DiaSorin (DIA) Q4 2024 earnings summary

Executive summary

• FY 2024 revenues reached €1,185 million, up 3% year-over-year, with ex-COVID revenues growing 7% at constant exchange rates, in line with guidance.

• Adjusted EBITDA rose 5% to €394 million (33% margin), and adjusted net profit increased 5% to €236 million (20% margin); net profit also reported as €187 million (+18%).

• Strong performance in Immunodiagnostics ex-COVID (+9%) and Molecular Diagnostics ex-COVID (+3%), with North America Direct accounting for 50% of revenues.

• Successful launch of LIAISON PLEX respiratory panels and multiple FDA clearances for new diagnostic assays and platforms.

• Raised guidance twice during 2024 due to strong business momentum.

Financial highlights

• Full year 2024 total revenues were €1,185 million (+3% YoY), with ex-COVID business up 7% at CER; Q4 revenues were €310 million (+5% YoY ex-COVID).

• Adjusted gross profit was €782 million (66% margin), up 4% from 2023; adjusted EBIT was €303 million (26% margin), up 7%.

• Adjusted EBITDA reached €394 million (33% margin), €19 million higher than 2023.

• Free cash flow improved to €241 million, and net financial debt reduced by €159 million to €618 million.

• COVID-related revenues declined 55%-56% to €26 million for the year.

Outlook and guidance

• FY 2025 guidance: ex-COVID revenues expected to grow ~8% at CER, total revenues up ~7%, with COVID sales around €20 million.

• Adjusted EBITDA margin guided to increase from 33% in 2024 to ~34% in 2025.

• Confident in midterm guidance of high single-digit to low double-digit sales growth and EBITDA margin expansion to 36%-37% by 2027.