Full Year 2024 Ion Beam Applications SA Earnings Call Transcript
Key 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.
- 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.
Hello and welcome to IBA's full year 2024 results conference call. I am Thomas Pevenage, Head of Investor Relations of IBA. As usual, you will find this presentation on the Investor Relations page of our website. A question-and-answer session will follow the formal presentation. Know that this call is being recorded.
Moving to the next page. Let me draw your attention to the company's usual disclaimer of forward-looking statements. In addition, you will have noticed that we have changed the application of IFRS15 for revenue recognition of third-party equipment sales, leading to an increase of our reported revenues and cost of goods sold and a decrease of our gross margin and REBIT's margin in percentage. Full year '24 numbers reflect this new method of reporting. And full year '23 numbers have been restating accordingly.
I will now hand over to Olivier Legrain, Chief Executive Officer of IBA.
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