Eurobio Scientific: RESULTS FOR THE 1ST HALF OF 2024
RESULTS FOR THE
1ST HALF OF
2024
- Revenues up 12% on a
like-for-like basis (24% overall)
- Stable adjusted
EBITDA1 and operating
profit
- Net financial debt down
slightly to €1.6m, with cash of €86.6m
- Proposed voluntary takeover
bid
Paris, September 24, 2024 - 6pm -
Eurobio Scientific (FR0013240934, ALERS), a leading French
group in in vitro medical diagnostics and life sciences,
today announced its consolidated annual results at June 30, 2024,
prepared under French GAAP and approved by the company's Board of
Directors at its meeting on September 24, 2024.
Eurobio Scientific's results at June 30,
2024 show relative stability, with growth in sales offset by a
slight fall in gross margin rate and an increase in
expenses.
| in €m |
June 30, 2024 |
June 30, 2023 |
|
Change |
| Revenues |
73.1 |
59.2 |
|
+23% |
|
R&D subsidies and research tax credit |
0.4 |
0.2 |
|
- |
|
Total revenues |
73.5 |
59.4 |
|
+24% |
| Cost of goods
sold |
-39.8 |
-31.8 |
|
+25% |
|
Adjusted gross margin1 |
33.6 |
27.5 |
|
+22% |
| Gross
margin |
33.4 |
24.0 |
|
|
| R&D
expenses |
-2.9 |
-3.1 |
|
-6% |
| Marketing and
sales expenses |
-11.9 |
-7.8 |
|
+53% |
|
G&A expenses |
-7.6 |
-5.4 |
|
+41% |
|
EBITDA |
13.6 |
9.9 |
|
|
|
Adjusted EBITDA1 |
13.9 |
13.4 |
|
+4% |
| Amortisation of
intangible assets from PPA |
-2.3 |
-2.3 |
|
- |
| Amortisation of
goodwill |
-1.9 |
-1.4 |
|
- |
|
Operating result |
6.8 |
4.1 |
|
- |
|
Adjusted operating result1 |
11.2 |
11.2 |
|
0% |
| Financial
result |
-1.0 |
-1.3 |
|
-23% |
|
Extraordinary result |
0.1 |
0.1 |
|
- |
|
Taxes |
-1.9 |
-0.7 |
|
+171% |
|
Net result |
4.0 |
2.2 |
|
+82% |
| |
June 30, 2024 |
Dec 31, 2023 |
|
|
|
Cash |
86.6 |
89.0 |
|
|
|
Financial debt excluding leasing |
88.2 |
94.5 |
|
|
|
Shareholders’ equity |
178.7 |
175.0 |
|
|
Growth driven by recent acquisitions and stable share of
proprietary products
Eurobio Scientific recorded revenues of €73.1m
in the first half of 2024, compared with €59.1m at the end of June
2023, an increase of 24%. On a like-for-like basis, i.e. excluding
the effects of acquisitions, growth was 12%. Half-year revenues for
2024 include €7.9m generated by One Lambda, compared with €7.3m in
the first half of 2023, due to the extension of certain calls for
tender. It should be noted that the One Lambda contract was
terminated in October 2022 and that sales are therefore continuing
on certain current tenders until they expire.
The perimeter effects for the first half are as
follows: DID's revenues amounted to €6.1m, while Alpha Biotech's
revenues amounted to €1.3m.
Excluding the effect of changes in the scope of
consolidation, the €6.9m increase in sales was mainly due to the
activities of GenDx (acquired at the end of 2022), which accounted
for €3.6m (+32%), and France, which accounted for €3.1m (+8%). The
rest of the Group's activities posted limited growth of around
2%.
GenDx grew in all territories (Europe, the
United States and internationally), with a number of one-off
international distribution contracts contributing €0.8m to this
growth. Adjusted for this non-recurring effect, GenDx grew by
around 25% over the first half.
Growth in the Group's French activities over the
first half was driven by certain non-recurring factors, such as the
Covid and Pertussis epidemics, and as previously mentioned, the
extension for several months of certain tenders in Transplantation.
Excluding these effects, revenues are stable.
The share of proprietary products is stable,
despite the integration of DID's distribution activities, at around
29% of sales (compared with 30% of sales in the first half of
2023).
Operating profit stable
Gross margin rate fell slightly to 46.0% (vs.
46.7% in H1 2023). Exposure to the French market and downward
trends in reimbursements for biological procedures explain the
pressure on the Group's gross margin.
