Guerbet: 2021 half-year results
2021 half-year results
- Strong sales pickup across all activities
> H1 sales: €363.1 million (+9.6%1) with a sharp
increase in Q2
- Solid financial structure
> H1 EBITDA margin2: 17.1% at €62.3 million (versus
14.7% in H1 2020 at €53.3 million)
> Strong net income growth at €23.4 million (6.4% of
revenue) versus €8.2 million (2.3% of revenue) in H1 2020.
> Net debt decrease at €249.3 million
- 2021 objectives: Confirmation of guidance
> 2021 EBITDA margin of at least 14.1% of
- Acquisition of pharmaceutical license for direct
distribution in China in 2022 of all pharmaceutical products
registered in the territory
Villepinte, September 22,
2021 – Guerbet (FR0000032526), a global specialist in
contrast agents and solutions for medical imaging, is announcing
its consolidated results for the first half of 2021.
Excluding forex effects and on a like-for-like
basis3, H1 sales increased by 9.6% from June 30, 2020. It
benefited from the return to growth across all Group products with
Q2 sales up 25.1% excluding forex effects and on a like-for-like
basis. This quarterly performance is very close to the Group's
activity levels prior to the health crisis.
Reported H1 revenue amounts to
€363.1 million, stable compared with June 30, 2020
(€363.7 million) and including an unfavorable forex effect of
Robust growth momentum across all geographic regions and
- Growth is back in most EMEA countries with
significant volume effects along with a slight drop in prices.
- In the Americas, like-for-like sales
(excluding the contribution of the Montreal plant in Canada sold on
July 16, 2020) were up 3.7%. On a like-for-like basis and
excluding the €11.0 million unfavorable forex effect, mainly
attributable to the Brazilian real and the US dollar, sales were up
14.3% over the first half of the year.
- In Asia, sales were up 3.5% at constant
exchange rates with very strong momentum in Japan and China.
H1 sales in Diagnostic Imaging
were up 8.2% at constant exchange rates.
- H1 revenue in MRI amounted to
€118.4 million (+6.8%, or +11.7% at constant exchange rates).
It benefited from the excellent sales of Dotarem® with a sharp
increase in volumes sold during Q2 2021 (+39.0% compared with Q2
- X-ray revenue at constant exchange rates
increased by 6.2%, supported especially by the good performance of
Optiray® during Q2 2021.
The good sales figures in Interventional
Imaging continued to be driven by Lipiodol®, which
benefits from an increasingly important influence because of its
properties and its reinforced geographical establishment.
Excellent half-year results
In millions of eurosConsolidated financial statements (IFRS)
% of revenue
% of revenue
% of revenue
The 2021 half-year financial statements, approved by the Board
of Directors on September 22, 2021, underwent a limited review
by the statutory auditors. The statutory auditors' report is being
EBITDA margin: 17.1% of H1 revenue
During the first half, the Group maintained the
budgetary discipline implemented at the height of the COVID crisis,
allowing to maintain the savings generated over the 2020 fiscal
year. Efforts related to production and fixed costs optimization.
SG&A costs during H1 2021 were in line with H1 2020, but down
€15 million compared with H1 2019. This budgetary discipline
has allowed the Group's EBITDA to be at €62.3 million versus
€53.3 million at June 30, 2020. The EBITDA/Sales ratio
was 17.1%, compared with 14.7% in 2020 and 15.4% in 2019.
Thanks to this good performance, the operating
result was €34.8 million at June 30, 2021, compared with
€25.4 million for the same period in 2020. This represents
9.6% of the Group's H1 sales versus 7.0% at June 30, 2020.
H1 net income totaled €23.4 million,
compared to €8.2 million at June 30, 2020. This increase
is also explained by forex losses in 2020 not repeated in 2021.
Very sound financial
At June 30, 2021, equity totaled
€387 million, compared to €364 million at
December 31, 2020. The Group continued to reduce its financial
debt by more than €7 million over the first six months of the
fiscal year. This continued positive trend brought net debt down to
€249.3 million at June 30, 2021. The net debt/EBITDA
ratio was 2.27, compared with 2.55 at December 31, 2020.
With its strong financial situation, the Group
has the necessary resources for successful implementation of its
ambitious development strategy underpinned by its geographical
expansion, the launch of new products with high added value, and
the targeted acquisition of companies in high-potential
Outlook for 2021: renewed sales and
marketing efforts to support future growth
Sales and marketing investments intended to
boost activity and accelerate the implementation of the strategy
will have a direct impact on profitability at the end of the fiscal
- Go-Direct in China in 2022
Following its territorial expansion strategy,
the Guerbet group intends to go direct in one of the world's
leading diagnostic imaging markets: the rapidly growing Chinese
As a first step, the Group obtained a license
for medical devices in this market in 2020. The Group also recently
obtained a pharmaceutical license to distribute any pharmaceutical
product registered in Chinese territory. This will be followed by
the direct go-to-market of Guerbet-branded products in Chinese
territory starting in 2022. At this stage, certain costs will be
incurred during the second half of the year. The recruitment of
sales teams is also expected to be finalized in the coming months.
This initiative will allow the Group to strengthen its penetration
of a market with annual growth of 9% and to double its sales over
three to four years. As a reminder, the Group decided in 2018
to switch to a direct-distribution organization in Japan. This
successful initiative enabled the Group to double its revenue in
this market in three years.
- Preparation for the launch of new Artificial
Intelligence and Interventional Imaging products
As announced, the Group is preparing to launch
its artificial intelligence software to support liver cancer
diagnosis resulting from a joint development with IBM Watson Health
initiated in July 2018. This artificial intelligence software
solution is expected to be launched in the first half of 2022. The
Group will recruit sales teams and incur marketing costs during the
second half of 2021 in preparation for the launch.
In Interventional Imaging, Accurate Medical
Therapeutics is expected to launch new ranges and sizes of
micro-catheters as well as Micro-guidewire in the coming
Confirmation of 2021
Despite a still unstable health situation in
significant part of the world, the Group remains confident that it
will find its way back to growth in 2021. As previously announced,
the Group expects the increase in sales of the generic form of
Dotarem® in the United States to continue to have an impact on its
activity. It believes that this impact will be limited with
movements in Dotarem® volumes and prices expected to be comparable
with Europe, where the generic form has already been available for
more than three years.
For 2021, the Group anticipates moderate growth
in its reported sales but an increase of 6 to 8% on a like-for-like
basis and constant exchange rate. This increase in activity should
allow an EBITDA/revenue ratio of at least 14.1%. In the medium
term, the Group expects the EBITDA/revenue ratio to improve
gradually, enabling it to create strong, sustainable growth.
Publication of Q3 2021 revenue
Thursday, October 21, 2021, after
1 On a like-for-like basis and at constant exchange rates
2 EBITDA: Operating income + net amortization, depreciation, and
3 Like-for-like basis: sales by the Montreal plant, sold on
July 16, 2020, were excluded from H1 2020 sales. During the
period, sales totaled €16.6 million and were made in the
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.
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
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
For more information about Guerbet, please visit
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