in 2022 adjusted net income of Diasorin amounted to 319 million euros, down by 10,7% compared to the previous year. Down too adjusted ebitda, dropped by 5,3% to 514 million. Instead, i revenues, which reach 1,36 billion.
Diasorin: margins down due to lower Covid revenues
The reduction of the marginality (about 38% ebitda/revenue ratio compared to 44% a year ago) "is the consequence of minor Covid revenue, which in 2021 had generated significant operating leverage, only partially offset by the inclusion of Luminex in the scope of consolidation,” explains the company in a note. The sales of serological and molecular tests for Covid-19, in 2022 they amounted to 244 million, 35,5% less than in 2021 (-40,1% at constant exchange rates).
Moving forward with the data, the net financial debt it dropped from 986 to 907 million euro, thanks to the "significant generation of operating cash flow during the year, net of the payment of dividends for 57 million and the net purchase of treasury shares for 160 million". The free cash flow increased by 15 million from the previous year to 316 million thanks to revenue growth and the contribution of the Luminex business.
Diasorin: guidance for 2023
For the current year Diasorin expects one reduction in revenues approximately 14% at constant exchange rates resulting from an 11% drop in revenues on a like-for-like basis. The estimate, the company says, takes into account a 4-6% growth forecast in revenues net of the business linked to Covid and the respiratory molecule. As for i Covid revenue, the latter should amount to around 2023 million euros in 60, down by 75% compared to 2022, while those in the respiratory molecular business are expected to drop by around 20%. The ratio between ebitda margin and revenues it should drop to around 34%.
The group confirmed the development lines indicated to the market in the investor day of December 2021. The growth trajectories of the immunodiagnostics and licensed technologies business (net of the sale of the cytofluorimetry business which took place in February 2023) "are in line with the objectives of the plan". The marketing of the Liaison Plex and Liaison Nes platforms "is expected in 2024, about a year behind the original assumptions".
Diasorin increases the dividend to 1,1 euro per share
Diasorin's board of directors also approved the proposal for the distribution of an ordinary dividend for total 61,543 million, equal to €1,10 per share. Last year, the coupon amounted to 1,05 euros per share.
Diasorin worst title of the FtseMib
After the spread of the accounts, the Diasorin share for 4,56% at 97,4 euros per share, achieving the worst performance among the 40 blue chips. Investors did not appreciate the guidance given on 2023.
