IBA Reports Full Year 2023 Results - Seite 2

“Other Accelerators had a particularly strong year, with revenues growing more than 50% and a significant increase in REBIT driven by high order intake over the past few years and accelerated backlog conversion. Dosimetry performance was also strong, with growth in sales and REBIT, and the Services business continuing to perform well across the board. Meanwhile, Proton Therapy’s reduced performance reflects the significant investment into the future growth of the business alongside some delays in backlog conversion.”

“Looking ahead, IBA remains focused on keeping its supply chain moving and accelerating backlog conversion. Alongside this, investment is important for the business and will be executed with an agile and targeted approach.”

“As we continue to drive growth, I’m pleased to announce Henri de Romrée’s appointment as Deputy CEO, where he will focus on future opportunities and performance in the Other Accelerators business.”

Financial summary

• Total 2023 Group revenues of EUR 428.7 million, up 18.7% versus last year, in line with expectations and driven by accelerated backlog conversion in H2 across all business units, with particularly strong growth from Proton Therapy (PT) Services, Dosimetry and Other Accelerators
• Performance significantly second half weighted, as anticipated, with strong execution of backlog, resulting in positive Group REBIT of EUR 6.4 million (FY22 EUR 11.1 million)
  • Very strong Other Accelerators and Dosimetry REBIT driven by high value backlog conversion and sales growth, compensating Proton Therapy REBIT affected by customer delays, inflationary pressures and R&D investments
• Gross margin was 31.4%, compared to 35.1% in 2022, impacted by product mix alongside a one-off positive impact in 2022 of a customer bankruptcy related indemnities (FY22: 33.4% on a like-for-like basis)
• Group order intake of EUR 267.2 million; PT and Other Accelerators order intake was EUR 200.1 million and Dosimetry order intake was EUR 67.1 million
• Total Group net loss of EUR 9.1 million (2022: EUR 6.1 million profit), primarily driven by PT performance
• Strong balance sheet retained with EUR 109.3 million gross cash and EUR 67.7 million net cash position. EUR 40 million undrawn short-term credit lines still available at period end
• Equipment and Services backlog remains at EUR 1.4 billion
• Mid-term guidance unchanged, with revenue, CAGR and CAPEX in line with targets

Business summary (including post-period end)