Informazione Regolamentata n. 0957-25-2024		Data/Ora Inizio Diffusione 10 Maggio 2024 15:19:31
Societa'	:	DIASORIN

Identificativo Informazione Regolamentata	:	190429
Utenza - Referente	:	DIASORINN02 - Ragazzo
Tipologia	:	REGEM
Data/Ora Ricezione	:	10 Maggio 2024 15:19:31
Data/Ora Inizio Diffusione	:	10 Maggio 2024 15:19:31
Oggetto	:	Q1 Revenues and Adjusted EBITDA in line with the high range of the FY'24 Guidance
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Q1 REVENUES AND ADJUSTED EBITDA IN LINE WITH THE HIGH RANGE OF THE FY'24 GUIDANCE

REVENUES: € 289 MILLION (IN LINE WITH 2023 REPORTED REVENUES;+7% AT CER, EXCLUDING COVID AND AT CONSTANT PERIMETER 1 )
ADJUSTED² EBITDA³ : € 97 MILLION, EQUAL TO 34% OF GROUP REVENUES

Saluggia (Italy), May 10, 2024 – 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 RESULTS³

	Q 1		change
Amounts in million of euros	2023	2024	amount	% @ current	% @ CER
Revenues	290	289	-1	-0%	+0%
ex-COVID Immunodiagnostics	172	186	+14	+8%	+9%
ex-COVID Molecular Diagnostics	51	51	+1	+1%	+2%
Licensed Technologies 1	42	43	+1	+3%	+4%
COVID	21	9	-13	-59%	-59%
Revenues net of Covid	268	280	+12	+4%	+5%
Revenues at constant perimeter net of Covid	264	280	+16	+6%	+7%
Adjusted2 EBITDA3	98	97	-1	-1%	+0%
Adjusted 2 EBITDA 3 margin	34%	34%	-15 bps
EBITDA3	93	96	+ 3	+3%	+4%
EBITDA 3 margin	32%	33%	+107 bps
Adjusted2 EBIT	75	74	-1	-1%
Adjusted 2 EBIT margin	26%	26%	-23 bps
EBIT	60	63	+ 3	+5%
EBIT margin	21%	22%	+102 bps
Adjusted2 net profit	59	59	+ 0	+0%
Adjusted 2 Net profit on Revenues	20%	20%	+10 bps
Net profit	42	46	+ 4	+10%
Net profit on Revenues	14%	16%	+142 bps

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.

¹ Excluding the Flow Cytometry business, divested in February 2023.

² With reference to the indicators Adjusted Gross Margin, Adjusted EBITDA, Adjusted EBIT, and Adjusted Net Income, please refer to the table at the end of this Press Release.

³ EBITDA is defined as the "Operating Result", gross of amortization and depreciation of intangible and tangible assets. EBITDA is a measure used by the Company to monitor and evaluate the Group's operating performance and is not defined as an accounting measure in IFRS and therefore shall not be considered an alternative measure for assessing the Group's operating result performance. Since the composition of EBITDA is not regulated by the reference accounting standards, the criterion of determination applied by the Group may not be homogeneous with that adopted by other operators and/or groups and therefore may not be comparable.

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.

ADJUSTED²NET 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:

Continuation of the project to divest the ARIES molecular diagnostics business line and the consolidation of the related customer base on the Diasorin LIAISON® MDX platform;
U.S. Food and Drug Administration 510(k) clearance of LIAISON PLEX®, the new multiplexing platform and the respiratory panel LIAISON PLEX® Respiratory Flex Assay;
Submission of LIAISON PLEX® Yeast Blood Culture Assay, the second multiplexing panel for the LIAISON PLEX® platform, to the U.S. FDA.

LICENSED TECHNOLOGIES:

Hiring of new General Manager of "Luminex LTG", with extensive experience in the Life Science industry, to define further growth strategies in the Licensed Technologies business, leveraging the Group's proprietary technology, recognized as "best in class" worldwide.

⁴ Free Cash Flow equals net cash flow generated from operating activities including uses for investment and before payment of interest and acquisitions of companies and businesses.

