DiaSorin presented the 2022-2025 plan today. The event was expected but the market did not welcome the new four-year path of the company which is an Italian excellence and a leader in diagnostics. In the middle of the day, and pending Investor Day to be held today at 14:00, the stock marks a sharp decline of 12% to 156 euros.
The group announced that it expects ex-Covid revenues to grow by 24% in 2022 and total revenues to fall by 2% (Covid turnover down from 370 million in 2021 to 150 million in 2022). Ebitda adjusted margin 2022, on the other hand, is expected at 35% due to the impact of the change in the product mix on EBITDA, the reduction in sales volumes of Covid tests, the 12-month contribution of the Luminex business and the partial realization of the synergies related to the integration of Luminex. 2022-2025 ex-Covid revenues are expected to grow by 10% annually and total revenues are seen to progress at a CAGR of 7% (Covid turnover down to 50 million in 2025). Ebitda adjusted margin 2025 is estimated at 38%, in line with the trend recorded before the Covid-19 pandemic and the Luminex acquisition.
The numbers are below analysts’ expectations. Equita Sim, for example, reports that 2022 is weaker while the 2025 targets in terms of margins are slightly lower than expected. For Intesa Sanpaolo analysts, on the other hand, the adjusted EBITDA margin expected at 2022 of 35% is significantly lower than expected (40%), probably due to the lower contribution of Luminex and the business linked to Covid.
The new industrial plan is developed along two main lines: the consolidation of DiaSorin as a specialty player and the launch of new strategic programs, also following the recent acquisition of Luminex.
“The new Business Plan approved today by the Board of Directors outlines the guidelines that will guide the development of DiaSorin in the coming years, through the completion of some strategic projects already started in the past and the launch of new important initiatives that will feed and support the growth of next years, also thanks to the new skills deriving from the acquisition of Luminex – commented Carlo Rosa, CEO of DiaSorin -. In the last two years, the pandemic has redefined the role of diagnostics in the management of public health and has posed new challenges for national health systems to which DiaSorin intends to respond by strengthening its position as a “cube” Specialist ».
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