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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