That grew 25%, and I will comment later, and also for our targeted single target specialties in 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 there is a phasing effect of certain bulk orders in Q1. That made this quarter extraordinary in terms of growth. And our Q1 performance confirms our guidance for 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 immunodiagnostic. The immunodiagnostic COVID should grow 8%. In line with expectations and confirming the strong positive trend of immuno. Notwithstanding headwind in China. If we look at clear, that does represent the majority revenues in immuno, it grew overall 9% in the quarter driven by the excellent performance of clearly our specialty menu, and our U. S. Hospital strategy that continues to deliver according to expectation. Clearly, all this is partially offset by the impact in China of BBP But by the same token, we just got approval in China of our years on XL manufacturing instrument there. So we expect in the next few quarters that we would be able to react to this negative impact.

I will comment more specifically China later. Let's look at North America, plus 18%, So it continues to be the engine of growth for the DiaSorin. The clear grew 19%. Again, driven by the success of The U. S. Hospital strategy. And the quarter one placements are in line with full year expectation and consistent with the 2025 target of achieving roughly 600 placements or 600 hospitals in The U. S. And again, as in the previous quarter, this has been a possible by the increased commercial footprint following the Luminex acquisition. As far as Europe is concerned, plus 5% in quarter one, driven by CLIA plus six And the result is partially offset by what we discussed, I think, outbreaks in Mycoplasma and Parvovirus that we experienced in 2024, in some of the European countries. So strong growth even if the comparison quarter to quarter was unfavorable because again outbreaks that happened in 'twenty four and did not happen in 'twenty five. Export pretty much grew in all geographies, in line with the overall business growth in DiaSorin. So non dilutive. China with a minus 18% in the quarter, Most of the impact is due to the VBP. The overall effect of VBP full year is around 5,000,000.

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 food and solar in China represent less than 3% of revenue. So the impact for the company is fairly limited. And again, last comment, as far as immunodiagnostic is concerned, QuantiFERON continues to be a driver of growth together with the STOOD panel And in both cases, we registered double digit growth. We also have a good performance of all the other infectious disease assays. As far as NIMAD is confirmed is concerned, our ambition for twenty twenty five is to have 25 new customers ending by year end, ending with approximately 100 signed customers at the end of twenty twenty five. And in Q1, we signed 25, so we are in line with achieving as well the target for MiMed in number of customers by year end. So we see an acceleration of MiMed, which is a combination of the good result that were published in June, plus increased adoption due to all the marketing activities that together with Limit we did in last two years. When it comes to when it comes to now molecular diagnostics, let's move to molecular diagnostic.

Molecular Diagnostics X COVID grew 7%. If we exclude Ares, Ares is platform that was developed by Luminex, and we did some set at the end of last year. If we exclude the effect of the Ares sun setting, which is roughly $5,500,000 that happened in H1 twenty four, and we don't see it any longer in 'twenty five. So ex Series, the growth will go from 7% of molecular to 12%, so double digit growth. Multiplexing 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 Multitex business by 25% from 60,000,000 to €75,000,000 So Q1, we are in line. We're in line with that. As far as the DiaSorin PLEX, very good performance in terms of placements. And notwithstanding the fact that this happened during flu season. So now we expect an acceleration of placements during off the flu season to get ready for the next flu season by the end of twenty twenty five One more comment in molecular has to do with our targeted molecular business is the I call it, all the DiaSorin brand, which is not multiplexing, it's singleplex, and we continue to have a very strong growth in this in this segment due to our specialty offering I remind everybody that Candida Aureus, which was approved a couple of of months ago that is really driving new placement of LiaSorin MDx in The U. S. Market.

