IgG
Mumps IgM
VZV
VZV IgG
VZV IgM
VIRAL HEPATITIS
& RETROVIRUSES
HBsAg
HBsAg Quant
HBsAg Confirmatory test
Anti- HBs
Anti- HBs plus
Anti- HBc
HBc IgM
HBeAg
Anti-HBe
Anti-HAV
HAV IgM
HCV Ab
HIV Ab/Ag
HT HTLV I/II
CHAGAS
Chagas IgG
Men
u
STOOL DIAGNOSTICS
C. difficile GDH
C. difficile Toxin A and B
H. pylori SA
EHEC
Rotavirus
Adenovirus
Calprotectin
Campylobacter
INFECTIOUS DISEASE
Zika IgM
PARVOVIRUS
Parvovirus B19 IgG
Parvovirus B19 IgM
BORDETELLA
Bordetella pertussis
Toxin IgG
Bordetella pertussis
Toxin IgA
MYCOPLASMA
Mycoplasma pneumoniae
IgG
Mycoplasma pneumoniae
IgM
CHLAMYDIA
Chlamydia T. IgG
Chlamydia T. IgA
QuantiFERON
QuantiFERON TB Gold
Plus (*)
CHRONIC KIDNEY
DISEASE
1-84 PTH
Osteocalcin
BAP OSTASE
1,25 dihydroxy Vitamin D
ENDOCRINOLOGY
HYPERTENSION
Direct Renin
Aldosterone
VIRAL HEPATITIS
& RETROVIRUSES
Anti-HDV
Men
u
CHRONIC KIDNEY DISEASES
FGF-23
Ratio (Vitamin D 1,25-PTH 1,84)
Sclerostin (*)
* Under development
Roadshow Presentation - September 201811
Menu positioning: 118 tests - the broadest CLIA menuM
enu
ONCOLOGY
TUMOUR MARKERS
CEA
Free PSA
Total PSA
CA 15-3
CA 125 II
CA 19-9
TPA-M
NSE
S100
AFP
Tg
Tg Gen II
hCG/ß-hCG
ß2-Microglobulin
TK
Calcitonin
ENDOCRINOLOGY
THYROID
TSH (3rd Gen.)
Free T3
Free T4
T3
T4
Tg
Tg Gen II
Anti-Tg
Anti-TPO
GROWTH
hGH
IGF-I
ADRENAL FUNCTION
ACTH
Cortisol
DHEA-S
ANAEMIA
Ferritin
DIABETES
C-Peptide
Insulin
REPRODUCTIVE ENDO-
CRINOLOGY
LH
FSH
Prolactin Progesterone
Testosterone
Estradiol
hCG/ß-hCG
Androstenedione
SHBG
BONE & MINERAL
25-OH Vitamin D TOTAL
N-TACT PTH II
Men
u
INFECTIOUS DISEASE
EBV
EBV IgM
VCA IgG
EBNA IgG
EA IgG
H.PYLORI
H. Pylori IgG
TREPONEMA
Treponema Screen
SEPSIS
BRAHMS PCT II Gen
TORCH
Toxo IgG
Toxo IgM
Toxo IgG Avidity
Rubella IgG
Rubella IgM
CMV IgG
CMV IgM
CMV IgG Avidity
HSV-1/2 IgG
HSV-1 IgG
HSV-2 IgG
HSV-1/2 IgM
BORRELIA
Borrelia burgdorferi IgG
Borrelia burgdorferi IgM
MEASLES & MUMPS
Measles IgG
Measles IgM
Mumps IgG
Mumps IgM
VZV
VZV IgG
VZV IgM
VIRAL HEPATITIS
& RETROVIRUSES
HBsAg
HBsAg Quant
HBsAg Confirmatory test
Anti- HBs II
Anti- HBs II plus
Anti- HBc
HBc IgM
HBeAg
Anti-HBe
Anti-HAV
HAV IgM
HCV Ab
HIV Ab/Ag
HT HTLV I/II
CHAGAS
Chagas IgG
Men
u
STOOL DIAGNOSTICS
C. difficile GDH
C. difficile Toxin A and B
H. pylori SA
EHEC
Rotavirus
Adenovirus
Calprotectin
Campylobacter
INFECTIOUS DISEASE
Zika IgM
PARVOVIRUS
Parvovirus B19 IgG
Parvovirus B19 IgM
BORDETELLA
Bordetella pertussis
Toxin IgG
Bordetella pertussis
Toxin IgA
MYCOPLASMA
Mycoplasma pneumoniae
IgG
Mycoplasma pneumoniae
IgM
CHLAMYDIA
Chlamydia T. IgG
Chlamydia T. IgA
CHRONIC KIDNEY
