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bioMérieux
Earnings Release • Apr 11, 2022
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Earnings Release
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bioMérieux – First-Quarter 2022 Business Review
- First-quarter organic growth of -4.5% at constant exchange rates and scope of consolidation:
- €837 million in sales
- Down 0.9% as reported
- Solid +6% growth in Industrial Applications and +5% growth in Microbiology
- Stable sales of BIOFIRE® panels, in line with expectations for the quarter
- Anticipated headwinds in Immunoassays with lower COVID-related assays demand
- 2022 Outlook unchanged
Alexandre Mérieux, Chairman and Chief Executive Officer, said: "In a continued highly uncertain business environment, our first quarter performance is aligned with our outlook. Sales growth was particularly solid in both microbiology and industrial applications, and in line with our expectations on molecular biology and immunoassays."
Marcy l'Étoile (France), April 11 th, 2022 – bioMérieux, a world leader in the field of in vitro diagnostics, today releases its business review for the three months ended March 31th, 2022.
SALES
Consolidated sales totaled €837 million in the first quarter of 2022, down 0.9% from €845 million in the year‑earlier period. Organic growth (at constant exchange rates and scope of consolidation) stood at -4.5%, in line with expectations. Good performance of Industrial Applications (+6%) and Microbiology (+5%) is partially compensating for a lower activity in Molecular and Immunoassays. Exchange rate movements resulted in a positive currency effect of €30 million, mainly reflecting a stronger US dollar and Chinese yuan versus the euro.
Analysis of sales
| In € millions | ||
|---|---|---|
| SALES – THREE MONTHS ENDED MARCH 31, 2021 |
845 | |
| Currency effect | +30 | +3.6% |
| Changes in scope of consolidation | 0 | |
| Organic growth (at constant exchange rates and scope of consolidation) |
-38 | -4.5% |
| SALES – THREE MONTHS ENDED MARCH 31, 2022 |
837 | -0.9% |
ANALYSIS OF SALES BY APPLICATION
| Sales by Application In € millions |
Q1 2022 |
Q1 2021 |
% change as reported |
% change at constant exchange rates and scope of consolidation |
|---|---|---|---|---|
| Clinical Applications | 703.7 | 721.8 | -2.5% | -6.3% |
| Molecular biology | 319.0 | 324.5 | -1.7% | -6.7% |
| Microbiology | 266.8 | 247.4 | +7.8% | +4.9% |
| Immunoassays | 104.5 | 120.2 | -13.1% | -15.9% |
| Other lines(1) | 13.5 | 29.7 | -54.4% | -56.7% |
| Industrial Applications | 133.4 | 122.8 | +8.6% | +6.1% |
| TOTAL SALES | 837.1 | 844.6 | -0.9% | -4.5% |
(1) Including mainly BioFire Defense.
- Clinical application sales, which account for approximately 84% of the consolidated total, decreased by 6.3% year-on-year to €704 million in the first quarter of 2022.
- In molecular biology, the sales for BIOFIRE® reagents have been stable, led by respiratory panels, compensating an exceptionally high basis of comparison for non-respiratory panels. Respiratory panels demand remained strong in Q1 however, due to impacts from COVID on the essential workforce, we were unable to completely fulfill the backlog. Equipment sales are decreasing as expected. The BIOFIRE® installed base increased by 500 new systems, bringing the total to around 22,500 units. Other molecular ranges, including the DNA/RNA extraction and ARGENE® ranges have stepped back, but versus exceptionally high volumes in the previous year.
- In microbiology, sales performance has been very robust for reagents, led by VITEK® automated ID/AST and BACT/ALERT® blood culture ranges.
- In immunoassays, the range has been impacted by a weakening of the demand for COVID-related reagents compared to the first quarter of 2021, as well as the continuing downward trend on procalcitonin assays in the US.
