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1. Company Snapshot

1.a. Company Description

DiaSorin S.p.A. develops, manufactures, and distributes immunodiagnostics and molecular diagnostics testing kits in Europe, Africa, North America, Central and South America, the Asia Pacific, and China.The company provides various immunodiagnostic LIAISON platforms, including LIAISON XS, LIAISON XL, and LIAISON XL LAS; and molecular diagnostics platform comprising of LIAISON MDX for use in the amplification of nucleic acids to diagnose viral infections through the identification of virus in patient's biological sample.It has partnership agreements with QIAGEN for diagnostic solution for Latent Tuberculosis detection; TTP for the development of molecular Point-of-Care solution; and MeMed for the launch of a test differentiating between viral and bacterial infections.


The company was founded in 1968 and is headquartered in Saluggia, Italy.

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1.b. Last Insights on DIA

DiaSorin S.p.A. faced challenges in China and Europe, impacting its recent performance. The company's Q3 2025 earnings call highlighted headwinds in these regions, although it reported robust core business growth and strategic advancements in the US market. Additionally, the company's product pipeline, which includes immunodiagnostic and molecular diagnostics offerings, may not be yielding immediate results. With no recent share buyback announcements, the company's short-term prospects seem uncertain, particularly with evolving market conditions.

1.c. Company Highlights

2. DiaSorin's Q3 2025 Earnings: A Closer Look at the Numbers

DiaSorin's revenue for the first 9 months of 2025 reached EUR 900 million, reflecting a 3% increase compared to the same period last year. The company's core business achieved a 6% year-to-date growth, excluding COVID-19 impact and at constant exchange rates. The gross profit for the first 9 months of 2025 totaled EUR 587 million, accounting for 65% of revenues. The actual EPS came out at '0.879', slightly below estimates at '0.995'. Revenue for Q3 grew 3% year-over-year at constant exchange rates, driven by Europe's 6% growth.

Publication Date: Nov -25

📋 Highlights
  • Immuno Franchise Growth:: Immuno business grew 6% in Q3, driven by 14% growth in North America, with a year-to-date 7% ex-COVID growth.
  • Molecular Diagnostics Revenue:: MDX franchise revenue reached €100M in Q3, with 15% from respiratory, 40% from targeted, and 40% from ASR products.
  • U.S. Hospital Expansion:: Strategy targets 600 new U.S. hospitals by 2027, with 90 expected in 2025, leveraging the LIAISON platform’s high-throughput assays.
  • PLEX Market Share:: LIAISON PLEX secured 100 U.S. customers (80% hospitals) and a major Quest Diagnostics agreement, positioning it as a key multiplexing growth driver.
  • 2025 Guidance:: Revenue ex-COVID expected to grow 5%, with adjusted EBITDA margin targeting 33%, and full-year revenue reaching €900M for the first 9 months.

Segmental Performance

The immuno franchise grew 6% in Q3, with a 14% increase in North America and mid-single-digit growth in the rest of the world. In Molecular Diagnostics, the MDX franchise revenue was roughly €100 million, with 15% from respiratory products, 40% from targeted products, and 40% from ASR products. The multiplexing franchise revenue was around €110 million, with VERIGENE 1 and LIAISON PLEX being key components.

Guidance and Outlook

DiaSorin revised its outlook for the full year 2025, with revenue ex-COVID expected to grow by about 5% and COVID-related revenues projected at around EUR 10 million. The adjusted EBITDA margin is expected to be around 33%. The company expects the effect of China's VBP2 to smooth out starting from Q4 and anticipates a negative contribution of around EUR 11 million from tariffs in 2025.

Valuation Metrics

To understand what's priced in, let's look at some valuation metrics. The current P/E Ratio is 16.78, P/B Ratio is 2.09, and P/S Ratio is 2.64. The EV/EBITDA is 10.83, indicating a reasonable valuation. The Net Debt / EBITDA is 1.69, suggesting a manageable debt level. With an ROE of 11.55% and ROIC of 14.35%, the company is generating decent returns.

Business Developments

The LIAISON PLEX platform saw significant developments, including a major agreement with Quest Diagnostics for deployment in all Quest labs. LIAISON PLEX had approximately 100 customers in the U.S., with 80% being hospitals and 20% commercial labs. The company expects to have a distribution network in place by H1 2026 to complement its direct sales force.

