DiaSorin S p A : business momentum and the Luminex acquisition drive up revenues, net result and cash flow generation in 2021

DIASORIN BUSINESS MOMENTUM AND THE LUMINEX ACQUISITION DRIVE UP REVENUES, NET RESULT

AND CASH FLOW GENERATION IN 2021

APPROVED A BUY-BACK PLAN UP TO 1.2 MILLION SHARES TO SERVICE THE CONVERTIBLE BOND

FY 2021 RESULTS

REVENUES: € 1,237.7 million, +40.4% (+41.2% at CER) compared to 2020. The result slightly exceeded the guidance of 40% growth at CER.

On a like-for-likebasis1, growth in revenues was equal to +18.3% (+19.4% at CER), ex-COVID revenues grew by 13.9% (+14.8% at CER), while sales of SARS-CoV-2 serology and molecular diagnostic tests increased by 28.6% (+30.0% at CER), for a total of € 342.1 million (€ 377.7 million including Luminex).

Luminex, a company that joined the Group on July 14, 2021 and was consolidated as from the acquisition date, contributed € 195.0 million to Group revenues: worth mentioning is the strong performance of molecular business on the Aries® and Verigene® platforms and of Licensed Technologies which, in H2 2021, recorded an overall increase of approx. 20% at CER over the previous year proforma2 (also on the back of COVID Aries® sales), partly offset by the decline in Non-Automated Assays revenues due to lower COVID testing sales versus the peak recorded in 2020.

ADJUSTED3 EBITDA4: € 543.1 million, +41.0% (+41.8% at CER) compared to 2020, equal to 43.9% of Group revenues (43.9% at CER). This result was impacted by increased sales, the Luminex inclusion in the scope of consolidation and slightly exceeded the Ebitda margin guidance of 43%.

EBITDA4 was € 515.5 million, +33.8% (+34.6% at CER) compared to 2020, equal to 41.7% of Group revenues (43.7% in 2020).

ADJUSTED3 EBIT: € 465.1 million, +43.5% compared to 2020, equal to 37.6% of Group revenues (36.8% in 2020). EBIT was € 419.5 million, +29.4%, equal to 33.9% of Group revenues (36.8% in 2020).

ADJUSTED3 NET PROFIT: € 356.9 million, +43.8% compared to 2020 equal to 28.8% of Group revenues (28.2% in 2020).

Net profit was € 310.7 million, +25.1%, equal to 25.1% of Group revenues (28.2% in 2020).

NET FINANCIAL DEBT: -€985.9 million (+€ 305.3 million at December 31, 2020). The change, equal to -€ 1,291.2 million, is related to the debt to fund the acquisition of Luminex, partly offset by the strong cash flow generation in 2021.

FREE CASH FLOW5: € 300.7 million at December 31, 2021 (€ 232.2 million at December 31, 2020). The change reflects both the DiaSorin business revenues growth across 2021 and the positive contribution from the Luminex business, consolidated as from the acquisition date.

FY 2022 GUIDANCE AT CONSTANT EXCHANGE RATES: DiaSorin expects in 2022:

• REVENUES substantially in line with 2021 (approx. -2%), of which COVID-19 revenues equal to approx. € 150 million and ex-COVID revenues increasing by 24.0% approx.
• ADJUSTED3 EBITDA4 MARGIN6 equal to approx. 35%

IMPACT OF THE CURRENT SOCIO-POLITICALSITUATION: DiaSorin does not expect material negative impacts deriving from the conflict between Ukraine and Russia, as it is not significantly exposed in such areas.

1. Like-for-likebasis = net of Luminex, consolidated as from the acquisition date
2. Consolidated 2020 data including Luminex
3. The adjusted Gross Profit, adjusted EBITDA, adjusted EBIT and adjusted Net Profit indicators are provided in the table at the end of this Press Release (Table 7).
4. EBITDA is defined as the "Operating Result", gross of amortization and depreciation of intangible and tangible assets. EBITDA is a measure used by the Company to monitor and evaluate the Group's operating performance and is not defined as an accounting measure in IFRS and therefore shall not be considered an alternative measure for assessing the Group's operating result performance.

Since the composition of EBITDA is not regulated by the reference accounting standards, the criterion of determination applied by the Group may not be homogeneous with that adopted by other operators and/or groups and therefore may not be comparable.

1. Free cash flow is the cash flow from operating activities, counting utilizations for capital expenditures but before interest payments and acquisitions of companies and business operations
2. Ratio between EBITDA and Revenues

