bioMerieux SA · EURONEXT:BIM
bioMerieux SA — FY2012 Earnings Presentation
27 slides from bioMerieux SA's earnings presentation, Mar 13, 2013
Slide 1: 2012 Annual Results
2012 Annual Results Paris - March 13, 2013
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 France or in other countries. Further i
Slide 3: Overview
Overview 2012 Performance 2012 Financial Results Objectives and Conclusion
Slide 4: bioMérieux 2012 performance: Targets met in a difficult economic context
bioMérieux 2012 performance: Targets met in a difficult economic context } Solidity { #1 positions in clinical and industrial microbiology generate > 70% of sales { Strong innovation momentum 2013 systems • R&D: ∼ 11% of 2012 sales • 19 new products launched in 2012 • 3 systems to be marketed in
Slide 5: Successful implementation of our focused strategy
Successful implementation of our focused strategy } Innovation and strategic deals 25 new products 19 new products Launch of 3 innovative systems AES Genome Institute acquisition LOI* Quanterix Reinforced focus ARGENE on our key areas strategic acquisition of specialization partnership Strategy Inv
Slide 6: On track to achieve our 2012 - 2015 roadmap
On track to achieve our 2012 - 2015 roadmap Drive market growth for selected positions leveraging our assets 2012 - 2015 action plan Expand leadership in clinical and industrial microbiology 2012 achievements Clinical microbiology sales up 4.5% Industrial microbiology sales up 7.6% ü Strengthen our
Slide 7: U.S. healthcare reform: Challenges and opportunities
U.S. healthcare reform: Challenges and opportunities } A major reform: health insurance available to most uninsured low and middle income individuals { 2014: an addition of 40 million Americans will be covered { Cost: $1.1 trillion over the next decade } Main consequences { More volume • More p
Slide 8: On track to achieve our 2012 - 2015 roadmap
On track to achieve our 2012 - 2015 roadmap Provide a continuous rollout of innovations for growth 2012 - 2015 action plan Focus on 5 new system launches 2012 achievements 2 specialized versions of VITEK® MS in 2012 Preparation for market introduction in 2013 ü • Q2: incubator with imaging technolo
Slide 9: Our strategy in personalized medicine
Our strategy in personalized medicine } bioTheranostics, at a critical juncture of its growth phase { Many advances in • Clinical development and product differentiation • Commercial reach { Increasing barriers in reimbursement and regulatory requirements in the U.S. { CLIA lab* service activity
Slide 10: On track to achieve our 2012 - 2015 roadmap
On track to achieve our 2012 - 2015 roadmap Seize strategic opportunities while maintaining financial solidity 2012 - 2015 action plan Engage in targeted acquisitions and partnerships RAS in India • 2012 achievements A start-up specialized in molecular biology ü • With strong strategic fit • Acquis
Slide 11: Overview
Overview 2012 Performance 2012 Financial Results Objectives and Conclusion
Slide 12: Consolidated data (in € millions)
Consolidated data (in € millions) In €m 2012 As a % 2011 As a % % Change of sales of sales 2012 / 2011 Net sales 1,570 100% 1,427 100% + 10.0%* Gross profit 814 51.9% 761 53.3% + 7.0% Operating income before non- 260 16.6% 258 18.0% + 1.1% recurring items Operating income 235 15.0% 245 17.2% - 4.2%
Slide 13: Net sales
Net sales Changes in Net sales business base Organic + €44m growth + €53m Currency } Acquisitions of AES and effect ARGENE } Divestiture of Dima Diagnostika €1,570m + €46m Net sales + 3.7% U.S. dollar €1,427m + 6.8% + €143m 2011 + 10.0% 2012 13
Slide 14: Gross profit
Gross profit Other Gross profit Acquisitions + €8m + €17m + Change impact Organic - Higher % of emerging growth country sales €814m - Transportation costs + €28m 51.9% Gross profit of sales €761m Sales: + €53m x 53.3% 53.3% of sales + €53m 2011 + 7.0% 2012 14
