This article first appeared on GuruFocus .
Release Date: July 31, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
-
Diasorin SpA ( DSRLF ) returned to growth in Q2 2026 with a 4% revenue increase at constant exchange rates, confirming the expected quarterly progression and full-year guidance.
-
The U.S. immunodiagnostics business returned to historical double-digit growth, driven by the recovery of QuantiFERON sales and the ongoing hospital strategy, with a target of 600 hospitals by end of 2026.
-
The Liaison Plex platform is gaining strong market traction, with over 150 customers and the vast majority of new placements choosing the Flex configuration, positioning the company for future growth.
-
The LTG (Luminex) business showed a strong Q2 with 7% growth, driven by a faster-than-expected recovery in life sciences and biopharma, leading to confidence in mid-to-high single-digit growth for the year.
-
The company received FDA clearance for the second Liaison NES assay (Group A Strep), completing the full panel and enabling commercialization, with no current pricing pressure observed in the U.S. market.
-
Gross margin remained resilient at 65%, supported by disciplined cost management, and the EBITDA margin improved sequentially from 31% in Q1 to 33% in Q2, demonstrating operating leverage.
Negative Points
-
Diasorin SpA ( DSRLF )'s business in China continues to decline roughly 25% due to VBP pricing and local competition, with no expected improvement in H2, making it a shrinking market.
-
The molecular diagnostics respiratory business remains weak due to a soft flu season, with the Liaison MDX respiratory segment declining 20% in Q2 and 35% in H1.
-
The Middle East business is significantly impacted by geopolitical issues, particularly in Iran, where revenues dropped from over EUR1.5 million to zero, a delta expected to persist through 2026.
-
The company faces a significant ForEx headwind, with a total impact of EUR20 million in H1 and an expected full-year impact of around EUR25 million if exchange rates remain at current levels.
-
Net debt increased substantially to EUR844 million from EUR580 million at the end of 2025, driven by EUR233 million in share buybacks and EUR65 million in dividends, despite a lower free cash flow of EUR58 million.
-
The company is incurring additional costs from U.S. tariffs, with an approximate EUR3 million impact per quarter, partially offset by only EUR2.5 million in refunds received so far, with no visibility on the timing of the remaining refunds.
Q & A Highlights
Q: On molecular guidance for the full year, reiterating low double-digit growth implies roughly 27% organic growth in H2. What gives you confidence in this, especially regarding NES adoption and the flu season? A: Carlo Rosa (CEO): Mathematically, it's about 20% growth needed in H2. This is based on two key factors: first, we expect a normalized flu season compared to the very weak one last year, which will drive volume on our existing installed base. Second, and more importantly, we are building a base of Liaison Plex and NES systems that didn't exist last year. These will generate revenues in Q3 and especially Q4 when the season starts. Don't be fooled by the percentage; look at the absolute dollar amount needed, which is reasonable based on last year's figures.
Q: How much of the tariff refunds will be left for H2, and can you share your full-year FX guidance? Also, can you provide color on NES placements? A: Alberto Donati (CFO): We paid approximately $9 million in tariffs in total. We have received $2.5 million in refunds so far, but we have no visibility on the timing of the remaining refunds; they could come in H2 or even 2027. Regarding FX, if the EUR/USD rate remains around 1.15-1.16, the full-year impact should be around EUR25 million. Since we've already seen EUR20 million in H1, the impact in H2 should be minimal. Carlo Rosa (CEO): On NES placements, it's too early to give a number. The jury is still out, and we need to normalize over the next 2-3 months. Placements typically happen right before the season. We are fully biased about the technology, but we'll provide more color in Q3 and Q4 calls.
Q: Was the strong QuantiFERON performance in Q2 a catch-up from Q1's slowdown, and could there be upside to the mid-single-digit guidance? Also, can you confirm the LTG guidance for this year? A: Carlo Rosa (CEO): QuantiFERON's Q2 performance was not a catch-up. The Q1 issue was destocking by a couple of large private labs that provide testing for visas. They paused purchases for one quarter and have now resumed their regular pattern. On LTG, we believe it can be a positive surprise. We didn't expect Q2 to be so strong, and we see the instrument placement funnel recovering. It could help us in H2 better than expected, but it's a B2B business, so we recommend listening to our large life science distributors for their outlook.
Q: Can you provide insights into the pricing strategy for NES versus competitors, and at what point will you know if the pricing is suitable? Also, were there any one-offs in the better-than-expected sales and marketing expenses? A: Carlo Rosa (CEO): We cannot comment on our pricing policy as it's competitive information. However, I can say that reimbursement for targeted respiratory panels (4 assays) is around $140 with a very small denial rate, which allows for proper pricing. We see no pricing pressure for NES so far. Alberto Donati (CFO): The better-than-expected EBITDA margin in Q2 (33%) is due to three factors: good operating leverage, a favorable mix (LTG grew 7% supporting gross margin), and tariff offsets (we had a $3 million tariff impact but received $2 million in refunds). This is aligned with our full-year guidance.
Q: What is the mix of Liaison Plex sales between US outpatient versus inpatient, and should we expect an impact from the potential MOLD-X expansion? Also, how should we view the QuantiFERON opportunity in China? A: Carlo Rosa (CEO): On Plex, initial placements were in private labs (all outpatient), but in hospitals, we see more prevalence of inpatient, roughly 60-70% inpatient versus outpatient. However, hospital systems are developing their own lab businesses, which is changing this dynamic. On MOLD-X, our strategy is focused on mini-panels. We believe highly complex multiplexing panels won't be reimbursed unless for specific patients. Customers count on $142 reimbursement with minimal denial rates for small panels, which validates our mini-panel approach. On China, there is significant local competition with 26 local ELISA suppliers, driving prices very low. China will not move the needle significantly compared to Europe and the US, but we are now targeting other secondary markets with the new higher-throughput kit.
Q: Can you separate the effects of different timing of orders versus partial recovery in life science for LTG growth? Also, how is the GI panel launch progressing, and will you provide updated Plex customer numbers? A: Carlo Rosa (CEO): I cannot provide a split as it involves partner information. What we didn't expect was the fast recovery on instruments. The business is recovering faster than expected, and we have a favorable H2 comparison versus last year's weak H2. On GI, it was just launched. The funnel of opportunities has expanded significantly, but we've only validated two accounts so far, so there's no GI effect in Q2 numbers yet. Alberto Donati (CFO): We are now over 150 Plex customers. The focus in Q2 was on add-on modules and activating new panels (blood and GI) into existing customers, increasing both the number of customers and installations.
Q: What mix between respiratory and non-respiratory do you see for Plex going forward? Are implementation timelines still 6-12 months? And what are you baking in for inflationary pressures? A: Alberto Donati (CFO): Respiratory will remain prevalent as it's over 70% of the overall syndromic market in the US. Although we have a strong GI strategy, respiratory will still be the majority of revenues for 2026. On activation timelines, they haven't changed dramatically. Customers need to validate, and the unique Flex mini-panel offering requires longer IT integration time, confirming the 6-12 month timeline. On inflation, we've had minimal impact so far that we've been able to absorb. The $8-10 million annualized impact (from jet fuel and plastics) is confirmed as an overall assessment, but since we haven't seen material impact, we haven't reiterated it for 2026. We'll see how the conflict progresses for 2027.
Q: What does the gross margin look like on the new high-throughput QuantiFERON test compared to the regular version, and what proportion of the customer base can be converted?
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
