In This Article:
GROUP REVENUES UP 21.9%
ACCELERATED BACKLOG CONVERSION IN PROTON THERAPY AND OTHER ACCELERATORS
STRONG GROSS MARGIN IMPROVEMENT AND BREAKEVEN REBIT
Louvain-la-Neuve, Belgium, 29 August 2024 - IBA (Ion Beam Applications S.A), the world leader in particle accelerator technology, today announces its consolidated results for the first half of 2024.
| (EUR 000) | H1 2024 | H1 2023 | Variance | Variance % |
| Total Revenues | 206 452 | 169 418 | 37 034 | 21.9% |
| Proton Therapy | 107 724 | 95 082 | 12 642 | 13.3% |
| Other Accelerators | 70 078 | 41 354 | 28 724 | 69.5% |
| Dosimetry | 28 649 | 32 982 | -4 333 | -13.1% |
| REBITDA | 6 776 | -13 859 | 20 635 | 148.9% |
| % of Revenues | 3.3% | -8.2% |
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| REBIT | 43 | -20 296 | 20 339 | 100.2% |
| % of Revenues | 0.0% | -12.0% |
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| Profit Before Tax | -6 818 | -22 656 | 15 838 | 69.9% |
| % of Revenues | -3.3% | -13.4% |
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| NET RESULT | -10 302 | -27 263 | 16 961 | 62.2% |
| % of Revenues | -5.0% | -16.1% |
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Financial summary
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Group H1 revenues increased by 21.9% to EUR 206.5 million (H1 2023: EUR 169.4 million), driven by accelerated backlog conversion and increasing Services revenues across all businesses
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Gross margin increased to 33.8%, up from 26.6% last year, driven in particular by an increase in the proportion of Other Accelerators revenues, improvement of project cost estimates and better margin mix in Proton Therapy (PT)
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Group REBIT of EUR 0.04 million, a strong improvement on the same period last year, reflecting a combination of backlog conversion, improvement in gross margin and the uptick in Services revenues
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Group order intake of EUR 113.9 million; of which PT was EUR 34.9 million, Other Accelerators was EUR 47.5 million and Dosimetry was EUR 31.5 million
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Strong acceleration of backlog conversion, but with equipment and upgrade backlog still standing at EUR 715 million (FY 2023: EUR 720 million). Overall Group Equipment and Services backlog remains high at EUR 1.4 billion
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Both PT and Other Accelerators Services revenues grew 8.8%
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Total Group net loss of EUR 10.3 million (H1 2023: EUR 27.3 million loss)
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Healthy balance sheet, with EUR 60.2 million gross cash and EUR 21.7 million net cash position. Cash position reflects strong procurement and backlog conversion activity over the period. EUR 60 million undrawn short-term credit lines available at period end
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Mid-term guidance reiterated
Business summary
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14 Other Accelerators systems sold in H1, a significant increase on the previous year (H1 2023: 8 systems)
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One Proteus®ONE1 system sold in H1 to Connecticut Proton Therapy Center (H1 2023: Two Proteus®ONE systems and one Proteus®PLUS1 system) and a partial Proteus®PLUS1 equipment batch sold to CGN
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Post-period, memorandum of understanding (MoU) signed for two Proteus®ONE proton therapy solutions with the University of Pennsylvania Health System
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35 PT projects under construction or installation at the end of the period with good progress on major Spanish and Chinese projects
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Strong Industrial Solutions performance, with excellent backlog conversion and growing Services revenue
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Dosimetry acquisition completed of California-based RadCal Corporation, specialists in medical imaging Quality Assurance
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IBA and SCK CEN’s joint venture PanTera secured four commercial agreements for early supply of actinium-225 (225Ac) in a highly active market
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B Corp certification renewed during the period, with a significantly improved score of 114 points (2021: 90 points), placing the Group among the top 10% of those certified globally