We are the only company with an FDA cleared assay for candid orders. PLAC submissions in line with what we have projected and discussed during the Analyst Day, Market Day in 2023. So respiratory, as you know, has been approved last year. Blood culture, BCY was approved in twenty four, BCN up approved in April a month ago, and we expect BCP to be approved within the next eight weeks. And we we are done with the clinical studies for GI, and we will submit GI in 'twenty by the end of twenty twenty five. So we are in line with expectation and in line with our plan. That we shared with the market again in 2023. As far as customers for Plex placements, is not noticeable. The fact that we now place more systems with flex approach rather than fixed is now 60% of customers are using Flex and 40% are using fixed. But the trend is certainly that placement and adoption is going to move toward flexible panel, which is the real innovation that DiaSorin is 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 [indiscernible] majority of the market actually sits in the hospital segment.

The VERIGENE other panels stable. As expected. On the areas on MES, We Have Concluded The Clinical Studies In The U. S. And we are on track for finding the LiaSorin Ness, which our decentralization platform for FUA to be COVID and RSV. 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 wrap up clinical and submission is expected by quarter four of twenty twenty five. Again, in line with what was communicated to the market Last but not least, the LPG, the licensed 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 offset by the result in 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 had some bulk shipments 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 single digit.

A couple of comments, and Mr. Petrone is going to go through it. U. S. Tariffs, and now we're talking about the tariffs and counter tariffs, which have been now raised primarily between U. S. And China. Because, as you know, there are no tariffs as of today for medical product made in U. S. And exported to Europe. The impact for the group is negligible, not material. We expect that in 2025, the impact, the EBITDA level is going to be below EUR 5,000,000. So to the contrary of other companies, what has been reported by other companies because of the fact that we do have a footprint that is local for local. A lot of U. S. Products are actually manufactured in The U. S. For The U. S. Market. We are not exposed to the the tariff. At this point, I'm going to turn in microphone to Mr. Federon, and he's going take you through the numbers. Yes, Carlo. Good morning, good afternoon, everybody. Thank you for joining the DiaSorin Q1 'twenty five 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 Q and A session.

Q1 'twenty five total revenues at €313,000,000 above last year by 8%. Despite the expected decrease in COVID sales down by EUR 4,000,000 or almost 50%. The business ex COVID is growing in the quarter at exchange rate by 9%. Therefore a touch better than the full year guidance because of the solid performance of immune and molecular businesses in combination with some tailwind coming from a couple of back orders of LPG customers. Net of which we would have been in line with the guidance. The FX impact in the quarter is positive for about €4,000,000 Talking about exchange rate, let me please remind you that since our business is exposed to USDEuro fluctuations, we might see some FX headwind for the remainder part of the year. Considering where the U. S. Dollar is trading now, compared with the last nine months of 2024. Which saw an average exchange rate of about USD €1.08. As a rule of thumb, me please remind you, as I turn several times in the past, that for every $01 movement of the dollar against the euro, the extraordinary revenues move by about 6,000,000 to €8,000,000 on an yearly basis and that the adjusted EBITDA moves by about 2,000,000 to €3,000,000 again on a yearly basis.

First quarter adjusted gross profit at $2.00 €5,000,000 65% of revenues is better than last year by 7%, with a ratio of revenues which is substantially in line with 2024, which grows at 66%. Q1 twenty twenty five adjusted operating expenses at €180,000,000 increased by 3% compared to 2024. With a ratio of revenues of 38% vis a vis 40% last year. The increase at constant exchange rate is just a touch above 1%. And the improvement of the operating leverage about 200 basis points in Q1 will be the main driver of our margin expansion, as discussed several times over the last quarter calls and during the capital Day we had back at the December '23. Other adjusted operating expenses, negative €4,000,000 are substantially in line with 2024. As a result of what just described, Q1 twenty twenty five adjusted EBIT EUR 83,000,000 or 27% of revenues, is better than previous year by 13% or €9,000,000 Adjusted interest income at €1,000,000 is slightly lower than last year, which closed at €2,000,000 mainly because of lower on our cash balance. Coming mainly from a reduction of interest rate. Whereas the adjusted tax rate increased from 23% to 20%. Mostly because of the termination of the patent regime in our Italian legal entity.

