DiaSorin (DIA) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenues reached €287 million, down 3% at constant exchange rates and 8% at current rates, mainly due to a weak flu season, tough year-on-year comparisons, and a one-off destocking event in U.S. commercial labs for TB testing.

• Adjusted EBITDA was €90 million, margin 31%, reflecting shipment timing, pricing pressure in China, and increased U.S. commercial investments.

• Immunodiagnostics grew 1% at constant exchange rates, while Molecular Diagnostics declined 12% and Licensed Technologies declined 7%.

• China experienced a 20–22% revenue decline due to expanded VBP policy and aggressive pricing competition.

• U.S. hospital strategy is ahead of plan, with nearly 750 hospitals expected by midyear and commercial launches of new platforms.

Financial highlights

• Q1 2026 revenues: €287 million, down 3% at constant FX and 8% at current FX, with a €17 million Forex headwind.

• Adjusted gross profit: €186 million, down 5% at constant FX; gross margin stable at 65%.

• Adjusted operating expenses: €119 million, flat year-over-year; OpEx ratio increased to 41% of revenues.

• Adjusted EBIT: €67 million, down 17% at constant FX; EBIT margin 24%.

• Adjusted net result: €49 million, 17% of revenues, down 25% year-over-year; net profit was €38 million, down 28%.

• Adjusted EBITDA: €90 million, margin 31%.

• Free cash flow: €32 million in Q1, down from €42 million in Q1 2025.

Outlook and guidance

• Full-year 2026 guidance confirmed: revenue growth of 5–6% and adjusted EBITDA margin of 32–33% at constant FX.

• H1 expected to be lighter, with stronger growth in H2, especially for LTG and with normalization of flu season.

• Guidance excludes further negative impacts from Middle East conflict and potential inflationary/material cost increases.