Guerbet

2020 annual results

2020 annual results

• Revenue in line with forecasts despite the health crisis:
  • -12.8% at current exchange rates at €712.3 million
  • -10.0% at constant exchange rates (CER)⁽¹⁾ 
• Resilient EBITDA⁽²⁾ margin at 14.1% 
• Proposed dividend maintained at €0.70/share
• Higher free cash flow at €40 million with significant working capital improvement
• Reduction of net debt to €257 million
• Confirmation of the strategic roadmap in 2021:
  • Strong growth in Interventional Imaging and delivery systems
  • Reinforcement of the Group’s positions in the APAC region
  • Finalization of clinical studies and continuation of industrial investments for Gadopiclenol
  • Continued investments in Artificial Intelligence
• A favorable financial outlook:
  • Revenue expected to increase in 2021 despite an ongoing health crisis
  • Extension of 50% of the cost reduction implemented in 2020

Villepinte, March 24, 2021– Guerbet (FR0000032526), a global specialist in contrast agents and solutions for medical imaging, is announcing its consolidated annual results for 2020.

On March 24, 2021, the Board of Directors approved the financial statements for the financial year ended December 31, 2020. The audit procedures have been completed, and the statutory auditors’ report is being prepared.

Revenue in line with forecasts despite a health crisis

The postponement of certain examinations and non-essential radiological procedures had a significant impact on activity, resulting in a contraction of the market. In this difficult environment, the Group has managed to maintain its market share by continuing to serve its customers to preserve patient health.

As of December 31, 2020, reported revenue was €712.3 million, down 12.8% from December 31, 2019, including a substantial negative forex impact of €23.1 million. Revenue at constant exchange rates (CER) was down 10.0%, as the Group expected.

Diagnostic Imaging revenue was down 11.4% at CER. It totaled €615.2 million compared with €719.4 million at December 31, 2019, down 14.5% at current exchange rates.

• MRI sales decreased 15.3% at CER and 17.2% at current exchange rates to €227.6 million. This decline was due to a negative volume effect directly related to the health crisis and, to a lesser extent, an adverse price effect in Europe related to the generic form of Dotarem.
• X-ray revenue was down 8.8% at CER. It totaled €385.3 million at current exchange rates, down 12.6% from 2019, with Xenetix showing good resistance throughout the year.

Interventional Imaging revenue was down 1.5% at CER (-2.7% at current exchange rates), still driven by Lipiodol sales up nearly 1% at CER. The segment’s revenue totaled €73.5 million at current exchange rates compared with €75.5 million in 2019.