STVN - Earnings call 3 2023 | Stevanato Group S.p.A.

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Operator

Good afternoon. This is the Chorus Call conference operator. Welcome, and thank you for joining the Stevanato Group Third Quarter 2020 Financial Results Conference Call. [Operator Instructions] At this time, I would like to turn the conference over to Ms. Lisa Miles, Senior Vice President, Investor Relations. Madam. ahead, go Please

Lisa Miles

thank joining and you morning, us. for Good

tab. to results our on can Financial which find Investor today's presentation a Results the under of You the accompany Relations be found can website, page

events contain recent does or SEC The these to information. Management XXXX. and our its XX-F filings, results forward-looking Form to in As Form performance, presentation of a reminder, on required materially revise safe and and of in XX-F may with statements including being as the events may XD in a obligation financial this only subsequent trends company's latest Actual in Risk circumstances, may including most the report the March statements update filed X, in on most by law. our or moment risks not results and forward-looking We gauging our period-to-period except Today's any Item in annual Please information information we those SEC. will as our read the presentation. predictions. face, our a assume made review company meaningful harbor comparisons. filed this identifying information in are results analyses take informative believes internal be financial in you quality today's nature providing today recent to some be the uses included to encourage investors Factors contained differ front result to entitled non-GAAP of statement, of discussed reflect

call I remarks. most measures, will the Stevanato for release. opening recent press of over reconciliation non-GAAP Franco the company's a see to For now hand the earnings please

Franco Stevanato

our results revenue reported financial adjusted Thank near-term our and we with targets. XX.X% of third morning, an you, in with line Lisa. double-digit quarter EBITDA margin growth This

to our largely confident While Segment guidance. revenue short full can that we achieve third revenue, due of our the remain in of year timing fell quarter expectations, Engineering we

the Day, remain fundamentals Markets Capital our at highlighted strong. business of we As our

the pharmaceutical delivering has our XX been products quality to worldwide. last customers years, on For focus the highest

Our a commercialization. choice. of life support entire end-to-end early-stage unique through development has solutions of the customers partner drug us through become value track We integrated cycle proposition helped from leading

and most that Our meet embed stringent to technology standards the customers science differentiated demand. products,

mRNA currently a such the macro such growing are from in We towards of as and where aging medicine. and trends and leadership We antibodies populations, the treatment in benefiting biosimilars, end rise biologics, position areas as have GLPXs, applications. markets, self-administration built in we operate particularly biologics shift monoclonal

FDA mostly patient in X are to challenging which in these the positive As driving in are stability injectable integrity levels we the at believe capitalize the us In trends XX% ensure demand in Biologics, through These to we disclosed, potential drugs is global secular care, tend of many more nature. biologics. to than more that which be blockbusters, development with of formats. factors they and but Moreover, record out present for costly administered XXXX approvals, to and X are to tailwinds. of delivering delivery of pipeline due their breakthrough favorable injections, of the containment previously of sensitive to patients. high-performing are manufacture summary, drug the are on well position all results treatments

Thank sustainable to call We you. growth organic build the against over strategic I to are on executing hand deliver will focused Marco. priorities now our and value. shareholder

Marco Dal Lago

Franco. Thanks,

on Page that begin, otherwise X. specified. comparisons I want to XXXX, Before third refer I to of Starting all quarter the unless clarify

both revenue XXXX, basis, segments. to of quarter EUR XX% and XXX.X third growth increased the XX% by driven on currency a million, in For constant

right, Engineering at third for Day. specific expect quarter. tied to contracts our is this to Since revenue fourth Capital below in the the the we the we sales Markets expected revenue then, time While recognize we what growth, achieved and has to double-digit shifted quarter of

reminder, business on and complex that it percent completion finish, project-based cost-to-cost project. The XX projects play. a can basis, Engineering vary of is to to of there typically As revenue the life Engineering XX of recognized nature with large, of dynamics a business is comprised a from third on depending the the cycles from In long have couple were start the quarter, at quarter-to-quarter. months,

but strong year demand this experiencing lines, expectation ago. for been positive a This operations for have and same we manufacturing it is pressure on time, is from timely outpaced increasing our us, First, demand at has the certainly the for delivery.

