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