DiaSorin S.p.A.

And thank you for joining the Data Science First Quarter 2025 Results Conference Call. As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. Should anyone need assistance during the conference call, they may signal an operator by pressing star and zero on their telephone. At this time, I would like to turn the conference over to Mr. Carlo Rosa, CEO of Data Science. Please go ahead, sir.

Yes, thank you, Operator. Good afternoon, and welcome to the quarter one results. As usual, we'll make some general comments about the quarter, and then Mr. DeBrona, our CFO, will drive you through the numbers. So, quarter one was a very good quarter for the story, with revenues of almost $10 million. 7% growth versus Q1-24. If you look at the base business excluding COVID, it's 9% in line with the expectation. COVID revenues, 5 million in the quarter. I remind you that the guidance was for 25 was 2 million, so we are in line with the guidance for COVID as well. It is a margin, 34%, it's a very solid start of the year, with underlying growth in the spice, microbegins, the immuno is back to rising growth, the molecular respiratory did benefit from the flu season in Q1, and it's a very good start of the year for our multiplexing. that grew 25%, and I will comment later, and also for our targeted single target specialties in molecular, which is growing up 14%. And then as far as NTG, we had a very strong quarter, 13% up versus last year. Although, I will comment later, let's make sure that we understand the interfacing effects of certain biocoders in C1. that made this quarter extraordinary in terms of growth. And our 41 performance confirms our guidance for full years of 8% growth of base business revenue and 34% EBITDA margin. Now, let's get into the different segments. Let's start from the immunoregnostics. Immuno-diagnostic ex-COVID grew 8%, in line with expectations and confirming the strong positive trend of immuno, notwithstanding headwind in China. If you look at TRIA, that represents the majority of revenues in immuno, it grew overall 9% in the quarter, driven by the excellent performance of TRIA, our specialty menu, and our U.S. hospital strategy that continues to deliver according to expectations. Clearly, all this is partially offset by the impact in China of GDP. But by the same token, we got the approval in China of our electronic cell manufacturing instrument. Therefore, we expect in the next few quarters that we will be able to react to this negative impact. I will comment more specifically China data. Let's look at World of America, plus 18%. So it continues to be the engine of growth for the S4 in the clear, over 19%. Again, driven by the success of the U.S. hospital strategy. And the 21 placements are in line with fully-arranged expectations and consistent with the 20-25 target of achieving roughly 600 placements for different hospitals in the U.S. And again, as in the previous quarter, this has been possible by the increased commercial footprint following the Linux acquisition. As far as Europe is concerned, plus 5% in quarter one, driven by CLIA, plus 6%. And the result is partially offset by what we discussed, I think, outbreaks in mycoplasma and parvovirus that we experienced in 2014 in some European countries. So, strong growth in the comparison quarter to quarter was unfavorable because, again, an outbreak that happened in 2014 did not happen in 2015. Export pretty much grew in all geographies in line with the overall business growth in the assortment, so not diluted. China with a minus 18% in the quarter. Most of the impact is due to the VBP. The overall effect of the VBP full year is around five million. So this is in line with our expectations. China continues to be a very difficult market. The combination of, again, VBP plus pressure, and also competition by local players, although for the Australia-China representation, less than 3% of revenues, so the impact for the company is fairly limited. And again, last comment, as far as immunodiagnostic is concerned, QuantiFerum continues to be a driver of growth, together with Stultana, and in both cases, we register double-digit growth, And we also have a good performance of all the other infectious disease patients. As far as unit is concerned, our ambition for 2025 is to have 25 new customers ending with approximately 100,000 customers at the end of 2025. And in Q1 we signed 25, so we are in line with achieving as well the target for MIME in number of customers by year end. So we see an acceleration of MIME, which is a combination