Letter to shareholders
It is a privilege for me to present another outstanding year for DiaSorin. During the year just ended, we delivered strong financial results with record net profit and cash generation.
In addition to our financial success, I would like to stress the importance and value of all the projects we have worked on in 2019, with the objective of developing state-of-the art products and providing our customers with reliable, simple and fast diagnostic solutions. Diagnostic laboratories have always been at the heart of every single investment and development initiative and decision.
Thanks to its flexibility and to the value of its specialty diagnostic tests, the LIAISON XL is strengthening its international presence. The Group provides highly automated solutions, both stand-alone and through the Laboratory Automation Systems connection used by the main market players.
The launch of LIAISON XS in 2019 broadened DiaSorin’s offer to the European customers. The new LIAISON analyzer entered a new market segment, that of testing laboratories with medium-low throughput. Customers will use this new platform for specialty tests, using it as a backup for existing instruments or as a platform compatible with the “hub and spoke” network.
Launch in the CE market of the Vitamin B12 and Folate tests for the diagnosis and treatment of anaemia.
Launch in the CE market of the Elastase-1 quantification test to support the diagnosis of chronic exocrine pancreatitis on the automated LIAISON XL platform. The test, the first in the world on CLIA technology, is also available in the US.
LIAISON HCV Ab
Obtained LIAISON HCV Ab FDA clearance for qualitative determination of specific hepatitis C antibodies in serum and plasma, available on LIAISON XL fully automated platform.
LIAISON ZIKA CAPTURE IgM II
Received the 510(k) clearance for LIAISON® XL Zika Capture IgM II, a fully-automated serology assay for Zika virus infection detection, available on LIAISON® XL platform.
LIAISON QUANTIFERON-TB GOLD PLUS
U.S. launch of LIAISON QuantiFERON-TB Gold Plus (QFT-Plus), the automated fourth-generation modern gold standard for latent tuberculosis infection (LTBI) detection, on DiaSorin’s LIAISON platformsSorin
- Launch of new kits and ASRs on LIAISON MDX ANALYZER
Received FDA clearance for its new VZV Direct assay for use with cerebrospinal fluid (CSF) samples. The new molecular diagnostic test enables the detection of varicella-zoster virus (VZV) DNA from CSF and serves as an effective tool to aid in the diagnosis of meningitis and encephalitis.
SIMPLEXA VZV SWAB DIRECT
Received CE marking and FDA clearance for VZV Swab Direct assay. The new molecular diagnostic test enables the direct detection of varicella-zoster virus (VZV) DNA from both cutaneous and mucocutaneous swab specimens.
• Full development of HSV/VZV test to be used on the UD, specifically designed to meet the Australian market needs.
ASR - Analyte Specific Reagents
PRIMER PAIR FOR CANDIDA AURIS
Release of new primer pair that targets the yeast Candida auris.
|Income statement (€ thousands)||2019||2018|
|Operating result (EBIT)||217,861||204,525|
|Net profit for the year||175,735||158,130|
(1) Looking at the data on the Table, the Board of Directors defines EBITDA as the “operating result (EBIT)” before amortization of intangibles and depreciation of property, plant and equipment.
(2) In order to better understand the operating and financial results, the Board of Directors defined, for the current financial year only, Adjusted EBITDA and Adjusted Ebit indicators; Adjusted EBITDA is defined as EBITDA, net of the contribution of the Siemens’ ELISA business and economic impact of the project to close the Irish facility; Adjusted EBIT is defined as the Operating Result, net of the contribution of the Siemens’ ELISA business and economic impact of the project to close the Irish facility.
|Statement of financial position (€ thousands)||2019||2018|
|Capital invested in non-current assets||532,791||491,080|
|Net invested capital||675,761||629,424|
|Net financial position||172,862||75,311|
Cash flow statement
|Cash flow statement(€ thousands)||2019||2018|
|Net cash flow for the year||84,449||(86,237)|
|Free cash flow (3)||180,072||163,626|
|Number of employees||1,939||1,971|
(3) Il Free cash flow equivale al flusso di cassa netto generato dalle attività operative comprensivo degli utilizzi per investimenti e prima del pagamento degli interessi e delle acquisizioni di società e rami d’azienda.