Future Prospects

A Capital Markets Day will be held in 2026 to review the company's midterm targets, which include a high single-digit to low double-digit CAGR for the top line and 36% to 37% EBITDA margins by 2027. The company feels comfortable with its 2027 guidance, and analysts estimate next year's revenue growth at 6.0%. The introduction of the GI panel is expected to increase the number of customers using the flex option and help penetrate the hospital market.

3. NewsRoom

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Diasorin SpA (FRA:34D) Q3 2025 Earnings Call Highlights: Navigating Growth Amidst Market Challenges

Nov -05

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DiaSorin S.p.A. (DIA): 2025 Product Pipeline and Strategy Analysis Report

Oct -21

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Should Investors Reassess DiaSorin After 50% Five-Year Share Price Slide?

Sep -15

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Europe Proteomics Research Report 2025: Market Insights, Competitive Landscape and Forecasts 2024-2034 Featuring Biognosys, DiaSorin, Merck, Oxford Expression Technologies

Jun -26

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Diasorin SpA (DSRLF) Full Year 2024 Earnings Call Highlights: Resilient Performance Amid Global ...

Mar -17

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (7.00%)

6. Segments

Diagnostic Kits

Expected Growth: 7%

DiaSorin's Diagnostic Kits segment growth is driven by increasing demand for molecular diagnostics, particularly in infectious disease testing, and the company's strong product portfolio, including its Liaison and Vet turbidimetry platforms. Additionally, strategic acquisitions, expansion into emerging markets, and growing adoption of point-of-care testing are contributing to the 7% growth.

7. Detailed Products

LIAISON

A family of fully automated chemiluminescence analyzers for clinical diagnostics

ETI-Max

A range of ELISA (Enzyme-Linked Immunosorbent Assay) kits for the detection of infectious diseases

Sorin 100

A fully automated analyzer for the detection of infectious diseases

LIAISON XL

A high-throughput, fully automated chemiluminescence analyzer for clinical diagnostics

DiaSorin Molecular

A range of molecular diagnostic products for the detection of infectious diseases

8. DiaSorin S.p.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

DiaSorin S.p.A. operates in the in vitro diagnostics industry, where substitutes are limited. However, the company faces competition from other diagnostic companies, which could lead to a moderate threat of substitutes.

Bargaining Power Of Customers

DiaSorin S.p.A.'s customers are primarily healthcare providers and laboratories, which have limited bargaining power due to the company's strong brand reputation and product offerings.

Bargaining Power Of Suppliers

DiaSorin S.p.A. relies on a network of suppliers for raw materials and components. While the company has some bargaining power, suppliers also have some leverage due to the specialized nature of the industry.

Threat Of New Entrants

The in vitro diagnostics industry has high barriers to entry, including regulatory hurdles and significant R&D investments. This limits the threat of new entrants and gives DiaSorin S.p.A. a competitive advantage.

Intensity Of Rivalry

The in vitro diagnostics industry is highly competitive, with several established players competing for market share. DiaSorin S.p.A. faces intense rivalry from companies such as Roche, Siemens, and Abbott.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 43.48%
Debt Cost 3.95%
Equity Weight 56.52%
Equity Cost 4.64%
WACC 4.34%
Leverage 76.94%

11. Quality Control: DiaSorin S.p.A. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Ipsen

A-Score: 5.5/10

Value: 5.0

Growth: 6.0

Quality: 7.7

Yield: 1.2

Momentum: 6.0

Volatility: 7.3

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Qiagen

A-Score: 5.1/10

Value: 2.5

Growth: 4.4

Quality: 7.2

Yield: 3.8

Momentum: 3.5

Volatility: 9.3

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bioMérieux

A-Score: 5.1/10

Value: 2.0

Growth: 5.3

Quality: 6.6

Yield: 1.2

Momentum: 6.5

Volatility: 9.0

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Eurofins Scientific

A-Score: 4.6/10

Value: 3.1

Growth: 6.0

Quality: 3.9

Yield: 1.9

Momentum: 7.0

Volatility: 6.0

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DiaSorin

A-Score: 4.3/10

Value: 3.4

Growth: 5.0

Quality: 7.3

Yield: 1.9

Momentum: 0.5

Volatility: 8.0

1-Year Total Return ->

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Synlab

A-Score: 4.1/10

Value: 5.7

Growth: 8.0

Quality: 3.7

Yield: 1.9

Momentum: 4.0

Volatility: 1.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

62.24$

Current Price

62.24$

Potential

-0.00%

Expected Cash-Flows