BIOMERIEUX (EPA:BIM) - bioMérieux – Third-Quarter 2021 Business Review

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21/10/2021 07:01

Press release

bioMérieux - Third-Quarter 2021 Business Review

- Organic growth of 12.1% at constant exchange rates and scope of consolidation
over the first nine months of the year:
* EUR2,452 million in sales
* Up 8.2% as reported

- Q3 sales organic growth at 11.6%, significantly above expectations due to a
strong upturn in US respiratory panels demand, combined with a solid momentum
in all other applications
- Upward revision of 2021 outlook:
* In the light of Q3 higher-than-expected respiratory multiplexing testing
demand, bioMérieux is raising its FY'21 outlook. Full year sales are now
expected to grow between 4% and 7% (previously: at neutral to mid-single digit
rate), at constant exchange rates and scope of consolidation. Contributive
operating income before non- recurring items should be above EUR700 million
(previously: in line with 2020) at current exchange rates.

Alexandre Mérieux, Chairman and Chief Executive Officer, said: ?During the
third quarter of 2021, we saw an uptake of multiplexing respiratory demand in
the US, while all other business lines, namely microbiology, immunoassays and
industrial applications, kept on maintaining solid growth. We are therefore
raising upward 2021 sales revenue and contributive operating income outlook.
This extraordinary 2021 operating income is however embedding a low level of
operating expenses within the pandemic context, and is therefore not
projectable as such beyond 2021.?

Marcy l'Étoile, October 21, 2021 - bioMérieux, a world leader in the field of
in vitro diagnostics, today releases its business review for the nine months
ended September 30, 2021.

SALES
Consolidated sales reach EUR2,452 million for the first nine months of 2021
versus EUR2,266 million for the prior- year period, representing growth of 8.2%
as reported. Organic growth (at constant exchange rates and scope of
consolidation) reaches 12.1% for the first nine months of the year fueled by a
stronger-than-expected third quarter. Exchange rate movements result in a
negative currency effect of EUR87.3 million, primarily due to the decline in
the US dollar and to a lesser extend certain Latin American and ASPAC
currencies against the euro during the period.

Analysis of sales
In EUR millions

SALES - NINE MONTHS ENDED SEPTEMBER 30, 2020     2,266
Currency effect                                    -87   -3.9%
Changes in scope of consolidation                    0
Organic growth (at constant exchange rates
and scope of consolidation)                       +273  +12.1%
SALES - NINE MONTHS ENDED SEPTEMBER 30, 2021     2,452   +8.2%

ANALYSIS OF SALES BY APPLICATION

Sales by Application
In EUR millions
                       Q3 2021  Q3 2020   %                 %
                                        change           change
                                        as reported   at constant
                                                     rates and exchange
                                                          scope of
                                                       consolidation
Clinical Applications    756.6   679.9    +11.3%          +11.8%
Molecular biology        338.0   317.8     +6.4%           +7.8%
Microbiology             269.8   236.2    +14.2%          +14.1%
Immunoassays             120.3   111.4     +8.0%           +7.3%
Other lines(1)            28.4    14.5    +96.1%          +94.9%
Industrial Applications  120.8   109.5    +10.3%          +10.5%
TOTAL SALES              877.4   789.4    +11.1%          +11.6%


9 months             9 months          %         % change
ended Sept. 30,   ended Sept. 30,   change      at constant
2021                    2020     as reported  exchange rates and
                                            scope of consolidation
2,086.5               1,937.3        +7.7%          +11.7%
  876.4                 875.1        +0.1%           +4.9%
  766.2                 696.6       +10.0%          +13.0%
  361.0                 306.4       +17.8%          +20.7%
   82.8                  59.1       +40.0%          +48.4%
  365.1                 328.3       +11.2%          +14.5%
2,451.6               2,265.6        +8.2%          +12.1%

(1) Including Applied Maths and BioFire Defense

- Clinical applications sales, which account for around 85% of bioMérieux's
consolidated total, rise by 11.8% year-on-year to EUR757 million for the third
quarter of 2021 and by 11,7% to EUR2,087 million for the nine months ended
September 30, 2021.

* In molecular biology, BIOFIRE(r) reagents sales achieve double digit growth
at 19% in the third quarter, driven by strong demand in the US for respiratory
panels in the context of Delta Variant spread and the sooner-than-expected
appearance of several other respiratory pathogens. Non-respiratory panels
continue their accelerated growth on a global basis. The BIOFIRE(r) installed
base is continuing to expand, to almost 21,400 units at September 30, 2021,
versus 20,100 at June 30, 2021. During the period, demand for other molecular
ranges, including the DNA/RNA extraction and ARGENE(r)  ranges is slowing
down.

* In microbiology, business continues to enjoy double digit growth, compared
with the same period of 2021, led by reagents sales particularly within ID/AST
and hemoculture ranges as well as instruments sale and growing by 8% above
pre-pandemic levels over the first 9 months.

* In immunoassays, sales performance is fueled by reagents sales, from COVID-19
related testing as well as routine parameters, particularly in Asia Pacific and
in Africa.

- Industrial applications sales, which account for around 15% of the
consolidated total, come to EUR121 million for third-quarter 2021, up 10.5%
versus last year. Growth of industrial applications is fueled by food and
pharmaceutical segments from both reagents and instruments sales solid
performance. Year- to-date sales increase 14.5%, to stand at EUR365 million,
and by almost 15% compared to pre-pandemic levels.

