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bioMérieux
Earnings Release • Oct 21, 2021
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Earnings Release
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bioMérieux – Third-Quarter 2021 Business Review
- Organic growth of 12.1% at constant exchange rates and scope of consolidation over the first nine months of the year:
- €2,452 million in sales
- Up 8.2% as reported
- Q3 sales organic growth at 11.6%, significantly above expectations due to a strong upturn in US respiratory panels demand, combined with a solid momentum in all other applications
- Upward revision of 2021 outlook:
- In the light of Q3 higher-than-expected respiratory multiplexing testing demand, bioMérieux is raising its FY'21 outlook. Full year sales are now expected to grow between 4% and 7% (previously: at neutral to mid-single digit rate), at constant exchange rates and scope of consolidation. Contributive operating income before nonrecurring items should be above €700 million (previously: in line with 2020) at current exchange rates.
Alexandre Mérieux, Chairman and Chief Executive Officer, said: "During the third quarter of 2021, we saw an uptake of multiplexing respiratory demand in the US, while all other business lines, namely microbiology, immunoassays and industrial applications, kept on maintaining solid growth. We are therefore raising upward 2021 sales revenue and contributive operating income outlook. This extraordinary 2021 operating income is however embedding a low level of operating expenses within the pandemic context, and is therefore not projectable as such beyond 2021."
Marcy l'Étoile, October 21, 2021 – bioMérieux, a world leader in the field of in vitro diagnostics, today releases its business review for the nine months ended September 30, 2021.
SALES
Consolidated sales reach €2,452 million for the first nine months of 2021 versus €2,266 million for the prioryear period, representing growth of 8.2% as reported. Organic growth (at constant exchange rates and scope of consolidation) reaches 12.1% for the first nine months of the year fueled by a stronger-than-expected third quarter. Exchange rate movements result in a negative currency effect of €87.3 million, primarily due to the decline in the US dollar and to a lesser extend certain Latin American and ASPAC currencies against the euro during the period.
Analysis of sales
| In € millions | ||
|---|---|---|
| SALES - NINE MONTHS ENDED SEPTEMBER 30, 2020 | 2,266 | |
|---|---|---|
| Currency effect | -87 | -3.9% |
| Changes in scope of consolidation | 0 | |
| Organic growth (at constant exchange rates and scope of consolidation) | +273 | +12.1% |
| SALES - NINE MONTHS ENDED SEPTEMBER 30, 2021 | 2,452 | +8.2% |
ANALYSIS OF SALES BY APPLICATION
| Sales by Application In € millions |
Q3 2021 |
Q3 2020 |
% change as reported |
% change at constant exchange rates and scope of consolidation |
9 months ended Sept. 30, 2021 |
9 months ended Sept. 30, 2020 |
% change as reported |
% change at constant exchange rates and scope of consolidation |
|---|---|---|---|---|---|---|---|---|
| Clinical Applications | 756.6 | 679.9 | +11.3% | +11.8% | 2,086.5 | 1,937.3 | +7.7% | +11.7% |
| Molecular biology | 338.0 | 317.8 | +6.4% | +7.8% | 876.4 | 875.1 | +0.1% | +4.9% |
| Microbiology | 269.8 | 236.2 | +14.2% | +14.1% | 766.2 | 696.6 | +10.0% | +13.0% |
| Immunoassays | 120.3 | 111.4 | +8.0% | +7.3% | 361.0 | 306.4 | +17.8% | +20.7% |
| Other lines(1) | 28.4 | 14.5 | +96.1% | +94.9% | 82.8 | 59.1 | +40.0% | +48.4% |
| Industrial Applications | 120.8 | 109.5 | +10.3% | +10.5% | 365.1 | 328.3 | +11.2% | +14.5% |
| TOTAL SALES | 877.4 | 789.4 | +11.1% | +11.6% | 2,451.6 | 2,265.6 | +8.2% | +12.1% |
(1) Including Applied Maths and BioFire Defense
- Clinical applications sales, which account for around 85% of bioMérieux's consolidated total, rise by 11.8% year-on-year to €757 million for the third quarter of 2021 and by 11,7% to €2,087 million for the nine months ended September 30, 2021.
- In molecular biology, BIOFIRE® reagents sales achieve double digit growth at 19% in the third quarter, driven by strong demand in the US for respiratory panels in the context of Delta Variant spread and the sooner-than-expected appearance of several other respiratory pathogens. Non-respiratory panels continue their accelerated growth on a global basis. The BIOFIRE® installed base is continuing to expand, to almost 21,400 units at September 30, 2021, versus 20,100 at June 30, 2021. During the period, demand for other molecular ranges, including the DNA/RNA extraction and ARGENE® ranges is slowing down.
- In microbiology, business continues to enjoy double digit growth, compared with the same period of 2021, led by reagents sales particularly within ID/AST and hemoculture ranges as well as instruments sale and growing by 8% above pre-pandemic levels over the first 9 months.
- In immunoassays, sales performance is fueled by reagents sales, from COVID-19 related testing as well as routine parameters, particularly in Asia Pacific and in Africa.
- Industrial applications sales, which account for around 15% of the consolidated total, come to €121 million for third-quarter 2021, up 10.5% versus last year. Growth of industrial applications is fueled by food and pharmaceutical segments from both reagents and instruments sales solid performance. Yearto-date sales increase 14.5%, to stand at €365 million, and by almost 15% compared to pre-pandemic levels.
