- Solid growth in sales, up 10.7% at
constant exchange rates and scope of consolidation
- €1,674 million in sales
- Up 10.8% as reported
- In microbiology, growth accelerated
to nearly 8%
- Contribution from all regions to the
Group's strong sales dynamic, particularly the Asia-Pacific region,
with sales in China and India up almost 15%
Alexandre Mérieux, Chief Executive Officer, said: "Third-quarter
growth for bioMérieux once again reflected the strong sales dynamic
we have enjoyed for several quarters. Robust growth for the
microbiology lines and sustained growth for the molecular biology
lines pushed sales up by more than 10% for the first nine months of
the year, placing us firmly on track to achieving our annual
targets."
Regulatory News:
bioMérieux (Paris:BIM), a world leader in the field of in vitro
diagnostics, today released its business review for the nine months
ended September 30, 2017.
SALES
Consolidated sales came in at €1,674 million for the nine months
ended September 30, 2017, up 10.8% as reported on the €1,512
million posted for the same period in 2016. The positive currency
effects seen in the first six months of the year were almost
entirely offset by the negative currency effects reported in the
third quarter as the euro strengthened against a number of
currencies, notably the U.S. dollar. At constant exchange rates and
scope of consolidation, organic growth came to 10.7%
year-on-year.
Analysis of sales
In € millions
Sales - Nine months ended September 30, 2016
1,512 Currency effect(1) +1 +0.1% Organic growth (at
constant exchange rates and scope of consolidation) +162 +10.7%
Sales - Nine months ended September 30, 2017
1,674 +10.8%
(1) Currency effects are established by
converting actual numbers at the average rates of year y-1.
Inpractice, those rates are either average rates communicated by
the ECB, or hedged rates if hedginginstruments have been set
up.
Third-quarter 2017 sales for bioMérieux rose 9.6% on
third-quarter 2016, lifted by another period of fast-paced growth
for the BIOFIRE FILMARRAY® line, both in the United States and in
the rest of the world. Sales were also underpinned by solid growth
for microbiology lines VITEK® and BACT/ALERT®, especially in China
and the United States, as well as by the rapid development of
industrial applications across all regions worldwide.
Sales for the third quarter and first nine months of 2017 may be
summarized by region as follows:
Sales by Region
In € millions
Q32017
Q32016
% changeas reported
% changeat constantexchangerates
andscope ofconsolidation
9monthsendedSep.
30,2017
9monthsendedSep. 30,2016
% changeas reported
% changeat constantexchangerates
andscope ofconsolidation
Europe(1)
206.8 201.6 +2.5%
+3.4% 638.9 618.8
+3.2%
+3.9% Americas
229.6 216.0 +6.3%
+12.3%
743.6 634.1 +17.3%
+16.5% North America
191.4
179.1 +6.9%
+13.1% 630.1 534.5 +17.9%
+17.6%
Latin America
38.2 36.9 +3.6%
+8.3% 113.5 99.6
+14.0%
+10.9% Asia-Pacific
102.0 90.9
+12.2%
+17.8% 286.8 253.2
+13.2%
+13.7% Total sales from the regions
538.4 508.5 +5.9%
+9.7%
1,669.3 1,506.2 +10.8%
+10.8%
Applied Maths
0.5 1.1
2.8 2.5 R&D-related revenue
1.1 1.2
2.3
3.0
Total consolidated
sales 540.0 510.8 +5.7%
+9.6% 1,674.4 1,511.7 +10.8%
+10.7%
(1) Including the Middle East and
Africa.
- Operations in the Americas (44%
of the YTD consolidated total) continued to deliver a robust
performance in the third quarter of 2017, with sales rising 12.3%
year-on-year on an organic basis to €230 million. Reported sales
for the quarter climbed by around 6% as the U.S. dollar weakened
against the euro, and increased 16.5% year-on-year over the nine
months ended September 30 to stand at €744 million.
- In North America (38% of the YTD
consolidated total), despite a potentially difficult business
environment for laboratories following cuts in certain healthcare
reimbursements, sales made firm progress, driven by the rapid
development of BIOFIRE FILMARRAY® and by the installation of VITEK®
MS mass spectrometry systems for the rapid identification of
disease-causing bacteria. Sales for immunoassay reagents also
continued to grow, albeit at a slower pace than in the two previous
periods as competition for the VIDAS® B•R•A•H•M•S PCT™ assay
intensified. Lastly, sales to industrial customers were buoyant,
resulting in double-digit growth. BioFire Defense sales were
impacted by the deferral of certain research contracts.
- In Latin America, all
subsidiaries contributed to growth for the region, boosted by the
market roll-out of the BIOFIRE FILMARRAY® line. Growth in Brazil
was highly satisfactory, notably thanks to billing for a major
public call for tenders in immunoassays.
