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2019 Report

Letter to shareholders

"Dear 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.

We continue to offer the broadest range of immunodiagnostic specialty tests available worldwide, with over 121 products, including 40 high-quality tests, on our LIAISON analyzers.

In 2019, we successfully launched the new LIAISON XS platform - result of many years’ work and growth driver in small-medium sized laboratories all over the world, especially in the United States and China. In addition to this important project, we continued to expand the number of LIAISON XL installations -our biggest analyzer- representing about 54% of our total installed base worldwide.

Our ability to combine modern analyzers with new tests is fully consistent with our partnership with QIAGEN, a leading international diagnostic company, with which we have been sharing strong financial results in the European market following the launch of the Latent Tuberculosis test. Together we expect to achieve even stronger results in the United States in 2020 and in the future years.

As a diagnostic company, we cover 50 years of industrial history and thanks to our business-oriented and management vision, DiaSorin is now one of the leading players in the diagnostic field worldwide.

The year 2020 marks an important date for our Group: twenty years ago, in November 2000, we completed the management buyout. From very early on, we saw the tremendous potential of this Group and of its people along with its ability to develop high-quality tests. Twenty years later we can say we have won an entrepreneurial and daring challenge and I am proud to share our results year after year with you, our Shareholders.

I would like to add a few words concerning the challenging times we are facing following the COVID19 outbreak. We had to adjust to a new reality no one was prepared for. This global emergency will change our future, highlighting the critical importance of research and science to humanity’s future. We need to be courageous and cooperate to face the current Coronavirus outbreak. In this respect, I would like to thank the people who work in the molecular diagnostic sector: they have been able to develop a rapid COVID-19 test, in a very short time, for the identification of the virus despite its mutations.

I believe this test can effectively help both hospital laboratories, by relieving the immense pressure on healthcare professionals, and patients, by delivering accurate and fast results.

Science, research, professionalism and passion are the essential elements of the Group within which I am honored to serve as chairman. For this reason, I would like to thank the Company Top Management and all employees, as the important objectives they have set will be the foundations for even more important success, proving that innovation is crucial for a company that aims at future growth.

Our success is based on Our People, on our Group culture and on our passion for life which is at the core of our job. We are an example of a forward-looking company that is committed not only to business sustainability but also to contributing to social sustainability of people who come into contact with our diagnostic tests.”

Gustavo Denegri



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.


IN 2019




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.


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.


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.


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


VZV Direct

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.


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


Release of new primer pair that targets the yeast Candida auris.

A culture of excellence

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Income statement

Income statement (€ thousands)20192018
Net revenues706,319669,197
Gross profit488,691455,769
EBITDA (1)276,833255,351
Operating result (EBIT)217,861204,525
Net profit for the year175,735158,130

(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.

Financial position

Statement of financial position (€ thousands)20192018
Capital invested in non-current assets532,791491,080
Net invested capital675,761629,424
Net financial position172,86275,311
Shareholders’ equity848,623704,735

Cash flow statement

Cash flow statement(€ thousands)20192018
Net cash flow for the year84,449(86,237)
Free cash flow (3)180,072163,626
Capital expenditures55,79052,787
Number of employees1,9391,971

(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.