DISEASE
1-84 PTH
Osteocalcin
BAP OSTASE
1,25 dihydroxy Vitamin D
ENDOCRINOLOGY
HYPERTENSION
Direct Renin
Aldosterone
VIRAL HEPATITIS
& RETROVIRUSES
Anti-HDV
Men
u
CHRONIC KIDNEY DISEASES
FGF-23
Ratio (Vitamin D 1,25-PTH 1,84)
Sclerostin (*)
Vitamin K (*)
* Under development
Me too tests
#46
Differentiating specialties
#28Investigational markers
#2
High volume specialties
#42
Roadshow Presentation - September 201812
Where we plan to invest R&D money
Differentiating specialties Me too testsHigh volume specialtiesInvestigational Markers
2
29
62
28
42 46
2
6 2
2017: DiaSorin products available
2018-2019: DiaSorin new tests
# tests of the main competitorwithin the area
22
Roadshow Presentation - September 201813
1998 2006
VITAMIN D
EBV PANEL (4)
DIRECT RENIN
BORRELLIA
HSV 1 IGG
TORCH (11)
PARVOVIRUS (2)
PARVOVIRUS (2)
BORDETELLA
ZIKA IGM
FGF 23
MUMPS IGM
1,25 VITAMIN D
STOOL DX ASSAYS (8)
ALDOSTERON
DIRECT RENIN
CHLAMIDIA T. (2)
MEASLES IGM
ALDOSTERON
MYCOPLASMA (2)
HSV 2 IGG
VZV IGG
TREPONEMA
2007 20082010
20112012
20132014
2015
2016
2017
DiaSorin «First» : Fully Automated CLIA assays
> 45 times «First»in the last 10 years
Roadshow Presentation - September 201814
Development of Differentiating Specialty Tests
R&D Pipeline
Internal Development
Leverage on LIAISONContent & Technology
Products creating complementary opportunities that
should generate €/mln 25-50 each
Development ofdifferentiatingspecialty tests
Access to partner’s specialties
e.g.ZIKA Test
B·R·A·H·M·S
Differentiating specialties
New from 2019
Roadshow Presentation - September 201815
LIAISON XS: the opportunity
Moderate to Highcomplexity POLs
Professional Medical Service Institution
These POLs use Instruments normally found in Hospitals and Private Labs
Basic Medical Service Institution
27,467
COMPLIANCE
PPM
11,721
5,767
18,296
37,763
UNRATED HOSPITAL9,440
8,966
MATERNAL & CHILD HEALTHCARE STATION
3,071
CDC
3,484
75,964 ACCREDITATION
WAIVER
PUBLIC TOWNSHIP
HOSPITAL
CLASS 2 HOSPITALCLASS 1 HOSPITAL
PUBLIC COMMUNITY MEDICALSERVICE CENTER
7,700
2,155CLASS 3 HOSPITAL
Roadshow Presentation - September 201817
ME
NU
AUTOMATION
AMPLIFICATION / DETECTION
PCR Singlex
Multiplex
- Arrays
- Sequencing
Technologies in the Molecular Diagnostic Market
Area ofopportunity
Area ofopportunity
Roadshow Presentation - September 201818
Platforms in the Molecular Diagnostic Market
Point of Care systems
CLIAwaived
Limited menu (e.g. FLU)
Singletarget
Multiplex
Direct AmplificationDisc (DAD)
Multiplex Disc Universal Disc (UD)
Total Lab Automation
New Project
Limited menu(HCV, HIV, HBV, HPV, CT/NG)
