DiaSorin announced the results for the 1st half of 2022. The accounts showed revenues of € 685 million, up 33% compared to the first half of 2021 and an Adjusted EBITDA of € 269 million, up by 10%.
Returning to revenues of € 685 million, equal to + 33.0% (+ 25.1% at constant exchange rates), the change is a consequence of the inclusion of Luminex in the scope of consolidation and the positive performance of the immunodiagnostics and molecular diagnostics, partially offset by the anticipated decline in COVID sales.
In particular, ex-COVID immunodiagnostics revenues grew by 10.0% (+ 5.4% at constant exchange rates), largely driven by the positive trend of tests for the diagnosis of latent tuberculosis, of disease panels infectious and gastrointestinal infections.
Ex-COVID molecular diagnostics revenues grew by 170.9% (+ 147.8% at constant exchange rates), mainly as a result of the growth of DiaSorin tests and the contribution of Luminex.
Licensed technologies revenues amounted to € 106 million; the good performance of sales of tools and consumables related to xMAP® technology confirmed.
Sales of serological and molecular tests for COVID, equal to € 150 million, albeit higher than the guidance initially provided, decreased by 15.5% (-20.6% at constant exchange rates) compared to the first half of 2021, as a result of the success of the pandemic containment measures implemented by the various government authorities and of the diffusion and effectiveness of vaccination campaigns.
Luminex’s overall contribution to revenues in the first half of 2022, in line with forecasts, is € 185 million.
Adjusted net profit: € 169 million, + 3.7% compared to the first half of 2021. Incidence on revenues of 24.6%.
Diasorin’s net profit amounted to € 141 million in the first half of the year, down by 6.1% compared to the first half of 2021. The incidence on revenues was 20.5%.
Net financial debt amounted to – € 1,003 million (- € 986 million at 31 December 2021), with the change compared to last year, equal to – € 17 million, which is the result of a strong generation of operating cash, plus which was offset by the payment of dividends to shareholders for € 56 million, by the net purchase of treasury shares for € 65 million and by a negative exchange rate effect on the net position in dollars.
The Company has revised upwards the Guidance for the year 2022, both in terms of revenues and margins, following a better trend in sales of COVID tests due to the Omicron variant:
The new outlook on revenues expects growth of approximately + 2% compared to that recorded in 2021, of which revenues relating to COVID products for approximately € 200 million and ex-COVID revenues up by approximately 24%. Diasorin also estimates an EBITDA ADJUSTED MARGIN of approximately 38%.