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• Revenue: EUR498 million, up 7% from 2023.

• Gross Margin: Improved by 4.5% year-on-year.

• REBIT: Increased to EUR17 million.

• Net Income: EUR9.3 million, an EUR18 million improvement versus last year.

• Dividend: Proposed EUR0.24 per share.

• Backlog: Stable at EUR1.5 billion.

• Order Intake: EUR321 million, up 11% from EUR288 million.

• Proton Therapy Revenue: EUR242 million, stable with a slight decline in equipment sales.

• Other Accelerators Revenue: Increased by 18% to EUR194 million.

• Dosimetry Revenue: EUR66 million, flat year-on-year.

• Other Accelerators REBIT: Improved 63% to EUR34.7 million.

• Cash Position: EUR72.2 million at the end of the period.

• Net Financial Position: Positive at EUR33 million.

• Warning! GuruFocus has detected 6 Warning Signs with IOBCF.

Release Date: March 20, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Ion Beam Applications SA (IOBCF) reported a record revenue of EUR498 million for 2024, marking a 7% increase from 2023.

• The company returned to profitability in 2024 with a net result of EUR9.3 million, an improvement of EUR18 million compared to the previous year.

• Order intake for 2024 was strong at EUR321 million, driven by the sale of 33 Other Accelerators systems and 5 Proton Therapy systems.

• The backlog remains at a record high of EUR1.5 billion, providing significant visibility into future revenue.

• Ion Beam Applications SA (IOBCF) continues to invest in future growth, exemplified by the PanTera joint venture securing important funding for actinium-225 production.

Negative Points

• The application of IFRS15 for revenue recognition led to a decrease in gross margin and REBIT's margin percentage.

• Proton Therapy equipment revenues declined by 4% due to the cycle of backlog conversion.

• Dosimetry REBIT declined due to delayed acquisition synergies from RadCal and challenges in the Chinese market.

• The company experienced a loss of EUR12 million in Proton Therapy REBIT for 2024 under the new segment reporting.

• Working capital was temporarily impacted by the Spanish Ministry of Health contracts, affecting cash position.

Q & A Highlights

Q: Can you explain the significant losses in Proton Therapy for 2024 and the expected margin by 2028? A: Olivier Legrain, CEO: The losses were anticipated due to executing orders taken in a competitive environment with lower margins. However, all orders have positive gross margins. We are investing in service productivity and competitive positioning. We expect Proton Therapy to return to profitability in 2025, with margins normalizing by 2028, similar to Other Accelerators.