High throughput systemsBenchtop systems
DiaSorin positioning
Roadshow Presentation - September 201819
Our technology: Liaison MDX
Direct Amplification Disc(DAD)
8 reaction wellLow to Mid Volume
96 reaction wellHigh Volume
Universal Disc(UD)
Compact. Powerful. Expandable.Technology
Unique technology developed by 3M, with no extraction required
VersatileSame platform, multiple discs
PCR Based
ASRs & Kits
Roadshow Presentation - September 201820
DiaSorin menu positioning
Analyte Specific Reagents(ASRs for US market only)
Real-time PCR assays for quantitative,qualitative and multi-analyte detection
Infectious Disease Transplant Inherited Diseases
Respiratory
Meningitis Vector Borne
Monitoring CoagulationWomen’s
Health/STIHAI/ Gastro
12 61
ASRs
Lab Developed Tests (LDT)
Roadshow Presentation - September 201821
Molecular kits and ASRs
ASRs
ASRs
KitsKits
Kits
Produced by manufacturer rigorously tested for safety and efficacy in clinical trials for “approval or clearance”
Sold as separate components instead of a kit, building blocks or “active ingredients” of LDT
Manufactured in compliance with cGMPs to help ensure quality
Level of complexity given to approved test
Highly complex to Clia Waived
ASRs
Roadshow Presentation - September 201822
Molecular Kits Pipeline Strategy
Competitive Intensity
Leve
l of D
iffe
ren
tiat
ion
3 years pipeline strategy
RESISTANCE ASSAYS
ATYPICAL PNEUMONIA
M. GENITALIUM
VZV
ENTERIC PANELS
GROUP B
STREP
CONGENITAL
CMV
BORDETELLA
VectorBorne
MENINGITIS
HSV - MC/C
VAGINOSIS
Differentiating specialties Me too testsHigh volume specialtiesInvestigational Markers 3-5 years pipeline strategy
Kits
Avg. # 2 new Kits / Year
Roadshow Presentation - September 201823
Avg. # 4 new ASRs / YearReagents ASRs
2017 - 2019 2019 - beyond
InfectiousDisease
Immuno-compromised
Respiratory
ResistanceVector-Borne
Gastro-intestinalinfections
Genetics
ASRs Pipeline Strategy
Differentiating specialties
Roadshow Presentation - September 201824
Europe: Options in High Throughput testing
Viral Load Monitoring
HIVHepatitis B VirusHepatitis C Virus
Big PlayersEstablished Systems
Well ServedHighly Competitive
Very Late Entry
Established PlayersCompetitive Arena
Barriers to Entry (HPV)Rapidly Eroding Price
No Clear LeaderBig Players AbsentImprove WorkflowMore Stable Price
DS knows this Market
Post Transplantation offers path to entry
Women’s Health
CT/NG/TVHPV
Post Transplantation
CMV/EBV/BKVHSV/VZV
HHV6/HHV8/AdenoParvo/JCV
Roadshow Presentation - September 201825
Europe Molecular Post Transplant
Instrument forextraction/PCR set up