This measure has not been renewed by the Italian fiscal authority as expected and shared with investors during the last Markets Day. Year to date adjusted net result €64,000,000 or 20% of revenues have increased by €5,000,000 or 9% compared to 2024. And lastly, Q1 twenty twenty five adjusted EBITDA at €107,000,000 or 34% of revenues is better than last year by €10,000,000 or 10%. With a margin of 34% in line with our full year guidance. The EBITDA margin at constant exchange rate has increased by about 100 basis points compared to Q1 twenty twenty four. Let me now move to the net financial position We closed Q1 twenty twenty five with a net debt of €672,000,000 €55,000,000 more than the end of twenty twenty four. This variance is largely driven by the combined effect of a very sound free cash flow generation 42,000,000 in the quarter, more than offset by €97,000,000 of debt towards those shareholders with exercise 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 at previous year exchange rate for revenues ex COVID to grow by about 8% with COVID sales around €20,000,000 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 geographies where we do business. We all acknowledge that the overall scenario is still in flux, but considering what we know today, the mitigation actions we have already introduced and are about to implement, the estimated impact on our profitability is deemed not material. That said, me please turn the line to the operator to open the Q and A session. Thank you.

Thank you, sir. This is the Chorus Call conference operator. We will now begin the question and answer session. The first question comes from Kavya Deshpande of UBS. Just the first one was just on your tariff estimate So I completely understood that it's a very low exposure. I think you said about €5,000,000 of EBITDA. Could I please double check what this estimate covers? For instance, does it cover raw materials and component shipments as well as finished goods? And then my second question was on immunodiagnostics. So clearly, The U. S. Hospital strategy has been accelerating for nearly eighteen 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 new customer wins and new liaison placements? Thank you.

I will start. Hi, Carly. This is Piji speaking. I will take the question on tariffs. So what includes is all the imports from country of origin, let me say Europe and UK, into The U. S. Which are subject to 10% tariffs, whereas goods from The U. S. Our goods, I mean reagents and medtech goods coming from U. S. To Europe are not subject to any kind of tariff. So it's 10% on our exports from European countries into U. S. And goods moving from The U. S. To China, which I subject to 125% tariffs. So this value, the lower than 5,000,000 impact to our EBITDA that Carlo was mentioning. Is referred to these two flows, of course. I'd like also to say, that if we look at what really happening on the ground in China to this 125% tariff, Is that in a reality even though the tariffs are there, what we see when we clear customers is that more often than not, no tariffs are really applied. And this is we understand, not an exception for DiaSorin. We understand this is happening more broadly for reagents goods, for diagnostic reagents 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 U. S. Government about these tariffs.

Eventually, EUR 5,000,000 impact can be slightly diminished. I think I'll talk about the the growth. As you said, this has been an outstanding program. And still, we have a long run to go. I would say that growth is driven as a combination of new [indiscernible] As said, it's 100 new customers that we add to the funnel every year. Plus the fact that it's typically in our business we have an add on policy. And so we we actually go and sell more products. To beef up the menu on the existing base. I really cannot tell you the combination I mean, [indiscernible] the weight of these two effects, but I would assume the placement 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 Jen Koch of Deutsche Bank.

Good afternoon and thanks for taking my questions. I have two, please. The first one is on your multiplex business. I was surprised that this business didn't grow above your full year expectations of 25% in Q1 given the strong flu season. And the seasonal effect. Should we expect a weaker growth in Q2 and given the lack of the flu season?

And then secondly, on the planned launch of the NES, could you share your point of care strategy And are you planning to provide placement numbers of this instrument once you have launched it? [indiscernible] you need to understand that the contrary of other companies, we don't provide flu. We provide the overall multiplexing base. And we do have multiplexing business today that the majority of which today is not respiratory.

Okay?

Because traditionally, our VERIGENE I business, which is still makes the bulk obviously in quarter one, is non respiratory driven. It was more blood and [indiscernible] 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.

Right?