of the good results that were published on Juneau plus increased adoption due to all the marketing activities that have been initiated in the last two years. When it comes to When it comes to now molecular agnostic, let's move to molecular agnostic. Molecular agnostic X called it GRU7% if you exclude ARIS. ARIS is a platform that was developed by Luminex and we did some set at the end of last year. If we exclude the effect of the Aries sun setting, which is roughly 5.5 million that happened in H1, 2, and 4, and we don't see it any longer in 25. So X-Aries, the growth goes from 7% of molecular to 12% for WDD growth. Multi-flexing quarter one growth of 25% in line with full year expectation. I remind everybody that we share with the market our target to grow the business, the full multi-flexing business by 25% from 60 to 75 million, so see when we are in line, we are in line with that. As far as the year-end flex, Very good performance in terms of placements, notwithstanding the fact that these happen during the flu season, so now we have to take consideration of placements during off-flu season, separating for the next flu season by the end of 2005. One more comment in molecules to do with our targeted molecule business is the, I call which is not multiplexing, it's single-plex, and we continue to have a very strong growth in this segment due to our specialty offering, and I remind everybody that Candida Auris, which was approved a couple of months ago, that is really driving new placement of Lerone MDX. in the U.S. market. We are the only company in the U.S. that can do that. Flex submissions in line with what we have projected and discussed during analyst market day in 2023. So respiratory, as you know, has been approved last year. Blood culture, DCY was approved in 2024. BCN approved in April, a month ago. And we expect DCP to be approved within the next eight weeks. And we are done with the clinical studies for GI and we will submit GI by the end of 2025, so we are in line with expectations and in line with our plan that we share with the market again in 2023. As far as customers for Plex placements, The fact that we now place more systems with flex approach rather than fix is now 60% of customers are using flex and 40% are using fix. But the trend is certainly that placement and adoption is going to move forward, the flexible tunnel, which is a real innovation that we're bringing to the market. And as far as split of labs, 20% of placements are in commercial labs and 80% in hospital labs, which is expected since the majority of the market is in the hospital segment. The other panels are stable as expected. And we are on track for filing LiaisonNet, which is our digital communication platform for flu A to B, COVID and RFC. We are on track for filing in July 2025, and again in line with the timeline that was communicated during our Analyst Day in 2023. Next panel to come that is currently under clinical is Group A Strep. And we expect that we're going to report clinical information is expected by quarter four of 2025. Again, in line with what was communicated to the market. Last but not least, the LPG, the life science technology, is a very solid result in the quarter, 13%. And the strong performance is due to the fact that in diagnostic growth continues to be strong, as well as in pharma customers, and this has been partially upset by the result of life science partners which are more related, linked to the academia and funding and everything that is happening these days in the U.S. Again, the result is also affected by the fact that we have some bad treatments in Q1 that will not repeat in the second quarter, so we reiterate that our expectation is that LTG by year end will grow low-freeze LTG. A couple of comments, and Mr. Pedron is going to go through it. U.S. tariffs, and now we're talking about tariffs and counter-tariffs, which have been now raised primarily between U.S. and China, because, as we know, there are no tariffs as of today for medical products leading U.S. and exporters to Europe. The impact for the group is negligible, non-material. We expect that in 2025 the impact at the EBITDA level is going to be below 5 million. So to the contrary of other companies, what is being reported by other companies, because of the fact that we do have a footprint that is local for local, so a lot of US products are actually manufactured in the US, for the US market. We are not exposed to the targets. At this point, I'm going to turn the microphone to Mr. Cotelan and he will take you through the numbers.

