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bioMérieux
Earnings Release • Oct 26, 2022
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Earnings Release
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bioMérieux – Third-Quarter 2022 Business Review
- Reported growth of +4.4% over the first nine months of the year:
- €2,560 million in sales
- -1.9% at constant exchange rates and scope of consolidation
- In Q3, higher than expected BIOFIRE® respiratory panels demand within a context of endemicity of COVID-19
- Robust performance of BIOFIRE® non-respiratory panels, Clinical microbiology and Industrial applications over the quarter
- Guidance in the upper end of the announced ranges on August, 31st
Alexandre Mérieux, Chairman and Chief Executive Officer, said: "bioMérieux performed well during the third quarter of 2022. This performance demonstrates the resilience of our syndromic offer and the relevancy of our innovative portfolio of solutions dedicated to the fight against antimicrobioal resistance. We confirm our 2022 objectives, targeting now the upper end of the ranges of our August guidance."
Marcy l'Étoile, October 26, 2022 – bioMérieux, a world leader in the field of in vitro diagnostics, today releases its business review for the nine months ended September 30, 2022.
SALES
NB: Unless otherwise stated, sales growth is expressed at constant exchange rates and scope of consolidation (like-for-like).
Consolidated sales amounted to €2,560 million for the first nine months of 2022 versus €2,452 million for the prior-year period, representing a growth of 4.4% as reported. Organic growth (at constant exchange rates and scope of consolidation) reached -1.9% for the first nine months of the year. Exchange rate movements resulted in a favorable currency effect of €155 million, primarily due to the appreciation in the US dollar and to a lesser extend in the Chinese yuan against the euro during the period.
Analysis of sales
| In € millions | ||
|---|---|---|
| SALES - NINE MONTHS ENDED SEPTEMBER 30, 2021 | 2,452 | |
| Currency effect | +155 | +6.3% |
| Changes in scope of consolidation | 0 | |
| Organic growth (at constant exchange rates and scope of consolidation) | -47 | -1.9% |
| SALES - NINE MONTHS ENDED SEPTEMBER 30, 2022 | 2,560 | +4.4% |
NB: A definition of the currency effect and of changes in the scope of consolidation is provided at the end of this press release.
ANALYSIS OF SALES BY APPLICATION
| Sales by Application In € millions |
Q3 2022 |
Q3 2021 |
% change as reported |
% change at constant exchange rates and scope of consolidation |
9 months ended Sept. 30, 2022 |
9 months ended Sept. 30, 2021 |
% change as reported |
% change at constant exchange rates and scope of consolidation |
|---|---|---|---|---|---|---|---|---|
| Clinical Applications | 763.0 | 756.6 | +0.8% | -7.4% | 2,154.7 | 2,086.5 | +3.3% | -3.3% |
| Molecular biology | 333.5 | 338.0 | -1.3% | -11.8% | 956.8 | 876.4 | +9.2% | +0.2% |
| Microbiology | 311.8 | 269.8 | +15.6% | +8.8% | 853.9 | 766.2 | +11.4% | +6.4% |
| Immunoassays | 101.4 | 120.3 | -15.7% | -20.2% | 299.8 | 361.0 | -17.0% | -20.6% |
| Other lines(1) | 16.4 | 28.4 | -42.3% | -54.4% | 44.2 | 82.8 | -46.7% | -55.0% |
| Industrial Applications(2) | 139.0 | 120.8 | +15.0% | +7.8% | 405.2 | 365.1 | +11.0% | +6.0% |
| TOTAL SALES | 902.0 | 877.4 | +2.8% | -5.3% | 2,559.9 | 2,451.6 | +4.4% | -1.9% |
(1) Including BioFire Defense, R&D-related revenue arising on clinical applications and Applied Maths
(2) Including R&D-related revenue arising on industrial applications.
- Clinical applications sales, which account for around 84% of bioMérieux's consolidated total, decreased by 7% year-on-year over the quarter compared to the exceptional level of 2021 covid-related demand, and by 3% to €2,155 million for the nine months ended September 30, 2022.
- In molecular biology, the non-respiratory BIOFIRE® panels sales grew at a very remarkable pace over the quarter, nearly +30% versus prior year. Respiratory panel sales, as expected, were significantly lower than 2021 exceptionally high level (Delta wave). However, the demand was very steady during last quarter, stronger than expected, showing the pertinence of the multiplexing solution in an environment with a higher number of respiratory pathogens circulating. The BIOFIRE® installed base has continued to expand, to almost 23,200 units at September 30, 2022, versus 22,800 at June 30, 2022.
- In microbiology, business continued to enjoy a high single-digit growth, compared with the same period of 2021, both in reagents and instruments sales. Reagents growth has been led by the VITEK® automated ID/AST and blood culture BACT/ALERT® ranges.