- Sales in the Europe – Middle East –
Africa region (38% of the YTD consolidated total) came to
€207 million for the third quarter, up 3.4% year-on-year, and
to €639 million for the first nine months, up 3.9%
year-on-year.
- In Western Europe (32% of the
YTD consolidated total), sales benefited in full from the extensive
range and strong fit of bioMérieux's portfolio of solutions:
subsidiaries in the United Kingdom and Germany focused on
developing their business with industrial customers, with growth in
France, Italy and Switzerland underpinned by clinical applications,
particularly the deployment of the offering for microbiology
laboratory automation systems and molecular biology sales.
- Third-quarter 2017 sales increased by
close to 8% year-on-year in the Eastern Europe – Middle East –
Africa region, where strong performances in Turkey, South
Africa and Middle East countries more than offset the slowdown seen
in Africa as a whole.
- In the Asia-Pacific region (17%
of the YTD consolidated total), sales came to €102 million in the
third quarter of 2017, up by nearly 18% on the same period in 2016,
and increased 13.7% year-on-year over the nine months ended
September 30 to stand at €287 million.
- The performance in China was
outstanding in the third quarter, fueled by solid growth for
reagents and instruments alike. All clinical and industrial lines
contributed to the strong sales dynamic.
- Southeast Asia repeated the
strong sales performance seen in the second quarter, with growth
nearing 40% for the third quarter. In India, the
implementation of the new Goods & Services Tax bill resulted in
slightly weaker growth in the third quarter, essentially triggering
a lag in sales for certain instruments.
Year-on-year trends in third-quarter and YTD nine-month 2017
sales may be summarized by application
as follows:
Sales by Application
In € millions
Q32017
Q32016
% changeas reported
% changeat constantexchangerates
andscope ofconsolidation
9monthsendedSep.
30,2017
9monthsendedSep. 30,2016
% changeas reported
% changeat constantexchangerates
andscope ofconsolidation
Clinical Applications 434.1 405.6 +7.0%
+11.0%
1,351.4 1,203.7 +12.3%
+12.2% Microbiology
236.2 222.6 +6.1%
+9.7% 700.3 649.3 +7.8%
+7.7% Immunoassays(1)
105.9 108.4 -2.3%
+0.9%
338.5 327.5 +3.4%
+3.5% Molecular Biology(2)
90.5 73.5 +23.1%
+29.4% 308.5 223.0 +38.3%
+37.8% Other lines
1.5 1.1 +42.7%
+28.9%
4.2 3.9 +7.9%
+18.3% Industrial Applications
100.1 93.6 +7.0%
+10.6% 302.5 275.2 +9.9%
+10.3% BioFire Defense
4.1 9.3 -56.0%
-52.8%
15.4 27.3 -43.8%
-44.0% Applied Maths
0.5 1.1
2.8 2.5 R&D-related revenue
1.1 1.2
2.3 3.0
Total consolidated sales 540.0
510.8 +5.7%
+9.6% 1,674.4
1,511.7 +10.8%
+10.7%
(1) Including VIDAS®: up 0.1% at constant
exchange rates and scope of consolidation in the third quarter and
up 3.9% over ninemonths.
(2) Including FILMARRAY®: €74 million in
the third quarter and €257 million for the nine months ended
September 30.
- Sales of clinical applications,
which account for approximately 80% of the consolidated total, rose
by 11.0% year-on-year to €434 million in the third quarter,
and increased 12.2% year-on-year over the nine months ended
September 30 to stand at €1,351 million.
- Microbiology sales in
third-quarter 2017 increased by almost 10%, accelerating on the
back of the remarkable performance of the VITEK® line for automated
identification and antibiotic susceptibility testing, reflecting
both demand for reagents and sales of new instruments. The
BACT/ALERT® blood culture line and the WASP® and WASPLab™
microbiology laboratory automation systems also actively
contributed to microbiology sales during the quarter.
- In immunoassays, VIDAS® sales
were stable year-on-year in the third quarter of 2017. While
performance remained robust in the Asia-Pacific region, notably in
China, business was nonetheless penalized by a decline in sales in
other regions, and more specifically by the drop in instrument
sales and a slowdown in growth for reagent sales in North America.
All told, sales grew by around 4% over the first nine months of
2017.
- The development of bioMérieux's
molecular biology lines remained very robust, driven by
demand for BIOFIRE FILMARRAY® menu panels, particularly the
Gastrointestinal and Meningitis/Encephalitis panels. The deployment
of the solution outside of the United States continued apace. Sales
in the rest of the world accounted for 13% of total sales for the
BIOFIRE FILMARRAY® line, and close to one-third of new systems
installations were carried out outside of the United States over
the quarter.