Thank you, Carlo. Good morning, good afternoon everybody. Thank you for joining the 122.125 earnings call and for the interest you are showing in our company. In the next few minutes, I'm going to walk you through the financial performance of the first quarter, and then I will turn the line to the operator for the training session. Q1-25 total revenues at €338 million are above last year by 8%, despite the expected decrease in COVID sales down by €4 million, or almost 50%. The business at COVID is growing in the quarter at constant exchange rates by 9%. The quarry is much better than the earlier guidance because of the strong performance of immune and molecular businesses in combination with some tailwind coming from a couple of five-fourths of LPG classrooms, methods for which we would have been in line with the guidance. The FX impact in the quarry is positive for about 4 million euro. Talking about exchange rate, let me please remind you that since our business is exposed to USD-EUR fluctuations, we might see some FX seduint for the remainder part of the year, considering where the USD is trading now compared with the last 9 months of 2024, which saw an average exchange rate of about 1.08 USD per Euro. As a rule of thumb, let me please remind you, as I've done several times in the past, that for every one-cent movement of the dollar against the euro, the Australian revenues move by about 6 to 8 million euros on a yearly basis, and the adjusted GDP moves by about 2 to 3 million euros again on a yearly basis. First quarter adjusted gross profit at €205 million of 65% of revenues is better than last year by 7%, with a ratio of revenues which is substantially in line with 2024, which closed at 66%. To one, 25 adjusted operating expenses at €118 million increased by 3% compared to 2024, to the rate of revenues of 38% last year. The increased constant exchange rate is just a touch above 1%. and the improvement of the operating leverage would be the main driver of our margin expansion as discussed several times over the last quarter course and during the capital market day we had back at the end of December 23. Other exact operating exchanges negative for 4 million euro are substantially in line with 2024. As a result of what just described, Q125 adjusted interest at €83 million or 27% of revenue is better than previous year by 13% or €9 million. Adjusted interest income at €1 million is slightly lower than last year, which rose at €2 million, mainly because of lower ill on our cash balance, coming mainly from a reduction of interest rate. whereas the adjusted tax rate increased from 23% to 24%, mostly because of the termination of the patent box regime in our Italian leader entity. This measure has not been renewed by the Italian fiscal authority as expected and shared with investors during the last capital market day. Yesterday adjusted the net rebate at 64 million euros, 20% of revenues, and increased by 5 million euros, 9% compared to 2024. And lastly, Q125 adjusted the debat at 107 million euros, or 34% of revenues, is better than last year by 10 million euros, or 10%, with a margin of 34%, in line with our full year guidance. The EBITDA margin of constant exchange rate has increased by about 100 basis points compared to Q1 2024. Let me now move to the net financial position. We close Q1 2025 with a net debt of 672 million euros, 55 million euros more than the end of 2024. This variance is largely driven by the combined effect of a very sound free cash flow generation 42 million euros and a quarter, more than offset by 97 million euros debt towards those shareholders who have exercised their withdrawal rights in connection with the recent adoption of the announcement of the increased voting rights mechanism. Lastly, we confirm 2025 guidance, which is calling as previous year's exchange rates for revenues ex-COVID to grow by about 8%, with COVID sales around €20 million, and an adjusted EBITDA margin at about 34%. Please note that this guidance includes the expected impact of the tariffs recently produced in the different areas which were into business. We all acknowledge that the overall scenario is still in flux, but considering what we know today and the mitigation actions we have already introduced and are about to implement, the estimated impact on our profitability is still not material. With that said, let me please turn the line to the operator to open the Q&A session. Thank you.

