(Reuters) – Italian medical diagnostic group Diasorin on Friday reported a double-digit drop in revenue for 2023, in line with its revenue guidance for the year, but shares dropped as much as 7.3%.
The group’s 2023 revenue decreased 14% year-on-year at constant exchange rates to 1.15 billion euros ($1.25 billion), while revenue increased 3% when excluding its COVID-related business.
Diasorin recorded 353 million euros in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) below the 377 million euros of analyst consensus.
EBITDA decreased 29% compared with a year before, when it came in at 497 million euros, “mainly a consequence of lower COVID revenues and the resulting reduction in operating leverage”, the group said.
However, the adjusted EBITDA margin totalled 33%, slightly below company guidance of around 34%.
The group net profit shrank 34% on a yearly basis to 159 million euros.
At 1332 GMT the stock is down 3.8% and trades at 92.00 euro. Up to the Thursday session’s close, shares were up 2.6% year-to-date.
Diasorin proposed a dividend of 1.15 euro per share.
It confirmed the 2024 guidance for the adjusted EBITDA margin at around 32%-33%.
($1 = 0.9184 euros)
(Reporting by Alberto Chiumento; Editing by Jane Merriman)
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