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DiaSorin The Diagnostic Specialist PRESS RELEASE SIGNIFICANT GROWTH IN REVENUES AND PROFITABILITY IN THE FIRST QUARTER 2021 STRONG OPERATING CASH FLOW GENERATION AND RECORD NET FINANCIAL POSITION Q1 2021 RESULTS REVENUES : € 266.7 million , + 52.7 % ( + 59.5 % at CER ) . Growth driven by SARS - CoV - 2 tests ' sales , equal to € 102.0 million ( particularly in USA , Canada and Europe ) and by a strong recovery of ex - COVID business , with revenues in line with Q1'20 . It should be noted that ex - COVID revenues in Q1 grew by around 6 % at CER , net of one - off factors ; and specifically : the known and expected conclusion of an important contract on Vitamin D with a major U.S. laboratory , the lack of sales contribution from Siemens ELISA business following the expected termination of the supply agreement in Q3'20 , and the current decline in flu tests ' sales , as a consequence of distancing and individual protection measures adopted during the pandemic . ADJUSTED EBITDA¹ : € 129.6 million , + 101.0 % ( + 110.4 % at CER ) , equal to 48.6 % of Group revenues ( 48.7 % at CER ) . The result reflects the sales growth in Q1'21 , the operating leverage generated by high volumes of tests for SARS - CoV - 2 and the containment of operating expenses . EBITDA was € 118.0 million , + 82.9 % ( + 92.3 % at CER ) compared to Q1'20 , equal to 44.2 % of Group revenues ( 36.9 % in Q1'20 ) . EBIT : € 103.3 million , + 109.1 % compared to Q1'20 , equal to 38.7 % of Group revenues . NET PROFIT : € 78.2 million , + 107.2 % compared to Q1'20 , equal to 29.3 % of Group revenues . NET FINANCIAL POSITION : + € 393.6 million at March 31 , 2021 , an increase of € 88.2 million compared to December 31 , 2020 ( + € 305.3 million ) . ' • FREE CASH FLOW : € 79.7 million at March 31 , 2021 , + 100.3 % compared to € 39.8 million at March 31 , 2020 . IMMUNODIAGNOSTIC ANALYZERS INSTALLED : 8,941 units at March 31 , 2021. Strong performance of LIAISON® XL placements in Q1'21 ( +183 units ) for a total immunodiagnostic analyzers ' installed base of around 5,300 units . FY 2021 GUIDANCE AT CER : REVENUES : growth between 15 % and 25 % , with ex - COVID business revenues increasing by approximately 15 % ADJUSTED EBITDA¹ MARGIN : between 44 % and 47 % COVID - 19 pandemic continues to impact the global economy and the diagnostic business trends , leading to a higher degree of uncertainty in anticipating future purchasing behavior trends in laboratories and hospitals . The wide guidance range for revenues reflects the difficulty in accurately forecasting sales performance of COVID tests due to the low visibility on the timing of vaccine rollout in the countries where the Group operates , the unpredictability of viral mutations that may affect vaccine's efficacy and the potential development of drug treatments . The guidance reflects DiaSorin's current visibility into market conditions , customer order patterns for Group products and is based on the current assumptions about the impact from the COVID pandemic in the markets where the Group operates . IMPACT OF THE COVID - 19 PANDEMIC ON BUSINESS : Q1'21 was marked by the ongoing COVID - 19 pandemic which , however , did not have negative effects generated by the restrictive measures implemented by government authorities to address the crisis on the diagnostic sector . In this context , DiaSorin has not identified any COVID - 19 - associated risks that may threaten its business continuity and no disruptions in all Group sites have been experienced in research , manufacturing and distribution activities , carried out in compliance with the provisions intended to ensure its employees ' safety . 1 Adjusted EBITDA = Adjusted EBITDA , excluding extraordinary costs and expenses incurred in the Luminex transaction announced on April 11 , 2021 , equals to € 11.6 million 1