Thank you, sir. This is the course call conference operator. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on their touchstone telephone. To remove your question, please press star and 2. We kindly ask you to pick up the phone when asking questions. The first question comes from Kavya Deshpand of UBS.

Hi, Carlo. Hi, TG. Thank you for taking my questions. The first one was just on your tariff estimate. So completely understood that it's a very low exposure. I think you said about 5 million euros of EBITDA. Could I please double-check what this estimate covers, for instance, does it cover raw materials and component shipments as well as finishes? And then my second question was on immunodiagnostics. So, clearly, the US hospital strategy has been accelerating for nearly 18 months now. Are you seeing any material growth in the menu consumption and revenue pull-through of hospitals that have been customers for a year now, or is revenue growth here really being driven by new customer wins and new liaison placements. Thank you.

Okay, I will start. Hi, Fabio. This is Fiji speaking. I will take the question on tariffs. So what includes is all the imports from countries of origin, let me say Europe and UK, into the US, which are subject to 10% tariffs. Whereas goods from the U.S., our goods, I mean reagents and, you know, medtech goods coming from U.S. to Europe are not subject to any kind of tariffs. So it's 10% on our exports from European countries into U.S. and goods moving from the U.S. to China which are subject to 125% tariffs. So this value, the lower than 5 million euro impact, it was already there that Carlo was mentioning, is referred to these two flows, of course. I'd like also to say, though, that, you know, if you look at what's really happening on the ground in China to these 125% tariffs, is that in reality, even though the tariffs are there, what we see when we clear customs is that more often than not, you know, no tariffs are really applied. And that this is, we understand, not an exceptional project, we understand that this is happening more broadly for reagent goods, for diagnostic reagent goods entering into China. which means that if what we are observing now eventually will become a reality, and we know that the Chinese government is talking to the US government about this status, eventually this 5 million impact can be slightly diminished.

Riccardo, I'll talk about the growth. As you said, this has been an outstanding program. I would say that growth is driven by the combination of new places. As I said, it's 100 new customers that we add to the funnel every year, plus the fact that typically in our business, we have an add-on policy, and so we actually go and sell more products to beef up the menu when we hit the base. I really cannot tell you the combination, I mean, the weight of the two approaches, but I would assume the place since, clearly, is at least 70% of growth, and then add-on represents probably around 30%.

Understood. That's super helpful.

Thank you very much. The next question is from Dan's class. Grace, thanks.

Good afternoon and thank you for taking my questions. I have two, please. The first one is on your multiplex business. I was surprised that this business didn't go above your four-year expectations of 25% in Q1, given the strong through-season and the seasonal effect. Should we expect a weaker growth in Q2 and Q3, given the lack of the through-season? And then, secondly, On the planned launch of the net, could you share your point of care strategy and are you planning to provide patient numbers of this instrument once you have launched it?

You need to understand that, to the contrary of other companies, we don't provide flume, we provide the overall multiplexing base and we do have a multiplexing business today that the majority of which today is not respiratory. Because traditionally our very thin one business, which still makes the bulk, obviously in quarter one, is non-respiratory driven, with more blood in there. Therefore, we expect clearly, since we are building a base of respiratory business, we expect that during the next respiratory season, the weight of respiratory is going to be higher. than what has been in T1 for this reason, because we are building a base now of placements of plaques which are de facto driven by respiratory. We are going to get approval of the last blood panel within the next couple of months. We do have expectations of placements and revenues coming from that, but very limited in 2025. Okay, simply because of building again the base for blood in 2045. So to me 25% of Q1 is exactly what you were expecting in order to make the overall growth by year end.

If I can have a comment, just reading what Carlos said, I believe in the past we showed investors that from different areas in this space, our respiratory panel at NICOR in that way is about 30% of our multiplex areas. So considering that we have the remaining part of the multiplex business, which as Carlos said, the very main one, is not growing up, you understand that the 25% including e-call is really what you should expect in order to get 25% of TLM. So we are where we wanted to be at the end of Q1.

By your second question about your own method, I'm a little bit confused because we are one year away from commercialization. We talked about the autonomous at the right time today in terms of how we're going to be reporting the systems. I am not really sure I'm going to go places, but again, too early to say. Today what we are focusing on, our effort clearly to wrap up and submit, and we are on time for the submission, on time. And then we're working on the distribution strategy. As you know, today is on that. We always say that there are two markets. One market is QQL, then the market is within IDN systems where you have a hub and spoke model. So for the hub and spoke model, the hospital market, we do have the telcos to serve the market. We don't have the telcos and everybody else. We are selecting a distributor to partner with.

Makes sense. Thank you. One follow-up, if I may, on LT. Could you help us a bit with the saving of this business for 2025, given that we actually benefited from some saving in Q1?

So, I believe our expectation for the ITG business will be as follows. is uh low finish single digits uh this is where we guided the market i did it at the end of uh Last QOLA call said that we should break down the 8% base distance growth that we are expecting for 2025. Directionally, we should expect molecular to grow a little bit faster than 8, immuno around 8, and RTG below 8. So, this is low to mixing the digits. Difficult to make projections because, you know, as you know, and as you, I guess, might seen from what other life science companies reported, these cuts to NIH funding in the US might have an impact there. So I believe we will understand better over the next few quarters. Please don't forget though that give or take 50% of our RTG business is going to diagnostic companies. So that part of the business is not going to be exposed. to these tasks that we see happening in the U.S. Understood. Thank you.

