2022 annual results
Activity
- Annual revenue: €753.3 million, up 2.9% (-1.1% at CER1)
- Steady momentum in
Asia and for Interventional Imaging; negative impact of production delays at theRaleigh site
Profitability in line with expectations
- The restated EBITDA margin2 is 13.8%, at the top of the range of 13% to 14% announced last October
2023 outlook
- Revenue: expected growth above 5% on a like-for-like basis and at CER1
- Restated EBITDA margin3 expected around 11% before returning in 2024 to a level higher than in 2021 (14.4%)
This change in revenue was the result of:
- The one-off decrease in production rates at the
Raleigh (North Carolina, USA ) plants due to recruitment difficulties in the first half of the year and the time necessary to train new hires, - Adaptation of the production lines to prioritize manufacturing of EluciremTM, which received its market authorization from the FDA on
September 21 , authorization obtained via the “fast track” process. This strategic decision mainly affected the production of Optiray® and pre-filled syringes references and related sales in many markets worldwide.
1 Constant exchange rates (CER): the exchange rate impact was eliminated by recalculating sales for the period on the basis of the exchange rates used for the previous fiscal year.
2 Excluding extraordinary costs relating to optimization of the operational structure and changes in the sales model in
3 Excluding extraordinary costs relating to optimization of the operational structure and changes in the sales model.
In the
In the EMEA region, activity was down -1.9% at CER last year in connection with the regulatory price reductions in
In
By activity, the change in annual revenue in Diagnostic Imaging (-2.2% at CER) resulted from:
- For MRI, an increase in sales (+1.7% at CER) due to higher volumes and against a backdrop of negligible price erosion, despite the arrival of generic Dotarem® in
the United States . - For X-ray, an annual decline (-4.4% at CER) due to lower volumes of Optiray®, while sales of Xenetix® remained strong throughout the year.
In Interventional Imaging, the momentum also remained very positive in 2022 (+8.1% at CER) thanks to Lipiodol® sales, which accelerated steadily from the second quarter.
In millions of euros Consolidated financial statements (IFRS) | 2021 Reported | 2022 Reported |
Revenue | 732.1 | 753.3 |
EBITDA * | 105.1 | 103.1 |
% of revenue | 14.4% | 13.7% |
Operating income | 38.7 | (18.2) |
% of revenue | 5.3% | NS |
Net income | 32.6 | (41.1) |
% of revenue | 4.5% | NS |
Net debt | 217.8 | 270.4 |
* EBITDA = Operating income + net amortization, depreciation and provisions.
Note: The audit procedures on the consolidated financial statements have been completed. The certification report is being issued.
Good EBITDA margin performance in the face of inflation
In 2022,
Significant asset impairments in connection with new strategic priorities
As of
The Group’s net income amounted to -€41.1 million for the year after accounting for financial expenses and stable forex losses. The tax expense was €12.7 million after the Group accounted for €4.5 million in items indicated in a notice from the tax authorities. After examining the tax risks of all its subsidiaries, the Group recorded an additional tax expense of €4.4 million under IFRIC 23.
Solid financial structure despite increased inventories; dividend of €0.50 per share
As of
For the 2022 fiscal year, the Board of Directors will propose a dividend of €0.50 per share to the shareholders at the General Meeting on
2023: acceleration of activity but operational profitability impacted by inflation
Since the beginning of the year,
- Stronger positions in Diagnostic Imaging, where the year will be marked by the commercial launch of EluciremTM, a new product bringing a major innovation to complement the MRI offering. The ramp-up is expected by 2024, with a launch already effective in
the United States , while inEurope the marketing authorization is expected in the second half of the year. - Refocusing of the Interventional Imaging activity on Lipiodol®, with an emphasis on the commercial development of current innovative indications and an acceleration of R&D efforts to develop new applications and indications for this product.
- Acceleration of the Artificial Intelligence roadmap, where the Group, after having regained full strategic latitude following the termination of its collaboration with Merative (formerly IBM Watson), confirmed its ambitions by acquiring a stake in Intrasense. Licensing agreements are expected to materialize in the first half of the year with the company, whose medical imaging software is highly complementary to Guerbet’s asset portfolio.
Although
In this context,
3 Excluding extraordinary costs relating to optimization of the operational structure and changes in the sales model.
About
At
Forward-looking statements
This press release may contain forward-looking statements based on assumptions and forecasts by the Guerbet Group’s management. Various known and unknown risks, uncertainties, and other factors could lead to marked differences between the Group’s future results, financial situation, development, and performances and the estimates presented in these forward-looking statements. These factors include those mentioned in Guerbet’s public documents, available on its website www.guerbet.com. The Group assumes no obligation to update or revise the forward-looking statements in this press release to reflect future events or developments.
Contacts
Actifin |
Jérôme Estampes Chief Financial Officer +33 (0)1 45 91 50 00 Claire Lauvernier Communications Director +33 (0)6 79 52 11 88 | +33 (0)1 80 48 25 31 mpy@actifin.fr Press +33 (0)1 56 88 11 26 mjordan@actifin.fr |
Attachment
- Guerbet CP RA 2022 V Finale VA
Source:
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