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FY 2021 HIGHLIGHTS

PRESENTATION OF THE NEW 2022-2025INDUSTRIAL PLAN

• Presentation of the main projects that will contribute to the Group growth in 2022-2025. In details:
• • Immunodiagnostics: expansion of the automated CLIA menu by adding 13 new specialty tests and a high- routine test; expansion of the QuantiFERON® products portfolio developed in partnership with QIAGEN and implementation of the project to adopt the MeMed BV® test for use on LIAISON® analyzers in Europe and in the United States; re-launch of the LIAISON® XS platform to specifically serve the U.S. hospital setting; expansion of the Point-of-Care LIAISON® IQ offer addressed to Italian pharmacies; launch of the LIAISON® XXL platform development.
  • Molecular Diagnostics: consolidation of the current single/low plex installed base on the new LIAISON® MDX Plus platform; launch of the Point-of-Care LIAISON® NES molecular diagnostic platform through a strategy focused on hospitals, pharmacies and, more generally, to decentralized "point of testing"; launch of the new LIAISON® Plex platform that will consolidate the existing multiplex installed base on an analyzer capable of providing testing laboratories, through the flex technology, with higher flexibility and cost control.
  • Licensed Technologies: growth driven by the new xMAP Intelliflex® platform, the strengthening and further development of partnerships and expansion of the customer base, by leveraging the cutting-edge and exclusive imaging flow cytometry.
• Presentation of 2022-2025 Revenues and EBITDA4 Guidance at CER as disclosed in the Industrial Plan presentation7:
• • After 2022, revenues are expected to be in line with 2021 (approx. -2%) due to the combined effect of ex- COVID business increasing by approx. 24% and COVID business declining by approx. 60% (€ 150 million in 2022), and ex-COVID revenue growth is expected to be of approx. 10% CAGR.
  • With regard to Adjusted3 EBITDA4 Margin6, 2022 will be affected by the expected decline in COVID revenues and by the expected dilutive effect of the Luminex business; the following increase in revenues over the four-year plan along with the costs and revenues synergies generated by the Luminex integration will deliver an Adjusted3 EBITDA4 Margin6 of approx. 38% in 2025, in line with pre-pandemic and pre- Luminex acquisition levels.

BUSINESS DEVELOPMENT

• Completion of the acquisition of Luminex Corporation, a company that develops, manufactures, and sells proprietary biological testing technologies and products with leading applications throughout the Diagnostics and Life Science industries. The acquisition, completed on July 14, 2021, strengthens DiaSorin's positioning in the molecular diagnostics market and the current value proposition, in line with the Group's strategic priorities. Through the acquisition, DiaSorin gained access to Luminex's multiplexing technology and a portfolio that strengthens its existing offering, while expanding the Group presence in the United States. Additionally, this deal provides access to Luminex's applications throughout the Life Science industry, supporting access to academic and scientific research, expanding engagement with biopharma companies, and increasing access to clinical multiplexing assays for future Value Based Care projects.

CONVERTIBLE BOND FOR THE COMPLETION OF THE ACQUISITION OF LUMINEX CORPORATION

• Offering, on April 28, 2021, of € 500 million senior unsecured equity-linked bonds due 2028 aimed at completing the acquisition of Luminex Corporation, completed on July 14, 2021.
• Authorization from the Extraordinary Shareholders' Meeting for the convertibility into DiaSorin common shares of the equity-linked bond issue and, consequently, for the share capital increase, a payable and in a divisible form, with the exclusion of pre-emptionrights pursuant to Article 2441, paragraph 5, of the Italian Civil Code.

7 In order to allow comparability across years, all financial data has been restated at constant exchange rate (with regards to the US Dollar 1.16 US$ per EUR)

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DEVELOPMENT OF IMMUNODIAGNOSTIC TESTS

• CE marking and Emergency Use Authorization from the U.S. Food and Drug Administration for the LIAISON® SARS-CoV-2TrimericS IgG, a new quantitative serology test (semi-quantitative in the U.S.) for the determination of IgG antibodies and developed using the full-lengthSARS-CoV-2 Spike protein in its Trimeric form, which perfectly mimics the native conformation of the protein.
• Approval in the U.S. of 2 serology tests for the diagnosis of the Lyme disease, the LIAISON® Lyme IgM and the LIAISON® Lyme IgG, for the determination of IgM and IgG antibodies, respectively, against Borrelia burgdorferi.
• Emergency Use Authorization from the U.S. Food and Drug Administration for the LIAISON® SARS-CoV-2Ag, an antigen test to determine the presence of SARS-CoV-2 in nasal and nasopharyngeal swabs.
• CE marking for the new Point-of-Care (POC) platform LIAISON® IQ, developed with Lumos Diagnostics, along with its first test - the LIAISON® Quick Detect COVID TrimericS Ab - for the detection of IgG antibodies in capillary blood samples using lateral flow technology.
• CE marking for the new LIAISON® LymeDetect test developed in partnership with QIAGEN for the early diagnosis of Lyme Borreliosis based on QuantiFERON® technology.
• CE marking for the antigen LIAISON® Quick Detect COVID Ag assay, a new Point-of-Care (POC) test on nasal and nasopharyngeal swabs using lateral-flow technology, available on the LIAISON® IQ.
• CE marking for the LIAISON® Murex Anti-HEVIgG & IgM assay for the diagnosis of Hepatitis E for use on the LIAISON® family platforms. It is the first fully automated CLIA high-throughput solution for diagnosing Hepatitis E.
• CE marking for the LIAISON® MeMed BV® assay developed in partnership with MeMed, and it is the first fully automated solution to differentiate between bacterial and viral infections.
• Approval in the U.S. for LIAISON® QuantiFERON®-TB Gold Plus assay for use on the LIAISON® XS platform.

