2021 annual results
- Revenue at the top of the guidance
> +2.8% at current exchange rates (€732.1m)
> +7.9% at constant exchange rates and like for like basis
(on like-for-like basis1)
- Satisfactory financial performance
> EBITDA margin2 above expectations: 14.4% at €105.1m versus
14.1% in 2020
> Net income up significantly to €32.6m (compared with €18.2m
in 2020)
> Sharp decrease in net debt to €217.8m thanks to 2021 free
cash flow of €38.8m
> Proposed dividend of €0.85 per share
> Further sales growth
- Progressive ramp-up in China (Go-Direct)
- Accurate Medical Therapeutic product portfolio extension
> Prepare 2023
- Gadopiclenol
- Commercial launch of Artificial Intelligence solutions
Villepinte, March 23,
2022 – Guerbet (FR0000032526), a global specialist in
contrast agents and solutions for medical imaging, is announcing
its consolidated annual results for 2021.
Strong activity starting Q2 2021
As of December 31, 2021, reported sales came to
€732.1 million, up 2.8% from December 31, 2020 (€712.3 million),
including an unfavorable forex impact of €16.4 million. Excluding
forex effects and on a like-for-like basis, 2021 annual revenue was
up 7.9% from 2020, and at the top range of the guidance
communicated during the first half results presentation.
- In EMEA, the annual increase was on target,
affected by continuous price pressure but with a strong rebound in
volumes.
- In the Americas, annual sales were up 10.2% on
a like-for-like basis (excluding the contribution of the Montreal
plant in Canada, which was sold on July 16, 2020) and excluding the
unfavorable forex effect of €9.2 million, mainly attributable to
Latin American currencies and the US dollar.
- In the Asia region, Q4 sales were driven by
very strong levels of business in China and South Korea. This
region’s FY 2021 revenue increased by 7.7% on a like-for-like
basis.
Annual turnover of the Diagnostic
Imagery business (89% of 2021 sales) grew by 7.5% on a
like-for-like basis.
- MRI revenue for 2021 was up 5.4% at €239.9 million.
- X-Ray revenue at CER totaled €426.7 million. This 8.7% gain can
be attributed to the remarkable performance of Xenetix® in the
second half of 2021.
In Interventional Imaging,
sales continued their strong growth over the 2021 fiscal year,
rising +11.4% like for like to €81.9 million.
Growth in EBITDA, continued careful
management of the cost structure
In millions of eurosConsolidated financial
statements (IFRS) |
2020Reported |
2020Restated* |
2021Reported |
Revenue |
712.3 |
712.3 |
732.1 |
EBITDA |
100.7 |
100.7 |
105.1 |
% of revenue |
14.1% |
14.1% |
14.4% |
Operating income |
41.3 |
41.9 |
38.7 |
% of revenue |
5.8% |
5.9% |
5.3% |
Net income |
17.7 |
18.2 |
32.6 |
% of revenue |
2.5% |
2.6% |
4.5% |
Net debt |
256.6 |
256.6 |
217.8 |
* Includes the impact of the IFRIC final decision of April 2021
on employee benefits
The consolidated financial statements for 2021
show EBITDA of €105.1 million, compared with €100.7 million in
2020, an increase of 4.3%. The EBITDA margin stood at 14.4% above
the target range for operating profitability announced with the
2021 half-year results. Throughout the year, the Group was able to
find a balance between:
- maintaining some of the cost savings achieved in 2020,
- making the sales efforts needed to handle the recovery in
demand in 2021, and
- the business and structural expenses incurred for the
establishment of Go-Direct in China and preparations for the launch
of new products planned in 2023.
As of December 31, 2021, operating income
totaled €38.7 million, compared with €41.9 million in 2020. This
includes a provision of just under €6 million for the ongoing
creation of a new subsidiary for operations in China and the
closure of a shared services center in Saint-Louis, USA. This
project is part of the strategy of optimizing the Group’s
operational structure.
Net income came to €32.6 million in 2021,
compared with €18.2 million in 2020. As a reminder, 2020 net income
included the impairment of the Canadian subsidiary’s assets for
€4.4 million following the sale of the Montreal production site. In
2021, it includes a deferred tax asset effect in the United States,
totaling just over €5.4 million, and a favorable tax effect in
France, representing €4.2 million.
