bioMerieux SA · EURONEXT:BIM
bioMerieux SA — H1 2019 Earnings Presentation
21 slides from bioMerieux SA's earnings presentation, Sep 4, 2019
Slide 1: H1 2019 Financial Results & 2019 Outlook
H1 2019 Financial Results & 2019 Outlook Investor Presentation – September 4th, 2019 PIONEERING DIAGNOSTICS
Slide 2: Disclaimer
Disclaimer This presentation contains information, assumptions and estimates that were used by the Company to determine its objectives on a reasonable basis. They are subject to change or modification due to economic, financial and competitive uncertainties in markets addressed by bioMérieux. Furthe
Slide 3: Agenda
AGENDA > KEY MESSAGES & STRATEGY H1 2019 FINANCIAL RESULTS 2019 OUTLOOK
Slide 4: H1 2019 key takeaway messages
H1 2019 key takeaway messages > SALES > CONTRIBUTIVE Key growth drivers OPERATING INCOME €1,275m €198m Molecular biology +5.5% 15.5% AsPac region at constant exchange rate and of sales scope of consolidation vs. 15.9% in H1 2018 2019 M&A BIOFIRE OBJECTIVES Acquisition of Invisible Sentinel Sales
Slide 5: Diagnostic is an essential component to fight antimicrobial resistance (AMR)
Diagnostic is an essential component to fight antimicrobial resistance (AMR) 5
Slide 6: bioMérieux is well positioned to address the challenge of AMR
bioMérieux is well positioned to address the challenge of AMR A COMPREHENSIVE PORTFOLIO OF SOLUTIONS From culture to identification and antibiotic susceptibility testing, bioMérieux offers the full spectrum 1 of manual and automated diagnostic solutions associated with the appropriate IT solutions t
Slide 7: Immunoassays: a mixed picture short term with investment for the mid term
IMMUNOASSAYS a mixed picture short term with investment for the mid term Increased interest in Hybiome Increase stake in Hybiome from 54% Price pressure in the US to 67%, insuring control while Procalcitonin sales impacted by maintaining the identity of the increased competition without company volu
Slide 8: BIOFIRE FILMARRAY sales
MOLECULAR BIOLOGY acceleration of the growth in Q2 +1,200 new installed units in H1 +37% Customers from 2,600 to 3,000 Sales outside USA from 15% to 17% in €m / growth at constant exchange rate +50% Normal flu season in 2019 vs. high in 2018 BIOFIRE® FILMARRAY ® sales +60% 483 Q1 +13% Q2 +31% 36
Slide 9: Molecular biology: new reimbursement rates for outpatients
MOLECULAR BIOLOGY new reimbursement rates for outpatients PLA (Proprietary Laboratory Analyses) codes are alpha-numeric CPT® codes with a PLAs overwrite existing CPT codes corresponding descriptor, for labs or manufacturers to more specifically identify their test. Can only be used for FILMARRAY®
Slide 10: Molecular biology: a real case showing the medical value of Pneumonia Panel
MOLECULAR BIOLOGY a real case showing the medical value of Pneumonia Panel Patient case Diagnostic and treatment course (NY City) Traditional culture method Pneumonia Panel 69 yo male, presents to ER at 9.30pm with fever, cough and Microbiology lab closed at night difficult breathing Day 0-11pm
Slide 11: Agenda
AGENDA KEY MESSAGES & STRATEGY > H1 2019 FINANCIAL RESULTS 2019 OUTLOOK
Slide 12: Net sales as of June 30, 2019
Net sales as of June 30, 2019 Currency Change in scope Organic €1 300m effect of consolidation growth €1 250m +€13m +€65m +€29m €1 200m €1 150m +5.5% Mainly Hybiome & USD + €35m €1,275m €1 100m Invisible Sentinel ARS - €6m €1 050m TRY - €2m €1,169m €1 000m € 950m € 900m + 9.1% H1 2018 H1 2019 12
Slide 13: H1 2019 sales by application: growth driven by the Molecular range
H1 2019 sales by application: growth driven by the Molecular range €17m 1% INDUSTRY +3.7% €222m MICROBIOLOGY +3.7% 17% €481m 38% GROUP €1,275m €326m +5.5% 26% MOLECULAR +18.0% €228m 18% IMMUNOASSAYS -3.1% 13
Slide 14: H1 2019 sales by geography
H1 2019 sales by geography: double digit growth of AsPac and Q2 acceleration in EMEA and AMERICAS AMERICAS EMEA* ASIA PACIFIC €582m €455m €239m +6.7% +1.8% +11.0% 45% 36% 19% GROUP €1,275m +5.5% 14 * EMEA: Europe, Middle East, Africa
Slide 15: Consolidated P&L: sales to contributive operating income
Consolidated P&L: sales to contributive operating income as of June 30, 2019 In €m H1 As a % H1 As a % % change % change of sales of sales as reported like-for-like(2) 2019 2018(1) Net sales 1,275 100% 1,169 100% + 9.1% + 5.5% Cost of sales -565 -44.3% -535 -45.7% + 5.7% + 1.1 % Gross profit 710 55.
Slide 16: Consolidated P&L: contributive operating income to EPS
Consolidated P&L: contributive operating income to EPS as of June 30, 2019 In €m H1 As a % H1 As a % % change of sales of sales as reported 2019 2018(1) Contributive operating income 198 15.5% 185 15.8% + 6.7% BioFire acquisition related costs -9 -9 Operating income 189 14.8% 177 15.2% + 6.7% Net fi
Slide 17: Tax rate as of June 30, 2019
Tax rate as of June 30, 2019 H1 2019 French tax rate 32.0% Foreign & reduced tax rates 25,9% -6.1% Including -5.3% from US rate Tax Credits 22,8% -3,1% Mostly French R&D tax credit FDII 2019 21,6% Positive impact of Foreign-Derived -1.2% Intangible Income (FDII) Others (1) 21,6% +1.5% Recurrin
Slide 18: Cash flow statement as of June 30, 2019
Cash flow statement as of June 30, 2019 In €m H1 2019 H1 2018(1) Inventory: - €59m Payables: + €9m EBITDA (1) 283 269 Receivables: +€1m Working capital requirement - 37 - 37 Others: + €12m Income tax paid & financial charges - 62 - 43 Reimbursement of dividend tax Deductibility of US pension contrib
Slide 19: Agenda
AGENDA KEY MESSAGES & STRATEGY H1 2019 FINANCIAL RESULTS > 2019 OUTLOOK
Slide 20: 2019 Outlook maintained
2019 Outlook maintained Sales organic 7.0 to 8.5% at constant exchange rates Estimated €45m of positive FOREX impacts growth & scope of consolidation +10% to +15% increase at constant currency & Contributive €385m to €400m scope of consolidation operating income at current exchange rates Estim
Slide 21: Contacts
CONTACTS Ordinary shares (EUR) Sylvain MORGEAU ISIN: FR0013280286 Investor Relations bioMérieux is listed on Euronext Paris [email protected] Reuters: BIOX.PA / Bloomberg: BIM.FP +33 (0)6 01 27 56 46 American Depository Receipt (1:0.1 USD) Reuters: BMXXY.PK / Bloomberg: BMXXY.US Follow