segment a shortages and embedded last the projects demand assumptions through bottleneck Secondly, discuss chains, experiencing certain combination with resources delays we plan. year. of resources, our are line guidance. in are created progress the resulting initiatives marginality. lower-than-expected still volatility the supply resulted believe demand, plays balance and Franco path in will the of We we the performed are chain stress This better supply in volatility and in BDS work and working that right on with from taking efficiency on under pandemic to The our in our component electronic strong we

the revenue. COVID-XX We year. accounted In with quarter, for third solutions. for period same revenue gain high-value revenue the and the of with continue the from traction of decreased quarter, to X% solutions In XX% represented XX% of last compared our adoption customers with approximately XX% high-value third

With revenue diversified new increased approximately Excluding with and expanding we revenue the backfilling our quarter and successfully third the XX%. COVID-XX, revenue projects. have managing from roll-off portfolio, been

higher the gross third by the depreciation. new quarter, Engineering lower the the impacted segment, For ongoing marginality plants the was in start-up of margin profit manufacturing and

points margin profit As basis XXX a gross result, to decreased XX.X%.

expenses priorities, margin profit we operating the our of quarter execute managing we third also closely are as margin grow XXXX, the strategic to SG&A and XX.X%, operating our In was adjusted business. we XX%. As was continue profit

the and million, share X% X% increased On increased diluted we XX.X Adjusted net per was EUR margin quarter basis were X.XX. net third XXXX, up earnings share EUR XX% of of diluted EUR adjusted delivered line adjusted earnings the X.XX. XX.X EBITDA for increased and XX XX.X%. profit EBITDA bottom to million, and points profit per XX.X EUR EUR Adjusted to million, to to

in to XXXX. We X% EUR EUR increased the quarter which XXX the of million intake, orders with backlog XXX approximately approximately of quarter new million. review orders ended the third committed of Let's

to X. segment Moving on results Page

the and a quarter, the segment X% million basis. Diagnostic revenue Solutions on For to currency Biopharmaceutical from X% constant increased third EUR XXX.X and

revenue the million, EUR solutions and Excluding same grew Segment XX%. the containment XXX.X from approximately XX.X to was related million, other EUR solutions consistent increased to delivery year. revenue COVID-XX, XX% from BDS high-value and with last period Revenue

and rising third mix in offset margins As depreciation. XXXX, quarter BDS tempered start-up Segment was partially higher higher high-value This solutions. expected, costs the the were of by of by in a

of As the and This a and million, of from the gross result, to lower lines. the quarter due of fourth margin timing revenue the engineering Revenue driven Segment in by profit a projects, business Engineering expected XX.X% all the increased than on Segment we expect XXXX to of XX.X%. quarter. was third profit EUR XX% delivered margin XX.X in to revenue certain growth recognize the in operating

cash quarter third the extent, a end was specific the decrease XX.X%. For XX.X of The lower at and gross was projects activity. equivalents lesser debt a by was net Page of million. mix and marginality profit EUR of we cash driven margins operating and, X, in had quarter, margin on million of XX.X%, third the to in progress after-sales EUR of profit On lower mainly and margin XXX.X XXXX,

ready-to-use we capital containment. customer solutions high-value expected, meet EUR As million with and to in were drug third the expenditures capacity for demand track XXX.X the quarter, on remain expansion in

our third assets which current the million. flow support For flow operating quarter EUR cash plant free EUR XXXX, million organic capital which working needs to intangible XX.X of was property, of EUR used growth. XXX.X the in activities Cash million, of was and cash resulted equipment, reflects for from and XX.X negative purchase

full XX, Lastly, on our reiterating guidance. we Page XXXX year are

range the We EUR Franco. EPS will of adjusted X.XXX XXX.X you. continue to to to range diluted million XXX.X in hand billion adjusted X.XX.Thank EUR EUR the X.XXX EBITDA the million billion, expect and I of X.XX to in call EUR EUR range revenue EUR of the to in

Franco Stevanato

business couple provided Segments. demand Markets we I some currently our a spend Since the recent within at see Thanks, Marco. it thought update of helpful we to dynamics time a full on might be Day, Capital focusing

