DiaSorin (DIA) Q2 2024 earnings summary

Executive summary

• H1 2024 revenues reached €589 million, up 2% year-over-year, with ex-COVID revenues growing 7% at constant exchange rates and strong gains in immunodiagnostics and molecular diagnostics, especially in the US and Europe.

• Adjusted EBITDA for H1 2024 was €198 million (34% of revenues), up 4–6% year-over-year, reflecting improved gross margin and OPEX leverage.

• Net profit for H1 2024 was €96 million, with adjusted net profit at €120 million, up 6–10% year-over-year.

• Upgraded FY 2024 guidance: ex-COVID revenues expected to grow 6–7% and adjusted EBITDA margin to reach ~33%.

• US hospital strategy progressing, with over 300 hospitals onboarded and on track for 100 new accounts in 2024.

Financial highlights

• H1 2024 total revenues: €589 million (+2% year-over-year); Q2 2024: €300 million (+5% year-over-year).

• Adjusted EBITDA: €198 million (34% margin), up 4–6% year-over-year; Q2 adjusted EBITDA rose 14%.

• Adjusted EBIT: €153 million (26% margin), up 6% year-over-year.

• Adjusted net profit: €120 million (20% margin), up 6% year-over-year.

• Net financial debt at June 2024: €781 million, stable versus year-end 2023.

Outlook and guidance

• FY 2024 ex-COVID revenues expected to grow 6–7% at constant exchange rates; COVID revenues projected at €30 million.

• Adjusted EBITDA margin for FY 2024 forecasted at approximately 33%.

• H2 EBITDA margin expected to be slightly above 32%, reflecting seasonal OpEx increases.