Q3'07 Results - Conference Call

3nd quarter 2007 Conference Call November, 12

Disclaimer Save where otherwise indicated, the Company is the source of the content of this Presentation. Care has been taken to ensure that the facts stated in this Presentation are accurate, and that the opinions expressed are fair and reasonable.

However, no representation or warranty, express or implied, is made or given by or on behalf of the Company, or the management or employees of Company as to the accuracy, completeness or fairness of the information or opinions contained in this Presentation. None of the Company, shall have any liability whatsoever (in negligence or otherwise) for any loss whatsoever arising from any use of this Presentation or its contents or otherwise arising in connection therewith.

This Presentation is not intended for potential investors and does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or solicitation of any offer to purchase or subscribe for, any securities of the Company, nor should it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or commitment whatsoever. This Presentation does not constitute a recommendation regarding the securities of the Company.

This Presentation contains various forward-looking statements that reflect the Company’s management’s current views with respect to future events and financial and operational performance. The words “believe”, “expect”, “anticipate”, “intend”, “may”, “plan”, “estimate”, “should”, “could”, “aim”, “target”, “might”, or, in each case, their negative, or similar expressions identify certain of these forward-looking statements. Others can be identified from the context in which the statements are made. These forward-looking statements involve known and unknown risks, uncertainties and other factors, which are in some cases beyond the Company’s control and may cause actual results or performance to differ materially from those expressed or implied from such forward-looking statements. These risks include, but are not limited to, the Company’s ability to, operate profitably, maintain its competitive position, the Company’s ability to promote and improve its reputation and the awareness of the brands in its portfolio, the Company’s ability to operate its growth strategy successfully, the impact of changes in pricing policies, political and regulatory developments in the markets in which the Company operates, and other risks.

3Q ’07 Conference Call

November, 12 2007

1

Q3 Results: income statement Q3 2007

Q3 2006

Δ as reported

Net Revenues

49.0

43.5

+12.6%

Gross profit

30.4

26.8

+13.5%

62.0%

61.5%

SG&A

(16.5)

(14.4)

R&D

(2.7)

(2.2)

Other opex

(1.2)

1.8

Out of which non recurring

(1.9)

1.9

10.0

12.0

20.5%

27.6%

11.9

10.1

24.3%

23.1%

Net Financial expense

(0.7)

(0.9)

Tax

(4.0)

(4.4)

Net Result

5.3

6.7

(20.3%)

Net Result ex Exceptional items

6.5

5.5

+16.8%

Ebitda

13.5

15.5

(13.1%)

Margin

27.5%

35.6%

15.3

13.5

31.2%

31.1%

millions €

Margin

Ebit Margin

Ebit ex exceptional items Margin

Ebitda ex exceptional items Margin 3Q ’07 Conference Call

(16.4%) +18.1%

+13.0%

November, 12 2007

2

Accelerated revenues growth Revenues increase by 12.6% although exchange rate effects (+14.7% at comparable fx), improving growth rate from second quarter results, thanks to: ● Steady enlargement of Liaison installed base, grown from around 1870 (30/06/07) to around 1960 (30/09/07) ● Leverage of the Liaison installed base ● Enriched specialty assay portfolio offer: since 2006 until end of September we launched 14 new assays out of which 11 specialty ● Growing sales in NA, recent direct initiatives (Mex, Isr and China) and Europe

3Q ’07 Conference Call

November, 12 2007

3

Revenues break down: by technology CLIA sales still trigger revenues growth CLIA sales keep growing at higher rate than other technologies +27% Q3 07 vs Q3 06

Revenues mix by technology improved towards CLIA kits, from 45.3% in Q3 06 to 51.1% in Q3 07 of total sales Q3 06 Instruments (Liaison) 8,2%

Q3 07 Instruments (Liaison) 11,1%

RIA 13,1%

RIA 11,5%

ELISA 26,3%

CLIA 45,3%

3Q ’07 Conference Call

ELISA 33,4%

CLIA 51,1%

November, 12 2007

4

Revenues break down: by geography millions €

3rd Quarter 2007

2006

Δ%

Europe

28.7

25.7

11.6%

North America

11.6

9.9

18.0%

Rest of the World

8.7

7.9

9.1%

Total

49.0

43.5

12.6%

●

Increased market share in consolidated markets such as Belgium France Germany Nordic

●

+12.1% Q3 07 vs Q3 06 +9.7% Q3 07 vs Q3 06 +8.8% Q3 07 vs Q3 06 +25.5% Q3 07 vs Q3 06

