IBA Reports Full Year 2023 Results


Louvain-la-Neuve, Belgium, 21 March 2024 – IBA (Ion Beam Applications S.A), the world leader in particle accelerator technology, today announces its consolidated results for the 2023 financial year.

(EUR 000) FY 2023 FY 2022 Variance Variance %
Total Net Sales 428 717 361 270 67 447 18.7%
  Proton Therapy 229 065                                             218 761 10 304 4.7%
  Other Accelerators 133 742                                              88 538 45 204 51.1%
  Dosimetry 65 910                                               53 971 11 939 22.1%
REBITDA 19 308 21 571 -2 263 -10.5%
    % of Sales 4.5% 6.0%    
REBIT 6 417 11 050 -4 633 -41.9%
    % of Sales 1.5% 3.1%    
Profit Before Tax -315 -430 115 -26.7%
    % of Sales -0.1% -0.1%    
NET RESULT -9 110 6 057 -15 167 -250.4%
    % of Sales -2.1% 1.7%    

Olivier Legrain, Chief Executive Officer of IBA, commented: “A strong second half performance has ensured we have delivered positive REBIT at the full year, with Group revenues in line with expectations.”

“Other Accelerators had a particularly strong year, with revenues growing more than 50% and a significant increase in REBIT driven by high order intake over the past few years and accelerated backlog conversion. Dosimetry performance was also strong, with growth in sales and REBIT, and the Services business continuing to perform well across the board. Meanwhile, Proton Therapy’s reduced performance reflects the significant investment into the future growth of the business alongside some delays in backlog conversion.”

“Looking ahead, IBA remains focused on keeping its supply chain moving and accelerating backlog conversion. Alongside this, investment is important for the business and will be executed with an agile and targeted approach.”

“As we continue to drive growth, I’m pleased to announce Henri de Romrée’s appointment as Deputy CEO, where he will focus on future opportunities and performance in the Other Accelerators business.”

Financial summary
▪Total 2023 Group revenues of EUR 428.7 million, up 18.7% versus last year, in line with expectations and driven by accelerated backlog conversion in H2 across all business units, with particularly strong growth from Proton Therapy (PT) Services, Dosimetry and Other Accelerators
▪Performance significantly second half weighted, as anticipated, with strong execution of backlog, resulting in positive Group REBIT of EUR 6.4 million (FY22 EUR 11.1 million)
              •Very strong Other Accelerators and Dosimetry REBIT driven by high value backlog conversion and sales growth, compensating Proton Therapy REBIT affected by customer delays, inflationary pressures and R&D investments
▪Gross margin was 31.4%, compared to 35.1% in 2022, impacted by product mix alongside a one-off positive impact in 2022 of a customer bankruptcy related indemnities (FY22: 33.4% on a like-for-like basis)
▪Group order intake of EUR 267.2 million; PT and Other Accelerators order intake was EUR 200.1 million and Dosimetry order intake was EUR 67.1 million
▪Total Group net loss of EUR 9.1 million (2022: EUR 6.1 million profit), primarily driven by PT performance
▪Strong balance sheet retained with EUR 109.3 million gross cash and EUR 67.7 million net cash position. EUR 40 million undrawn short-term credit lines still available at period end
▪Equipment and Services backlog remains at EUR 1.4 billion
▪Mid-term guidance unchanged, with revenue, CAGR and CAPEX in line with targets

Business summary (including post-period end)
▪18 Other Accelerators systems sold in 2023 (2022: 36 systems), with a strong uptick in Equipment and Services revenues
▪Seven PT rooms sold, comprising one Proteus®PLUS1 and three Proteus®ONE1 systems sold, and the restoration of an existing three-room solution in the US (2022: 17 rooms)
▪33 PT projects under construction or installation at the end of the period
▪Continued good progress of IBA and SCK CEN’s joint venture PanTera for the production of actinium-225, with collaborations secured with supplier TerraPower and post-period end, with Bayer and another undisclosed customer
▪Post-period end, Dosimetry product offering and US footprint strengthened with acquisition of Radcal Corporation, an X-ray imaging specialist
▪B Corp recertification ongoing
▪Henri de Romréée appointed as Deputy CEO


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