Provide complete transplant menu
11 transplant assays
CMV
EBV
BKV
HSV 1
HSV 2
VZV
HHV6
HHV8
ADENOVIRUS
PARVOVIRUS
JCVLIAISON MDX forAmplification
Strategy
Roadshow Presentation - September 201826
Post TransplantationPanel
Immuno ID Assays
Existing DiaSorinMarket Share 37%
MDX PANEL
Expand cross selling opportunity IMMUNO-MDXwith most complete panel
CMVEBVHSV 1HSV 2
CMVEBVHSV 1HSV 2VZVBKV
VZVTOXOPARVOVIRUS
ADENOVIRUSPARVOVIRUSHHV6HHV8JCV
Europe: IMMUNO - MDX Synergy
Market size estimates:~100 €/mln
Roadshow Presentation - September 201828
1
2
3
4
5
6
7
2019 targets
Solid growth of the Immunoassay franchise with addition of innovative and differentiating new products Revenues
~ 775 €/mln
CAGR 16-19: ~ +11%
2019 Company Guidance
EBITDA295-300 €/mln
EBITDA Margin: ~ 38.5%
CAGR 16-19: ~ +11%
NET RESULT160-165 €/mln
On sales: ~ 21.0%
CAGR 16-19: ~ +13%
CUMULATIVE FREE CASH FLOW
465-475 €/mln
Launch of Liaison XS allows penetration of the small labs/POLs segment
QIAGEN partnership demonstrates that DiaSorin is seen well posi-tioned to serve the Specialty market also by other large IVD players
Conversion of SIEMENS’ Elisa customers base to LIAISON XL/XS platforms
Molecular Diagnostics is a second leg and will offer lots of opportunities to develop Specialty ID products
Strong financial performance driven by solid margins in both segments (IA and Molecular)
Committed to targeted bolt on acquisitions to strengthen our product portfolio or allow access to new customers in consolidated markets
Roadshow Presentation - September 201829
2008-2009 2010 2011-2012 2015-20162013-2014 2017
CLIA menuexpansionTechnological
evolution
Geographicexpansion
Partnership
M&A
LIAISON XL
MERIDIANBIOSCIENCE
PortugalAustria
Czech RepublicCanada
AustraliaIreland
South AfricaNetherlands
India
BIOTRINMUREX
(ABBOTT ELISA business)
NORDIAG FOCUSDIAGNOSTICS
SIEMENS ELISAbusiness
Switzerland Poland
ROCHE BECKMANCOULTER
QIAGEN
TECAN
LIAISON IAMLIAISON IXT LIAISON MDX
LIAISON XSproject
(launch in 2019)
Business Development, partnerships and M&A
Roadshow Presentation - September 201831
Highlights
FCF
REVENUES /mln 166.7 (*) +3.0% +6.7%
EBITDA /mln 64.9 +1.9% +6.5%
EBITDA MARGIN
-44 bps
38.9%
25.5%
+26.7%/mln 42.5NET R ESULT
+ /mln 103.7NFP (**)
Q2’18
MO
LECU
LAR HSV (US market)
Extended cutaneous and mucocutaneous lesion swabs claims to cerebrospinal fluid (CSF) and genital lesion swab
KIT Infectious diseases
+7.6%+4.8%CLIA EX VIT D 25 OH
-3.9%-9.1%VIT D 25 OH
+31.3%+26.0%ELISA TESTS
+1.9%-3.1%MOLECULAR TESTS
-0.2%-2.7%INSTRUMENTS & OTHER REV.
