Guerbet: Q1 2021 revenue
Q1 2021 revenue
Gradual improvement in
activity:
- Reported revenue of €176.3 million,
impacted by a significant currency effect
- -3.0% at constant exchange rates
(CER1) and on a like-for-like basis2
Villepinte, April 22, 2021 –
Guerbet (FR0000032526), a global specialist in contrast
agents and solutions for medical imaging, is reporting its revenue
for the first quarter of 2021. As of March 31, 2021, reported
revenue was €176.3 million, down 11.5% from March 31, 2020,
including an unfavorable forex impact of €10 million. Revenue
at CER was down 6.5%. Excluding sales from the Montreal site, which
was sold in July 2020, revenue at CER for the period was down
slightly by 3.0% from Q1 2020, quarter not yet impacted by the
effects of the health crisis.
Geographical distribution of
consolidated group revenue (IFRS)
In millions of euros,at March 31, 2021 |
Change (%) |
Q1 2021at current exchange
rates |
Change (%) |
Q1 2021at constant exchange
rates1 |
Q1 2020 |
Sales in EMEA |
-4.5% |
82.7 |
-3.1% |
83.9 |
86.5 |
Sales in Americas |
-17.1% |
52.6 |
-6.0% |
59.6 |
63.4 |
Sales in Asia |
-2.5% |
41.1 |
+1.7% |
42.8 |
42.1 |
Like-for-like total |
-8.2% |
176.3 |
-3.0% |
186.3 |
192.1 |
Subcontracting activity (Montreal site) |
N/A |
0 |
N/A |
0 |
7.2 |
Total |
-11.5% |
176.3 |
-6.5% |
186.3 |
199.2 |
In EMEA, despite the continuing health
situation, the Group saw an improvement in its activity with a
gradual return to a more normalized situation.
In the Americas, like-for-like sales (excluding
the contribution of the Montreal site in Canada) were down 17.1%,
including an unfavorable forex effect of €7 million attributable to
the performance of the Brazilian real and the US dollar. At CER,
like-for-like revenue was down 6.0%.
Sales in Asia were slightly up by 1.7% at CER,
with robust sales in Japan and China.
Split of consolidated group revenue by
activity (IFRS)
In millions of euros,at March 31, 2021 |
Change (%) |
Q1 2021at current exchange
rates |
Change (%) |
Q1 2021at constant exchange
rates1 |
Q1 2020 |
Diagnostic Imaging |
-10.7% |
154.4 |
-5.4% |
163.5 |
172.9 3 |
MRI |
-9.8% |
58.1 |
-5.1% |
61.1 |
64.4 |
X-Ray |
-11.2% |
96.3 |
-5.6% |
102.3 |
108.5 3 |
Interventional Imaging |
+14.1% |
21.9 |
+19.0% |
22.9 |
19.2 |
Subcontracting activity (Montreal site) |
N/A |
0 |
N/A |
0 |
7.2 |
Total |
-11.5% |
176.3 |
-6.5% |
186.3 |
199.2 |
Diagnostic Imaging sales were
down 5.4% at CER, illustrating a gradual improvement compared with
the decrease reported in Q4 2020. However, they continued to be
affected by the health crisis, which led to the postponement of
certain examinations and non-essential radiological procedures.
- MRI sales at CER were down 5.1%, with a
decrease in volumes due to the health crisis.
- X-ray revenue at CER was down 5.6%, with good
Xenetix® sales performance over the period.
Interventional Imaging sales
were particularly dynamic over the period, still driven by
Lipiodol®. At CER, revenue increased 19.0% to €22.9 million.
2021 objectives maintained
In an uncertain environment, the Group remains
confident that revenue growth will return in 2021 starting in
Q2.
In terms of operational profitability, the Group
is targeting the following EBITDA4 trends:
- In the short term, a growing EBITDA in 2021, with a minimum
rate EBITDA/Sales at least equal to the 2020 fiscal year rate
(14.1%),
- In the medium term, an improving EBITDA/Sales rate to ensure
strong, lasting growth for the Group.
Upcoming events:
Reporting of first-half 2021 revenueJuly
22, 2021, after trading
About
Guerbet
At Guerbet, we build lasting relationships so
that we enable people to live better. That is our purpose. We are a
leader in medical imaging worldwide, offering a comprehensive range
of pharmaceutical products, medical devices, and digital and AI
solutions for diagnostic and interventional imaging. A pioneer in
contrast media for 95 years, with more than 2,600 employees
worldwide, we continuously innovate and devote 10% of our sales to
research and development in four centers in France, Israel, and the
United States. Guerbet (GBT) is listed on Euronext Paris (segment
B – mid caps) and generated €712 million in revenue in 2020.
For more information, please visit www.guerbet.com.
Forward-looking statements
Certain information contained in this press
release does not reflect historical data but constitutes
forward-looking statements. These forward-looking statements are
based on estimates, forecasts, and assumptions, including but not
limited to assumptions about the current and future strategy of the
Group and the economic environment in which the Group operates.
They involve known and unknown risks, uncertainties, and other
factors that may result in a significant difference between the
Group's actual performance and results and those presented
explicitly or implicitly by these forward-looking statements.
These forward-looking statements are valid only
as of the date of this press release, and the Group expressly
disclaims any obligation or commitment to publish an update or
revision of the forward-looking statements contained in this press
release to reflect changes in their underlying assumptions, events,
conditions, or circumstances. The forward-looking statements
contained in this press release are for illustrative purposes only.
Forward-looking statements and information are not guarantees of
future performance and are subject to risks and uncertainties that
are difficult to predict and are generally beyond the Group's
control.
These risks and uncertainties include but are
not limited to the uncertainties inherent in research and
development, future clinical data and analyses (including after a
marketing authorization is granted), decisions by regulatory
authorities (such as the US Food and Drug Administration or the
European Medicines Agency) regarding whether and when to approve
any application for a drug, process, or biological product filed
for any such product candidates, as well as their decisions
regarding labeling and other factors that may affect the
availability or commercial potential of such product candidates. A
detailed description of the risks and uncertainties related to the
Group's activities can be found in chapter 4.8 "Management and
risk factors" of the Group's Universal Registration Document filed
with the AMF (French financial markets authority) under
number D-20-0369 on April 28, 2020, available on the Group's
website (www.guerbet.com).
For more information about Guerbet, please visit
www.guerbet.com
Contacts
Jérôme
EstampesChief Financial
Officer+33 (0)1 45 91 50 00 |
Financial
CommunicationsBenjamin
Lehari+33 (0)1 56 88 11 25blehari@actifin.fr PressJennifer
Jullia+33 (0)1 56 88 11 19jjullia@actifin.fr |
1 At constant exchange rates: the exchange rate impact was
eliminated by recalculating sales for the period on the basis of
the exchange rates used for the previous fiscal year.
2 Like-for-like basis: the Montreal site's sales to third
parties were excluded from the amount of Q1 2020 sales. During the
period, sales totaled €7.2 million and were made in the Americas.3
X-ray contributions of Curium and Simafex added back for €0.7
million in Q1 2020. Q1 reported revenue totaled €172.2 million.
4 EBITDA: Operating income + net amortization, depreciation, and
provisions.
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