Half Year 2024 DiaSorin SpA Earnings Call Transcript
Key Points
- Diasorin SpA (STU:34D) reported a strong quarter with a 7% growth ex-COVID, driven by an 11% increase in immunoassay and a 13% growth in CLIA.
- The company is on track to meet its 2027 plan of expanding to 600 hospitals, having already closed 50 new accounts in H1 2024.
- Strong performance in Europe with a 12% growth in the quarter, supported by increased testing volumes across major geographies.
- The molecular diagnostics segment showed a 5% growth ex-COVID, with potential for further growth as new platforms like PLEX are launched.
- The company increased its 2024 guidance, expecting revenues ex-COVID to grow between 6% and 7%, with an adjusted EBITDA margin of about 33%.
- China experienced a high single-digit decrease in Q2, with ongoing headwinds from local competition and government preference for Chinese-made products.
- The LTG segment saw a 7% decline due to a decrease in instrument placements, reflecting a broader slowdown in the life science market.
- The Italian payback mechanism remains a financial risk, with potential cash outflows despite existing provisions.
- There is no significant contribution from the PLEX platform yet, as it was only launched two months ago.
- The company faces challenges in the Middle East, particularly in Iran, due to geopolitical issues affecting product shipments.
Good afternoon. This is the chorus call conference operator. Welcome, and thank you for joining the DiaSorin second quarter 2024 results conference call. (Operator Instructions)
At this time, I would like to turn the conference over to Mr. Carlo Rosa, CEO of DiaSorin. Please go ahead, sir.
Thank you, operator. Good morning, good afternoon to everybody, and welcome to the quarter two 2024 results. I'm going to make some introductory comments first at constant exchange rate, and then I'm going to leave Mr. Pedron, the CFO of the company, to go through the numbers in more detail.
So let's start from the topline. It was a strong quarter. The company ex-COVID grew 7%, and there is an acceleration in quarter two compared to quarter one. When it comes to the COVID business, EUR5 million in the quarter, so far in line with our full-year guidance of EUR30 million. In fact, it's a very strong quarter, and it's a combination of immunoassay that is growing 11% and
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