DEVELOPMENT OF MOLECULAR DIAGNOSTIC TESTS

• Launch of SimplexaTM SARS-CoV-2 Variants Direct (Research Use Only) assay for rapid detection and discrimination of 4 SARS-CoV-2mutations, without requiring upfront RNA extraction.
• CE marking for SimplexaTM COVID-19& Flu A/B Direct kit providing broad strain coverage both for SARS- COV-2 variants and for Flu A and Flu B viruses.

DEVELOPMENT OF LIFE SCIENCE SYSTEMS

• Launch of xMAP INTELLIFLEX® Systems (Research Use Only), a compact, flow-based, multiplex platform that combines the proven performance of xMAP® technology with modern features to enhance performance, empower assay development innovation, and simplify the user experience. No other multiplex platform combines low and high-plex capabilities, quick time to reliable results, and the ability to simultaneously acquire data for two parameters per analyte.

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Saluggia (Italy), March 16, 2022 - The Board of Directors of DiaSorin S.p.A. (FTSE MIB: DIA), meeting today:

• examined and approved the Group's Consolidated Financial Statements at December 31, 2021;
• examined and approved the Company's Draft Statutory Consolidated Financial Statements at December
  31,2021;
• approved to propose the distribution of an ordinary dividend for a total amount of € 57,494,069.85 equal to € 1.05 on each share outstanding, before tax withholdings, with the exception of treasury shares, with May 23, 2022 coupon date, May 24, 2022 record date and May 25, 2022 payment date;
• examined and approved the Report on Operations, including the Consolidated Non-Financial Statement pursuant to Art. 3 and 4 of Legislative Decree no. 254/2016;
• approved the Corporate Governance Report at December 31, 2021;
• approved the Report on the remuneration policy and fees paid pursuant to Art. 123-ter of Legislative Decree no. 58/1998;
• resolved to submit to the next Shareholders' Meeting, pursuant to Art. 114 bis of Legislative Decree no. 58/1998, the implementation of a new long-term incentive plan based on the allotment of Company shares named "Equity Awards Plan";
• approved the authorization for the purchase and disposal of treasury shares up to [1.5] million shares, pursuant to the combined provision of Art. 2357 and 2357-ter of the Civil Code, and Art. 132 of Legislative Decree no. 58/1998 and relative implementing provisions, of which 1.2 million to service the equity-linked bond named
  "€500 million Zero Coupon Equity Linked Bonds due 2028" and up to [0.3] million to service the new incentive plan named "Equity Awards Plan" and other existing incentive plans, to be submitted to the next Shareholders' Meeting;
• assessed and confirmed, in compliance with the provisions of the Corporate Governance Code, that the legal requirements for the Independent Directors are still met;
• acknowledged the self-assessment process performed by the Board of Statutory Auditors and outcomes thereof, and verified that the independence requirements continued to be applied to its members, as required by current regulations;
• resolved to call an Ordinary Shareholders' Meeting on April 29, 2022, on a single calling.

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TABLES OF RESULTS

DIASORIN GROUP3

					FY			change
Amounts in million of euros						%	%
					2020	2021	amount
					@ current	@ CER
Revenues				881.3	1,237.7	+356.4	+40.4%	+41.2%
CLIA tests				478.2	579.9	+101.7	+21.3%	+22.0%
ELISA tests				65.2	56.1	-9.1	-14.0%	-13.0%
Molecular tests				259.6	330.8	+71.1	+27.4%	+29.3%
Instruments sales and other revenues			78.2	75.8	-2.4	-3.1%	-2.5%
Luminex				-	195.0	+195.0	n.a.	n.a.
Adjusted EBITDA	4			385.3	543.1	+157.8	+41.0%	+41.8%
		Adjusted EBITDA	4	margin	43.7%	43.9%	+16 bps
EBITDA	4				385.3	515.5	+130.2	+33.8%	+34.6%
		EBITDA	4	margin	43.7%	41.7%	-206 bps
Adjusted EBIT				324.2	465.1	+140.9	+43.5%
		Adjusted EBIT margin	36.8%	37.6%	+79 bps
EBIT					324.2	419.5	+95.3	+29.4%
		EBIT margin	36.8%	33.9%	-290 bps
Adjusted net profit			248.3	356.9	+108.6	+43.8%
	Adjusted Net profit on Revenues	28.2%	28.8%	+67 bps
Net profit				248.3	310.7	+62.4	+25.1%
		Net profit on Revenues	28.2%	25.1%	-307 bps

DIASORIN S.P.A.

				FY		change
Amounts in million of euros						%
				2020	2021	amount
				@ current
Revenues			471.0	583.1	+112.1	+23.8%
EBITDA	4			152.8	191.1	+38.3	+25.1%
	EBITDA	4	margin	32.4%	32.8%	+33 bps
EBIT				130.0	167.4	+37.4	+28.8%
	EBIT margin	27.6%	28.7%	+111 bps
Net profit			164.2	138.8	-25.4	-15.4%

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