Letter to shareholders
I am extremely proud to report another successful year where our Group delivered strong financial results with record revenues, profitability and cash generation.
2020 was a year that we will never forget. A year marked by the pandemic that forced the world to find a new balance against a backdrop of radical social and economic changes.
The mix of entrepreneurial spirit and managerial capability that has always set DiaSorin apart allowed us to provide innovative tests to support the fight against SARS-CoV-2. We are proud of the role we played in facing this emergency.
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 ideal reference segment of the LIAISON® XS is represented by those laboratories that run low and medium specialty test volumes, or by laboratories located across the country that follow the “hub and spoke” model, that is centralization of routine tests in a reference hub and decentralization of specialty tests requiring a healthcare setting closer to patients.
Development of new products
LIAISON SARS-CoV-2 IgG
Serology test to detect IgG antibodies against SARS-CoV-2, available in countries accepting the CE Mark, in the U.S. through Emergency Use Authorization, in Canada following approval by Health Canada and in Brazil following approval by ANVISA
LIAISON SARS-CoV-2 IgM
Serology test to detect IgM antibodies against SARS-CoV-2, available in countries accepting the CE Mark and in the U.S. through Emergency Use Authorization
LIAISON Testosterone xt
Test for the dosage of testosterone, available in countries accepting the CE Mark
Hepatitis B panel
U.S. Food and Drug Administration approval of a panel of 6 tests for the diagnosis of hepatitis B
LIAISON SARS-CoV-2 Ag
Antigen test to identify SARS-CoV-2 in symptomatic patients, available in countries accepting the CE Mark and approved in the U.S. through Emergency Use Authorization in March 2021
LIAISON XL Murex HIV Ab/Ag
Food and Drug Administration approval of the HIV test, completing the hepatitis and retrovirus panel in the U.S.
LIAISON MDX Kits
Test to detect SARS-CoV-2 using different matrixes including Saliva (only in countries accepting the CE Mark), available in countries accepting the CE Mark and in the U.S. through Emergency Use Authorization
Simplexa congenital CMV
Test to detect congenital CMV in newborns up to 21 days old, available in countries accepting the CE Mark
Simplexa Flu A/B & RSV
Test for the differential diagnosis of Flu A, B and RSV that can be used along the Simplexa COVID-19 test, available in countries accepting the CE Mark and in the U.S. following authorization by the Food and Drug Administration
|Income statement (€ thousands)||2020||2019|
|Operating result (EBIT)||324,226||217,861|
|Net profit for the year||248,296||175,735|
(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)||2020||2019|
|Capital invested in non-current assets||532,529||532,791|
|Net invested capital||650,972||675,761|
|Net financial position||305,347||172,862|
Cash flow statement
|Cash flow statement(€ thousands)||2020||2019|
|Net cash flow for the year||182,329||84,449|
|Free cash flow (3)||232,223||180,072|
|Number of employees||2,066||1,939|
(3) Free cash flow is the cash flow from operating activities, counting utilizations for capital expenditures but before interest payments and acquisitions of companies and business operations.