Annual Report 2022/23 - Continued solid earnings, but weaker growth amid challenging market conditions
September 13 2023 - 1:50PM
Annual Report 2022/23 - Continued solid earnings, but weaker growth
amid challenging market conditions
ANNOUNCEMENT NO.
243
13 September 2023
Annual Report 2022/23 (1 July 2022 - 30 June
2023)
Continued solid earnings, but weaker growth
amid challenging market conditions
ChemoMetec’s revenue for 2022/23 grew by 4% to
DKK 442.3 million and operating profit (EBITDA) for 2022/23 was DKK
251.0 million, a 13% increase on 2021/22. In 2022/23, ChemoMetec
continued developing the new Xcyto platform and the instruments
XcytoMatic 40 and XcytoMatic 30. In addition to the XcytoMatic
instruments, we expect to launch two more products, the NC-203 and
the Xcyto 5, at the latest by end of the calender year 2024.
“Generally, the 2022/23 financial year was a
challenging year, as rising interest rates and growing general
uncertainty led to a reduced availability of new capital to
customers in our most important market area, cell-based therapy.
ChemoMetec made great efforts to adapt to these changing market
conditions, and we succeeded in maintaining a positive earnings
performance. At the end of the financial year, there were clear
indications that the cell-based therapy market was stabilising –
albeit at a lower level than in previous years.
We remain optimistic about the long-term potential
of cell-based therapy, and consequently also ChemoMetec’s
opportunities to create growth in this area. And with the upcoming
launch of our new XcytoMatic products, we are entering another
attractive market area – bioprocessing. The coming financial year
will be a period of sustained macroeconomic and geopolitical
uncertainty, however, which means that 2023/24 may well be a year
of challenging growth conditions before we see a return of stronger
growth prospects,” says Rasmus Kofoed, CEO.
Financial results
- In the 2022/23
financial year, revenue grew by 4% to DKK 442.3 million measured in
Danish kroner and declined by 1% measured at constant exchange
rates.
- Sales of
analytical instruments fell to DKK 179.0 million in 2022/23, a 17%
decline measured in Danish kroner. Sales of instruments were
particularly sensitive to the challenging investment climate in
ChemoMetec’s market areas.
- Sales of
consumables, including cassettes, slides, reagents and test kits,
rose to DKK 174.4 million in 2022/23, an 18% increase measured in
Danish kroner and a 13% increase measured at constant exchange
rates.
- Sales of
services, comprising service contracts, installations and various
consulting services, rose to DKK 83.0 million in 2022/23, a 39%
increase measured in Danish kroner and a 31% increase measured at
constant exchange rates.
- Operating profit
(EBITDA) amounted to DKK 251.0 million in 2022/23, a 13% increase
on 2021/22. The EBITDA margin was 57%, up five percentage points on
2021/22.
- Profit for the
year rose by DKK 19.2 million to DKK 178.7 million, a 12%
year-on-year increase.
- Revenue and
EBITDA for the year are in line with the most recent guidance
announced on 8 February 2023.
- The Board of
Directors proposes to the general meeting that a dividend of DKK
6.0 per share, equivalent to a total dividend payout of DKK 104.4
million, be distributed for the 2022/23 financial year. The
proposal should be seen in the context of ChemoMetec’s strong
financial position, and the planned investments in new facilities
have also been taken into account.
Guidance
- For 2023/24,
ChemoMetec expects revenue in the range of DKK 400-435 million and
EBITDA in the range of DKK 200-220 million.
Conference call
The Company will host a conference call on
Thursday, 14 September at 11:00 a.m.
Rasmus Kofoed, CEO, and Niels Høy Nielsen, CFO,
will present the annual report for 2022/23. Their presentation will
be followed by a Q&A session.
The conference call will be conducted in
English.
Link to the conference call:
https://chemometec.com/investor-relations/chemometec-fy-2022-23-conference-call/
Additional information
Rasmus Kofoed, CEO Tel.: (+45) 26 72 68
19
Niels Høy Nielsen, CFOTel.: (+45) 25 51 87
24
Attachments to this
announcement
- Annual Report
2022/23 (English)
The annual report may also be downloaded from
ChemoMetec’s website www.chemometec.com
About
ChemoMetec A/S
ChemoMetec develops, manufactures and markets
instruments for cell counting and a wide range of other
measurements. ChemoMetec’s instruments are marketed to the
pharmaceutical, biotech and agricultural industries worldwide.
ChemoMetec’s customers include some of the world’s leading
pharmaceutical companies, such as Novartis, Novo Nordisk, H.
Lundbeck, Merck, AstraZeneca and Johnson & Johnson.
ChemoMetec was founded in 1997 and is listed on
Nasdaq OMX Copenhagen. For further information, go to
www.chemometec.com.
- ChemoMetec_Annual Report 2022-23_UK
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