Scienza e Tecnologia
LUMIBIRD: FIRST-HALF RESULTS FOR 2024 UP IN THE MEDICAL DIVISION, LOWER IN THE PHOTONICS DIVISION
FIRST-HALF RESULTS FOR 2024 UP IN THE MEDICAL DIVISION, LOWER IN THE PHOTONICS DIVISION
The Lumibird Group, the European leader in laser technologies, has published lower results for the first half of 2024, due to a fall in profitability in the Photonics division, mainly because of lower-than-expected sales, an unfavourable product mix impacting the gross margin percentage and the integration of the Convergent business, loss-making over the period. The Medical division significantly improved its profitability by increasing its gross margin percentage and controlling operating costs. For FY 2024, Lumibird anticipates sales growth of over 5% and EBITDA as a percentage of sales revenue of over 16%. In addition, the Group is confident in the momentum of its markets and its capacity for innovation and remains focused on achieving its 3-year objectives: a compound annual growth rate (CAGR) in sales revenue of over 8% and EBITDA as a percentage of sales revenue up by at least 500 basis points compared with 2023 (17%).
Extract from the condensed consolidated interim financial statements approved by the Board of Directors on 24 September 2024
Stable sales revenue in the first half of 2024
In the first half of 2024, the Group recorded 1% growth in consolidated sales revenue, to €98.0m on a reported basis and €94.2m excluding Convergent, down slightly (-3%).
Contribution for both divisions
Summary of results by division
Gross margin rate for the Photonics division was 59.9% on a reported basis, down 530 bps, impacted in particular by the integration of Convergent. Excluding Convergent, the decline was just 350 bps, due to a sharp 50% fall in business in the ETS market and a less favourable product mix than in H1 2023 (fewer sales of high-margin Lidar systems). For the Medical division, gross margin is up, despite the slight fall in sales revenue, reflecting the return to a gross margin rate (61.4%) at the 2022 level.
EBITDA for the first half of 2024 was €10.9m on a reported basis, or 11.1% of revenues, compared with 14.2% in the first half of 2023. Excluding Convergent, EBITDA for the first half of 2024 was €12.3m, representing a margin of 13.1% of sales. The increase in EBITDA for the Medical division, due to an improved gross margin and tight control of operating costs, was not enough to offset the decline in EBITDA for the Photonics division, which was mainly due to a lower gross margin, despite a reduction in operating costs.
In accordance with IFRS, reported EBITDA has been restated for development costs capitalised during the period, and operating income before non-recurring items has been restated for depreciation charges relating to the capitalisation of projects:
Profit from recurring operations for the first half of the year was therefore €1.6m on a reported basis and €4.2m excluding Convergent, compared with €6.0m in the first half of 2023.
After net financial expenses of €2.2m (vs. €2.8m in H1 2023) and tax of €0.1m (vs. €0.6m in H1 2023), net profit was €0.1m, compared with €0.5m in H1 2023.
Cash flow: solid generation of operating cash flow
The change in working capital requirements made a positive contribution (+€5.3m) to the change in cash and cash equivalents over the first half of 2024, mainly due to the reduction in trade receivables.
After several years of heavy investment in new production capacity, investment flows in the first half of 2024 are down. Capitalised development costs amounted to €6.1m (€6.2m at end-June 2023) and capital expenditure to improve production facilities to €2.9m (€7.9m at end-June 2023).
Balance sheet position
Net financial debt stood at €90.0m at 30 June 2024, compared with €88.9m at 31 December 2023. It is made up of €153.9m in gross financial debt and €63.9m in cash and cash equivalents.
Lumibird retains a solid financial position, with gearing of 47% and a leverage ratio (12 months rolling) of 2.9.
Outlook
After a mixed first half, Lumibird expects to achieve the following in 2024:
Lumibird remains confident in the momentum of its markets and its capacity for innovation, and confirms the objectives of its 2024-2026 plan, namely:
Next date : Q3 2024 revenues, 21/10/2024 after close of trading
LUMIBIRD is one of the world's leading laser specialists. With 50 years' experience and expertise in solid-state, diode and fibre laser technologies, the Group designs, manufactures and distributes high-performance laser solutions via two divisions: Photonics and Medical. The Photonics Division designs and produces components, lasers and systems for the defence and space, environment, topography and safety, industrial and scientific, and medtech markets. The Medical branch designs and produces medical diagnostic and treatment systems for ophthalmology.
The result of the merger in October 2017 between the Keopsys and Quantel Groups, LUMIBIRD, with more than 1,000 employees and over €203.6m in sales in 2023 is present in Europe, America and Asia.
LUMIBIRD shares are listed in compartment B of Euronext Paris. FR0000038242 - LBIRD www.lumibird.com
LUMIBIRD has been a member of Euronext Tech Leaders
since 2022.
Contacts
This press release contains forward-looking statements. These forward-looking statements represent trends or objectives, as the case may be, and should not be construed as forecasts of the Company's results or any other performance indicator. These statements are by their nature subject to risks and uncertainties as described in the Company's URD filed with the Autorité des Marchés Financiers (under number D24-0239). These statements do not therefore reflect the Company's future performance, which may differ materially.
1 EBITDA (corresponding to EBE disclosed in the financial statements) to recurring operating income adjusted for charges to provisions and depreciation, net of reversals, and expenses covered by such reversals.
Excluding Convergent, included in the scope of consolidation on 31.08.2023, unaudited data
3 Cash corresponds to "cash and cash equivalents" on the assets side of the balance sheet, net of bank overdrafts included in current financial liabilities on the liabilities side. It is presented before currency change impact.
4 Financial liabilities (current and non-current) correspond to financial debts and include lease debts in accordance with IFRS16 (11.5M€ for 30 June 2024 and 9.8M€ for 31 December 2023)
5 Original Equipment Manufacturer
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