Engineering. with with advantage important an point customers. of start and Engineering with our differentiation us The Segment provides Let's

inspection optimization. the noted, demand current Marco As technical assembly lines, capabilities a in to are last it visual bottlenecks. adding driven digitalization year, drive and efficiency to some picked mostly biologics. we by process implementing cost Nevertheless, and has that expect the will growth improvements for resources, particularly time up demand, over through the we enhancing help satisfy work to take increase continuous and To

is revenue year-over-year growth XXXX in into Despite Segment, BDS XX faced this, benefited track Coming BDS a EUR headwind XXXX. we which COVID-XX the fiscal for to on of double-digit Turning the Segment and million. XXXX, XXXX. about from in

out to differences some within down. like business of COVID-XX I However, would X Segment in BDS winds lines our revenue as point the

about our container adoption solutions. solutions, the with compared the First, core the grew remains containment same of last has XX% than In more drug headwind. the driven by business, for business our the DCS need or third robust, COVID-XX drug overcome Demand and core DCS year. period high-performance quarter, ready-to-use

business data day. the capital at Excluding The discussed that XX% more we secular COVID-XX, drug grew than QX. container clear our our tailwinds in underpins markets

this expansion are capacity Our demand. investments in meet designed to

coming In-Vitro guidance out has our been COVID-XX. our Second, and Diagnostics the recover of expected, We assumed of as at in to much beginning slower the year. this business

that proprietary. recovery core strategic solutions, With next new end-to-end foothold are expect space, capabilities begin XXXX. see our unique business is and these the bear, opportunities in we both into are full quarters. some in of will business we starting Delivery business are and sometime to we the proposition to business extend materialize of customers, to bringing that our currently to of normalize certain CDMO we new we couple activities. with over We In-vitro While Drug winning of half value will are the leveraging a diversify and revenue from the the System Nevertheless, diagnostic our the that back integrated power the competencies currently anticipate DDS

pipeline a by We assembly the future see projects for on strong opportunities complemented Engineering side lines. also of

our With in platforms, full the trends. long-term are In guidance, both we the stepping drug towards maintaining and to solutions self-administration road. with down supporting integrated year biologics and natural combining we customers is positive closing, currently see and XXXX trends this growth stone the medicine, delivery the containment a

end secular drivers. operating of favorable are multi-year environment in and demand, We an growing market

across drug We execution U.S. We are and support delivery day for customers meet operational customers multi-year pipeline the operational on it Italy, capitalize capacity to successful with and as packaging the we by market in value. through needs. working innovation complete opportunities primary scientific new systems, needs life and R&D supporting growth cycle. our invest build and open up the premium and solutions, sustainable our of to designed expansion are to every grow drug evolving strategic build These our questions. near-term priorities of high-value advance that, let's And trends, organic excellence our the to drive a long-term of entire to priorities our focused on aim in their with shareholder projects remain mix specifically to and their

Operator

is Instructions]The will Derik question We first of now America. Bank Bruin session.[Operator De of begin the question-and-answer from

Derik De Bruin

estimates that was the have terms a to a the ES And expectations, talk how to in the BDS ahead and was from pushed this was XQ of been consensus much the about that little might little but, revenue some going looking basically, in just Engineering XQ was it for are on below. you Could from into appreciate XQ? bit of seasonality also got while ramp that just XQ? of I it your below Segment what bit BDS

Franco Stevanato

start we in that part guidance something the second into that but on very drives may nice there's in growth. Very partner And from in I about In-vitro year, of enjoying the Obviously, to play COVID, business of that in some some delivering more it's overweight early after reinform DCS we we Marco the BDS, have your the yes, year, about customers saying is for impact about the some solution. situation, but that question new lower the high-value Derik. strong comment embedded have is but also diagnostic beginning the recovery in the question where we the view also then a figures. our coming ordinary the something capacity about normally the in are

the CS look you we numbers at the in having of COVID, out are If more XX% business.

So is is in again, but not completely new. there repetitive, of seasonality, it's terms that something

Marco Dal Lago

a and about the revenue. growth And XX% percentage our we Yes. solution between reiterating Segments on Segment. guidance, expect by guidance expansion the We high-value are XX% also with total both of double-digit in still organic to

are So for the year, expectations. our with we line in

Derik De Bruin

XQ expectation pushed on got side? what the on ES from And it. to XQ Got

Marco Dal Lago

Yes.

engineering mainly side to it's the QX some revenue QX. related shifts commented, to As where from

XX of with You probably and are remember to recognition, XX completion based long-term are they treated cost-to-cost for our a method contracts on months from revenue the progress. percent

less the So, matter in expected, is than cost able of to of will in lower be fact, we QX something cost due progress QX with have been that recovered and to covers. this

Derik De Bruin

Got growth the double-digit backlog. orders? just initial how year. next that follow-up revenue into it. final and new flow little been The on a What for less will for on the one There's And business X book-to-bill thoughts bit just the a then has know I than was trending want to expectation net XXXX.

any and revenues to initial on want to backlog this for the new flow XXXX? into thoughts how orders looking know Just how will is net