- Sales of industrial
applications, which represent around 18% of consolidated sales,
increased 10.6% year-on-year to €100 million in third-quarter 2017,
and by more than 10.3% year-on-year over the nine months ended
September 30 to represent €302.5 million. The strong growth seen in
the third quarter was boosted by an acceleration in pharmaceutical
industry sales, notably for culture media, the CHEMUNEX® cytometry
line and the BACT/ALERT® blood culture line. Growth in sales for
the food industry was also sustained, reflecting the rapid
development of VIDAS® and VITEK®.
- Sales of reagents and services
increased 8.6% in the third quarter of 2017 and accounted for
approximately 90% of the consolidated total. Instrument sales
increased sharply by around 19%.
OTHER INFORMATION
- Net debtNet debt amounted to
€180 million at September 30, 2017 versus €275 million at
December 31, 2016.
THIRD-QUARTER OPERATING HIGHLIGHTS
- Successful closeout of FDA warning
letter related to Durham, NC facility
During the quarter, bioMérieux received the closeout letter from
the U.S. Food & Drug Administration related to the 2012 warning
letter of its Durham, North Carolina facility dedicated to the
manufacturing of the BACT/ALERT® blood culture bottles.
bioMérieux is dedicated to advancing public health and continues
to invest in its Durham facility to increase and enhance the
manufacturing capabilities and capacities. Recently, this
manufacturing site has been expanded to add a new production line
in response to the growing demand for our BACT/ALERT® blood culture
products due to the global rise of blood borne infections,
including sepsis and antibiotic-resistant infections.
Since the beginning of 2017, several manufacturing sites (Marcy
L’Etoile, La Balme, Firenze, Lombard, Verniolle, Grenoble) have
been inspected by multiple regulatory agencies, including the US
FDA, Chinese FDA and Brazil’s ANVISA, with only one non-conformity
identified across all site inspections.
- bioMérieux and LUMED sign a
partnership agreement to help hospitals manage the use of
antibiotics and prevent antibiotic-resistant infections
bioMérieux, a world leader in microbiology, and Lumed, a leading
edge software firm specialized in healthcare, have signed a
partnership for the distribution of the APSS (Antimicrobial
Prescription Surveillance System) and DATA software suites designed
by Lumed. Drawing on data imported from each patient's electronic
health record, the APSS is a computerized clinical decision-support
system designed to assist antimicrobial stewardship teams to
monitor clinical information, as soon as information becomes
available, and verify that the ongoing treatment remains
appropriate In a recently published study1, the implementation of
the APSS software in the Sherbrooke University Hospital in Canada
has demonstrated a sustained reduction of 20% of antimicrobial
use.
The agreement gives bioMérieux the rights to market the software
in Canada, the United States and Europe, and thereby enrich its
line-up of solutions dedicated to antimicrobial resistance, which
is a major global healthcare threat.
- Launch of new tests to assess
antibiotic susceptibility: ETEST®
Ceftolozane/Tazobactam and ETEST®
Ceftazidime/Avibactam
bioMérieux has recently launched two new test strips to
determine, using Minimum Inhibitory Concentration (or MIC) values,
the susceptibility of Multi-Drug Resistant Organisms (MDRO) to
antibiotics. ETEST® Ceftolozane/Tazobactam and ETEST®
Ceftazidime/Avibactam strips are used to assess the susceptibility
of Gram-negative aerobic bacteria such as Enterobacteriaceae and
P. aeruginosa to new antibiotics indicated in the treatment of
infections in adult patients for whom there are limited therapeutic
options. MDROs are a serious and growing healthcare threat. In this
context, MIC is a key piece of information for selecting
appropriate antibiotic therapy and optimizing dosage, particularly
for patients with a critical health condition.
_______________1 Antimicrob Chemother doi:10.1093/jac/dkw468
INVESTOR CALENDAR
Fourth-quarter 2017 sales: January 23, 2018, 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 2016 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.
ABOUT BIOMÉRIEUX
Pioneering Diagnostics
A world leader in the field of in vitro diagnostics for more
than 50 years, bioMérieux is present in more than 150 countries
through 42 subsidiaries and a large network of distributors. In
2016, revenues reached €2,103 million, with over 90% of
international sales.
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.