Research and development expenses were slightly
down at €2.9m in the first half. Marketing and sales costs rose by
€4.1m (+53%). General and administrative expenses rose by €2.3m
(+41%). The €6.1m increase in operating expenses over the first
half is due to the scope effects with DID and Alpha Biotech (€3.5m)
and to the evolution of business activity for the remainder.
As a result, adjusted EBITDA at June 30, 2024
was €13.9m, compared with €13.3m at June 30, 2023. Adjusted
operating profit was stable at €11.2m.
Net financial expense was negative at €1.0m, due
to the costs associated with the loan taken out to finance the
acquisition of GenDx.
After exceptional income of €52k and income tax
of €1.9m (compared with €0.7m a year earlier), net profit was €4.0m
at June 30, 2024.
Free cash flow of €6.3m
The Group generated free cash flow of €6.3m in
the first half, driven by cash flow from operating activities of
€10.9m, a €3.2m negative contribution from changes in working
capital requirements, and net capital expenditure of €1.4m.
With cash flow from financing activities of
€8.7m, including €7.3m in repayments of loans and leases, Eurobio
Scientific had cash of €86.6m at June 30, 2024, for financial debt
excluding leases of €88.2m, giving net financial debt of €1.6m,
compared with €5.5m a year earlier.
Outlook
Eurobio Scientific's policy is not to
communicate objectives for the current financial year. In the
medium term, the Eurobio Scientific Group will continue to pursue
the strategic directions it has been developing for several years:
the development of proprietary products, internationalisation and
the opening up of new markets. Over the next 5 years, the Group
hopes that proprietary products will account for around 50% of its
revenues.
Availability of the 2024 half-yearly financial
report
Eurobio Scientific made available to the public
and filed with the French Financial Markets Authority (AMF) on 24
September 2024 its half-year financial report as at 30 June
2024.
The half-year financial report can be found on
the company’s website at: www.eurobio-scientific.com under the
heading “investors” / “regulated information” / “half-year
financial reports”.
Proposed tender offer on Eurobio
Scientific shares
On 31 July 2024, Denis Fortier and the
management team announced that Eurobio Scientific, NextStage AM and
IK Partners had reached an agreement to form a consortium with a
view to launch a voluntary tender offer. A press release, published
jointly by the Company and the Consortium, presenting this project
and its main preliminary features was made available on this date.
As indicated in the press release issued on 31 July 2024, the draft
offer document and draft reply document are expected to be filed at
the end of September by the Bidder and the Company respectively, so
that the Offer can be submitted to the AMF's (French Financial
Markets Authority) College in October 2024.
About Eurobio Scientific
Eurobio Scientific is a key player in the field of specialty in
vitro diagnostics. It is involved from research to manufacturing
and commercialization of diagnostic tests in the fields of
transplantation, immunology and infectious diseases, and sells
instruments and products for research laboratories, including
biotechnology and pharmaceutical companies. Through many
partnerships and a strong presence in hospitals, Eurobio Scientific
has established its own distribution network and a portfolio of
proprietary products in the molecular biology field. The Group has
approximately 290 employees and four production units based in the
Paris region, in Germany, in the Netherlands and in the United
States, and several affiliates based in Dorking UK, Sissach
Switzerland, Bünde Germany, Antwerp Belgium, Utrecht in The
Netherlands and Milan in Italy.
Eurobio Scientific's reference shareholder is the EurobioNext
holding company which brings together its two directors,
Jean-Michel Carle and Denis Fortier, alongside the "Pépites et
Territoires" by AXA & NextStage AM investment program, managed
by NextStage AM.
For more information, please visit: www.eurobio-scientific.com
The company is publicly listed on the Euronext Growth market in
Paris
Euronext Growth BPI Innovation, PEA-PME 150 and Next Biotech
indices, Euronext European Rising Tech label.
Symbol: ALERS - ISIN Code: FR0013240934 - Reuters: ALERS.PA -
Bloomberg: ALERS:FP
|
Contacts |
Groupe Eurobio Scientific
Denis Fortier, Chairman and CEO
Olivier Bosc, Deputy CEO / CFO
Tel. +33(0) 1 69 79 64 80 |
Calyptus
Mathieu Calleux
Investors Relations
Tel. +33(1) 53 65 68 68 - eurobio-scientific@calyptus.net |
1 Adjusted (i) for the value of inventory allocated to PPA (€
3.5m in H1 2023, €0.3m in H1 2024) related to the GenDx acquisition
and sold since then – non recurring, (ii) the amortisation of
intangible assets allocated to PPA and (iii) goodwill
amortisation
- CPEN_Eurobio_Scientific_RS2024
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