Solid financial
structure, proposed dividend of €0.85/share
As of December 31, 2021, shareholders’ equity
totaled €405 million. Free cash flow was again high, at €38.8
million, reducing the Group’s net financial debt to €217.8 million,
compared to €256.6 million at the end of 2020. The net debt /
EBITDA ratio stood at 2.07 at the end of 2021, compared to 2.55 in
2020.
Given the good financial performance achieved in
2021 and the Group’s favorable outlook, the Board of Directors will
propose a dividend of €0.85 per share to the shareholders at the
General Meeting on May 20, 2022.
Outlook
Growth drivers
New business, marketing and operational
investments designed to prepare for the growth of the business and
accelerate the implementation of the strategy will be made in
2022.
- Continuation of the external growth
strategy
- Launch of the new line of guidewires and microcatheters
for interventional imaging and embolization
With Accurate Medical Therapeutics, Guerbet is
expanding its portfolio by adding 20 models, taking the total to 38
products, and by launching a new range of Axessio™ guidewires with
two diameters. An initial evaluation phase began in the United
States in Q4 2021, paving the way for a commercial launch in some
markets from Q2 2022. SeQure® is the only reflux control
microcatheter enabling fluid barrier technology for flow directed
embolization.
-
Go-Direct in China in 2022
As announced, the Group has taken a position for
“direct” sales in China, one of the world’s leading diagnostic
imaging markets. The final recruitments are in progress and the
distributor’s available inventory will soon be sold, allowing
Guerbet to benefit from direct sales for almost all its diagnostic
imaging range from the second half of 2022.
This will allow the Group to strengthen its
penetration of a market with annual growth of 9% and to double its
revenue in China over three to four years.
- Diagnostic imaging new products
The Group is also preparing the upcoming launch
of the artificial intelligence solutions, planned for 2023.
After applying for approval of gadopiclenol with
the EMA and the FDA in January 2022, the Group confirms its aim to
market this product from early 2023.
- Climate change commitment
Guerbet continues to roll out its ambitious
Corporate Social Responsibility (CSR) strategy. Ranked #1 amongst
healthcare companies for the 3rd time in a row and #10 at country
level in France by Gaïa-Index, EthiFinance’s subsidiary and one of
the most respected players in CSR rating companies, Guerbet
announces its commitment to fight against global warming.
Guerbet’s objectives in terms of CO2 tons
equivalent emission reduction will cover its direct emissions
(scope 1 and 2) as well as its indirect ones (scope 3). They are
consistent with the “Well Below 2°C" target as per the SBT
definition. For the company, it implies prior to 2032:
- A reduction by
27,5 % (base 2021) of its direct emissions (scope 1 et
2),
- A reduction by
13,75 % (base 2021) of its indirect emissions (scope 3).
Update relating to the armed conflict between
Russia and Ukraine
The Group has very little exposure to the
conflict between Russia and Ukraine as it has no physical presence
in either country. However, it is suffering from the inflation
caused by the conflict, in particular on raw materials prices. The
impact on the Group’s financial performance is difficult to assess
at present, since the economic environment is particularly
volatile. Guerbet’s priority remains the safety of patients, its
employees and the uninterrupted supply of its products.
Target of further revenue growth
For 2022, the Group anticipates renewed growth
in revenue, with a like-for-like basis increase between 2% and
4%.
Given the inflationary environment, Guerbet aims
to deliver an EBITDA margin at least unchanged from 2021, excluding
extraordinary expenses related to the optimization of the Group’s
operating structure and changes in the sales model in China.
Upcoming events:
Reporting of Q1 2022 revenueApril 21,
2022, 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
global leader in medical imaging, offering a comprehensive range of
pharmaceutical products, medical devices, and digital and AI
solutions for diagnostic and interventional imaging. As pioneers in
contrast products for 95 years, with more than 2,600 employees
worldwide, we continuously innovate and devote 8%-10% of our
revenue to research and development in five centers in France,
Israel, and the United States. Guerbet (GBT) is listed on Euronext
Paris (segment B – mid caps) and generated €732 million in revenue
in 2021. 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 4.9 “Risk factors” of
the Group’s Universal Registration Document filed with the AMF
(French financial markets authority) under number D-21-0360 on
April 27, 2021, 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 On a like-for-like basis and at constant exchange rates
2 EBITDA: Operating income + net amortization, depreciation, and
provisions.
- Guerbet CP RA 2021_Finale EN
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