Guerbet

Revenue at September 30, 2020 - Seite 2

Gradual upturn in activity during third quarter in line with expectation

As previously reported, the postponement of non-essential radiological examinations and procedures by radiologists, combined with spontaneous cancellations by some patients and reduced performance in services due to the increase in longer disinfection and protection measures due to COVID-19, continue to affect MRI activity and, to a lesser extent, CT/Cath Lab activity. Although still erratic, the upturn in activity is at hand.

In Asia, activity remains strong, with volumes rising steadily. Cumulative revenue at constant exchange rates increased by nearly 10%.

In Europe, the Group’s activity improved significantly during the third quarter with revenue down only 6.5% and stable volumes over the period. As a reminder, sales in Europe for the first half of the year were down 21.1%. At September 30, cumulative revenue at current exchange rates was €212.7 million (-16.6%).

In the Americas, sales at CER during third quarter were down more than 20%. This decrease is explained by a negative volume effect for the region resulting from the decline in activity due to the health crisis, particularly in Latin America, as well as the shutdown of the subcontracting activity following the sale of the Montreal plant in Canada in July 2020. Excluding the subcontracting effect, the decrease in North America was slightly less than 15% at CER. The Group also incurred a negative forex effect of nearly €7.0 million over the third quarter in the region, mainly due to exchange rate fluctuations in Brazil and the US.

At September 30, excluding the negative forex effect of €10.9 million, cumulative revenue at CER in the Americas amounted to €181.4 million (-12.6% compared with the same period last year).

An analysis of the activity over the first nine months of the financial year shows:

Diagnostic Imaging revenue totaled €462.5 million, compared with €533.5 million at September 30, 2019, down 13.3% (-11.1% at CER). The main reason for this decrease was the impact of the health crisis following the lockdown measures in most countries.

• MRI sales decreased 18.3% (-17.2% at CER) to €168.3 million. During third quarter activity started to pick up, the decrease being only 14.4% at CER versus prior year.
• CT/Cath Lab revenue was down 10.6% at €290.5 million, with volumes down across all products in the range except Xenetix. Revenue at CER was €300.4 million (-7.6%) at the end of September 2020.

Interventional Imaging continued to be driven by Lipiodol sales. Its nine-month revenue totaled €53.6 million, stable at +0.6% (+0.9% at CER) compared with €53.3 million in the same period in 2019.