H1’18
/mln 331.2 (*)
/mln 128.2
/mln 80.9
/mln 69.2
+3.7% +9.0%
+10.5% +6.9%
-3.3% -10.3%
+27.9% +22.2%
+12.1%+1.6%
+1.4%-2.2%
+1.6% +7.9%
-82 bps
+38.7%
+24.4%
+21.7%
ASRsReagents specific to bacterial target carried by ticks
Anaplasma phagocytophilum
Ehrlichia
BabesiaIM
MU
NO PCT II GEN (US market)
Clearance from the FDA to market the LIAISON BRAHMS PCT II GEN assay for Sepsis’ diagnosis through the quantitative determination of procalcitonin (PCT)
Infectious diseases-10 bps -40 bps
39.3% +39.1%
@ CER@ curr
* Revenues include Siemens’s ELISA business contribution (consolidated as of Sept 2017)** NFP does not include debts vs. shareholders for special dividends for €/mln 98.4
@ curr
% ON R EVENUES
HDV (CE mark)
Clearance from CE Notified Body to market the LIAISON XL Murex Anti-HDV, for Hepatitis Delta detection. After the launch DiaSorin will be the player with the widest menu in the Hepatitis and Retrovirus area and the first company to launch this test on CLIA
Hepatitis & Retrovirus
~ +9% at CER vs 2017 (°)from ~ +11% at CER
~ +12% at CER vs 2017 (°)from ~ +13% at CER
(°) 2017 /US$ avg. exchange rate = 1.13
FY 2018
EBITDA
REVENUES 3-years plan guidanceconfirmed
3-years plan guidance confirmed
FY 2019
+13.3%
@ CER
COMPANY GUIDANCE
PRODUCT DEVELOPMENT
Roadshow Presentation - September 201832
Q2 and H1 2018 revenues growth
@ CER
@ currTotal Group revenues +3.0%
+6.7%
• Vitamin D volumes slowdown (mainly US)• Unfavorable ordering pattern affected instruments
sales in China and ASRs sales in the US• Suspension of a Zika tender in Brazil, due to the
end of the infection’s emergency• FOREX: - /mln 16.7
+3.7%
+9.0%
•All CLIA tests, net of Vitamin D•Siemens’s ELISA business (acquired in Sept
2017)•Molecular kits recorded a double-digit growth
CLIA ex Vitamin D tests +4.8%
+7.6%
Vitamin D test (CLIA) -9.1%
-3.9%
CLI
A
ELISA tests (*) +26.0%
+31.3%
Instruments & Consumables
-2.7%
-0.2%
Molecular Diagnostic tests -3.1%
+1.9%
+6.9%
+10.5%
-10.3%
-3.3%
+22.2%
+27.9%
-2.2%
+1.4%
+1.6%
+12.1%
@ CER
@ curr
@ CER
@ curr
@ CER
@ curr
@ CER
@ curr
@ CER
@ curr
* Including the contribution of Siemens’s ELISA business, consolidated as of September 2017
EUROPE & AFRICA
Germany +22.0%
+14.1%
+22.7%
+15.2%
Italy +8.7% +9.6%
France +17.9%
NORTH AMERICA
USA -4.5%
-4.3%
+16.4%
-0.1%
+0.5%
ASIA PACIFIC
China
Distributors
Australia
-0.8%
+18.2%
+20.4%
+9.5%
+0.0%
+19.6%
+28.6%
+12.4%
LATIN AMERICA
Brazil
Distributors
+3.5%
+3.7%
+5.0%
+1.8%
Mexico +7.1% +2.6%
+2.3% -2.4%
Growth driven by Siemens’ ELISA business acquisition and CLIA ex Vit D tests. Negative Vitamin D contribution (mainly price pressure)
Positive performance driven by CLIA ex Vit D tests
Increase in all CLIA tests
Positive contribution from CLIA ex Vit D, offset by lower Vitamin D (mainly volumes) and ASR sales (ordering pattern)
Growth in CLIA tests, partially offset by lower Murex Elisa and Instruments sales (ordering pattern)
Growth driven by Siemens’ ELISA business and instruments
sales
Upward trend in CLIA tests and growth from Siemens’ ELISA business
Positive performance of CLIA tests partially offset by a negative trend in MUREX sales and the suspension of a Zika tender
Positive performance driven by CLIA tests
Positive performance driven by instruments sales and Siemens’ ELISA business partially offset by CLIA sales downward
Managerial outlook on reported data; Change QoQ and HoH @ CER
Q2’18 vs. Q2’17 H1’18 vs. H1’17
Q2’18 vs. Q2’17 H1’18 vs. H1’17
Q2’18 vs. Q2’17 H1’18 vs. H1’17
Roadshow Presentation - September 201833
H1 2018 revenues breakdownby technology
CLIA tests
66.8%
Instruments & consumables
11.7%Molecular
diagnostic tests9.6%
ELISA tests11.9%
CLIA tests65.6%
ELISA tests14.0%
Moleculardiagnostic tests
Instruments & consumables
by geography