- Industrial application sales, which represent around 16% of the consolidated total, increased by more than 6% year-on-year to €133 million, fueled by double digit growth of reagents sales, and a solid performance on both healthcare and food segments.
| Sales by Region In € millions |
Q1 2022 |
Q1 2021 |
% change as reported |
% change at constant exchange rates and scope of consolidation |
|---|---|---|---|---|
| Americas | 413.0 | 412.5 | +0.1% | -6.4% |
| North America | 365.3 | 370.4 | -1.4% | -8.2% |
| Latin America | 47.7 | 42.1 | +13.3% | +9.9% |
| EMEA(1) | 270.0 | 281.3 | -4.0% | -2.9% |
| Asia Pacific | 154.1 | 150.8 | +2.2% | -2.2% |
| TOTAL SALES | 837.1 | 844.6 | -0.9% | -4.5% |
ANALYSIS OF SALES BY REGION
(1) Including Europe, the Middle East and Africa.
- Sales in the Americas (nearly half of the consolidated total) reached €413 million in the first quarter, down 6% compared to the same period last year.
- In North America (44% of the consolidated total), microbiology reagents sales performance has reached high single digit growth, compensating the immunoassays downward trend. Molecular biology sales decreased in a context of high demand of respiratory panels not completely fulfilled, due to impacts from COVID on the essential workforce, and with lower equipment sales.
- In Latin America, quarterly organic sales performance has been robust, reflecting a solid momentum in microbiology and molecular.
- Sales in the Europe – Middle East – Africa region (32% of the consolidated total) come to €270 million in the first three months, down 3% year-on-year.
- In Europe (26% of the consolidated total), solid sales growth is reported in microbiology, compensating an unfavorable basis of comparison for other molecular ranges including the DNA/RNA extraction and ARGENE® ranges.
- In the Middle East –Africa - Russia region, sales performance has been contrasted, with a remarkable growth in Turkey and the Middle-East, while Africa experienced a slow start.
- Sales in the Asia Pacific region (18% of the consolidated total) amounted to €154 million in the first quarter, down 2% organically compared with €151 million in the same period of 2021. Growth has remained high in Japan and India, while sales in China have been affected by lockdown measures.
FIRST-QUARTER 2022 AND SUBSEQUENT EVENTS
bioMérieux receives FDA 510(k) clearance for its VITEK®MS PRIME new MALDI-TOF mass spectrometry identification system
In March 2022, bioMérieux announced that VITEK® MS PRIME has received 510(k) clearance from the U.S Food and Drug Administration (FDA). This next generation system for routine microbial identification in minutes is now commercially available in countries that recognize CE-marking and in the United States. This instrument, manufactured by bioMérieux, is a compact benchtop system designed to increase laboratory productivity for greater impact to patient care. Extensive lab input was incorporated into its development with unique and differentiating features like prioritization of urgent samples and continuous "load and go".
INVESTOR CALL
bioMérieux will hold an investor presentation on Tursday, April 12th, 2022 at 3:00 pm Paris time (GMT+1). The presentation will be conducted in English and will be accessible via webcast.
Webcast link: https://globalmeet.webcasts.com/starthere.jsp?ei=1542015&tp\_key=dbca9a203c
For people unable to join the webcast URL, the presentation can be attended through below conference numbers
| France | Europe | United States | ||
|---|---|---|---|---|
| Conference call: | +33 (0)1 76 77 25 07 |
+44 (0)330 165 4045 | +1 (323) 994-2093 | |
| Access code: 1361575 |
INVESTOR CALENDAR
Annual General Meeting May 23 Second-quarter 2022 sales and first-half 2022 results August 31 Third-quarter 2022 sales October 26
d , 2022 st, 2022 th, 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 2021 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 2021, revenues reached €3.4 billion, with over 93% of 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. Investor website:
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 21 99 Tel.: +33 (0)1 53 70 74 64 Tel.: +33 (0)1 53 70 74 48 [email protected] [email protected] [email protected]