APPENDIX: QUARTERLY SALES DATA
Sales by Region in € millions
First quarter Second quarter
Third quarter YTD 2017 2016
2017 2016 2017 2016 2017
2016 Europe(1) 216.9 206.9 215.2 210.3 206.8
201.6 638.9 618.8 Americas 267.5 212.8 246.5 205.3 229.6
216.0 743.6 634.1 North America 230.9 182.9 207.7 172.5 191.4 179.1
630.1 534.5 Latin America 36.6 29.9 38.8 32.9 38.2 36.9 113.5 99.6
Asia-Pacific 81.6 67.4 103.2 95.0
102.0 90.9 286.8 253.2
Total sales
from the regions 566.0 487.1
564.9 510.6 538.4
508.5 1,669.3 1,506.2 Applied
Maths 1.6 0.6 0.6 0.7 0.5
1.1 2.8 2.5 R&D-related revenue 0.4
0.8 0.8 1.0 1.1 1.2 2.3
3.0
Total consolidated sales 568.0
488.5 566.4 512.3
540.0 510.8 1,674.4 1,511.7
(1) Including the Middle East and
Africa.
% Change in Sales by Region
First quarter Second quarter Third quarter
YTD As reported Like-for-like As
reported Like-for-like As reported
Like-for-like As reported Like-for-like Europe(1)
+4.9% +5.4% +2.3% +2.8% +2.5%
+3.4% +3.2% +3.9% Americas +25.8% +20.6% +20.1%
+17.0% +6.3% +12.3% +17.3% +16.5% North America +26.3% +21.9%
+20.4% +17.7% +6.9% +13.1% +17.9% +17.6% Latin America +22.4%
+12.1% +18.0% +13.3% +3.6% +8.3% +14.0% +10.9% Asia-Pacific
+21.0% +17.5% +8.7% +7.1% +12.2%
+17.8% +13.2% +13.7%
Total sales from the
regions +16.2% +13.7%
+10.7% +9.3% +5.9%
+9.7% +10.8% +10.8% Applied
Maths
R&D-related revenue
Total consolidated sales +16.3%
+13.7% +10.5% +9.1%
+5.7% +9.6% +10.8%
+10.7%
(1) Including the Middle East and
Africa.
Sales by Application in € millions
First quarter Second quarter
Third quarter YTD 2017 2016
2017 2016 2017 2016 2017
2016 Clinical Applications 460.7 405.3 456.6 405.3
434.1 405.6 1,351.4 1,203.7 Microbiology 229.2 219.9
234.8 219.9 236.2 222.6 700.3 649.3 Immunoassays 111.7 115.1 120.8
115.1 105.9 108.4 338.5 327.5 Molecular biology(1) 118.6 69.3 99.4
69.3 90.5 73.5 308.5 223.0 Other lines 1.2 1.1 1.5 1.1 1.5 1.1 4.2
3.9 Industrial Applications 100.2 95.5 102.2
95.5 100.1 93.6 302.5 275.2
BioFire Defense 5.1 9.8 6.2 9.8
4.1 9.3 15.4 27.3 Applied Maths 1.6
0.7 0.6 0.7 0.5 1.1 2.8
2.5 R&D-related revenue 0.4 1.0 0.8
1.0 1.1 1.2 2.3 3.0
Total
consolidated sales 568.0 512.3
566.4 512.3 540.0
510.8 1,674.4 1,511.7
(1) Including FILMARRAY® sales.
% Change in Sales by Application
First quarter Second quarter
Third quarter YTD As reported
Like-for-like(2) As reported Like-for-like(2)
As reported Like-for-like(2) As reported
Like-for-like Clinical Applications +17.3% +14.7% +12.7%
+11.2% +7.0% +11.0% +12.3% +12.2% Microbiology
+10.8% +8.1% +6.8% +5.5% +6.1% +9.7% +7.8% +7.7% Immunoassays +7.4%
+5.9% +5.0% +4.0% -2.3% +0.9% +3.4% +3.5% Molecular biology(1)
+47.8% +43.4% +43.5% +40.3% +23.1% +29.4% +38.3% +37.8% Other lines
-30.7% -2.4% +33.0% +37.5% +42.7% +28.9% +7.9% +18.3% Industrial
Applications +16.7% +14.5% +7.1% +6.4%
+7.0% +10.4% +9.9% +10.3% BioFire
Defense -38.3% -40.4% -36.8% -38.6%
-56.0% -52.8% -43.8% -44.0% Applied
Maths
R&D-related revenue
Total consolidated sales +16.3%
+13.7% +10.5% +9.1%
+5.7% +9.6% +10.8%
+10.7%
(1) Including FILMARRAY® sales.
(2) At constant exchange rates and scope
of consolidation.
NB: Unless otherwise stated, growth
is expressed year-on-year at constant exchange rates and scope of
consolidation (like-for-like).
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171017006858/en/
Investor RelationsbioMérieuxSylvain Morgeau, + 33
4 78 87 22 37investor.relations@biomerieux.comorMedia
RelationsbioMérieuxAurore Sergeant, + 33 4 78 87 20
53media@biomerieux.comorImage SeptLaurence Heilbronn, + 33 1
53 70 74 64lheilbronn@image7.frorClaire Doligez, + 33 1 53 70 74
48cdoligez@image7.fr
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