The next question is from Nadia Stephanie Pataki of Catalyst as well.

Hi. Good evening. I would just like to follow up a bit about the question that John posted on the seasonality of the years on flex, very keen business. Thank you very much for providing again or reminding us again that respiratory is only around 30% of the multiplexing franchise so far. But are you expecting that you know, the high respiratory season in Q1 will be compensated by the number of placements that you're posting in the market, and therefore you're not expecting to see seasonality impacts throughout the year? Or how shall we think about that just to be sure that we don't, you know, don't get into miscalculations? That's point number one. And then point number two, When it comes to the area of discontinuation and the impact on the molecular business, you've highlighted 70% growth, excluding the white down of the business. It would have been double-digit growth. Is that how we should think about the business throughout the year, or what kind of staging are we to expect in that business? Thank you.

Hey Mario, this is Gigi speaking. I believe, as I just said, if you need to think about the growth of the overall molecular franchise over 2025, you should expect a number which is, and that's not a driver, but it's just if you drag down our drivers, you know, the premium franchises, a number which is higher than the 8% overall growth, so call it But that is the ballpark number you should expect. And, you know, if you look at Q1 without Harris, I believe Carlos said 12%, which is in the ballpark number we would have expected. I'm not sure I understood your question on miscalculation on derogation and correction. I believe what you said is that we were targeting 75 million for the full of 2025. If I look at Q1 absolute number, We are absolutely in line with the 75 targets we gave and also considering the savings. You should expect some higher sales in Q1 and Q4, but considering what we saw in the past, we don't expect to be massive.

Okay, great. Thank you. When you say, like, in the case of the 8% growth, or higher than the 8% growth on the molecular franchise for the full year, this is... Including the discontinuation, right? This compared to the 7th of January? Yes, yes. Okay, so you're anticipating an acceleration throughout the year based on the placement?

Also because the effect of the iris is going to go away in the second part of the year, right? So yes, but also because of that effect you're going to see some acceleration. And then don't forget that we just got approval of the second panel of blood, the third one is scanning, so we're also expecting to have a scan back. liaison blood case in the last part of the year.

Great. And then Paolo, just very quickly, my line has been really, really bad and I keep losing the call. Did you say that you're a year away from the commercialization of the next platform?

Yes, what we said is that we are submitting in July and we are submitting for the clear waiver as well. So we expect that before next summer we're going to have the system approved. The care waiver stays a tad longer than that site in Chile. But this is in line with our plan. So we're going to be working to start catching the 2025 season. Sorry, 2016.

2016, right? Okay. Thank you very much for that. Yep. The next question is from Alicia Moore of Morgan Stanley.

Hi, good evening. Excuse my question. Two left from my side. The first one was on immunodiagnostics. The difference of growth between North America of 15% is quite dramatic versus Europe of 4%. Did you see some outside benefits from the outbreaks in the U.S., for example, which could also continue in Q2, or was it a combination of the hospital strategy, quarter fare on stool, and everything else? Just trying to explain the difference, of course, between the two regions. And then a follow-up to PG on FHAPs. So just to clarify, based on current pot rates, what is your estimate of the U.S. dollar kind of biggest impact on sales and EBITDA for the full year? Thank you.

We have seen a difference in growth between Europe and the US consistently over the last years. And this is because of the fact that in the US we have an aggressive strategy. which allow us to make a lot of new outcomes, again, hospital strategy, whereas in Europe, for us, it's a more mature market, so it's not driven necessarily by placement, it's driven by add-on and a new essence. Well, we always stated that our expectation is that Europe, on a normal year, should grow mid to high single digits. Now, what happened last year, we had clear growth double digits because we had an effect of outbreaks, which we could not foresee. This year, we got the outbreaks, but we got continuous volume improvement, which is a phenomenon that we see in Europe and continue to see in Europe and we don't see in the USA. Now we have a 5-6% growth. So, you should not be surprised, as it happened in the last several quarters, to see that the strong growth in the US and more stability in the European market for you.