Slide 15: Operating income before non-recurring items
Operating income before non-recurring items Gross profit SG&A Received royalties & Operating - €37m R&D R&D tax income before Operating Business dev. credits non-recurring income before + €53m 26.1% of sales - €17m + €3m items non-recurring (26% 2011) items 10.7% of sales (10.6% 2011) } R&D tax cre
Slide 16: Net result (in € millions)
Net result (in € millions) In €m 2012 As a % 2011 As a % % Change of sales of sales 2012 / 2011 Operating income before non- 260 16.6% 258 18.0% + 1.1% recurring items Non-recurring items* - 25 - 1.6% - 13 - 0.8% Operating income 235 15.0% 245 17.2% - 4.2% Net financial expense - 11 - 0.7% -7 - 0.5%
Slide 17: Cash flow statement (in € millions)
Cash flow statement (in € millions) In €m 2012 2011 Change EBITDA (1) 355 343 + 12 Income tax and financial expense - 83 - 70 - 13 Operating working capital requirement - 26 - 50 + 24 Capital expenditure (2) - 127 - 102 - 25 Other + 15 -3 + 18 Free cash flow 134 118 + 16 Acquisition of shares (3) -
Slide 18: Capital expenditure
Capital expenditure 2012 2009 2010 2011 €33m €38m €36m 2008 €34m €37m Instruments €98m €83m €86m €74m Other capital €57m expenditure Total €94m €121m €122m €108m €131m % of sales 8.4% 9.9% 9.0% 7.5% 8.4% Change in PPE payables - €2m - €1m + €1m - €6m - €4m Cash outlays* €92m €120m €123m €102m €127m
Slide 19: Summarized balance sheet
Summarized balance sheet Assets Liabilities Goodwill (€334m) €313m Instruments €62m (€65m) Other non-current Equity assets* €613m €1,200m (€1,103m) (€573m) Operating WCR: 24.7% WCR vs. 26.1% 2011 (€262m) €260m Net debt €48m (€131m) * Including assets held for sale 19
Slide 20: Overview
Overview 2012 Performance 2012 Financial Results Objectives and Conclusion
Slide 21: 2013 Objectives
2013 Objectives } 2013 An investment year 3 systems to be brought to market International expansion, particularly in emerging countries } 2013 sales growth objective between 3 - 5% at constant exchange rates and scope of consolidation } 2013 operating result between €255 - 270m before non-recurri
Slide 22: Conclusion: A competitive company in a growing market
Conclusion: A competitive company in a growing market } Diagnostics: a high potential market { Growing and unmet public health needs drive the increasing importance of IVD in the healthcare value chain { IVD contributes to healthcare cost efficiency { Emerging countries invest in healthcare infr
Slide 23: Appendices
Appendices 2012 Sales Blood Culture Bottle Production
Slide 24: A diversified geographic footprint
A diversified geographic footprint North America: - 0.4% EMEA*: + 1.0% 51% 22% 18% €1,570m + 6.8%, currency neutral + 3.7%, organic growth 9% Latin America: + 6.6% Asia-Pacific: + 17.1% Confirmed momentum in emerging countries: up 17% Growth rate at constant exchange rates and comparable business ba
Slide 25: Sales per technology: A unique competitive position
Sales per technology A unique competitive position } A diversified company, with a common foundation: infectious diseases 71% of net sales Microbiology with # 1 positions 2012 (€m) % Change 51% Clinical Microbiology 801 + 4.5% Industrial Applications 319 + 7.6% 20% Immunoassays* 362 + 1.3% Industry
Slide 26: Reagents and services driving our activity
Reagents and services driving our activity Instruments 12.6% 12.8% Services and 5.6% 6.1% Other Reagents and services: ∼ 87% of sales Reagents 81.8% 81.1% Mainly driven by our global installed base of 69,400 instruments 2011 2012 Focus on high quality reagents and services to build long-term custome
Slide 27: Blood culture bottle production
Blood culture bottle production } Durham site: a major bioMérieux site { U.S. headquarters { Develop and produce blood culture BacT/ALERT® bottles } Capacity level { Site certified ISO 13485 { ∼ 320 people* in R&D, manufacturing and Global Customer Service { 211,000 square feet / 19,600 m2 {