MARCY L’ÉTOILE, France--(BUSINESS WIRE)--Regulatory News:
bioMérieux (Paris:BIM), a world leader in the field of in vitro diagnostics, today released its business review for the three months ended March 31, 2018.
SALES
Consolidated sales rose to €587 million in the first quarter of 2018, up from €568 million in the yearearlier period. Sales advanced 12.5% at constant exchange rates and scope of consolidation. On a reported basis in euros, sales moved up 3.4% year-on-year, hit as anticipated by a negative currency impact of €52 million resulting from the appreciation in the euro against a number of currencies, notably the U.S. dollar.
|
Analysis of sales In € million |
|||||||
| SALES – THREE MONTHS ENDED MARCH 31, 2017 | 568 | ||||||
| Currency effect | -52 | -9.2% | |||||
| Changes in scope of consolidation | 0 | 0.0% | |||||
|
Organic growth (at constant exchange rates and scope of consolidation) |
+71 | +12.5% | |||||
| SALES – THREE MONTHS ENDED MARCH 31, 2018 | 587 | +3.4% |
NB: A definition of the currency effect and of changes in the scope of consolidation is provided at the end of this press release.
ANALYSIS OF SALES BY REGION
|
Sales by Region
In € million |
Q1 2018 | Q1 2017 |
% change |
% change |
|||||||||
| Europe(1) | 222.1 | 218.7 | +1.6% | +2.8% | |||||||||
| Americas | 270.6 | 267.7 | +1.1% | +16.5% | |||||||||
| North America | 240.5 | 231.1 | +4.1% | +19.9% | |||||||||
| Latin America | 30.1 | 36.6 | -17.7% | -4.8% | |||||||||
| Asia-Pacific | 94.2 | 81.6 | +15.6% | +25.3% | |||||||||
| TOTAL CONSOLIDATED SALES | 587.0 | 568.0 | +3.4% | +12.5% | |||||||||
|
(1)Including the Middle East and Africa. |
|||||||||||||
-
In the Americas (46% of the consolidated total), sales rose by
16.5% year-on-year, to €271 million.
- In North America (41% of the consolidated total), the intense flu season drove up sales of BIOFIRE FILMARRAY® respiratory panels in the first two months of the year. Sales growth was also spurred by the performance of the BACT/ALERT® blood culture line, which more than offset the slowdown in VIDAS® immunoassays.
- In Latin America, growth was affected by a temporary downturn in Brazil, due mainly to the change in the subsidiary’s ERP software. Excluding Brazil, business in the region was upbeat, with like-for-like sales rising almost 14% on the back of advances in all other Latin American subsidiaries.
-
Sales in the Europe – Middle East – Africa region (38% of the
consolidated total) came to €222 million for the first quarter, up
2.8% year-on-year.
- In Europe (32% of the consolidated total), sales were buoyed by a strong performance in industrial applications, particularly in France, and by the positive impact of the BIOFIRE FILMARRAY® line for clinical applications in the United Kingdom, Germany and Scandinavian countries.
- The Russia – Middle East – Africa region posted double-digit sales growth on the back of fast-increasing sales in Turkey and a number of African countries.
- In the Asia-Pacific region (16% of the consolidated total), sales came to €94 million in the first quarter, up 25.3% year-on-year. China, India and South-East Asia all put in a strong performance, led mainly by sales of reagents for all portfolio lines.
ANALYSIS OF SALES BY APPLICATION
|
Sales by Application
In € million |
Q1 2018 | Q1 2017 |
% change as reported |
% change |
|||||||||
| Clinical Applications | 486.3 | 467.7 | +4.0% | +13.5% | |||||||||
| Microbiology | 222.7 | 229.2 | -2.8% | +4.6% | |||||||||
| Immunoassays | 107.9 | 111.7 | -3.4% | +3.3% | |||||||||
| Molecular biology | 148.2 | 118.6 | +24.9% | +41.3% | |||||||||
| Other lines(1) | 7.5 | 8.1 | -7.8% | -1.1% | |||||||||
| Industrial Applications(2) | 100.8 | 100.3 | +0.5% | +7.9% | |||||||||
| TOTAL CONSOLIDATED SALES | 587.0 | 568.0 | +3.4% | +12.5% | |||||||||
|
(1) Including Applied Maths, BioFire Defense, and R&D-related revenue arising on clinical applications. |
|||||||||||||
|
(2) Including R&D-related revenue arising on industrial applications. |
|||||||||||||
-
Sales of clinical applications, which account for approximately
83% of the consolidated total, rose by 13.5% year-on-year to
€486 million for the quarter.
- Microbiology benefited from robust sales of the BACT/ALERT® blood culture line in all of the Group’s regions and from the rise in sales of VITEK® reagents, especially in Asia-Pacific.
- In immunoassays, VIDAS® sales posted satisfactory first-quarter growth. The increase in sales of high medical value markers in Asia-Pacific more than offset price pressure on procalcitonin tests in the United States, where volumes nevertheless remained on an upward trend.
- In molecular biology, a particularly intense flu season fueled another impressive performance from the BIOFIRE FILMARRAY® line during the quarter. An excellent showing from the other BIOFIRE menu panels also confirmed the success of our comprehensive range on the FILMARRAY® system. BIOFIRE FILMARRAY® sales totaled €130 million in the quarter, a rise of 47% year-on-year.