North America
32.4%
Latin America
7.3%
Asia Pacific17.6%
Europe & Africa42.7%
North America28.1%
Latin America
6.4%
Asia Pacific18.3%
Europe & Africa47.2%
(*) Revenues include Siemens’ ELISA business acquired on Sept 29, 2017
H1’18 (*)
H1’17
H1’18 (*)
H1’17
11.0%
9.4%
Roadshow Presentation - September 201834
Installed base expansion7,398 7,501 7,623
+116
-13
+123
-1
@ Dec 31, 2017 @ March 31, 2018 @ June 30, 2018
Q2 and H1 2018 Results
-14
3,880 3,867 3,866
3,518 3,634 3,757
+239
Roadshow Presentation - September 201835
Q2 and H1 2018 profitability profile
+7.9%
H1’18 EBITDA upward compared to H1’17 notwithstanding:
• some one-off costs related to a legal action concerning the introduction of certain future products in the US market (approx. /mln 2.0)
and to the closure of the Irish site
• FOREX negative impact (- /mln 7.9)
EBITDA ( /MLN)
EBITDA MARGIN
+1.9%
-44 bps
Change %
+1.6%
-82 bps
Change %
39.1%
Q2’18 EBITDA MARGIN confirms the strong profitability achieved in Q1’18
+6.5%
39.3%
126.2 128.2
39.5% 38.7%
63.7 64.9
39.4% 38.9%
H1’18Q2’17 Q2’18 H1’17
@ CER
@ CER -10 bps -40 bps
Roadshow Presentation - September 201837
Business and product development
Rationale
Technology
Impact on revenues
in China in the US
Increase penetration in big labs
Immuno (CLIA)
Increase penetration in big labs
Launch Hepatitis & Retroviruses
panel
PARTNERSHIPS
Market share: conversion from ELISA to CLIA
Immuno (ELISA)
New market opportunities leveraging on
QFT technology
Immuno (CLIA)
Immuno (CLIA) Molecular
(Extraction)
Extraction for European post transplantation
strategy
PORTFOLIO ACQUISITION
NEW PRODUCT CO-DEVELOPMENT NEW PLATFORMS DEVELOPMENT
Immuno (CLIA) Immuno (CLIA)
Beyond 2019
2019
2018
2017
Access to new mkt segment:POLs (US)
Class I-II hospitals (China)
Hub and Spoke (EU)
Roadshow Presentation - September 201839
2017-2019 guidance
1 Solid growth of Immunoassay franchise with addition of innovative and differentiating new products
2 Launch of LIAISON XS allows penetration of the small labs/POLs segment
QIAGEN partnership demonstrates that DiaSorin is seen well positioned to serve the Specialty market also by other large IVD players
3
5 Molecular Diagnostics is a second leg and will offer lots of opportunities to develop Specialty ID products
Conversion of SIEMENS’ Elisa customers base to LIAISON XL/XS platforms 4
6 Strong financial performance driven by solid margins in both segments (Immunoassay and Molecular)
2018 2016
637.5
+12.0% reported
+13.1% @ CER
2016
~ +9% @ CER
2017
2017-2019 STRATEGIC GOALS GUIDANCE DATA IN €/MLN
Committed to targeted bolt on acquisitions to strengthen our product portfolio or allow access to new customers in consolidated markets
7
ACTUAL RESULTS DATA IN €/MLN
2017
569.3
217.3
REVENUES
E BITDA
2019
237.9
+9.5% reported
+11.5% @ CER 2016
E BITDA REPORTED
241.2
+11.0% reported
+13.0% @ CER
2016
EBITDA ADJUSTED (*)
3-years plan guidance confirmed
E BITDA
3-years plan guidance confirmed
~ +12% @ CER
2017
REVENUES
(*) Managerial outlook on reported data: net of positive contribution from acquisition of Siemens’ ELISA business and non recurring costs related to closing of Irish facility
Roadshow Presentation - September 201841
Income Statement
Net revenues
Gross profit
Gros s Margin
S&M
R&D
G&A
Total operating expenses
% on sales
Other operating income (expense)
EBIT
E BIT margin
Net financial income (expense)
Profit before taxes
Income taxes
Net result
EBITDA
EBITDA margin
Data in million2017 2018 amount %
161.8 166.7 +4.9 +3.0%
111.3 115.6 +4.4 +3.9%
68.8% 69.4% +60 bps
(30.3) (33.3) -3.0 +9.9%
(11.4) (10.6) +0.8 -7.4%
(17.0) (16.8) +0.1 -0.8%
(58. 7) (60.7 ) -2.0 +3.5%
(36.3)% (36. 4)% -15 bps
(1.4) (2.7) -1.2 +84.7%
51.2 52.3 +1.1 +2.2%
31.6% 31.4% -26 bps
(1.3) 2.2 +3.6 n.m.
