DiaSorin (DIA) Q2 2024 earnings summary

Executive summary

• H1 2024 revenues reached €589 million, up 2% year-over-year, with Q2 revenues at €300 million, up 5% compared to Q2 2023; ex-COVID revenues grew 7% at constant perimeter, led by immunodiagnostics and molecular diagnostics, especially in the US and Europe.

• Adjusted EBITDA for H1 2024 was €198 million (34% of revenues), up 4% 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 (20% of revenues), up 6% year-over-year.

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

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

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% of revenues), up 4% year-over-year; Q2 adjusted EBITDA rose 14%.

• Adjusted net profit: €120 million (20% of revenues), up 6% year-over-year; net profit was €96 million.

• Free cash flow in H1 2024: €91 million; net financial debt at €781 million as of June 2024.

• Gross margin improved to 66% in H1 2024.

Outlook and guidance

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

• Adjusted EBITDA margin guidance raised to ~33% for FY 2024; H2 EBITDA margin expected slightly above 32%.