2024 GUIDANCE AT 2023 CONSTANT EXCHANGE RATES

Diasorin confirms FY 2024 guidance:

EX COVID REVENUES: between +5% and +7% (Covid revenues equal to approx. € 30 million)
ADJUSTED² EBITDA³ MARGIN⁵ : approx. 32%-33%

***

Mr. Piergiorgio Pedron, the Officer in charge of preparing the corporate accounting documents of DiaSorin S.p.A. declares that, pursuant to paragraph 2, Art. 154 bis of the Consolidated Law on Finance, to the best of his knowledge, the accounting information contained in this Press Release corresponds to the documental results, accounting books and records.

***

This press release is available to the public at the registered office of the Company and is also published on the Company's website (www.diasorin.com) under the section "Investors - Financial Corner - Press Releases" and on the centralized storage system named eMarket STORAGE at .

***

Q1 2024 results will be presented to the financial community during a conference call on Friday, May 10, 2024, at 4:30 PM CET.

To participate in the conference call, dial the following numbers:

From Italy + 39 02 8020911
From U.K. +44 1212 818004
From U.S.A. +1 718 7058796

Presentation slides will be made available under the section "Investors - Financial Corner - Presentations" on the Company's website (www.diasorin.com) and on the centralized storage system named eMarket STORAGE at prior to the beginning of the conference call.

***

Annex: Financial statements not subject to audit by the Group's Independent Auditors.

⁵ Adjusted EBITDA to Revenues ratio.

ANNEXES

CONSOLIDATED INCOME STATEMENT

	Q1		Change
Amounts in million of euros	2023	2024	amount	%
Revenues	290	289	-1	-0%
Cost of sales	(98)	(97)	+0	-0%
Gross profit	192	191	-1	-0%
	66%	66%	-2 bps
Sales and marketing expenses	(73)	(71)	+2	-3%
Research and development costs	(23)	(22)	+1	-6%
General and administrative expenses	(29)	(31)	-3	+9%
Total operating expenses	(125)	(124)	+1	-1%
	43%	43%	-20 bps
Other operating income (expense)	(7)	(5)	+2	-35%
non recurring amount	(5)	(1)	+4	-73%
EBIT	60	63	+3	+5%
	21%	22%	+102 bps
Net financial income (expense)	(6)	(4)	+3	-42%
Profit before taxes	54	59	+5	+10%
Income taxes	(12)	(14)	-1	+11%
Net profit	42	46	+4	+10%

EBITDA3	93	96	+3	+3%
	32%	33%	+107 bps

REVENUES BY TECHNOLOGY

	Q1
% of revenues contributed	2023	2024	Change
Immunodiagnostics ex-COVID	59%	64%	+508 bps
Molecular Diagnostics ex-COVID	18%	18%	+24 bps
Licensed Technologies	16%	15%	-100 bps
COVID	7%	3%	-431 bps

REVENUES BY GEOGRAPHY

	Q1		Change
Amounts in million of euros	2023 2024		amount	%
				@ current	@ CER
North America Direct	142	142	+0	+0%	+1%
% on total revenues	49%	49%
Europe Direct	103	104	+1	+1%	+1%
% on total revenues	35%	36%
Rest of the World	45	43	-2	-4%	-2%
% on total revenues	16%	15%
Total	290	289	-1	-0%	+0%

CONSOLIDATED BALANCE SHEET

Amounts in million of euros	12/31/2023	03/31/2024	Change
Goodwill and intangibles assets	1,925	1,966	+41
Property, plant and equipment	256	261	+5
Other non-current assets	35	34	-0
Net working capital	369	380	+11
Other non-current liabilities	(270)	(275)	-4
Net Invested Capital	2,314	2,366	+52
Net Financial Debt	(776)	(749)	+28
Total shareholders' equity	1,538	1,618	+80

CONSOLIDATED STATEMENT OF CASH FLOWS

	Q1
Amounts in million of euros	2023	2024
Cash and cash equivalents at the beginning of the period	242	280
Cash provided by operating activities	41	75
Cash provided/(used) in investing activities	22	39
Cash provided/(used) in financing activities	68	(87)
Net change in cash and cash equivalents before investments in financial assets	131	28
Net change in cash and cash equivalents	131	28
Cash and cash equivalents at the end of the period	373	308

OVERVIEW OF THE GROUP'S OPERATING PERFORMANCE AND FINANCIAL POSITION

This press release presents and comments on certain financial indicators that are not identified in the IFRS. These indicators, which are described below, are used to comment on the Group's business performance, in compliance with the requirements of Consob communication of 28 July 2006 (DEM 6064293), as subsequently amended and supplemented (Consob communication 0092543 of 3 December 2015, which incorporates the ESMA Guidelines ESMA/2015/1415).

