ANNUAL REPORT 2022/23 (EARNINGS RELEASE)

For the full 2022/23 financial year, Ambu reported 7.6% organic revenue growth. This was driven by Endoscope Solutions posting 15% organic growth, the main drivers being urology and ENT growing high double-digits, as well as pulmonology contributing positively, with a strengthened offering. As a result of Ambu’s focused execution, the company delivered an EBIT margin of 6.3%, mainly driven by revenue growth and reduced operational costs in distribution and staff, as well as a positive free cash flow of DKK 192m, corresponding to an increase of DKK 650m, compared to last year.

The organic growth in Endoscopy Solutions was offset by Ambu’s Anaesthesia and Patient Monitoring businesses, which, combined, declined by 1% organically, affected by high comparables in the 2021/22 financial year, as well as stockpiling last year.

“2022/23 was a year of strong progress for Ambu on many fronts. We strengthened our customer focus and organisation; we laid down the right path for accelerated growth and profitability; we turned around our cash position to positive cash flow; and we reduced our debt to a level well in line with policy. I am pleased with the progress on execution of our transformative ZOOM IN strategy, which we launched a year ago, centred on increased focus and improved execution. In addition, our strategy highlights customer-centricity, our culture and ways of working, as well as sustainability – all areas in which we have taken significant steps forward during the past year. I am proud of my colleagues for their engagement and change mindset, which is instrumental in our effort to pave the way for future strong, profitable growth, in pursuit of our purpose to rethink solutions that save lives and improve patient care.”

BRITT MEELBY JENSEN
Chief Executive Officer, Ambu

Q4 2022/23 FINANCIAL HIGHLIGHTS
Last year’s comparative figures are presented in brackets

• Revenue for Q4 was DKK 1,259m (DKK 1,163m), corresponding to a reported growth of 8% (13%). Adjusted for currency effects, the underlying organic growth was 14% (4%).
• Endoscopy Solutions grew organically by 25% (3%), with Pulmonology growing organically 16% (-15%) and Endoscopy Solutions excluding pulmonology growing 37% (44%)
• Anaesthesia and Patient Monitoring posted organic growth of 7% (0%) and -3% (10%), respectively.
• Gross profit was DKK 715m (DKK 644m) in Q4, corresponding to a gross margin of 56.8% (55.4%).
• EBIT before special items was DKK 97m (DKK -7m), representing an EBIT margin before special items of 7.7% (-0.6%).
• Free cash flow before acquisitions of enterprises and technology totalled DKK 188m (DKK -167m) in Q4, up DKK 355m from last year.