IBA Reports Half Year 2022 Results

Wednesday, August 31, 2022 - 10:00
Industrial Solutions

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

 

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