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.
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.
Jean-François Le Martret
Chief Financial Officer
+33 (0)1 45 91 50 00
jean-francois.lemartret@guerbet-group.com
|
Christophe de Lylle/Benjamin
Lehari
+33 (0)1 56 88 11
11
cdelylle@actifin.fr/blehari@actifin.fr
Press
Jennifer Jullia
+33 (0)1 56 88 11
19
jjullia@actifin.fr |
Press release
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: GUERBET via Globenewswire
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