Marco Dal Lago

backlog, What guidance because that center in for comment for backlog portion about Franco be I will though XXXX. XXX you of the covered that And is have revenue, about our we will guidance. our XXXX to about the the in million our EUR recognized XXXX, point can is of confidence first associated of tell remaining XX% are we

XXXX. is growth are our we the future growth, on reiterate and reiterating Capital message And message we the that not we future is the see, the double-digit for Markets the of this also about low the just visibility I where during starting only we KPI growth. So Day, delivered average, towards this point, have

Operator

The of next KeyBanc. Paul Knight question is from

Paul Knight

as Latina of And status Indianapolis. has about talk capacity need Engineering the capacity opened know you Segment then expand does expansions? I well? could to Franco,

Franco Stevanato

received going I'll go to moving glad revenues that first questions that generate execution saying are Yes, certification to we customers. with I'm commercial from your and through from audit our expectations. is the positively line first say track in Latina. on starting capital we on Latina from bodies the our

we start-up glad Latina. very are the So about of

revenue with we local We to Fisher of and are colleagues to this expect same both to from commercial have also are generation the a Italy the next in the year, have staff supporting there. our trajectory Fisher in in but we where case, start-up resources moving new middle also

these the about bigger very So you in are we And positive view right. investments. are

at but for the and the growth noted temporary in to having prepare our technology next supporting only as step the of scaling growth also we overcome higher is visual And up in the as Marco are in because assembly. in inspection the our technology success IPO. not facing, his the we are needs customer We a market resources of expected than challenges and our to rating supplier of comments, Engineering, also are stage high-end

Paul Knight

Engineering GLP-X largely demand is out the this some there monoclonal segment, antibody? there? is demand On Or

Marco Dal Lago

filling, there because inspection only after a more and is syringes. line auto-injector that solution Not Biologics the where a high-value and area of visual cartages in plans and devices play but good driver. growing biologics. role, fast It's is meets these biologics that is major most solution each for of production high-value an assembly containment is also devices, importantly, a in

of it's area our the most overall, is and very a biologics So driver. business important interesting

Lisa Miles

just our during outline that lines Paul, serving did as well. we Markets are Day, a with And GLP-Xs as Capital reminder, we engineering

Operator

next question The of David from Jefferies. Windley is

David Windley

about is, wanted come One The to revenue the amount amount pushed cost-to-cost? out. Derik's good question revenue you you would, to I couple the talked got quantify if back a pushout. please on you quantify the Engineering of please revenue could straightforward that questions. But,

Marco Dal Lago

You shifting from QX mean the QX? to

David Windley

please. Yes,

Marco Dal Lago

EUR about million million. X it's Yes, X EUR to

David Windley

costs percentage we of a SG&A on some quarter? sales that wonder, and Got Or managing were the in G&A remarks, we're come there to can marketing closely, And than then, closely. where revenue? managing for. in some spending delay those looking a your costs you ratio comment lines do both of seeing of you Marco, prepared given managing in efficient and I more third were in and lower the levels in costs about dollar lower those point you made need it. the said to level Both you back? lower the Was operation sustain are the

Marco Dal Lago

obviously. managing, are not carefully cost, postponing We

the one. it's second So

our well are we see line in expenditure. can You with R&D

We are so the X.X% our to between with expectation. in X line in months, X.X%

sales to manage taking We in P&L. are and our cost some and efficiently G&A marketing

David Windley

And me. Okay. question last then for

On that, following orders. were year a period, of chain your after as that. some pandemic. of your to levels closer only the receiving demand, order in inventory, players Clients managing willing IPO different were Lots the the of lot we question, into at into higher of backlog result to the further because year book do lapped that but would a of that say, And were have into out still challenges, of looking supply time the not future, reasons.

if fiscal 'XX orders? order standpoint bring visibility Or be would that that 'XX. book that kind into Does from I in has So forward of forward out committed current, compressed frame current eyes? include customers' your to a time

Marco Dal Lago

partner, right. pattern. now is from to we You're experienced The the pandemic to period the pre-pandemic that similar a and order more change the

We that contract related is XXXX, customers the the the that are have of is fact of the going to pandemic. It but ordering months small more to advanced. nature of happened contracts the only during rather piece in related Engineering XX end beyond than

Franco Stevanato

forecasting higher our is but It's order changing, the in we enhance also customers that in demand future are because, forecasts and than visibility phase that the is in than But visibility past. the multi-year that developing the it also and visibility the deeper the the the mean is say future. and to shorter maintain flow, in that II agreements order, doesn't the our for past, committed the to or book big meantime, with still

Operator

is Citi. Patrick question Donelly from next The of

Patrick Donnelly

you. for maybe Franco, one

customers? maybe around cautious broad tighter As base. you that from behavior just And customer in peer any inventory the more give progressed, change spend, see management a biopharma did from quarter commentary

Just things may all talk the and curious whatever at October, through what progression as you just went, kind helpful to the be, saw it changed quarter of if be it would September, there.

