DiaSorin SpA., an Italian multinational active in the field of diagnostics and biotechnology, closed the first quarter of 2023 with revenues equal to 290 million euros, down 19%. On a like-for-like basis of consolidation, the change was -18% (-20% at constant exchange rates) and, excluding the Covid and respiratory molecular business, there was growth of +3% at constant exchange rates. The area of the Covid business posted revenues of 21 million euros, in line with expectations and equal to -78% at current and constant exchange rates.
Covid revenues are down
THEEBITDA Adjusted amounted to 98 million euros, -35% with a margin of 34% at current and constant exchange rates. There reduction of margins compared to the first quarter of 2022 (42%) is mainly a consequence of lower COVID revenues which, in the first quarter of last year, had recorded the highest value in 2022 (97 million euros) and the consequent reduction in operating leverage.
THENet income is equal to 59 million euros, -39%; 20% margin on revenues (it was 27% in the first quarter of 2022). The Adjusted Gross Margin is 192 million euros. (-19%). The incidence on revenues, equal to 66%, is in line with what was recorded in the same period of the previous year, despite the reduction in the turnover of COVID products, thanks to the initiatives implemented to contain costs and the synergies deriving from the Luminex integration.
THEnet financial debt consolidated amounted to -849 million, compared to -907 million as at 31 December 2022. The change (58 million) is due to the generation of operating cash during the first quarter of 2023 and to the income relating to the sale, in February 2023, of the assets relating to the Flow Cytometry & Imaging Business Unit at Cytek® Biosciences. The free cash flow it is equal to 28 million euros at March 31, 2023 (116 million at March 31, 2022).
Diasorin: 2023 guidance confirmed
Based on QXNUMX data, DiaSorin confirmed the guidance for 2023. Specifically, the group expects total revenues down -14% while on a like-for-like basis of consolidation, the decrease should amount to -11%. The Covid and respiratory molecular business should generate revenues between 4% and 6% while a -20% decline in revenues from the respiratory molecular business is expected. Revenues from Covid would amount to around 60 million, -75% compared to 2022. EBITDA Adjusted Margin at around 34%.