49.8 54.5 +4.7 +9.4%
(16.3) (12.0) +4.3 -26.2%
33.6 42.5 +9.0 +26.7%
63.7 64.9 +1.2 +1.9%
39.4% 38.9% - 44 bps
Q2 Change
2017 2018 amount %
319.3 331.2 +11.9 +3.7%
219.2 226.8 +7.6 +3.5%
68.7% 68.5% -16 bps
(60.1) (65.0) -4.9 +8.2%
(21.6) (22.2) -0.7 +3.1%
(33.0) (31.9) +1.0 -3. 2%
(114.6) (119.2) -4.5 +3.9%
(35.9)% (36.0)% -7 bps
(3.4) (4.7) -1.2 +36.6%
101.2 103.0 +1.9 +1.9%
31.7% 31.1% -57 bps
(3.0) 1.3 +4.3 n.m.
98.2 104.3 +6.1 +6.3%
(31.8) (23.5) +8.3 -26.1%
66.4 80.9 +14.4 +21.7%
126.2 128.2 +2.0 +1.6%
39.5% 38.7% -82 bps
H1 Change
Roadshow Presentation - September 201842
Balance Sheet
Goodwill and intangibles assets 344.4 356.1 +11.7
Property, plant and equipment 92.3 89.7 -2.6
Other non-current assets 23.8 24.9 +1.1
Net working capital 190.7 211.9 +21.1
Assets held for sale 4.0 - -4.0
Other non-current liabilities (62.5) (63.0) -0.4
Net Invested Capital 592.7 619.6 +26.9
Net Financial Position 149.3 103.7 -45.6
Debts vs. shareholders for special dividends - 98.4 +98.4
Total Shareholders' equity 742.0 624. 8 -117.1
ChangeData in million 12/31/17 06/30/18
Roadshow Presentation - September 201843
Cash Flow Statement
2017 2018
172.8 172.3 -0.4
25.8 50.8 +25.0
(9.1) (10.9) -1.8
(59.4) (115.1) -55.7
(1.0) (0.7) +0.3
(43.7) (75.9) -32.2
(21.1) 8.2 +29.3
(64.8) (67.7) -2.9
107.9 104.6 -3.3
Q2 Change2017 2018
130.5 159.3 +28.9
77.0 88.4 +11.4
(17.1) (21.0) -3.8
(60.2) (118.6) -58.4
(1.1) (4.5) -3.4
(1.4) (55.6) -54.2
(21.1) 0.9 +22.0
(22.5) (54.8) -32.2
107.9 104.6 -3.3
H1 Change
Cash and cash equivalents at the beginning of the period
Operating activities
Investing activities
Financing activities
Acquisitions of companies and business operations
Net change in cash and cash equivalents before investments in financial assets
Divestment/(Investment) in financial assets
Net change in cas h and cas h equivalents
Cash and cash equivalents at the end of the period
Data in million