The Board of Directors of DiaSorin S.p.A. approves the results for the first quarter 2014: growth in revenues, solid net financial position and strong cash flow 

FIRST QUARTER 2014 FINANCIAL HIGHLIGHTS

REVENUES: € 105.9 million in Q1'14, up 3.1% at CER compared with Q1'13 (+0.1% at current exchange rate), with molecular business contribution equal to € 0.7 million.
This results again confirms the strong performance of CLIA sales, net of Vitamin D, up 21.4% at CER (+19.0% at current exchange rate) following the success of both LIAISON XL and the new products brought to market in the field of the new HIV
and Viral Hepatitis assays line, in addition to the well-consolidated success of Tumor Markers, Infectious Diseases, Prenatal Screening panel and Parvovirus.

MARGINALITY: in Q1'14, EBITDA amounted to € 38.6 million and EBIT totaled € 31.3 million, with an incidence to revenues equal to 36.4% and 29.6%, respectively as a result of the following factors:

  • negative effect related to the exchange rates fluctuation (€ 1.1 million); 
  • costs in support of the molecular business (€ 1.9 million, including € 0.5 million for restructuring costs of the Norwegian branch). 

Net of the exchange rate effect and molecular business, EBITDA would be equal to 38.5% of revenues, confirming the marginality reported in the last 2 quarters of 2013.

NET PROFIT: € 19.7 million, equal to 18.6% of Group revenues.
NET FINANCIAL POSITION: +€ 125.1 million at March 31, 2014 (+€ 27.1 million compared with December 31, 2013).
FREE CASH FLOW: € 27.5 million at March 31, 2014, up by € 2.3 million compared with Q1'13.
LIAISON/LIAISON XL INSTALLED BASE: steady expansion in Q1'14, with 155 new LIAISON XL units and 4 LIAISON net placements, equal to 159 total units installed in Q1'14, for a total of 5,431 LIAISON AND LIAISON XL units at March 31, 2014 out of which
1,230 LIAISON XL.

SIGNIFICANT EVENTS
Growth in sales of tests based on CLIA technology, net of Vitamin D (+21.4% at CER), as a result of higher revenues generated from diagnostic tests performed on LIAISON XL installed units and the success of several product families that met the customer's needs with a complete and high-quality solution. Confirmation of the slowdown in Vitamin D test negative contribution (-7.2% at CER, including the effect resulting from price reduction granted to LabCorp; less than -6.0% at CER when excluding the LabCorp effect) and growth in
revenues in strategic markets such as Italy, Germany and Brazil. Extension of the agreement with LabCorp through the end of 2018, maintaining DiaSorin's well-consolidated Vitamin D business and increasing the number of assays on LIAISON XL with 15 new products. Launch of new Rotavirus test, in addition to the 4 tests already launched in the gastrointestinal infections clinical area and introduction of N-TACT PTH Gen II assay to the current Bone and Mineral menu for the quantitative determination of intact human parathyroid hormone.
Marketing approvals for Hepatitis B and C, Retrovirus and Syphilis assays on LIAISON XL platforms for the Chinese market. DiaSorin becomes the Company with the most complete offering for infectious diseases on a single platform in the Chinese market

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