Than what has been in Q1 for this reason because we are building a base now of placements of plex, which are de facto driven by respiratory We are going to get approval of the last blood panel said, 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 we're building again the base for blood in 2025. So to me, 25% of Q1 is exactly what we were expecting in order to make the overall growth by year end. I can add a comment, Jan, just building on what Carlos said. I believe in the past, we shared with investors that differently from our different players in this space, our respiratory panel me call it in that way, is about 30% of our multiplex sales. So considering that we have the remaining part of the Multiplex business, which as Carlos said, diverging I mean, one is not growing. You understand that the 25% including it all really what you should expect in order to get the 25% TRN. So we are where we wanted to be at the end of Q1. Now your second question, I'm a little bit confused because we are one year away from commercialization.

So we'll talk about the 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 in placements. But again, too early to say today what we are focusing on effort our effort clearly is to wrap up and and submit, and we are we are on time for the submission, on plan. Then we're working on the distribution strategy. As you know, it's for DiaSorin, as we always stated, that there are two markets, one market is QPOL. The Other Market In The U. S. Is within IDN systems where you have a hub and spoke model. For the hub and spoke model, the hospital market, we do have the sell force to service market. For Pierre, we don't have the sell force. As everybody else, we are selecting a distributor to partner with.

Makes sense. Thank you. One follow-up, if I may, on LTE. You help us a bit with the phasing of this business for 2025? Given that, yes, you benefited from some phasing in Q1?

So I believe our expectation for the ITG business full year growth is low to mid single digit. This is where we guided the market. I believe at the end of last quarter call, I said that if you break down the 8% base business growth that we are expecting for 2025, Directionally, we should expect molecular to grow a little bit faster than eight, immuno around eight, [indiscernible] to mid single digit. Difficult to make projection because, as you know, in as you, I guess, might have seen from what other life science company reported these cuts to NIH funding in The U. S. 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 LTG business is going to diagnostic comp So that part of the business is not going to be exposed to these cuts. That we see happening in The U. S. Understood. Thank you.

The next question is from Majestephanie Pataki of Kepler Cheuvreux.

I would just like to a bit about the question that Jan posted on the seasonality of the EiaSorinplex Verigene business. Now thank you very much for providing again or reminding us again that respiratory is only run 30% of your of the multiplexing franchise so far. But are you expecting that you know, the high respiratory seasonings Q1 will be compensated by the number of placements 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 don't get into miscalculations. That's point number one. And then point number two, when it comes to the 7% growth excluding the write 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 phasing are we to expect in that business? Thank you.

Hey, Maya. This is Pijis speaking.

I believe, as I just said, if you need to think about the growth of the overall molesque franchise over 2025, you should expect a number which is and that's not a guidance, but it's just if you break down our drivers. The three main franchises, a number which is higher than the 8% overall growth. So call it 10%, 11%, 12%. I mean but that is the ballpark, the number you you should expect. And if you look at Q1 without Ares, I believe Carlos said 12%, which is in the ballpark number we would have expected. I'm not sure I understood your question on the missed call miscalculation on VERIGENE and Plexa. I believe what we said is that we closed last year with €60,000,000 We were targeting €75,000,000 for the full of 2025. If I look at Q1 absolute number, we are in line with the 75 target we gave. Also considering the phasing. So you should expect some for respiratory obviously some higher sales in Q1 and Q4. Considering what we saw also for VERIGENE in the past, we don't expect that to be massive.

Okay, great. Thank you. PJ, can I just quickly double check When you say, like, indicative the 8% growth for or higher than the eight percent growth on the molecular franchise for the full year?

This is including the discontinuation. Right? This compares to the 7%? Yeah. Reported. Okay. So you're anticipating an acceleration throughout the year based on the place Also because the effect of the Addis going to go away in the second part of the year, right? So yes, I mean, 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 coming. So we're also expecting to have some LiaSorinPLEX blood sales in the last part of the year.

Great. And then, Carla, just very quickly, I'm sorry, my line has been really, really bad.