Promising growth rate in recent initiatives: China +30.0 % Q3 07 vs Q3 06 Mexico +15.5% Q3 07 vs Q3 06 (+ 23.5 % in local currency) Israel +284.9% Q3 07 vs Q3 06

3Q ’07 Conference Call

November, 12 2007

5

Clearly improving profitability Profitability continuously improved, net of non recurring expenses due to IPO process: +13.5% Q3 07 vs Q3 06

from 61.5% to 62.0% of tot sales

EBITDA -13.1% Q3 07 vs Q3 06 EBITDA ex excep.* +13 % Q3 07 vs Q3 06

from 35.6% to 27.5% of tot sales from 31.1% to 31.2% of tot sales

-16.4% Q3 07 vs Q3 06 +18.1% Q3 07 vs Q3 06

from 27.6% to 20.5% of tot sales from 23.1% to 24.3% of tot sales

Gross Margins

EBIT EBIT ex excep.*

Thanks to: ● Improved technology mix: CLIA revenues represents 51.1% in Q3 07 vs 45.3% in Q3 06; the positive effect is mitigated by a higher weight of instrument sales with lower margin during Q3 ●

Lower incidence of instrument depreciation on total sales but lower absorbtion of manufacturing fixed costs

●

Opex under control despite more than proportional investment in R&D and corporate governance (SO 0.6 vs 0.2 py) * In Q3 07 € (1.9) of not recurring, in Q306 1,9 of not recurring

3Q ’07 Conference Call

November, 12 2007

6

3Q Results: balance sheet & cash flow millions €

30/09/07

31/12/06

Total tangible asset

34.4

35.5

Total intangible asset

64.5

62.8

Other non-current asset

9.3

8.7

Net Working Capital

41.9

38.3

(21.7)

(22.9)

Net Capital Employed

128.4

122.4

Net Debt

(15.9)

(34.7)

Total shareholder’s’ equity

(112.5)

(87.7)

Q3 07

Q3 06

Net change in cash and cash equivalents

12.9

13.7

Cash and equivalents at the end of the period

22.5

16.5

Other non-current liabilities

3Q ’07 Conference Call

November, 12 2007

7

Solid financial structure ● Operating cash flow (after investment activities) in Q3: € 8.3 MM ● Cash flow from financing activities increase to € 4.6 MM, due to 2004-2008 stock options plan subscribtion ● Net debt € 15.9 millions in Q3 07 vs € 30.1 in Q2 07 and 34.7 at the end of 2006 ● Cash and equivalents at the end of the period amount to € 22.5 MM.

3Q ’07 Conference Call

November, 12 2007

8

9M Results: income statement 9M 2007

9M 2006

Δ as reported

151.2

136.7

+10.6%

96.3

83.0

+16.0%

63.7%

60.8%

SG&A

(49.5)

(44.0)

R&D

(8.1)

(6.7)

Other opex

(4.1)

1.1

Out of which non recurring

(4.0)

1.9

34.7

33.5

22.9%

24.5%

38.7

31.6

25.6%

23.1%

Net Financial expense

(2.9)

(2.8)

Tax

(12.7)

(11.7)

Net Result

19.1

19.0

+0.4%

Net Result ex Exceptional items

21.9

17.8

+23.2%

Ebitda

45.1

44.0

+2.5%

Margin

29.8%

32.2%

49.1

42.1

32.5%

30.8%

millions €

Net Revenues Gross profit Margin

Ebit Margin

Ebit ex exceptional items Margin

Ebitda ex exceptional items Margin 3Q ’07 Conference Call

+3.4% +22.5%

+16.6%

November, 12 2007

9

Clearly improving profitability Profitability strongly improved, although non recurring expenditures, due to IPO process: Gross Margins

+16.0% YTD 07 vs YTD 06

from 60.8% to 63.7% of tot sales

EBITDA + 2.5% YTD 07 vs YTD 06 from 32.2% to 29.8% of tot sales EBITDA ex excep.* +16.7 % YTD 07 vs YTD 06 from 30.8% to 32.5% of tot sales EBIT EBIT ex excep.*

+3.5% YTD 07 vs YTD 06 +22.5% YTD 07 vs YTD 06

from 24.5% to 22.9% of tot sales from 23.1% to 25.6% of tot sales

Thanks to: ● Improved technology mix: CLIA revenues represents 49.8% in YTD 07 vs 42.9% in YTD 06 ● Lower incidence of instrument depreciation on total sales ● Opex under control despite more than proportional investment in R&D and corporate governance (SO 1.2 vs 0.6 py)

* In Q3 07 € (1.9) of not recurring, in Q306 1,9 of not recurring

3Q ’07 Conference Call

November, 12 2007

10

3nd quarter 2007 Conference Call November, 12