The alternative performance indicators listed below should be used to supplement the information required by IFRS to help readers of the press release gain a more comprehensive understanding of the Group's economic, financial and operating position, by excluding the result of one-off elements for the Luminex acquisition and integration from the amortization deriving from the Purchase Price Allocation, for the costs deriving from the dismantling of ARIES business and the financial expenses related to the financing of the transaction, including their tax impact.

It should be noted that the calculation of these adjusted indicators could differ from those used by other companies.

Q1 2024 ADJUSTED INDICATORS

(amounts in million of Euro)	Gross Margin	EBITDA	EBIT	Net Profit
IFRS Financial Statements Measures	191	9 6	6 3	4 6
% on Revenues	66%	33%	22%	16%
Adjustments
"One-off" costs related to the integration and restructuring of Luminex	-	1	1	1
Depreciation of Luminex intangibles identified in the Purchase Price Allocation	-	-	1 0	1 0
Financial charges relating to debt instruments and to the convertible bond issued to finance the acquisition of Luminex net of hedging effects	-	-	-	6
Total adjustments before tax effect	-	1	1 1	1 7
Fiscal effect on adjustments				(4)
Total Adjustments	-	1	1 1	1 3
Adjusted Measures	191	9 7	7 4	5 9

Q1 2023 ADJUSTED INDICATORS

(amounts in million of Euro)	Gross Margin	EBITDA	EBIT	Net Profit
IFRS Financial Statements Measures	192	9 3	6 0	4 2
% on Revenues	66%	32%	21%	14%
Adjustments
"One-off" costs related to the integration and restructuring of Luminex	-	5	5	5
Depreciation of Luminex intangibles identified in the Purchase Price Allocation	-	-	1 0	1 0
Financial charges relating to debt instruments and to the convertible bond issued to finance the acquisition of Luminex net of hedging effects	-	-	-	7
Total adjustments before tax effect	-	5	1 5	2 2
Fiscal effect on adjustments				(5)
Total Adjustments	-	5	1 5	1 7
Adjusted Measures	192	9 8	7 5	5 9

OPERATING PERFORMANCE IN Q1 2024 AND COMPARISON WITH Q1 2023

Amounts in million of Euro	03/31/2024	% on Revenues	03/31/2023	% on Revenues
Revenues	289	100%	290	100%
Cost of Sales	(97)	34%	(98)	34%
Gross Profit	191	66%	192	66%
Adjusted2 Gross Profit	191	66%	192	66%
Sales and marketing expenses	(71)	24%	(73)	25%
Research and development expenses	(22)	8%	(23)	8%
General and administrative expenses	(31)	11%	(29)	10%
Total operating expenses	(124)	43%	(125)	43%
Other operating income (expense)	(5)	2%	(7)	2%
EBIT	63	22%	60	21%
Adjusted2 EBIT	74	26%	75	26%
Net financial income (expense)	(4)	1%	(6)	2%
Profit before taxes	59	21%	54	19%
Income taxes	(14)	5%	(12)	4%
Net Profit	46	16%	42	14%
Adjusted2 Net Profit	59	20%	59	20%
EBITDA3	96	33%	93	32%
Adjusted2 EBITDA3	97	34%	98	34%

For additional information, please contact:

INVESTOR RELATIONS

Riccardo Fava Eugenia Ragazzo Corporate Vice President Communication, ESG & Investor Relations Corporate Investor Relations & ESG Analyst [email protected] [email protected]

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Diasorin Earnings Release 2024

4129_10-q_2024-05-10_edad9bf6-b369-4a1b-99ce-6fc9d346ffae.pdf

Q1 REVENUES AND ADJUSTED EBITDA IN LINE WITH THE HIGH RANGE OF THE FY'24 GUIDANCE

TABLES OF RESULTS³