ANALYSIS OF SALES BY REGION
| Sales by Region In € millions |
Q3 2021 |
Q3 2020 |
% change as reported |
% change at constant exchange rates and scope of consolidation |
9 months ended Sept. 30, 2021 |
9 months ended Sept. 30, 2020 |
% change as reported |
% change at constant exchange rates and scope of consolidation |
|---|---|---|---|---|---|---|---|---|
| Americas | 457.1 | 410.5 | +11.3% | +12.7% | 1,189.1 | 1,173.3 | +1.3% | +7.7% |
| North America | 410.6 | 367.7 | +11.7% | +12.9% | 1,054.3 | 1,052.0 | +0.2% | +6.2% |
| Latin America | 46.5 | 42.8 | +8.5% | +11.0% | 134.8 | 121.3 | +11.2% | +20.2% |
| EMEA (1) | 268.1 | 257.9 | +4.0% | +4.0% | 817.5 | 729.7 | +12.0% | +12.8% |
| Asia Pacific | 152.2 | 121.0 | +25.8% | +23.8% | 445.0 | 362.6 | +22.7% | +24.9% |
| TOTAL SALES | 877.4 | 789.4 | +11.1% | +11.6% | 2,451.6 | 2,265.6 | +8.2% | +12.1% |
(1) Europe, Middle East and Africa
- Sales in the Americas (49% of the consolidated total) reach €457 million in third-quarter 2021, an increase of 12.7% on third-quarter 2020. Sales for the nine months ended September 30, 2021 come to €1,189 million, up 7.7% year-on-year.
- In North America (43% of the consolidated total), third-quarter growth is led by a strong performance from the BIOFIRE® molecular biology product line as well as from reagents sales within microbiology applications. Immunoassays product line keeps on suffering from the downward trend of procalcitonine assay sales.
- Latin America records robust organic growth in quarterly sales, driven by the strong dynamic in clinical microbiology as well as industrial applications.
- Sales in the Europe – Middle East – Africa region (33% of the consolidated total) come to €268 million for the 2021 third-quarter, up 4% year-on-year. Sales for the full nine months total €818 million, representing a year-on-year increase of 12.8%.
- In Europe (27% of the consolidated total), good performance of clinical microbiology and BIOFIRE® reagents sales, more than compensating the slowdown in immunoassay and others molecular ranges.
- The Russia – Middle East – Africa region, enjoy a significant growth, led by clinical microbiology and immunoassays.
- Sales in the Asia Pacific region (18% of the consolidated total) amount to €152 million for the third quarter of 2021, up 23.8% from the prior-year period. Business continues to be particularly strong in Japan thanks to the BIOFIRE® range and grows double digit in China. For the nine months ended September 30, 2021 total consolidated sales for the Asia Pacific region come to €445 million, up 24.9% year-on-year.
INVESTOR PRESENTATION
bioMérieux will hold an investor presentation on Thursday, October 21, 2021 at 3:00 pm Paris time (GMT+1). The presentation will be given in English and will be accessible via webcast under following link:
https://globalmeet.webcasts.com/starthere.jsp?ei=1500541&tp\_key=85136fb788
If you are unable to join the webcast URL, please join audio conference with:.
| France | Europe | United States |
|---|---|---|
| +33 (0)1 70 72 25 50 |
+44 (0)330 336 9127 | +1 323-794-2588 |
| Access code: 150 6528 |
INVESTOR CALENDAR
Fourth-quarter 2021 sales and 2021 financial results March, 2nd 2022
Notes and definitions
The above forward-looking statements are based, entirely or partially, on assessments or judgments that may change or be modified, due to uncertainties and risks related to the Company's economic, financial, regulatory and competitive environment, notably those described in the 2020 Universal Registration Document. Accordingly, the Company cannot give any assurance nor make any representation as to whether the objectives will be met. 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.
Currency effect: this is established by converting actual numbers at the average rates of year y-1. In practice, those rates are either average rates communicated by the ECB, or hedged rates if hedging instruments have been set up.
Changes in scope of consolidation: these are determined:
- for acquisitions in the period, by deducting from sales for the period the amount of sales generated during the period by acquired entities as from the date they entered the consolidated reporting scope;
- for acquisitions in the previous period, by deducting from sales for the period the amount of sales generated in the months in the previous period during which the acquired entities were not consolidated;
- for disposals in the period, by adding to sales for the period the amount of sales generated by entities sold during the previous period in the months of the current period during which these entities were no longer consolidated;
- for disposals in the previous period, by adding to sales for the period the amount of sales generated during the previous period by the entities sold.
ABOUT BIOMÉRIEUX
Pioneering Diagnostics
A world leader in the field of in vitro diagnostics for over 55 years, bioMérieux is present in 44 countries and serves more than 160 countries with the support of a large network of distributors. In 2020, revenues reached €3.1 billion, with over 90% of international sales (outside of France).
bioMérieux provides diagnostic solutions (systems, reagents, software and services) which determine the source of disease and contamination to improve patient health and ensure consumer safety. Its products are mainly used for diagnosing infectious diseases. They are also used for detecting microorganisms in agri-food, pharmaceutical and cosmetic products.
bioMérieux is listed on the Euronext Paris stock market. Symbol: BIM – ISIN Code: FR0013280286 Reuters: BIOX.PA/Bloomberg: BIM.FP
Corporate website: www.biomerieux.com
CONTACTS
Investor Relations
bioMérieux Franck Admant Tel.: +33 (0)4 78 87 20 00 [email protected]
Media Relations
bioMérieux Image Sept
Romain Duchez Laurence Heilbronn Claire Doligez Tel.: +33 (0)4 78 87 20 00 Tel.: +33 (0)1 53 70 74 64 Tel.: +33 (0)1 53 70 74 48 [email protected] [email protected] [email protected]
