IBA Reports Full Year 2023 Results
21 3월 2024 - 3:00PM
IBA Reports Full Year 2023 Results
GROUP REVENUES UP 18.7% WITH OTHER ACCELERATORS
UP 51.1%
REBIT POSITIVE FOR FY23 WITH OTHER ACCELERATORS
REBIT ALMOST QUADRUPLING
MEDIUM TERM GUIDANCE REITERATED
Louvain-la-Neuve, Belgium, 21 March
2024 - IBA (Ion Beam Applications S.A), the world leader
in particle accelerator technology, today announces its
consolidated results for the 2023 financial year.
(EUR 000) |
FY 2023 |
FY 2022 |
Variance |
Variance % |
Total Net Sales |
428 717 |
361 270 |
67 447 |
18.7% |
Proton Therapy |
229 065 |
218 761 |
10 304 |
4.7% |
Other Accelerators |
133 742 |
88 538 |
45 204 |
51.1% |
Dosimetry |
65 910 |
53 971 |
11 939 |
22.1% |
REBITDA |
19 308 |
21 571 |
-2 263 |
-10.5% |
% of Sales |
4.5% |
6.0% |
|
|
REBIT |
6 417 |
11 050 |
-4 633 |
-41.9% |
% of Sales |
1.5% |
3.1% |
|
|
Profit Before Tax |
-315 |
-430 |
115 |
-26.7% |
% of Sales |
-0.1% |
-0.1% |
|
|
NET RESULT |
-9 110 |
6 057 |
-15 167 |
-250.4% |
% of Sales |
-2.1% |
1.7% |
|
|
Olivier Legrain, Chief Executive Officer
of IBA, commented: “A strong second half performance has
ensured we have delivered positive REBIT at the full year, with
Group revenues in line with expectations.”
“Other Accelerators had a particularly strong
year, with revenues growing more than 50% and a significant
increase in REBIT driven by high order intake over the past few
years and accelerated backlog conversion. Dosimetry performance was
also strong, with growth in sales and REBIT, and the Services
business continuing to perform well across the board. Meanwhile,
Proton Therapy’s reduced performance reflects the significant
investment into the future growth of the business alongside some
delays in backlog conversion.”
“Looking ahead, IBA remains focused on keeping
its supply chain moving and accelerating backlog conversion.
Alongside this, investment is important for the business and will
be executed with an agile and targeted approach.”
“As we continue to drive growth, I’m pleased to
announce Henri de Romrée’s appointment as Deputy CEO, where he will
focus on future opportunities and performance in the Other
Accelerators business.”
Financial summary
- Total 2023 Group revenues of EUR 428.7 million, up 18.7% versus
last year, in line with expectations and driven by accelerated
backlog conversion in H2 across all business units, with
particularly strong growth from Proton Therapy (PT) Services,
Dosimetry and Other Accelerators
- Performance significantly second half weighted, as anticipated,
with strong execution of backlog, resulting in positive Group REBIT
of EUR 6.4 million (FY22 EUR 11.1 million)
- Very strong Other Accelerators and Dosimetry REBIT driven by
high value backlog conversion and sales growth, compensating Proton
Therapy REBIT affected by customer delays, inflationary pressures
and R&D investments
- Gross margin was 31.4%, compared to 35.1% in 2022, impacted by
product mix alongside a one-off positive impact in 2022 of a
customer bankruptcy related indemnities (FY22: 33.4% on a
like-for-like basis)
- Group order intake of EUR 267.2 million; PT and Other
Accelerators order intake was EUR 200.1 million and Dosimetry order
intake was EUR 67.1 million
- Total Group net loss of EUR 9.1 million (2022: EUR 6.1 million
profit), primarily driven by PT performance
- Strong balance sheet retained with EUR 109.3 million gross cash
and EUR 67.7 million net cash position. EUR 40 million undrawn
short-term credit lines still available at period end
- Equipment and Services backlog remains at EUR 1.4 billion
- Mid-term guidance unchanged, with revenue, CAGR and CAPEX in
line with targets
Business summary (including post-period
end)
- 18 Other Accelerators systems sold in 2023 (2022: 36 systems),
with a strong uptick in Equipment and Services revenues
- Seven PT rooms sold, comprising one Proteus®PLUS1 and three
Proteus®ONE1 systems sold, and the restoration of an existing
three-room solution in the US (2022: 17 rooms)
- 33 PT projects under construction or installation at the end of
the period
- Continued good progress of IBA and SCK CEN’s joint venture
PanTera for the production of actinium-225, with collaborations
secured with supplier TerraPower and post-period end, with Bayer
and another undisclosed customer
- Post-period end, Dosimetry product offering and US footprint
strengthened with acquisition of Radcal Corporation, an X-ray
imaging specialist
- B Corp recertification ongoing
- Henri de Romrée appointed as Deputy CEO
***ENDS***
IBA’s management team will host a hybrid event,
including a conference call and webcast conducted in English, to
present the full year results, followed by a Q&A session.
The conference call will be held
on Thursday, 21 March 2024 at
3pm CET / 2pm GMT / 10am ET / 7am PT as a Teams
webinar and can be accessed online via this link.
If you would like to join by phone only, please
dial (Phone conference ID 204 708 166#):
Belgium:
+32 2 890 97 20
UK:
+44 20 3321 5200
NL:
+31 20 708 6901
LU:
+352 27 87 00 02
US:
+1 347-991-7591
FR:
+33 1 70 99 53 51
The presentation will be available on IBA’s
investor relations website and
on https://www.iba-worldwide.com/full-year-results-2023-press-release-and-conference-call shortly
before the call.
To ensure a timely connection, it is recommended
that users register at least 10 minutes prior to the scheduled
webcast.
For participants who do not have the Teams
application installed, please follow the process described
in this link to access the conference.
Financial calendar Business
Update Q1
2024
23 May 2024Half Year Results
2024
29 August 2024Business Update Q3
2024
21 November 2024
About IBA
IBA (Ion Beam Applications S.A.) is the world
leader in particle accelerator technology. The company is the
leading supplier of equipment and services in the field of proton
therapy, considered to be the most advanced form of radiation
therapy available today. IBA is also a leading player in the fields
of industrial sterilization, radiopharmaceuticals and dosimetry.
The company, based in Louvain-la-Neuve, Belgium, employs
approximately 2,000 people worldwide. IBA is a certified B
Corporation (B Corp) meeting the highest standards of verified
social and environmental performance.
IBA is listed on the pan-European stock exchange
EURONEXT (IBA: Reuters IBAB.BR and Bloomberg IBAB.BB). More
information can be found at: www.iba-worldwide.com
For further information, please
contact:IBASoumya ChandramouliChief
Financial Officer+32 10 475 890Investorrelations@iba-group.com
Olivier LechienCorporate Communication
Director+32 10 475 890communication@iba-group.com
For media and investor enquiries: ICR Consilium
Amber Fennell, Angela Gray, Lucy Featherstone +44 (0) 20 3709 5700
IBA@consilium-comms.com
1 Proteus®ONE and Proteus®PLUS are brand names of Proteus
235
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Ion Beam Applications (TG:IOB)
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