Q1 2026 Carl Zeiss Meditec AG Earnings Call Transcript
Key Points
- Carl Zeiss Meditec AG (CZMWF) has a strong brand recognition in China, even more so than in Germany, which is a significant advantage in the Chinese market.
- The company is actively working on localizing manufacturing in China, which is expected to enhance competitiveness and market access.
- There is continued momentum from the VISUMAX 800 and the associated SMILE pro rollout in China, indicating strong product demand.
- The company has a robust infrastructure in China, with support from local officials, which is expected to aid in overcoming current challenges.
- Carl Zeiss Meditec AG (CZMWF) has a strong order backlog, which provides a buffer against short-term revenue fluctuations.
- The company experienced a weak start to the fiscal year, with both revenue and EBITA coming in below the prior year, primarily due to currency headwinds and an unfavorable product mix.
- Revenue for the quarter declined by 4.8% year over year, with significant impacts from currency fluctuations, particularly the US dollar and Chinese yuan.
- The EBITA margin significantly declined to 1.7% from 7.2% last year, driven by negative FX effects and unfavorable product mix.
- The company had to withdraw its bifocal intraocular lenses from the current VBP tender in China, leading to revenue loss and potential inventory scrapping.
- There is increased competitive pressure in the Chinese market, particularly in the multifocal IOL category, which is expected to impact pricing and margins.
Good morning, ladies and gentlemen, and welcome to the three months '25, '26 analyst conference of Carl Zeiss Meditec. My name is Sebastian Frericks, I'm the Head of Investor Relations. Our CEO, Andreas Pecher; and our CFO, Justus Wehmer, will present the three-months results and guide you through the financials and some prepared remarks. After the presentation, we look forward to the Q&A.
I would like to hand over to Andreas. Please go ahead.
Thank you. Good morning, dear analysts and investors. Welcome to the three-months '25, '26 analyst conference of Carl Zeiss Meditec AG. Maybe some of you know that I've been a Zeiss Executive Board Member since January 2022. Back then, in the very early part of that month, Meditec was valued above EUR16 billion. Now, it is valued at below EUR2.5 billion.
This is not acceptable for all of you and also not for Zeiss. Zeiss has taken the
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