Hey, Aisha. So, if you want, we had a positive effect, impact on our top line, as you said, that If I look at the last three quarters of 2024, we have had an average exchange rate of 108 dollars per one euro. Now we are at 1.13, we were at 1.15 in January and May. So if I think that we stay ahead of 1.14, 1.15 for the last nine months of the year, I'm expecting headwinds over the full year, which is going to wipe out the benefit we have in China of 30 to 35 million euros. a stop line coming from an exchange rate, which is just, you know, the usual, you know, 108 minus 115, 114 times 7 million annualized. And you need to take out the quantity that affects with each one. And you get to 30, 35 million headwinds on the stop line coming from the exchange.

Okay. Thank you very much.

Thank you.

The next question is from Shophandi Gupta of HSBC.

Hi, thanks for taking my question. So, my first question is on China. You saw a decline in revenues in China. So, could you explain, was it down to volume? So, there were more ASD cuts in China, and which segments were impacted more? And, yeah, I'll follow up with the second question.

Listen, China has nothing to do with volume. China has to do with a terrible situation in China. Double winning situation where you are hit on price severely by GDP and you are hit on your ability to compete against Chinese local players that today are preferred as suppliers by the Chinese hospitals. That's it. Nothing to do with testing volume. Testing volume, actually, in China continues to grow around 2-3%, as we have seen historically. So I kept saying now for quarters to quarters that China, unfortunately, in a very humble opinion, in short term, is not a growth opportunity at all. Is that limiting vanity, hoping for the future? And what's the hope for the authoring? Is that this market will move to a specialist market. Because today for the authoring, would you see the residual revenues we have are primarily me too, high throughput assets. They're today non-competitive and they're becoming very cheap. Okay, so the authoring strategy is to resist being there to activate our manufacturing site and then transition our menu to couple of opportunities that we see. TD is one. We have just submitted, together with Triogen, the Eliasson TD to the Chinese authorities and we expect to get approval in two months. So we're going to have a TD strategy with Eliasson. Today we don't have any tool. But if that doesn't happen, so if the market does not transition to specialty market, I see no good news coming from anybody that today is not Chinese and is not offering distinctive products. Because the Chinese today are very fierce competitors and they are favored by the local hospitals.

My second question is on MIMEF. So, I believe there was expectation of Jupiter studies as well as in H1 of this year. Is there any update on it? And what is the update on reimbursement levels for Neenah?

There is no reimbursement. There is no update on reimbursement. As you remember, Neenah is taking care of it. And the expectation on reimbursement is nothing. 25, if I remember, is more than 26. As far as the study Juno, I think, Jupiter, sorry, they said that because of the great results of the Juno study, which was actually published last year, they decided to increase the number of certain populations that they were collecting, so they delayed the Jupiter to the second half of 2025. It is because they want to beef up certain populations in order to make the data that really looks great on Juneau even stronger statistically. These are the things we heard from Nina.

Thank you.

The next question is from Natalia Webster of RBC Capital Markets.

Hi, thanks for taking my questions. Two follow-ups for me, please. The first on the respiratory season and the impact on molecular. Specifically for the targeted sort of legacy molecular business that's exposed to respiratory, are you able to give us an idea of the contribution from the higher flu season here? Is it still the case that around 30% of this business is exposed? And then my second question is just a follow-up on the new medical disease. Can you remind us how many people are dedicated to putting this past in the US and what you're expecting in terms of continued marketing investment here? Thank you.

Sorry, on the NIMED, I cannot take the question or give you an answer on the NIMED because, you know, we have a competitor to come. And any of this information we consider confidential to the business, to the company. We are keeping the information I can give you is that we have a dedicated tool. It is dedicated now not to develop more business, but to bring home the pipeline that we've been working on for a number of hospitals that we already met several times. in order to indicate on the use of the product. So today, our effort is to close all these accounts and get to the 75,000 accounts closed by RM, which is our primary target. Meanwhile, we're still working in digital campaigns. The dollar amount, I cannot share. I'm a little bit, I don't understand the question on the right territory. Can you just repeat it?

