EUROBIO SCIENTIFIC: 2023 ANNUAL RESULTS
2023 ANNUAL RESULTS
Growth in Core Business and strategic
deployment
- Core business1 revenues up 39% to
€130m
- proprietary products
account for 30% of revenues
- 38% of revenues generated outside France
- Resilient results within a
strategic transformation phase
- Free cash flow of
€26.4m
- Net financial debt reduced to €5.5m, with €89m cash
position
Paris, April 10, 2024 - 5.40pm - Eurobio
Scientific (FR0013240934, ALERS), a leading French group
in in vitro medical diagnostics and life sciences, today announced
its consolidated annual results for 2023, prepared under French
GAAP and approved by the company's Board of Directors at its
meeting on 09 April 2024. 2
Eurobio Scientific's annual results for
2023 reflect both the end of the COVID business, partly offset by
strong growth in the core business, and the strategic
transformation underway, notably with the integration of GenDx over
a full year.
| in €m |
2023consolidated |
2022 consolidated |
Change |
| Revenues |
130.0 |
152.6 |
-17% |
|
R&D subsidies and research tax credit |
0.6 |
0.3 |
- |
|
Total revenues |
130.6 |
152.9 |
-15% |
|
Cost of goods sold |
(68.8) |
(81.7) |
-16% |
|
Operating gross margin |
61.9 |
71.2 |
-13% |
|
Impact of sale of inventory value allocated to PPA |
(4.4) |
|
|
|
Gross margin 3 |
57.5 |
71.2 |
-19% |
|
R&D expenses |
(5.9) |
(3.5) |
+70% |
| Marketing and
sales expenses |
(19.2) |
(19.6) |
-2% |
|
G&A expenses |
(14.3) |
(11.4) |
+25% |
|
Adjusted EBITDA 4 |
27.3 |
40.5 |
-33% |
| Amortisation of
intangible assets from PPA |
(4.5) |
(3.0) |
+53% |
| Amortisation of
goodwill |
(3.4) |
(3.0) |
+15% |
|
|
|
|
|
|
Operating result |
10.1 |
30.8 |
|
|
Adjusted operating result5 |
22.5 |
36.8 |
-39% |
|
Financial result |
(1.7) |
(0.5) |
- |
| Extraordinary
result |
(1.4) |
(0.7) |
- |
| Taxes |
(2.2) |
(4.7) |
- |
|
Net result |
4.8 |
24.9 |
-81% |
| |
|
|
|
|
Cash |
89.0 |
85.9 |
|
|
Financial debt excluding leasing |
94.5 |
108.0 |
|
|
Shareholders’ equity |
175.0 |
172.7 |
|
39% growth in core business and increase in the share of
proprietary products
Eurobio Scientific recorded revenues of €130.0m
in 2023, entirely linked to its core business, with the COVID
activities now integrated into the multiplex respiratory panels,
and in particular the flue syndrome respiratory panels. These
represented total sales of around €6m for the year.
Excluding perimeter effects linked to
acquisitions and non-recurring items, proforma growth in the core
business was 12%.
The integration of GenDx over a full year led to
a sharp increase in the share of proprietary products to 30% of
2023 revenues, compared with 18% in 2022.
Another effect of the integration of GenDx
combined with the other acquisitions, the most recent of which are
BMD (Belgium, 2022) and DID (Italy, 2023), is that the share of
international revenues has risen from 25% of core business in 2022
to 38% in 2023.
The gross operating margin, before the
non-recurring effect of the sale of GenDx inventories allocated as
part of the PPA (purchase price allocation), rose to 47.6% in 2023,
compared to 46.7% in 2022.
Resilient results against a background of increased
R&D and inflation
The integration of GenDx's development
activities has created a leading-edge team in molecular biology and
bioinformatics, resulting in a 70% increase in R&D expenditure
to €5.9m. Marketing and selling expenses remained stable (-2%) at
€19.2m, while general and administrative expenses rose by 25%,
mainly due to the integration of GenDx and BMD on a full-year basis
and of DID from July 3, 2023.
