Villepinte, February 15, 2018 -
Guerbet (FR0000032526 GBT), a global specialist in contrast
agents and solutions for medical imaging, is reporting revenue of
€807.1 million at December 31, 2017, up by 4.0% at current
exchange rates. This growth includes a negative exchange rate
effect* of €5.3 million over the year. At constant exchange rates,
revenue therefore rose by 4.7% to €812.4 million, beating the
target of 3% to 4% announced on September 30.
Consolidated Group revenue (IFRS)
In millions of € at December 31 |
12 months 2016 |
12 months 2017 Current exchange rates |
12 months 2017 Constant exchange rates (CER) |
Change 2017 vs. 2016 at CER |
Europe |
372.9 |
374.7 |
379.9 |
+1.9% |
Other markets |
402.9 |
432.4 |
432.5 |
+7.3% |
Total |
775.8 |
807.1 |
812.4 |
+4.7% |
Satisfactory activity in the 4th quarter: +3.7% at
CER
At constant exchange rates, 4th quarter revenue
amounted to €215.0 million, up by 3.7%. At current exchange rates,
the revenue for the 4th quarter stood at €205.7 million, down by
0.8% given a negative currency impact of €9.3 million.
4th quarter consolidated Group revenue (IFRS)
In millions of € at December 31 |
Q4 2016 |
Q4 2017 Current exchange rates |
Q4 2017 Constant exchange rates
(CER) |
Change Q4 2017 vs. Q4 2016 at CER |
Europe |
98.6 |
93.4 |
95.4 |
-3.3% |
Other markets |
108.8 |
112.3 |
119.6 |
+10.0% |
Total |
207.4 |
205.7 |
215.0 |
+3.7% |
2017: growth in every region at constant
exchange rates
In Europe, the consolidated revenue for 2017
grew by 1.9% at constant exchange rates. This increase is
satisfactory despite a 3.3% fall last quarter, mainly due to the
fall in sales in Germany. The negative currency impact of €2.0
million over the quarter came principally from Turkey and, to a
lesser degree, from Switzerland and the UK.
Outside Europe, the revenue for the period rose
by 7.3% year-on-year with no overall exchange rate effect. The
positive impact in the first three quarters was completely offset
by the very negative impact in the last quarter (€7.3 million),
mainly attributable to the US dollar.
All the segments grew at constant exchange
rates:
- The MRI segment gained 11.6% over the year, bringing it to
€275.2 million. In the 4th quarter, in Europe, Dotarem® sales
volumes were still high, with limited price erosion given the
arrival of a generic. The sales of this generic should impact the
2018 financial year on a "full year" basis in Europe, while it only
impacted the last quarter in 2017
- In the X-Ray segment, sales rose slightly, by 0.5%, to €377.2
million, with good performances for Optiray® and Xenetix® in Other
Markets (Asia and Latin America) in spite of a slide in
Europe.
- In the IRT segment, the 11.6% growth in the second half-year
allowed the Group to make up the delay due to supply difficulties
in the 1st half-year. The segment reported revenue up by 3.6% to
€57.5 million.
- Thanks to its complete and fully operational range, ISS also
performed well, with a 4.6% increase in revenue to
€80.1 million in a highly competitive market.
Confirmation of the 2017 targets
As announced, the Group's targets for 2017 remain unchanged with
EBITDA** expected to outpace revenue growth rate.
*Calculation of exchange rate effect: difference between the
indicator's value for period N, converted at the exchange rate for
period N-1, and the indicator's value for period N-1
**EBITDA: Operating income + net allowance for amortization,
depreciation and provisions
Acquisition of Accurate Medical
The Guerbet Group is also announcing the
acquisition of Accurate Medical Therapeutics.
On January 8, the Group announced that it had
signed an agreement with the Israeli company Accurate Medical
Therapeutics, which has developed a range of microcatheters for
tumor or vascular aneurysm embolization procedures. These products
have been authorized for marketing in the United States by the FDA
and are waiting to be given a CE marking in Europe.
Under this agreement, Guerbet is acquiring 100%
of Accurate's shares with an initial payment of €19.5 million and
additional payments spread over several years, subject to the
achieving of regulatory and commercial objectives. The total
acquisition amount cannot exceed €57 million.
This deal should start to generate revenue from
the end of 2018 and should be accretive from the 4th quarter of
2019.
Appointment of David Hale to Guerbet's Executive
Committee
To support the Group's development in the coming
years, Guerbet is also announcing the appointment of David Hale to
Guerbet's Executive Committee as Chief Commercial Officer
Diagnostic Imaging.
David Hale comes to Guerbet after 17 years at
General Electric Healthcare, where he was President, Enterprise
Imaging and Care Area Software Solutions, after holding various
commercial, marketing and development positions at regional and
then global level.
David Hale has US and French nationalities and
graduated in industrial and systems engineering from the Georgia
Institute of Technology (United States). He also has an MBA from
the IMD Business School (Lausanne, Switzerland).
"We are delighted to welcome David to Guerbet's
Executive Committee. His solid international experience, his
leadership and his knowledge of radiology, especially in the field
of digital solutions, equipment, and maintenance and service
contracts, will be valuable assets as we continue to grow our
diagnostic imaging business by developing a global offering that
meets radiologists' needs", says Yves L'Épine, Guerbet's Chief
Executive Officer.
About Guerbet
Guerbet is a pioneer in the contrast-agent
field, with more than 90 years' experience, and is a leader in
medical imaging worldwide. It offers a comprehensive range of
pharmaceutical products, medical devices and services for
diagnostic and interventional imaging, to improve the diagnosis and
treatment of patients. With 7% of revenue dedicated to R&D and
more than 200 employees distributed amongst its three centers in
France and the United States, Guerbet is a substantial investor in
research and innovation. Guerbet (GBT) is listed on Euronext Paris
(segment B - mid caps) and generated €807 million in revenue in
2017. For more information about Guerbet, please visit
www.guerbet.com
Forward-looking statements This press
release may contain statements of a forward-looking nature, based
on assumptions and predictions made by the management of the
Guerbet group. Various known and unknown risks, uncertainties and
other factors could lead to marked differences between the future
results, financial situation, development and performances of the
company, and the estimates made here. These factors include those
mentioned in the public reports of Guerbet, available on its
website www.guerbet.com. The company assumes no responsibility
whatsoever in relation to the updating of these forward-looking
statements, or how they correspond to future events or
developments.
Contacts
Jean-François Le
MartretChief Financial Officer+33 (0)1 45 91 50
00jean-francois.lemartret@guerbet-group.com
|
Christophe de
Lylle/Benjamin Lehari+33 (0)1 56 88 11
11cdelylle@actifin.fr/blehari@actifin.fr Press
Jennifer Jullia+33 (0)1 56 88 11
19jjullia@actifin.fr |
Attachments:
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