DiaSorin (DIA) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenues reached €330 million, up 8% year-over-year, with ex-COVID revenues growing 10% and base business (ex-COVID) up 9% at constant exchange rates.

• Adjusted EBITDA grew 10% to €107 million, maintaining a 34% margin; adjusted net profit increased 9% to €64 million, representing 20% of revenues.

• Growth was driven by immunodiagnostics and molecular diagnostics, offsetting a 48% decline in COVID-related sales.

• New product launches and regulatory clearances, including FDA 510(k) for LIAISON PLEX Gram-Negative Blood Culture Assay, supported business development.

• Enhancement of increased voting rights mechanism was fully implemented following shareholder approval and withdrawal rights resolution.

Financial highlights

• Adjusted gross profit was €205 million (65% of revenues), up 7% year-over-year.

• Adjusted EBIT reached €83 million (27% of revenues), up 13% from the prior year.

• Free cash flow generation was €42 million, with net financial debt increasing to €672 million, mainly due to €97 million in shareholder withdrawals.

• OPEX ratio improved to 37.5% from 39.5% in Q1 2024.

• COVID-related revenue declined 48% to €5 million.

Outlook and guidance

• FY 2025 guidance confirmed: ex-COVID revenues expected to grow ~8%, total revenues ~7%, and adjusted EBITDA margin around 34%.

• Q1 performance in line with full-year guidance, with ex-COVID growth and margin targets reaffirmed.

• LTG (licensed technology) expected to grow low to mid-single digits for the year.

• Molecular diagnostics expected to grow above 8%, with acceleration in H2 as ARIES discontinuation impact fades.