IBA Reports Half Year 2022 Results

RECORD ORDER INTAKE AND BACKLOG ACROSS THE GROUP

HIGHLY ACTIVE PIPELINE FOR ALL BUSINESS LINES

SOLID BALANCE SHEET WITH RECORD EUR 137 MILLION NET CASH

 

Louvain-la-Neuve, Belgium, 31 August 2022 – IBA (Ion Beam Applications S.A), the world leader in particle accelerator technology, today announces its consolidated results for the first half of 2022.

Financial summary

  • Total H1 Group revenues of EUR 160 million, up 17% on the same period last year, largely due to increased activity and backlog conversion
  • Gross margin was 39%, an improvement versus 33% last year in absolute value as well as percentage of sales largely thanks to increased activity in Proton Therapy (PT) equipment, in particular in US and Asia, a high-margin product mix and the indemnities recognized following the Rutherford bankruptcy. The gross margin also positively benefited from forex impacts, thanks to the strengthening of USD
  • Strong order intake of EUR 175 million for Proton Therapy and Other Accelerators, with revenues up 20%
  • PT equipment revenues improved strongly, up 115% to EUR 51.6 million as backlog conversion accelerated
  • Order intake for Dosimetry remained strong at EUR 30 million, representing an increase of 11% versus last year and highlighting the resilience of this business unit
  • Whilst order intake remained strong, Other Accelerators equipment revenue decreased by 35% to EUR 19.5 million from EUR 30.1 million last year, due to backlog conversion still being impacted by COVID-19 restrictions and also by a few supply chain challenges. It is expected that some of these challenges will be resolved in H2, allowing for a sharp increase in new installations
  • Continued strong performance of Services with PT revenue increasing 11% versus H1 2021
  • Equipment and upgrade backlog reached an all-time high of EUR 497 million, with record overall equipment and services backlog of EUR 1.2 billion
  • Positive H1 2022 REBIT of EUR 4.6 million (H1 2021: EUR 0.7 million) reflecting a high level of order intake and contract execution, a growing service business and indemnities following Rutherford bankruptcy
  • Total Group net loss of EUR 1.7 million (H1 2021: EUR 1.9 million)
  • Very strong balance sheet with EUR 202 million gross cash and EUR 137 million net cash position. EUR 37 million undrawn short-term credit lines still available
  • 2021 share buyback program completed in March 2022 for total of 302,451 shares