- In immunoassays, sales performance has been impacted by the decrease in the demand for COVIDrelated assays as well as lower sales of procalcitonin assay, while routine parameters sales have been increasing mid-single digit over the quarter.
- Industrial applications sales, which account for around 16% of the consolidated total, rose by nearly 8%, reaching €139 million for third-quarter 2022. Growth of industrial applications has been fueled by reagents sales in both food and healthcare segments and by equipment sales in food segment. Year-to-date industrial applications sales stood at €405 million leaded by reagents sales at +8%.
ANALYSIS OF SALES BY REGION
| Sales by Region In € millions |
Q3 2022 |
Q3 2021 |
% change as reported |
% change at constant exchange rates and scope of consolidation |
9 months ended Sept. 30, 2022 |
9 months ended Sept. 30, 2021 |
% change as reported |
% change at constant exchange rates and scope of consolidation |
|---|---|---|---|---|---|---|---|---|
| Americas | 454.6 | 457.1 | -0.5% | -14.0% | 1,287.0 | 1,189.1 | +8.2% | -3.1% |
| North America | 398.4 | 410.6 | -3.0% | -16.8% | 1,130.8 | 1,054.3 | +7.3% | -4.5% |
| Latin America | 56.2 | 46.5 | +20.8% | +10.6% | 156.2 | 134.8 | +15.9% | +8.0% |
| EMEA (1) | 274.4 | 268.1 | +2.3% | +2.7% | 811.0 | 817.5 | -0.8% | -0.3% |
| Asia Pacific | 173.0 | 152.2 | +13.7% | +6.6% | 461.9 | 445.0 | +3.8% | -1.9% |
| TOTAL SALES | 902.0 | 877.4 | +2.8% | -5.3% | 2,559.9 | 2,451.6 | +4.4% | -1.9% |
(1) Europe, the Middle East and Africa
- Sales in the Americas (50% of the consolidated total) reached €455 million in third-quarter 2022, a decrease of 14% on third-quarter 2021. Sales for the nine months ended September 30, 2022 came to €1,287 million, down 3.1% year-on-year.
- In North America (43% of the consolidated total), third-quarter activity has been led by a strong performance from the BIOFIRE® non-respiratory panels and industrial applications but more than compensated by the slow-down in the demand for BIOFIRE® respiratory panels and by the lower sales for procalcitonin assay in immunoassays.
- Latin America records robust organic growth in quarterly sales, driven by the strong dynamic in equipment sales and a double-digit growth in microbiology, molecular as well as industrial applications.
- Sales in the Europe – Middle East – Africa region (32% of the consolidated total) came to €274 million for the 2022 third-quarter, up nearly 3% year-on-year. Sales for the full nine months totaled €811 million, nearly unchanged year-on-year . Europe (26% of the consolidated total) achieved a good performance of microbiology key ranges, industrial applications and BIOFIRE® non respiratory panels, more than compensating the slowdown in immunoassays and BIOFIRE® respiratory panels.
- Sales in the Asia Pacific region (18% of the consolidated total) amounted to €173 million for the third quarter of 2022, up nearly 7% from the prior-year period. Activity has been led by Japan thanks to the BIOFIRE® range, and by China growth in microbiology and industry ranges during the quarter. For the nine months ended September 30, 2022 total consolidated sales for the Asia Pacific region came to €462 million, slightly decreasing 1.9% year-on-year.
EVENTS OF THIRD-QUARTER 2022 AND SUBSEQUENT EVENTS
bioMérieux, announces the CE marking of its VIDAS® COVIGRA assay
The VIDAS® COVIGRA assay aims at helping clinicians in the assessment of the SARS-CoV-2 specific T-cell response in the adult population with a history of SARS-CoV-2 infection and/or vaccinated against the virus.
Share buyback program linked to Specific Diagnostics acquisition
The share buyback program aiming at offsetting the dilution of the shares issued to finance partially the acquisition price of Specific Diagnostics has been fully completed. The cancellation of the corresponding shares representing approximately 1% of the share capital will be subject to next December's Board decision.
INVESTOR PRESENTATION
bioMérieux will hold an investor presentation on Wednesday, October 26, 2022 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=1576002&tp\_key=2f0ecd39a0
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)330 165 3655 |
+1 323-994-2093 |
||
| Access code: 257 3238 |
INVESTOR CALENDAR
Fourth-quarter 2022 sales and 2022 financial results March, 8
th 2023
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 2021 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. Argentina and Turkey are considered in bioMérieux's accounts since 2022 in a state of hyperinflation. Impacts of hyperinflation in accordance with IAS 29 in the Company's accounts are excluded in the calculation of Like-for-Like growth.
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 45 countries and serves more than 160 countries with the support of a large network of distributors. In 2021, revenues reached €3.4 billion, with over 93% 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]