bioMérieux, a world leader in the field of in vitro diagnostics, today released its business review for the three months ended March 31, 2016.
Alexandre Mérieux, Chief Executive Officer, said: "Supported by strong momentum in the Americas and a good start in the Asia-Pacific region, we achieved organic growth of 11.5% in the first three months of the year. Backed by our solid first-quarter 2016 performance, we are continuing our drive to enhance operating efficiency in line with our strategic roadmap and our full-year objectives."
SALES
Consolidated sales rose to €489 million in the first three months of 2016 from €448 million in the year-earlier period. This represents growth of 9.1% as reported and includes a negative currency impact of around €7 million as well as the previously announced deconsolidation of bioTheranostics as of January 1, 2016. Organic growth (at constant exchange rates and scope of consolidation) represented 11.5% year-on-year, led by strong FilmArray® sales (for around 400 basis points), despite a weaker flu season that also began later than in the same period of 2015.
Growth during the first quarter fully benefited from the broad portfolio of technologies, particularly FilmArray®, which saw a sharp rise in sales, and the VIDAS® and VITEK® lines, which turned in a solid performance. Sales for the BacT/ALERT® blood culture lines also rose significantly, while sales for industrial applications replicated the sound performance recorded in the fourth quarter of 2015. bioMérieux's first-quarter performance was also underpinned by the Group's balanced geographical footprint. With growth of 22.5%, the Americas confirmed its position as the Group's key growth driver, supported by improved conditions in Asia-Pacific.
Growth in China returned to the double digits in first-quarter 2016 as reagent sales continued to climb at a fast pace. The performance was led by rapid gains in microbiology, particularly the BacT/ALERT® and VITEK® lines, and solid growth for industrial applications, which more than offset slightly weaker demand for VIDAS®.
OTHER INFORMATION
At March 31, 2016, after payment of variable compensation, net debt stood at €234 million, up from €219 million at December 31, 2015.
FIRST-QUARTER OPERATING HIGHLIGHTS
bioMérieux acquired Adiagène in 2011 with the acquisition of AES Laboratoire. The company specializes in the research, development and manufacturing of molecular biology tests for the diagnosis of animal diseases. Its ADIAVET™ and ADIAPURE™ lines are designed to detect some thirty different veterinary pathogens. bioMérieux sold Adiagène in early April 2016 to Finalab – a network of laboratories specialized in veterinary biological analysis – in order to focus its work in the veterinary field on microbiology and immunoassays. The Group will continue to distribute ADIAVET™ and ADIAPURE™ products until the end of June 2016. The ADIAVET™ and ADIAPURE™ lines generate around €2 million in annual sales. The capital gains arising from this transaction will not have a material impact on the Group's 2016 financial statements.
SUBSEQUENT EVENTS
On April 8, 2016, bioMérieux announced that BioFire Diagnostics, LLC, its molecular biology affiliate, received clearances from the U.S. Food and Drug Administration (FDA) to market the FilmArray® Torch for use with the FilmArray® Blood Culture Identification (BCID), Gastrointestinal (GI) and Meningitis/Encephalitis (ME) panels. FilmArray® Torch already received FDA clearance for use with the FilmArray® Respiratory Panel (RP) in February 2016. FilmArray® Torch was CE marked at the same time. BioFire introduced FilmArray® Torch at the ECCMID1 and anticipates commercial availability this summer in the United States and this fall in Europe.
At the ECCMID1, bioMérieux and the University of Anvers1 medical microbiology laboratory presented the final report of the Global Point Prevalence Survey (Global-PPS) of Antimicrobial Consumption and Resistance. Unprecedented in scale, the Global-PPS gathered data from more than 100,000 inpatients in 53 countries. The results exceeded initial expectations and the survey is now viewed as a global reference for enhancing the quality of local prescription recommendations, improving education, developing professional practices and assessing the impact of such initiatives.
INVESTOR CALENDAR
Annual General Meeting: May 26, 2016
Second-quarter 2016 sales: July 18, 2016, before start of trading
First-half 2016 results August 31, 2016, before start of trading
Third-quarter 2016 sales: October 20, 2016, before start of trading
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 2015 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.
1 European Congress of Clinical Microbiology and Infectious Diseases.
NB: Unless otherwise stated, growth is expressed year-on-year at constant exchange rates and scope of consolidation (like-for-like).