Keep losing the call. Did you say that you're a year away from the commercialization of the Nest? Platform?

Yes. What we said is that we 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 clear waiver takes tad longer than just five ten. But this is in line with our plan. So we're going to be working for the to start catching the 2025 season. Sorry, 2026 season. '26.

Right? Okay.

I have '26. Got it. Thank Yeah. Yeah.

Right. Thank you very much for that.

Yep.

The next question is from Ayesha Noor of Morgan Stanley. Hi, good evening. Thanks for taking my question.

Two left from my side. The first one was on immunodiagnostics. The differential growth between North America of 15% is quite dramatic versus Europe of 4%. Did you see some outsized 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, QuantiFERON, stool and everything else? Just trying to explain the differential growth between the two regions. And then a follow-up to PG on FX. So just a clarify, based on current spot rates, what is your estimate of the U. S. Dollar kind of weakness impact on sales and EBITDA for the full year?

Thank you.

Okay. Isha, I will take the first one. Look, we have seen a different in growth between Europe and The U. S. Consistently over the last years. And this is because of the fact that in U. S, we have an aggressive strategy which allow us to make a lot of new placements. Again, hospital strategy, whereas in Europe, for us, it's a more market. So it's not driven necessarily by placements. It's driven by add on and new assays. We always stated that our expectation is that Europe on a year should grow mid to high single digits. Now what happened last year, we had clear growth double digit because we had an effect of outbreaks which we could not foresee. This year without the outbreaks, but with a continuous volume improvement, which is a phenomenon that we see in Europe and continue to see in Europe, we don't see in The U. S, Now we have a 5%, 6% growth [indiscernible] So, you should not be surprised as it happened in the last several quarters to see that the strong growth in U. S. And more stability in the European market for DiaSorin? Hey, Ayesha.

So if I in Q1, we had a positive effect. Impact on our top line, as we said. If I look at the last three quarters of twenty twenty four, we have had an average exchange rate of 1 and $8 per €1 Now we are at €103 We were at €1.15 in April and May. So if I take, let me say, an average of 114, 100 for the last nine months of the year, I'm expecting a headwind over the full year right, which is going to wipe out the benefit we had in Q1. Of 30,000,000 to €35,000,000 at top line level coming from exchange rate. Which is just the usual one hundred eight minuteus 115, 114. Times €7,000,000 annualized, then you need to out the positive effect we had in Q1 and you get to 65,000,000 headwind on the top line coming from FX.

Okay. Thank you very much.

Thank you.

The next question is from Shopangi Gupta of HSBC.

Hi. Thanks for taking my question. Sumit, 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 ASP cuts in China and which segments were impacted more? And yes, 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 whammy situation where you're hit on price, [indiscernible] and your 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 two two to 3%. As we have seen historically. Right? So I kept saying now for quarters to quarter that China unfortunately, my very humble opinion, in the short term is not a growth opportunity at all. Is that limiting damages Hoping for the future. And what's the hope for is that this market will move to a specialist market. Because today for DiaSorin, what you see, the residual revenues we have are primarily ME2 high throughput assays. Today, they are noncompetitive, and they're becoming very cheap. Okay. So the DiaSorin strategy is to resist being there to activate our manufacturing site and transition our menu to couple of opportunities that we see. TB is one. We have just submitted together with QIAGEN the LIAZONE TB to the Chinese authorities, and we expect to get approval in twelve months.

So we're going to have TB strategy with DiaSorin. Today, we don't have in stool. But if that doesn't happen, so if the market does not transition [indiscernible] 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. So I believe there was expectation of Jupiter's study results in H1 of this year Is there any update on it? And what is the update on reimbursement levels for me, There is no reimbursement. There is no update on reimbursement. As you remember, actually, Nimed itself is taking care of it. And the expectation of reimbursement is not in '25, if I remember, it's more than twenty six. As far as the study, Juno, I think Jupiter, sorry, they said that because of the great result of the June study, which was actually published last year, they decided to in 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 already look great on June or even even stronger statistically. This is the update we have from Thank you.

