Diasorin SpA (CHIX:DIAm)

Half Year 2026 DiaSorin SpA Earnings Call Transcript

Jul 31, 2026 / 01:00 PM GMT

Transcript

Key Points

Positve

Diasorin SpA (DSRLF) returned to growth in Q2 2026 with a 4% revenue increase at constant exchange rates, confirming the expected quarterly progression and full-year guidance.
The U.S. immunodiagnostics business returned to historical double-digit growth, driven by the recovery of QuantiFERON sales and the ongoing hospital strategy, with a target of 600 hospitals by end of 2026.
The Liaison Plex platform is gaining strong market traction, with over 150 customers and the vast majority of new placements choosing the Flex configuration, positioning the company for future growth.
The LTG (Luminex) business showed a strong Q2 with 7% growth, driven by a faster-than-expected recovery in life sciences and biopharma, leading to confidence in mid-to-high single-digit growth for the year.
The company received FDA clearance for the second Liaison NES assay (Group A Strep), completing the full panel and enabling commercialization, with no current pricing pressure observed in the U.S. market.
Gross margin remained resilient at 65%, supported by disciplined cost management, and the EBITDA margin improved sequentially from 31% in Q1 to 33% in Q2, demonstrating operating leverage.

Negative

Diasorin SpA (DSRLF)'s business in China continues to decline roughly 25% due to VBP pricing and local competition, with no expected improvement in H2, making it a shrinking market.
The molecular diagnostics respiratory business remains weak due to a soft flu season, with the Liaison MDX respiratory segment declining 20% in Q2 and 35% in H1.
The Middle East business is significantly impacted by geopolitical issues, particularly in Iran, where revenues dropped from over EUR1.5 million to zero, a delta expected to persist through 2026.
The company faces a significant ForEx headwind, with a total impact of EUR20 million in H1 and an expected full-year impact of around EUR25 million if exchange rates remain at current levels.
Net debt increased substantially to EUR844 million from EUR580 million at the end of 2025, driven by EUR233 million in share buybacks and EUR65 million in dividends, despite a lower free cash flow of EUR58 million.
The company is incurring additional costs from U.S. tariffs, with an approximate EUR3 million impact per quarter, partially offset by only EUR2.5 million in refunds received so far, with no visibility on the timing of the remaining refunds.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

DIAS.MI - DiaSorin SpA
Half Year 2026 DiaSorin SpA Earnings Call
Jul 31, 2026 / 01:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good afternoon, this is the Korusko conference operator. Welcome and thank you for joining the DiaSorin Half-Era 2026 results conference call.

As a reminder, all participants are in listen-only mode and after the presentation there will be an opportunity to ask questions.

Should anyone need assistance during the conference call they may signal an operator by pressing star and zero on their telephone.

At this time, I would like to turn the conference over to Mr. Carlo Rosa, CEO of DiaSorin. Please go ahead, sir.

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Unidentified_2 [2]
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