Earnings release
Page 1
DiaSorin The Diagnostic Specialist PRESS RELEASE DIASORIN BUSINESS MOMENTUM AND THE LUMINEX ACQUISITION DRIVE REVENUES AND PROFITABILITY UP IN THE FIRST 9 MONTHS OF 2021 MAIN FIRST 9 MONTHS 2021 RESULTS REVENUES : € 858.9 million , + 40.8 % ( + 43.6 % at CER ) compared to the first 9 months of 2020 . Growth in revenues at CER and on a like - for - like basis¹ is equal to + 28.6 % , with ex - COVID revenues up by 16.8 % and sales of SARS - CoV - 2 serology and molecular diagnostic tests on a like - for - like basis ' equal to € 264.7 million ( € 165.0 million in the first 9 months of 2020 ; + 60.4 % ) . Luminex , a company that joined the Group on July 14 , 2021 and was consolidated since July 1 , 2021 , contributed € 91.1 million to Group revenues . ADJUSTED EBITDA² : € 383.2 million , + 48.7 % ( + 51.3 % at CER ) , equal to 44.6 % of Group revenues ( 44.5 % at CER ) . The two main factors driving the performance include , on the one hand , the sales and the operating leverage growth generated by high volumes of tests for SARS - CoV - 2 and , on the other hand , the expected diluting effect of the Luminex business . EBITDA was € 367.6 million , + 42.6 % ( + 45.0 % at CER ) compared to the first 9 months of 2020 , equal to 42.8 % of Group revenues ( 42.2 % in the first 9 months of 2020 ) . EBIT : € 314.1 million , + 47,1 % , equal to 36.6 % of Group revenues ( 35.0 % in the first 9 months of 2020 ) . NET PROFIT : € 229.3 million , + 41.1 % , equal to 26.7 % of Group revenues ( 26.6 % in the first 9 months of 2020 ) . NET FINANCIAL POSITION : - € 1,047.4 million ( + € 305.3 million at 31 December 2020 ) . The change , equal to - € 1,352.8 million , is related to the debt to fund the acquisition of Luminex . FREE CASH FLOW : € 223.7 million in the first 9 months of 2021 ( € 152.5 million in the first 9 months of 2020 ) . The change reflects the positive contribution from the Luminex business in Q3'21 . NEW FY 2021 GUIDANCE AT CONSTANT EXCHANGE RATES : following the business trend in the first 9 months and the Q4 2021 forecasts , DiaSorin expects : ' REVENUES growing at approx . + 40 % ' ADJUSTED EBITDA² MARGIN equal to approx . 43 % The expected revenues growth at CER and on a like - for - like basis¹ is equal to approx . 18 % . DIASORIN INVESTOR DAY 2021 The Company's Industrial Plan will be presented to the financial community on December 17 , 2021. More information will be made available in the " Investors " section at www.diasoringroup.com . ' Like - for - like basis = net of Luminex , consolidated as from July 1 , 2021 2Adjusted EBITDA = EBITDA net of " one - off " costs related to the Luminex acquisition , integration and restructuring ( € 15.6 million in the first 9 months of 2021 ) 1