Q1 Revenues and Adjusted EBITA in Line with the High Range of the FY’24 Guidance

Original from: Diasorin

·    REVENUES: € 289 MILLION (IN LINE WITH 2023 REPORTED REVENUES; +7% AT CER, EXCLUDING COVID AND AT CONSTANT PERIMETER

·    ADJUSTED EBITDA: € 97 MILLION, EQUAL TO 34% OF GROUP REVENUES

The Board of Directors of DiaSorin S.p.A. (FTSE MIB: DIA), examined and approved the Group’s Consolidated Financial Statements at March 31, 2024.

​TABLES OF RESULTS

COMMENTS ON ECONOMIC RESULTS

REVENUES: € 289 million, in line with Q1 2023. At constant perimeter of consolidation1 and excluding COVID revenues, the change is equal to +7% at CER compared to the same period of the previous year, a result in line with the high range of the FY 2024 guidance. The increase is mostly attributable to the excellent performance of the immunodiagnostic business, as well as the growth of the other technologies of the Group.

The following are the revenue trends of the different business lines:

·    Ex-COVID Immunodiagnostics: € 186 million, an increase of € 14 million, equal to +8% (+9% at CER) vs. Q1 2023, driven by the excellent performance of CLIA sales.

·    Ex-COVID Molecular Diagnostics: € 51 million, +1% (+2% at CER) vs. Q1 2023.

·    Licensed Technologies: on a like-for-like basis1, revenues increased by +3% (+4% at CER) vs. Q1 2023. The overall result, as a consequence of the Flow Cytometry business divestment in February 2023, shows revenues of € 43 million, equal to -5% vs. Q1 2023.

·    COVID: € 9 million, in line with expectations and equal to -59% (at constant and current exchange rates) vs. Q1 2023. 

The following is the revenue performance by geographic area, net of the contribution of COVID products:

·    North America Direct: € 135 million, +6% (+7% at CER) vs. Q1 2023. At constant perimeter of consolidation1, the increase is equal to +8% (+9% at CER).

    It should be noted that the Immunodiagnostic business registered an excellent performance as a result of the success of the U.S. Hospital Strategy, as well as the Molecular Diagnostic and Licensed Technologies business lines.

·    Europe Direct: € 102 million, +6% (at constant and current exchange rates) vs. Q1 2023.

    The growth was driven by the positive performance of the Immunodiagnostic business, supported by an increase of volumes, and by the Licensed Technologies franchise. The Molecular Diagnostic business in absolute value was slightly negative.

·    Rest of the World: € 43 million, -4% (-3% a CER) vs. Q1 2023.

    The performance of this geographic area was negatively impacted by the different perimeter of consolidation1, and by the decline in revenues in the markets in which Diasorin operates through distributors, partially offset by the positive trend of markets where Diasorin operates directly.

ADJUSTED2 GROSS PROFIT: € 191 million, in line with Q1 2023, notwithstanding the expected reduction in COVID sales. This result is equal to 66% of revenues, in line with what recorded in the same period of the previous year.

ADJUSTED2 EBITDA3: € 97 million, equal to 34% of revenues, in line with Q1 2023.

ADJUSTED2 EBIT: € 74 million, substantially in line with Q1 2023 and equal to 26% of revenues.

NET FINANCIAL EXPENSES: € 4 million (€ 6 million in 2023); the reduction from Q1 2023 is mainly due to higher interest income earned on investments in cash management instruments as well as lower passive expense on financial debt.

INCOME TAXES: € 14 million, with a tax rate of 23%, in line what registered in Q1 2023. ADJUSTED2 NET PROFIT: € 59 million, equal to 20% of revenues, in line with Q1 2023.

COMMENT ON FINANCIAL RESULTS

CONSOLIDATED NET FINANCIAL DEBT: -€ 749 million (-€ 776 million at December 31, 2023). The change, equal to +€ 28 million, is mainly related to the operating cash flow generation in Q1 2024.

FREE CASH FLOW4: € 42 million at March 31, 2024 (€ 28 million at March 31, 2023). The change is partially attributable to the presence of non-recurring phenomena that characterized Q1 2023.

BUSINESS HIGHLIGHTS

IMMUNODIAGNOSTICS:

- Announcement of submission of LIAISON® LymeDetect® to the U.S. Food and Drug Administration. 

MOLECULAR DIAGNOSTICS:

Source: Q1 Revenues and Adjusted EBITA in Line with the High Range of the FY’24 Guidance