Franco Stevanato

I happen orders, the and please question, also answer, for supply secure the terms for chain, me see short run. of not to to understood tendency term, well behavior we the customers the of about but in long not if in giving right have your correct I'm only biologics, the the but

the to are our planning capacity engaged customers, with important according we needs. customers, So their future in

pandemic you mostly of is utilization at biologics So delivery because is the the cartridges minor was recall impact and on drug during looking bias built overweighted situation that also the the devices. and in syringes, very because biologics, inventory the of COVID-XX because of may the

So the to high terms to attention situation orders, behavior but normal to in long secure supply is chain of really we of the the the see for customers run. commit

Patrick Donnelly

Okay.

didn't the was cautious? quarter? quarter kind being more see you maybe a quo little really of customers change a status month as biopharma, with in It each So the progressed

Franco Stevanato

message only with I they is term they don't It's coming in ready see with have The work an longer to demands to also this to very the for meet reason are big to can much deliver only together get us customers, short I good years. agreement changes customer keen that the the but direction. the run. and need a in not

Patrick Donnelly

the we plant, the both margin then about the in you right Okay. jumping profile XQ maybe think just and Marco, push revenue we given that think pieces off moving here? maybe back that out the about, in XQ, point coming for just ramp-up just 'XX talked And the engineering how do of as about

Marco Dal Lago

gross favorably we increase the Well, we happening. In last margin profit the year gross BDS slight Segment. margin. our the And our shifting market associated costs compared the in robust high-value start-up. with of and see But to solution other confirming a an a place we non-recurring say, is We profit excluding end let's in the are in on especially margin Engineering, in the BDS basis, to our year. to for see adjusted to compared previous in year expect Segment are, to for as putting the the the discussed we G&A in management, sales the cost that David, decline display one action

are why reason for the guidance So that's XXXX. our reiterating we

EBITDA and We for year. the expect also to adjusted EBITDA

Operator

The of CJS next Solow Securities. is Larry question from

Larry Solow

First are coming Segment? good in that of through seeing seeing question, they or you And as Segment, these the that and in your the improvement nice guys assembly a demand lines. talk you this about the you're customers just dynamic? out mentioned ability to where talking lot Day, kind a BDS Are visual the well a Capital Markets increase of leverage Engineering demand of customers for Can just on inspection machinery?

Franco Stevanato

are solutions inspection line right. and are containment customer you mostly use also our assembly has solution. visual There customers for high-value that containment our system, that Yes, our many

believe So increasing our provider benefit of of the market. integrated more And on our project serve increasing. a the of product ownership. share management provide in MSG one and total with customers end, better customer short-term single customers a a that to use simple is single in line their line them, that terms with a to to than that supply Engineering More solution more we be is cost on of offering, time because leveraging dense is the strategy for increased chain that product of of at number reduction the we and

Larry Solow

clarify, Segment. don't the to Got quarter I the for through and it. quarter, you to just certainly guide, know you particularly the don't And guide

follow-up some earlier. asked of just couple questions to So a

just Derik, by the think on I Segment. BDS

correct? your on essentially it the X and the relative were numbers million Street or at So like But to the line in expectations. EUR Engineering those so shortfall piece, was least sounds with all internally

Marco Dal Lago

correct. that's Yes,

total on side, this the picture XX% BDS year revenue. solutions can to We a growth double-digit for our Segment. are the strong how represent organic the in growth we to XX% is in expected that high-value are, with between entire of fiscal reiterating And see

as reiterating provide generally quarter-after-quarter are guidance. we said, guidance, this. don't we quarterly you So And

is picture same. still the Our

Larry Solow

supply play your guess supply that's QX. nice that? well, more. and to ramping And QX. capacity, trend normally guidance even up I does in helping Got significantly that pretty that And I the pickup that thoughts comes you. year seasonally, BDS Any into guess, this dynamic that assume obviously a pick but I chain, Segment implies as in that

Franco Stevanato

partner with your affected solution cover specifically coming already You combination online, that time, more appropriate terms the At capacity answer repetitive new we of of is the the driving of of it's solutions. and year, yourself, increase same in the revenues question important this having there because the most in by customers some is because yes, is more are capacity a along revenues. driver for capacity in terms distribution but ordering in high-value high-value

Larry Solow

then Right. little there? just question, been And just a more Any you've bit last I getting imagine price. color on price this year.

