Q2'07 Results- Conference Call

2nd quarter 2007 Conference Call August, 10

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2Q ’07 Conference Call

August, 10 2007

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2Q Results: income statement Δ as

2Q 2007

2Q2006

Net Revenues

52.3

47.1

+11.0%

Gross profit

33.9

28.0

+21.2%

SG&A

(17.2)

(15.3)

R&D

(2.8)

(2.4)

Other opex

(1.2)*

(0.5)

Ebit

12.7

9.8

Ebit ex exceptional items **

13.4

millions €

reported

+29.5% +37.1%

Net Financial expense

(1.3)

(1.1)

Tax

(4.4)

(3.2)

Net Result

6.9

5.5

+25.7%

Ebitda

16.2

12.9

+25.1%

Ebitda ex exceptional items **

16.9

+30.9%

* Out of which € 1.3 not recurring ** Net exceptional items of € 0.8

2Q ’07 Conference Call

August, 10 2007

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H1 Results: income statement Δ as

H1 2007

H1 2006

Net Revenues

102.2

93.1

9.7%

Gross profit

65.9

56.3

17.1%

SG&A

(33.0)

(29.6)

R&D

(5.4)

(4.5)

Other opex

(2.9)*

(0.7)

Ebit

24.6

21.5

Ebit ex exceptional items **

26.7

millions €

reported

+14.6% +24.6%

Net Financial expense

(2.1)

(2.0)

Tax

(8.8)

(7.3)

Net Result

13.7

12.2

+12.4%

Ebitda

31.6

28.5

+10.9%

Ebitda ex exceptional items **

33.7

+18.4%

* Out of which € 2.7 not recurring ** Net exceptional items of € 2.1

2Q ’07 Conference Call

August, 10 2007

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Revenues break down: by geography millions €

2Q 07

2Q 06

change

Europe

31.5

27.9

+12.8%

North America

11.7

10.6

+10.7%

Rest of the World

9.1

8.6

+5.7%

●

Increased market share in consolidated markets such as

●

Italy +14% Q2 07 vs Q2 06 Spain +10.7% Q2 07 vs Q2 06 Germany +8.7% Q2 07 vs Q2 06 Promising growth rate in subsidiaries recently opened such as Mexico Israel

2Q ’07 Conference Call

+21.5% Q2 07 vs Q2 06 +247.8% Q2 07 vs Q2 06

August, 10 2007

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Revenues break down: by technology CLIA sales keep growing

+29.3% Q2 07 vs Q2 06 +29.1% HY 07 vs HY 06

Revenues mix by technology improved towards CLIA kits, from 43.1% in Q2 06 to 50.4% in Q2 07 of total sales

Q2 07

Q2 06 Instruments (Liaison) 10,5%

CLIA 43,1%

2Q ’07 Conference Call

Instruments (Liaison) 10,3%

RIA 13,0%

ELISA 33,3%

RIA 11,7%

ELISA 27,6% CLIA 50,4%

August, 10 2007

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Accelerated revenues growth Revenues increase by 11.0% (+12,8% at comparable fx), improving growth rate from first quarter results, thanks to: ● Steady enlargement of Liaison installed base, grown from around 1768 (30/03/07) to around 1870 (30/06/07) ● Leverage of the Liaison installed base ● Enriched specialty assay portfolio offer: since beginning of 2007 until end of June we launched 7 new assay out of which 6 specialty ● Growing sales in market recently turned direct: Israel +247.8% Q2 07 vs Q2 06 Mexico +21,5% Q2 07 vs Q2 06

2Q ’07 Conference Call

August, 10 2007

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Clearly improving profitability Profitability strongly improved, although non recurring expenditures, due to IPO process: +21.2% Q2 07 vs Q2 06

from 59.5% to 65.0% of tot sales

Ebitda +25.1% Q2 07 vs Q2 06 Ebitda ex excep.* +30.9% Q2 07 vs Q2 06

from 27.6% to 31.1% of tot sales from 27.6% to 32.5% of tot sales

+29.5% Q2 07 vs Q2 06 +37.1% Q2 07 vs Q2 06

from 20.8% to 24.3% of tot sales from 20.8% to 25.7% of tot sales

Gross Margins

Ebit Ebit ex excep.* Thanks to: ●

Improved technology mix: CLIA revenues represents 50.4% in Q2 07 vs 43.1 in Q2 06

●

Increasing volume supporting economies of scale

●

Improved product mix: specialty assay sales increased

* In Q2 07 € 1.3 of not recurring

2Q ’07 Conference Call

August, 10 2007

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2Q Results: balance sheet & cashflow millions €

30/06/07

31/03/07

31/12/06

Total tangible asset

35.1

35.3

35.5

Total intangible asset

64.3

63.5

62.8

Other non-current asset

8.3

8.5

8.7

Net Working Capital

46.4

41.3

38.3

(22.1)

(23.1)

(22.9)

Net Capital Employed

132.0

125.5

122.4

Net Debt

(30.2)

(31.0)

(34.7)

Total shareholder’s’ equity

(101.8)

(94.5)

(87.7)

(2.4)

3.3

4.8

9.6

12.0

8.7

Other non-current liabilities

Net change in cash and cash equivalents Cash and equivalents at the end of the period

2Q ’07 Conference Call

August, 10 2007

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Solid financial structure ● Net debt stable at € 30.1 millions in Q2 07 vs € 31.0 in Q1 07 ● Higher working capital mainly due to higher inventories and receivables generated by increasing revenues ● Q2 Operating cashflow before capex € 4.9 mln ● Cash decreased due to financial debt reimbursement (€ 3.1 mln) and tax payments (€ 7.7 mln)

2Q ’07 Conference Call

August, 10 2007

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Forthcoming events September 24th-27th: UBS Global LifeSciences Conference New York

September 28th: First Half ’07 Conference Call

October 3rd-5th: STAR Conference London

2Q ’07 Conference Call

August, 10 2007

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