DiaSorin (DIA) Q4 2024 earnings summary

Executive summary

• FY 2024 revenues reached €1,185 million, up 3% year-over-year, with ex-COVID revenues up 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% of revenues).

• Strong performance in Immunodiagnostics ex-COVID (+9%) and Molecular Diagnostics ex-COVID (+3%), with U.S. and Europe driving growth.

• U.S. hospital strategy reached 400 hospitals by year-end, targeting 600 by 2027; MeMed active in 20 hospital systems, aiming for 75 by end of 2025.

• Key regulatory milestones included FDA clearances for LIAISON PLEX® multiplexing platform and new diagnostic assays.

Financial highlights

• Q4 2024 revenues were €309 million, up 2% year-over-year; full year revenues reached €1,185 million, up 3%.

• Adjusted gross profit for 2024 was €782 million (66% of revenues), up from 65% in 2023.

• Adjusted EBIT was €303 million (26% of revenues), up 7% year-over-year; adjusted net result was €236 million (20% of revenues), up 5%.

• Free cash flow for FY 2024 was €241 million; net financial debt improved to €618 million, down by €159 million.

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

Outlook and guidance

• FY 2025 guidance: ex-COVID revenues expected to grow ~8% at constant exchange rates, total revenues up ~7%, COVID sales projected at €20 million.

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

• Midterm guidance reaffirmed: high single-digit to low double-digit sales growth and EBITDA margin expansion to 36%-37% by 2027.

• Tariff impacts are negligible and included in guidance; FX sensitivity remains significant.