You as the of more last probably, obviously gotten over increasingly couple years material. inflation significantly has

we get expect Your more expectations as guess, forward, continue the line are? in do pressures go to you to I price inflationary what with,

Marco Dal Lago

solutions pricing increase recalculating basis, year mentioned, including items, Our of value in of last and about same, frequently inflation discussed utilities our times with cost cost, all. Without sudden first but other not pressure respect we are is just basically high-value price approach and we on is cost of accordingly. approach the many we the the inflationary on based the depending specific

Operator

of Jacob from is Stephens. question next The Johnson

Jacob Johnson

This on Jacob. for Mac is

Just a couple of quick ones me. for

forward, new to X just opportunity get I'd market? going mark is the You a X out and there. product blockbusters, you be Investor you're your molecules With to I your highlighted Day to mentioned capacity coming companies. tied new new that like XX% but know biopharma potential higher roughly on launches, to runway for there at potential of an

Franco Stevanato

a in matching in stress are and high-value have yes, nothing need fact term perspective, to we proposition volume of that is kind we the talking blockbusters the about the short molecules Capital bigger coming biologics biologics in and and the want during come market, in you're Day. are we value for we delivered Yes, perfectly but during and future. solution, Market of Day, solutions changes with right containment important There I what the terms to engaged no are this in the the terms from market that Market in in to what to high-value our of different delivered

Jacob Johnson

as talked bit Capital contracting Day Markets And little in also, you about your well. a

from comes contracting you projects? GLP-X did Just does it when during demand And quickly, large this contracts? learn what COVID impact how to

Marco Dal Lago

specific that generally opportunities speaking, discuss any the agreement some different may about run, apply support customer, the long with of complex have CapEx we we talk cannot but I area, the to therapeutic in customers a including sometime. when engagement

case-by-case point negotiation customer. the obviously, starting on is and a experience stronger we can good with So the that fact the long-lasting have it's but we leverage relationship this

Operator

Larew of Matt William from is question Blair. next The

Lisa Miles

believe [Technical morning Difficulty] I in Difficulty] [Technical so don't difficulty this is web this phone dialed are on you've the Lisa. we you. Sam, having hearing

Operator

The next Sourbeer from UBS. is of John question

John Sourbeer

BDS. the sizing I on color what is the IVD, appreciate maybe just to subsegment or actually the some be willing would level quantify this of on growth you're on you seeing non-COVID And the there? of what on

Marco Dal Lago

strategic value infer Segment we John, we apply in on part view representing in split is these the that can know-how total them interest device our delivery about diagnostics details, vitro can the the and diagnostic we also don't revenue. of method terms molecular in in the I in leverage in the for revenue also space. a to because expertise linked small message and that of the the revenues

minor revenues, in represents of So drive a synergies that attention of part the the business. this level strategic of it terms

John Sourbeer

clarify, within just where ordering areas you're And it. destocking the I and seeing on patterns are customers there comments Got guess, any to demand, in or backlog restocking BDS?

Marco Dal Lago

can the highly and represents that for repeat buyers in diagnostic one of in part is revenue. we about situation something but it I in past portfolio services, what differentiated our delivered consumables in a

in therapeutic able areas So or the been with limited to have in expansion high-value space we product other very And, the for we compensate biologics. know, way. you are overweighting a as lines impacted solution for

John Sourbeer

I got it.

Solutions, destocking customers coming in guess clarify you're there's that, on where down? any not Drug just So to Containment areas seeing I

Marco Dal Lago

meet to opposite, plans are expansion situation City kind the of there solution. you referring demand. to high-value the is in their strong In no

Operator

no are there more registered this at Instructions]Gentlemen, [Operator questions time.

Lisa Miles

Stevanato everyone, Third today Thank forward to XXXX in the for you, Quarter Thank look future. Call. speaking We Group with you the for joining us Earnings you.

Operator

thank gentlemen, over. is and now Ladies you for The joining. conference

You may you. Thank your telephones. disconnect

Stevanato Group S.p.A. (STVN) 31 Oct 232023 Q3 Earnings call transcript