- Sales of industrial applications, which account for around 17% of the consolidated total, increased 7.9% year-on-year to €101 million in first-quarter 2018. Sales of products for pharmaceutical clients were up sharply, driven notably by microbiology lines, while sales of products for food applications were mainly led by molecular biology solutions.
- Sales of reagents and services climbed 13.5% year-on-year and account for approximately 91% of the consolidated total. This percentage of consolidated sales takes into account the reclassification of approximately €3.5 million of reagents within instruments to reflect the implicit rentals recognized on instrument placement contracts following the first-time application of IFRS 15 on revenue recognition.
OTHER INFORMATION
-
Net debt
Net debt amounted to €84 million at March 31, 2018, versus €156 million at December 31, 2017. -
Human resources
At March 31, 2018, the Group had around 10,550 full-time-equivalent employees and temporary staff versus 10,400 at December 31, 2017.
SUBSEQUENT EVENTS
-
bioMérieux reinforces its offering of high medical value
immunoassay biomarkers with the acquisition of Astute Medical
On April 4, 2018, bioMérieux announced that it had acquired Astute Medical Inc. for U.S. $90 million. Based in San Diego, Astute Medical notably developed NEPHROCHECK®, an FDA-cleared test for the early assessment of acute kidney injury risk based on the level of two biomarkers, IGFBP-7 (Insulin-like Growth Factor-Binding Protein-7) and TIMP-2 (Tissue Inhibitor Metalloproteinases-2). -
bioMérieux submits the BIOFIRE® FILMARRAY®
Pneumonia Panel for FDA Clearance
bioMérieux announced that BioFire Diagnostics has submitted to the Food and Drug Administration for 510(k) clearance of the BIOFIRE® FILMARRAY® Pneumonia Panel. The BIOFIRE® Pneumonia Panel will aid in the diagnosis of specific agents that cause infections of the lower respiratory tract.
The BIOFIRE® Pneumonia Panel seeks authorization from the FDA to identify 33 targets in Sputum (including endotracheal aspirate) and Bronchoalveolar Lavage (including mini-BAL) sample types. The target list includes: 18 bacteria, 8 viruses and 7 antibiotic resistance genes. Fifteen of the bacterial targets will be reported with information about the abundance of organism in a given sample. This is a novel feature for a molecular diagnostic panel and is analogous to the semi-quantitative reporting that is traditionally done with culture in the clinical laboratory. The BIOFIRE® Pneumonia Panel is compatible with all existing instrumentation including the FILMARRAY® 1.5, FILMARRAY® 2.0, and FILMARRAY® TORCH systems.
|
INVESTOR CALENDAR |
|||
| Annual General Meeting: | May 17, 2018 | ||
| Second-quarter sales: | July 19, 2018, before start of trading | ||
| First-half 2018 results: | September 5, 2018, before start of trading | ||
| Third-quarter sales: | October 18, 2018, before start of trading | ||
Notes and definitions
The above
forward-looking statements are based, entirely or partially, on
assessments or judgments that may change or be modified, due to
uncertainties and risks related to the Company’s economic, financial,
regulatory and competitive environment, notably those described in the
2017 Registration Document. Accordingly, the Company cannot give any
assurance nor make any representation as to whether the objectives will
be met. The Company does not undertake to update or otherwise revise any
forecasts or objectives presented herein, except in compliance with the
disclosure obligations applicable to companies whose shares are listed
on a stock exchange.
Currency effect: this is established by converting actual numbers at the average rates of year y-1. In practice, those rates are either average rates communicated by the ECB, or hedged rates if hedging instruments have been set up.
Changes in scope of consolidation: these are determined:
- for acquisitions in the period, by deducting from sales for the period
the amount of sales generated during the period by acquired entities as
from the date they entered the consolidated reporting scope;
- for
acquisitions in the previous period, by deducting from sales for the
period the amount of sales generated in the months in the previous
period during which the acquired entities were not consolidated;
-
for disposals in the period, by adding to sales for the period the
amount of sales generated by entities sold during the previous period in
the months of the current period during which these entities were no
longer consolidated;
- for disposals in the previous period, by
adding to sales for the period the amount of sales generated during the
previous period by the entities sold.
ABOUT BIOMÉRIEUX
Pioneering Diagnostics
A world leader in the field of in vitro diagnostics for over 50 years, bioMérieux is present in more than 150 countries through 43 subsidiaries and a large network of distributors. In 2017, revenues reached €2.3 billion, with over 90% of sales outside of France.
bioMérieux provides diagnostic solutions (systems, reagents, software) which determine the source of disease and contamination to improve patient health and ensure consumer safety. Its products are mainly used for diagnosing infectious diseases. They are also used for detecting microorganisms in agri-food, pharmaceutical and cosmetic products.
bioMérieux is listed on the Euronext Paris stock market.
Symbol:
BIM – ISIN Code: FR0013280286
Reuters: BIOX.PA/Bloomberg: BIM.FP
Corporate website: www.biomerieux.com. Investor website: www.biomerieux-finance.com
Note: Unless otherwise stated, growth is expressed year-on-year at constant exchange rates and scope of consolidation (like-for-like).