The next question is from Natalia Webster 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 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 thirty percent of this business is exposed And then my second question is just a follow-up on the MiMed BV. Can you remind us how many people are dedicated to pushing this test in The U. S? And what you're expecting in terms of continued market marketing investment here? Thank you.

Sorry, on the NIMED, I cannot take the question. Or give you an answer on the NIMED because we have a competitor to come. And any of this information, we consider to the business, to the company. We are keeping the information I can give you is that we have a dedicated team is dedicated now not to develop more business, but to bring home the pipeline that we've been working on. So a number of hospitals that we already met several times in order to educate on the use of the product. So today, effort is to close all these accounts and get to the 75,100 accounts closed by year end. Which is our primary target. Meanwhile, we are still working in digital campaigns The dollar amount, I cannot share. I'm a little bit I don't understand the question on the respiratory Can you just repeat it?

Sure. It was just around you mentioned before around the multiplex exposure to the respiratory season. I just wanted to follow-up on the target molecular business and how much that's benefited from the higher flu season in Q1.

I think we said thirty percent Yes, more or less. More or less what we said is that if I look at the past, VERIGENE I, right, because we just launched PLEX, By the way, hi, Natalia. This is B. G. Speaking, obviously. What we said in a few occasions is that differently from other players in this space, our business, Multiplex business was kind of less exposed to respiratory season. We said around 30%. And what we also said in past is that we did not observe considering our customer base very material fluctuations of respiratory panel sales from quarter to quarter. We had obviously some little pickup in Q1 and Q4, but nothing super material.

Okay. Thank you. And just a follow-up on Miemed. Given that delay in the Jupiter study and the plans 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 it's all relative, right? Our immuno is an 800,000,000 franchise. And so acceleration clearly is all relative to the size of the business Now if you talk about in absolute, values, so MIMED growth per se, yes. Absolutely. But it's very important for us What we're really looking, to be honest with you, are two two things at the NEMET business, the adoption So number of hospitals, this is why we have fixed it between closing 75 to 100 accounts by year end and the volume the testing volume. Because what we noticed is that when the hospitals are started using it, then you see an increased adoption. Right? Today, our statistic is limited. Because we have a limited number of accounts. So, for us, it's very, very important to at year end that not only we have a base now, but 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 Lyme detect, is there any updates on progress there towards FDA approval? [indiscernible] I think, being disclosed by Cajun, but I'm not sure about this. So we are in discussion with the FDA about the clinical study. And how to classify a patient vis a vis comparator study. So we don't we don't need to do more clinical study. At this point, we need to get together more clinical information. So the patient sets that we've already run So stay tuned.

Okay. Thank you. The last question is from Marion Boulog of Bank of America.

Yes. 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 Comps In Europe for the full year or if you see some more quarters quarters more impacted by the tougher comps? And my second question is on the tariffs. Just wondering if you have tried to estimate what could be the impact if there were going to be a tariff from Europe onto goods manufactured into The U. S?

Look, on the tariff from now Europe we're not spending time, to be honest with you, trying to play scenarios because as you have seen, scenarios are changing by the day And also the Chinese you think about the Chinese, all these announcements about massive tariffs and then shipments today are not set of medical goods. And are subject to tariffs. I mean the last shipment for us was clear 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 may be there to stay, which is The U. S. Tariff And there, as said, we gave an estimate, which is so tariff for us [indiscernible] Are relatively immaterial. It was very difficult to hear you first question. I think you're asking about immunoassay and trends more moving forward. And if in the second part of the year, we see that there is less in terms of the effect of outbreaks if it makes a difference, We actually, the Q2, if I remember correctly, by Q2, beginning of Q3, the outbreak parvovirus and micro 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. U. S, 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. I think that was question, I hope.

Yes. That was the question. Thank you very much.

Okay. Thank you.

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

Thank you, operator. Take care. Bye Thank you. Bye.