Guerbet

2023 half-year results

Half-year results 2023

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Acceleration of activity

• Half-year revenue: €378.6 million, up 2.8% at CER¹
• Strong acceleration of activity in the second quarter, up 6.7% at CER

Profitability in line with expectations

• EBITDA for the first half-year: €45.9 million, compared to €50.5 million one year earlier
• The restated EBITDA margin² amounted to 12.7% of revenue

2023 objectives confirmed

• Revenue: expected growth of more than 5% on a like-for-like basis and at CER
• Expected restated EBITDA margin2 around 11%, before a return in 2024 to a higher level than in 2021 (14.4%)

Villepinte, 20 September 2023: Guerbet (FR0000032526 GBT), a global specialist in contrast agents and solutions for medical imaging, is publishing its consolidated financial statements for the first half of 2023. Revenue as at 30 June amounted to €378.6 million, up 2% compared to the same period in 2022. Excluding the unfavourable foreign currency effect (-€2.9 million), revenue was up 2.8% at CER¹. As anticipated, this change was marked by a sharp acceleration of activity in the second quarter (+6.7% at CER) after a slight decline in the first quarter (-1.3%).

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 optimisation of the operational structure and changes in the sales model.

Strong activity in Asia and Europe; good dynamics for Diagnostic Imaging

In the EMEA region, activity increased over the first six months of the fiscal year by 7.8% at current exchange rates and at CER, in the wake of the sustained increase in volumes and positive price effects, which had been accelerating since the beginning of the year.

In Asia, the large increase in revenue in the first half of the year (+16.6% at CER) resulted from a sharp acceleration in the second quarter (+30.1%). This performance was driven by China, where the implementation of direct distribution just a year ago continues to pay off.

The decline in sales in the Americas region (-15.3% at CER), reflects in part the optimisation of the customer portfolio and the production adjustments associated with the launch of Elucirem^TM. On the Raleigh site (North Carolina), the situation returned to normal, with production as of 30 June 2023 higher than in the first half of 2021, i.e. before the decline in production linked to recruitment difficulties.