IBA Reports Half Year 2023 Results
31 August 2023 - 7:00AM
IBA Reports Half Year 2023 Results
Read the full half-year 2023 results press
release here
GROUP NET SALES UP 5.9%
BACKLOG CONVERSION TO SIGNIFICANTLY ACCELERATE IN
H2
CONTINUED INVESTMENT TO PREPARE FOR GROWTH;
GUIDANCE REITERATED
Louvain-la-Neuve, Belgium, 31 August
2023 - IBA (Ion Beam Applications S.A), the world leader
in particle accelerator technology, today announces its
consolidated results for the first half of 2023.
(EUR 000) |
H1 2023 |
H1 2022 |
Variance |
Variance % |
Total Net Sales |
169 418 |
160 032 |
9 386 |
5.9% |
Proton Therapy |
95 082 |
101 338 |
-6 256 |
-6.2% |
Other Accelerators |
41 354 |
31 798 |
9 556 |
30.1% |
Dosimetry |
32 982 |
26 896 |
6 086 |
22.6% |
REBITDA |
-13 859 |
14 065 |
-27 924 |
-198.5% |
% of Sales |
-8.2% |
8.8% |
|
|
REBIT |
-20 296 |
4 564 |
-24 860 |
-544.7% |
% of Sales |
-12.0% |
2.9% |
|
|
Profit Before Tax |
-22 656 |
297 |
-22 953 |
-7728.3% |
% of Sales |
-13.4% |
0.2% |
|
|
NET RESULT |
-27 263 |
-1 717 |
-25 546 |
1487.8% |
% of Sales |
-16.1% |
-1.1% |
|
|
Financial summary
- Total H1 Group revenues of EUR 169.4 million, up 5.9% on the
same period last year, driven by good Other Accelerators backlog
conversion, strong Dosimetry sales, and Service revenue growth, but
dampened by slow uptick in Proton Therapy
- Group REBIT of EUR -20.3 million affected in H1 by:
- Proton Therapy revenue recognition, largely linked to phasing
of projects and some unrelated, customer-specific installation
delays. As a result, strong improvement is expected in H2, with
revenue recognition on five projects planned in H2 and three
project shipments or installations shifted to H2
- Investment made at Group level in digital development, supply
chain and research and development to prepare for growth in the
next quarters
- Strong focus on inventory build-up during the period, with an
increase of EUR 33 million (up 32.4%), in preparation for backlog
execution in H2 and beyond, in particular following the 10-room
Proton Therapy deal signed in 2022 in Spain
- Gross margin was 26.6%, down from 39.1% last year, impacted by
inflation, low overhead absorption and product mix; last year’s
numbers also included the one-off positive impact of indemnities
related to Rutherford in the UK
- Equipment order intake was EUR 88 million and Dosimetry order
intake rose 20.2% to EUR 36.9 million
- No change in guidance, with growth to 2026 REBIT target
weighted to after 2024
- Dosimetry had a strong half year, with REBIT up 200% on last
year to EUR 3.2 million, with the business unit increasing its
customer base and global reach
- Continued strong performance of Services with PT revenues
increasing 10% versus H1 2022 and overall Service revenues
increasing 16.8%
- Equipment and Services backlog remains high at EUR 1.3 billion,
with equipment and upgrade backlog reaching EUR 707 million;
operational measures in place to support backlog conversion
- Total Group net loss of EUR 27.3 million (H1 2022: EUR 1.7
million loss), reflective of revenue recognition weighted to the
second half
- Strong balance sheet retained with EUR 103.3 million gross cash
and EUR 61.7 million net cash position. EUR 41 million undrawn
short-term credit lines still available at period end
Business summary
- Eight Other Accelerators systems sold in H1 (H1 2022: 21
systems), with particularly strong Services performance
- Two Proteus®ONE1 systems and one Proteus®PLUS1 system sold in
H1 (H1 2022: three Proteus®ONE systems)
- 35 PT projects under construction or installation at the end of
the period and strong acceleration in backlog conversion expected
in H2
- Strategic collaboration signed between PanTera and TerraPower
Isotopes to accelerate access to actinium-225 for the
pharmaceutical industry
- Launch of AKURACY®, an integrated solution for Cardiac PET
Imaging
- FLASH proton therapy research partnership initiated with
Particle Therapy Interuniversity Center Leuven (PARTICLE)
Post-period highlights
- Capital increase of PanTera, a joint-venture with SCK CEN, for
a total amount of EUR 20.4 million
- Unused credit facilities of EUR 37 million refinanced in August
and increased to EUR 40 million, bringing total credit lines to EUR
44 million
- Three additional Other Accelerators machines sold, bringing the
year-to-date total to 11 machines
Olivier Legrain, Chief Executive Officer
of IBA, commented: “The first half of the year has been
dedicated to preparing the business for the anticipated
acceleration in Proton Therapy backlog conversion. Our focus has
been on scaling up our supply chain, hiring personnel globally to
install and maintain machines in the upcoming quarters and
continuing to invest in R&D to expand our competitive advantage
in our four markets. We are seeing excellent growth in Dosimetry
and Other Accelerators. Proton Therapy equipment, which is
inherently less predictable due to the size of contracts and scale
of the projects, has been impacted over the period by scheduled
project phasing and some customer delays resulting in revenues to
now be recognized in H2. Concurrently we have seen strong Services
performance from the Proton Therapy business on its growing
installed base.
“We have excellent visibility over our inventory
and how we expect this to develop as we continue to convert the
backlog of existing contracts and sign new ones. Based on this, we
are expecting a significant ramp up in the business in the second
half. We are continuing to invest in future product development via
the Sales & Marketing and R&D teams and digitalization
initiatives and we remain confident in the guidance laid out at our
Full Year 2022 results.”
***ENDS***
Olivier Legrain, Chief Executive Officer, and
Soumya Chandramouli, Chief Financial Officer, will host a
conference call and webcast to present the Interim results,
followed by a Q&A session.
The conference call, conducted in English, will be held on
Thursday, 31 August 2023 at 3pm CET / 2pm
BST / 9am EDT / 6am PDT as a Teams
webinar and can be accessed online on this link.
If you would like to join by phone only, please
dial (Phone conference ID 307 168 530#):
Belgium:
+32 2 890 97
20UK:
+44 20 3321
5200NL:
+31 20 708
6901LU:
+352 27 87 00
02US:
+1
347-991-7591FR:
+33 1 70 99 53 51
The presentation will be available on IBA’s
investor relations website and
on:https://www.iba-worldwide.com/iba-half-year-2023-results-web-conference
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 Q3
2022
16 November 2023
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: Consilium
Strategic Communications Amber Fennell, Matthew Neal, 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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