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2020 Report

Letter to shareholders

"Dear 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.

Our researchers developed high-quality COVID-19 diagnostic tests adopted worldwide. We launched 2 molecular diagnostic tests and 3 immunodiagnostic tests, confirming our role in terms of innovation and excellence. And our excellence was rewarded both by large sales volumes and by several governments, hospitals and commercial laboratories that chose our tests.

Furthermore, our commitment to research and innovation was also acknowledged through BARDA funding, as proof of our Group’s reliability and quality of our work. 

The year just ended confirmed the critical role of scientific research and diagnostics in our society. Research has, in fact, provided precise diagnostic tools for the detection of COVID-19 infection and research itself will bring us back to normality.

The fight has not been won yet and we are aware that there is still much to be done.

However, 2020 for us was not just a year marked by COVID.

We continued to work on several projects. Among these, it is worth mentioning the project in partnership with QIAGEN for the determination of Latent Tuberculosis that, after an initial setback due to the spread of the pandemic in Europe and in the United States, gained momentum again in the second half of 2020. 

In the year just ended we received approval to market all our Hepatitis and HIV tests in the United States, thus becoming one of the two players in the U.S. to provide a fully automated test panel for Hepatitis and Retrovirus.

At an industrial level, we confirmed our determination to expand into the Chinese market, extending the existing Chinese Joint-Venture to Shanghai Baoshan District Government, with the aim of establishing the Group’s first manufacturing and research facility in China positioning us as a local producer of high quality diagnostic tests and thus allowing us to access new market opportunities reserved to local manufacturing companies. 

Lastly, in 2020 we kept our business development on track, through new strategic partnership agreements, such as the exclusive licensing agreement signed with TTP in March for the development of a “Point-of-Care” molecular platform that will make our molecular tests available in healthcare settings closer to patients while maintaining the highest quality and reliability. In September, we signed a strategic partnership with MeMed - an innovative Israeli startup - to work together on the launch of a test differentiating between bacterial and viral infections on our platforms.

All the initiatives undertaken in the year spur us on to do even more for laboratories, diagnostics and patients in 2021. We are aware of our responsibility towards them, and this encourages us to strive for excellence in everything we do.

In such a challenging year, I I feel it is my duty to thank the Group’s management team who steadfastly rose to the test along with the over 2,000 people who make DiaSorin unique. The responsibility, perseverance and dedication of their work, have touched the lives of millions of people around the world. Every second 10 lives come into contact with one of our tests, receiving concrete responses that can impact their lives.

Last but not least, Dear Shareholders, let me express my gratitude to you, for placing your trust in us again in 2020, inspiring us to further grow the DiaSorin Group as an international and innovative diagnostic player."

Chairman
Gustavo Denegri

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LIAISON XL

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.

596

UNITS
INSTALLED
IN 2020

8,775

TOTAL INSTALLED
BASE

LIAISON XS

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. 


IMMUNODIAGNOSTICS
MOLECULAR DIAGNOSTICS

LIAISON XL

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

SIMPLEXA COVID-19

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

A culture of excellence
2,066
TOTAL EMPLOYEES
99%
PERMANENT CONTRACTS
69%
BACHELOR DEGREES
146,209
TRAINING HOURS

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2020

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Income statement

Income statement (€ thousands)20202019
Net revenues881,305706,319
Gross profit602,905488,691
EBITDA (1)385,260276,833
Operating result (EBIT)324,226217,861
Net profit for the year248,296175,735

(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.

Financial position

Statement of financial position (€ thousands)20202019
Capital invested in non-current assets532,529532,791
Net invested capital650,972675,761
Net financial position305,347172,862
Shareholders’ equity956,319848,623

Cash flow statement

Cash flow statement(€ thousands)20202019
Net cash flow for the year182,32984,449
Free cash flow (3)232,223180,072
Capital expenditures74,82555,790
Number of employees2,0661,939

(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.