So it's just around, you mentioned before around the multiplex experiences to the respiratory season. I just wanted to follow up on the target molecular business and how much that's benefited from the high flea season in T1.

I think we said 30%?

Well, yeah, more or less. More or less, what we said is that if I look at the past, there has been one, right? Because we just launched that. Hey, by the way, hi, Natalia, this is Stig. What we said in a few occasions is that differences from other players in the state... Our business, multi-tech business was kind of less exposed to respiratory season. We said around 30% and what we also said in the past is that we did not observe, considering our customer base, their material fluctuations of respiratory finance sales from quarter to quarter. We had obviously some little pick up in Q1 and Q4. but nothing super material.

Okay, thank you. And just to follow up on me, Matt, given the delay in the duty to study and the plan for reimbursement there, is it fair to say that we should really see an acceleration in 2026 onwards from the contribution there?

I think so. I think that... You know, it's all relative, right? Our immuno is an 800 million franchise, and so acceleration clearly is all relative to the type of business. Now, if you talk about in absolute values, so Mined, Mined Goal per se, yes, absolutely, but it's very important for us. What we're really looking, to be honest with you, are two things in the Mined business, the adoption, for a number of hospitals. This one we have fixed between closing 75 to 100 counts by UNM and the volume, the testing volume. Because what we noticed is that when the hospitals are starting using it, then you see an increased adoption. Today our statistic is limited, because we have a limited number of accounts, so to demonstrate an ERM, that not only we have a base now, but we also have a base that is consuming more of the assay, because they learn how to use it.

Great, thank you. Sorry, just one quick follow-up as well. On line detect, is there any updates on the progress there towards the approval?

Online detect has, I think, been disclosed by TAISM, but I'm not sure about this. So, we are in the session with the ITA about the clinical study and how to classify a patient with a needed comparator study, so we don't need to do more telemetry. At this point, we need to get together more clinical information from the patient sets that we've already run. So, stay tuned.

Okay, thank you. The last question is from Marianne Boulot of Bank of America.

Yeah, good evening and thank you very much for taking my question. I hope you can hear me. The first one is on immunodiagnostic and on the geographies, just wondering how do you expect the different geographies to play out for the rest of the year? Wondering if there were tougher times in Europe for the full year or if you see some more cordial changes? some borders are more impacted by the hostile camps. And my second question is on the tariffs. Just wondering if you have tried to estimate what could be the impact if there was going to be a tariff from Europe onto British manufacturers into the U.S.?

Thank you very much. Look, on the tariff questions from now Europe, We're not spending time, to be honest with you, trying to play scenarios, because as you've seen, scenarios are changing by the day. And also the change, if you think about the change, all these announcements about massive tariffs and then shibboleth today are not of medical good, are not subject to tariffs. I remember last shibboleth, Coraz was here two days ago. So it's a waste of time. So wait and see. Clearly the only exercise we did was what is known. and maybe dare to say, which is the U.S. tariff. And there, as said, we give an estimate, which is tariff for us, fortunately, are relatively immaterial. It's very difficult to hear your first question. I think you're asking about the USA and trends moving forward, and if in the second part of the year we see that there is less, in terms of the special outbreaks, It makes a difference. We, actually the Q2, if I remember correctly, by Q2, beginning of Q3, the outbreak of parvovirus and mycon was primarily gone. And so I believe that this effect will ease up in Q4. So Q4 you should see a cleaner. effect versus last year. US, there was no effect, to be honest with you. There were no outbreaks. The outbreaks were primarily European, so it's a regular trend as far as this is concerned. And then, that's it, right? I think that was the question, I hope.

Yes, that was the question. Thank you very much.

Okay, thank you.

Mr. Rosa, gentlemen, there are no questions registered this time.

Thank you, Professor. Take care. Bye. Goodbye.

Ladies and gentlemen, thank you for joining. The conference is now over, and you may disconnect your telephone.