2nd

quarter 2007 Conference Call

August, 10

12Q ’07 Conference Call August, 10 2007

Disclaimer

Save where otherwise indicated, the Company is the source of the

content of this Presentation. Care has been taken to ensure that the facts stated in this Presentation are accurate, and that the opinions expressed are fair and reasonable. However, no representation or warranty, express or implied, is made or given by or on behalf of the Company, or the management or employees of Company as to the accuracy, completeness or fairness of the information or opinions contained in this Presentation. None of the Company, shall have any liability whatsoever (in negligence or otherwise) for any loss whatsoever arising from any use of this Presentation or

its contents or otherwise arising in connection therewith.This Presentation is not intended for potential investors and does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or solicitation of any offer to purchase or subscribe for, any securities of the Company, nor should it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or commitment whatsoever. This Presentation does not constitute a recommendation regarding the securities of the Company. This Presentation contains various forward-looking statements that reflect the Company’s management’s current views with respect to future events and financial and operational performance. The words “believe”, “expect”, “anticipate”, “intend”, “may”, “plan”, “estimate”, “should”, “could”, “aim”, “target”, “might”, or, in each case, their negative, or similar expressions identify certain of these forward-looking statements. Others can be identified from the context in

which the statements are made. These forward-looking statements involve known and unknown risks, uncertainties and other factors, which are in some cases beyond the Company’s control and may cause actual results or performance to differ materially from those expressed or implied from such forward-looking statements. These risks include, but are not limited to, the Company’s ability to, operate profitably, maintain its competitive position, the Company’s ability to promote and improve its reputation and the awareness of the brands in its portfolio, the Company’s ability to operate its growth strategy successfully, the impact of changes in pricing policies, political and regulatory developments in the markets in which the Company operates, and other risks.

22Q ’07 Conference Call August, 10 2007

2Q Results: income statement

millions €2Q 2007 2Q2006 Δ

as

reportedNet Revenues 52.3 47.1 +11.0%Gross profit 33.9 28.0 +21.2%

SG&A (17.2) (15.3)

R&D (2.8) (2.4)

Other opex (1.2)* (0.5)Ebit 12.7 9.8 +29.5%Ebit ex exceptional items ** 13.4 +37.1%

Net Financial expense (1.3) (1.1)Tax (4.4) (3.2)

Net Result 6.9 5.5 +25.7%

Ebitda 16.2 12.9 +25.1%Ebitda ex exceptional items ** 16.9 +30.9%

* Out of which € 1.3 not recurring** Net exceptional items of € 0.8

32Q ’07 Conference Call August, 10 2007

H1 Results: income statement

millions €H1 2007 H1 2006 Δ

as

reportedNet Revenues 102.2 93.1 9.7%Gross profit 65.9 56.3 17.1%

SG&A (33.0) (29.6)

R&D (5.4) (4.5)

Other opex (2.9)* (0.7)Ebit 24.6 21.5 +14.6%Ebit ex exceptional items ** 26.7 +24.6%

Net Financial expense (2.1) (2.0)Tax (8.8) (7.3)

Net Result 13.7 12.2 +12.4%

Ebitda 31.6 28.5 +10.9%Ebitda ex exceptional items ** 33.7 +18.4%

* Out of which € 2.7 not recurring** Net exceptional items of € 2.1

42Q ’07 Conference Call August, 10 2007

Revenues break down: by geography

●

Increased market share in consolidated markets such as

Italy +14% Q2 07 vs

Q2 06Spain +10.7% Q2 07 vs

Q2 06Germany +8.7% Q2 07 vs

Q2 06●

Promising growth rate in subsidiaries recently opened such as

Mexico +21.5% Q2 07 vs

Q2 06Israel +247.8% Q2 07 vs

Q2 06

millions € 2Q 07 2Q 06 changeEurope 31.5 27.9 +12.8%North America 11.7 10.6 +10.7%Rest of the World 9.1 8.6 +5.7%

52Q ’07 Conference Call August, 10 2007

Revenues break down: by technology

RIA13,0%

ELISA33,3%CLIA

43,1%

Instruments (Liaison)

10,5%

Q2 06 Q2 07

CLIA sales keep growing +29.3% Q2 07 vs

Q2 06+29.1% HY 07 vs

HY 06

Revenues mix by technology improved towards CLIA kits, from 43.1% in Q2 06 to 50.4% in Q2 07 of total sales

RIA11,7%

ELISA27,6%

CLIA50,4%

Instruments (Liaison)

10,3%

62Q ’07 Conference Call August, 10 2007

Accelerated revenues growth

Revenues increase by 11.0% (+12,8% at comparable fx), improving growth rate from first quarter results, thanks to:

●

Steady enlargement of Liaison installed base, grown from around 1768 (30/03/07) to around 1870 (30/06/07)

●

Leverage of the Liaison installed base

●

Enriched specialty assay portfolio offer: since beginning of 2007 until end of June we launched 7 new assay out of which 6 specialty

●

Growing sales in market recently turned direct: Israel +247.8% Q2 07 vs Q2 06Mexico +21,5% Q2 07 vs Q2 06

72Q ’07 Conference Call August, 10 2007

Clearly improving profitabilityProfitability strongly improved, although non recurring expenditures, due to IPO process:

Gross Margins +21.2% Q2 07 vs

Q2 06

from 59.5% to 65.0% of tot sales

Ebitda +25.1% Q2 07 vs

Q2 06

from 27.6% to 31.1% of tot salesEbitda ex excep.* +30.9% Q2 07 vs Q2 06 from 27.6% to 32.5% of tot sales

Ebit +29.5% Q2 07 vs

Q2 06

from 20.8% to 24.3% of tot salesEbit ex excep.* +37.1% Q2 07 vs Q2 06 from 20.8% to 25.7% of tot sales

Thanks to:

●

Improved technology mix: CLIA revenues represents 50.4% in Q2 07

vs

43.1 in Q2 06

●

Increasing volume supporting economies of scale

●

Improved product mix: specialty assay sales increased

* In Q2 07 € 1.3 of not recurring

82Q ’07 Conference Call August, 10 2007

2Q Results: balance sheet & cashflow

Net change in cash and cash equivalents (2.4) 3.3 4.8

Cash and equivalents at the end of the period 9.6 12.0 8.7

millions € 30/06/07 31/03/07 31/12/06

Total tangible asset 35.1 35.3 35.5

Total intangible asset 64.3 63.5 62.8

Other non-current asset 8.3 8.5 8.7Net Working Capital 46.4 41.3 38.3

Other non-current liabilities (22.1) (23.1) (22.9)

Net Capital Employed 132.0 125.5 122.4Net Debt (30.2) (31.0) (34.7)Total shareholder’s’ equity (101.8) (94.5) (87.7)

92Q ’07 Conference Call August, 10 2007

Solid financial structure

●

Net debt stable at € 30.1 millions in Q2 07 vs € 31.0 in Q1 07

●

Higher working capital mainly due to higher inventories and

receivables generated by increasing revenues

●

Q2 Operating cashflow before capex € 4.9 mln

●

Cash decreased due to financial debt reimbursement (€ 3.1

mln) and tax payments (€ 7.7 mln)

102Q ’07 Conference Call August, 10 2007

Forthcoming events

September 24th-27th:UBS Global LifeSciences Conference

New York

September 28th:First Half ’07

Conference Call

October 3rd-5th:STAR Conference

London