As a result, EBITDA adjusted for the effects of
the inventories allocated to PPA came to €27.3m (21% of revenues),
down 33% compared with 2022, which still included a very
significant proportion of COVID business.
Operating profit adjusted for the effects of the
PPA and goodwill amortization came to €22.5m, down 39% on the
previous year.
With financial debt linked to the loans used to
finance external growth, and cash remunerated at an interest rate
lower than the debt rate, financial income was negative at
€1.7m.
Exceptional items totalled €1.4m, mainly as a
result of write-downs on GenDx balance sheet items.
Net profit for 2023 was therefore €4.8m.
Free cash flow of €26.4m
With an €18.4m cash flow from operations,
combined with an €8.4m reduction in working capital mainly due to
the end of the COVID business, Eurobio Scientific generated an
operating cash flow of €26.8m in 2023 (€43.1m in 2022).
Cash flow from investment activities included
-€2.2m from net acquisitions of fixed assets, and -€4.5m from the
inclusion of DID in the scope of consolidation. These flows were
largely offset by the repayment of guarantee deposits of €6.3m made
in connection with foreign exchange transactions. As a result, with
a net cash outflow of -€0.3m linked to investments, free cash flow
amounted to €26.4m.
At the end of December 2023, Eurobio Scientific
had an €89m cash position and a financial debt (excluding finance
leases) of €94.5m, leading to a net financial debt of €5.5m,
compared with €22m a year earlier.
Continued strategic deployment
With a good resilience of its results despite
the end of the COVID business and a background of integration of
strategic acquisitions, Eurobio Scientific is continuing to deploy
its three strategic priorities: development of proprietary
products, internationalization, and opening up of new markets.
Their aim is to enable the Group to continue its development, with
both growth in sales and increase in margins.
Next financial meeting
Annual General Meeting: June 13, 2024
|
About Eurobio ScientificEurobio Scientific is a
key player in the field of specialty in vitro diagnostics. It is
involved from research to manufacturing and commercialization of
diagnostic tests in the fields of transplantation, immunology and
infectious diseases, and sells instruments and products for
research laboratories, including biotechnology and pharmaceutical
companies. Through many partnerships and a strong presence in
hospitals, Eurobio Scientific has established its own distribution
network and a portfolio of proprietary products in the molecular
biology field. The Group has approximately 290 employees and four
production units based in the Paris region, in Germany, in the
Netherlands and in the United States, and several affiliates based
in Dorking UK, Sissach Switzerland, Bünde Germany, Antwerp Belgium,
Utrecht in The Netherlands and Milan in Italy.Eurobio Scientific's
reference shareholder is the EurobioNext holding company which
brings together its two directors, Jean-Michel Carle and Denis
Fortier, alongside the "Pépites et Territoires" by AXA &
NextStage AM investment program, managed by NextStage AM. For more
information, please visit: www.eurobio-scientific.comThe company is
publicly listed on the Euronext Growth market in ParisEuronext
Growth BPI Innovation, PEA-PME 150 and Next Biotech indices,
Euronext European Rising Tech label.Symbol: ALERS - ISIN Code:
FR0013240934 - Reuters: ALERS.PA - Bloomberg: ALERS:FP |
|
Contacts |
|
Groupe Eurobio ScientificDenis Fortier, Chairman
and CEOOlivier Bosc, Deputy CEO / CFOTel. +33(0) 1 69 79 64 80 |
CalyptusMathieu CalleuxInvestors RelationsTel.
+33(1) 53 65 68 68 - eurobio-scientific@calyptus.net |
1 Excluding COVID revenues.2 The auditing
procedures of the financial statements by the statutory auditors
are still in progress.3 Included in 2023 the value of inventory
(€4.4m) allocated to the PPA related to the GenDx acquisition and
sold since then – non recurring4 Adjusted for the value of
inventory (€4.4m) allocated to the PPA related to the GenDx
acquisition and sold since then – non recurring5 Adjusted (i) for
the value of inventory allocated to PPA, (ii) the amortisation of
intangible assets allocated to PPA and (iii) goodwill
amortisation
- CP_Eurobio_Scientific_RA2023_EN
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