ANALYSIS OF SALES BY REGION

Sales by Region
In EUR millions
                       Q3 2021  Q3 2020   %                 %
                                        change           change
                                        as reported   at constant
                                                     rates and exchange
                                                          scope of
                                                       consolidation
Americas                 457.1   410.5    +11.3%         +12.7%
North America            410.6   367.7    +11.7%         +12.9%
Latin America             46.5    42.8     +8.5%         +11.0%
EMEA (1)                 268.1   257.9     +4.0%          +4.0%
Asia Pacific             152.2   121.0    +25.8%         +23.8%
TOTAL SALES              877.4   789.4    +11.1%         +11.6%

9 months             9 months          %         % change
ended Sept. 30,   ended Sept. 30,   change      at constant
2021                    2020     as reported  exchange rates and
                                             scope of consolidation
1,189.1               1,173.3      +1.3%            +7.7%
1,054.3               1,052.0      +0.2%            +6.2%
  134.8                 121.3     +11.2%           +20.2%
  817.5                 729.7     +12.0%           +12.8%
  445.0                 362.6     +22.7%           +24.9%
2,451.6               2,265.6      +8.2%           +12.1%

(1) Europe, Middle East and Africa

- Sales in the Americas (49% of the consolidated total) reach EUR457 million in
third-quarter 2021, an increase of 12.7% on third-quarter 2020. Sales for the
nine months ended September 30, 2021 come to EUR1,189 million, up 7.7%
year-on-year.

* In North America (43% of the consolidated total), third-quarter growth is led
by a strong performance from the BIOFIRE(r) molecular biology product line as
well as from reagents sales within microbiology applications. Immunoassays
product line keeps on suffering from the downward trend of procalcitonine assay
sales.

* Latin America records robust organic growth in quarterly sales, driven by the
strong dynamic in clinical microbiology as well as industrial applications.

- Sales in the Europe - Middle East - Africa region (33% of the consolidated
total) come to EUR268 million for the 2021 third-quarter, up 4% year-on-year.
Sales for the full nine months total EUR818 million, representing a
year-on-year increase of 12.8%.

* In Europe (27% of the consolidated total), good performance of clinical
microbiology and BIOFIRE(r) reagents sales, more than compensating the slowdown
in immunoassay and others molecular ranges.

* The Russia - Middle East - Africa region, enjoy a significant growth, led by
clinical microbiology and immunoassays.

- Sales in the Asia Pacific region (18% of the consolidated total) amount to
EUR152 million for the third quarter of 2021, up 23.8% from the prior-year
period. Business continues to be particularly strong in Japan thanks to the
BIOFIRE(r) range and grows double digit in China. For the nine months ended
September 30, 2021 total consolidated sales for the Asia Pacific region come to
EUR445 million, up 24.9% year-on-year.

INVESTOR PRESENTATION
bioMérieux will hold an investor presentation on Thursday, October 21, 2021 at
3:00 pm Paris time (GMT+1). The presentation will be given in English and will
be accessible via webcast under following link:

https://globalmeet.webcasts.com/starthere.jsp?ei=1500541&tp_key=85136fb788

If you are unable to join the webcast URL, please join audio conference
with:.

France                       Europe             United States
+33 (0)1 70 72 25 50   +44 (0)330 336 9127      +1 323-794-2588
                      Access code: 150 6528

INVESTOR CALENDAR

Fourth-quarter 2021 sales and 2021 financial results
March, 2nd 2022

Notes and definitions
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 2020 Universal
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.
Currency effect: this is established by converting actual numbers at the
average rates of year y-1. In practice, those rates are either average rates
communicated by the ECB, or hedged rates if hedging instruments have been set
up.

Changes in scope of consolidation: these are determined:
- for acquisitions in the period, by deducting from sales for the period the
amount of sales generated during the period by acquired entities as from the
date they entered the consolidated reporting scope;
- for acquisitions in the previous period, by deducting from sales for the
period the amount of sales generated in the months in the previous period
during which the acquired entities were not consolidated;
- for disposals in the period, by adding to sales for the period the amount of
sales generated by entities sold during the previous period in the months of
the current period during which these entities were no longer consolidated;
- for disposals in the previous period, by adding to sales for the period the
amount of sales generated during the previous period by the entities sold.

ABOUT BIOMÉRIEUX

Pioneering Diagnostics
A world leader in the field of in vitro diagnostics for over 55 years,
bioMérieux is present in 44 countries and serves more than 160 countries with
the support of a large network of distributors. In 2020, revenues reached
EUR3.1 billion, with over 90% of international sales (outside of France).

bioMérieux provides diagnostic solutions (systems, reagents, software and
services) 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

CONTACTS

Investor Relations

bioMérieux
Franck Admant
Tel.: +33 (0)4 78 87 20 00
investor.relations@biomerieux.com

Media Relations
bioMérieux
Romain Duchez
Tel.: +33 (0)4 78 87 20 00
media@biomerieux.com

Image Sept
Laurence Heilbronn
Tel.: +33 (0)1 53 70 74 64
lheilbronn@image7.fr

Claire Doligez
Tel.: +33 (0)1 53 70 74 48
cdoligez@image7.fr

Note: Unless otherwise stated, growth is expressed year-on-year at constant
exchange rates and scope of consolidation (like-for-like)

source : webdisclosure.com

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BIOMERIEUX (EPA:BIM) - bioMérieux – Third-Quarter 2021 Business Review

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