Tecan reports underlying sales growth of 6.3% for full year 2023
Ad hoc announcement pursuant to Article 53 of the SIX Exchange Regulation Listing Rules
Tecan reports underlying sales growth of 6.3% for full year 2023
Männedorf, Switzerland, January 9, 2024 – In a trading statement, the Tecan Group (SIX Swiss Exchange: TECN) today published unaudited preliminary sales results for fiscal year 2023, with an underlying sales growth of 6.3% in local currencies.
Tecan CEO Dr. Achim von Leoprechting commented: «Tecan’s solid underlying sales growth reflects the outstanding dedication of our teams around the world as they work with our valued business partners to maintain momentum across all areas of our business, despite a challenging market environment. With multiple new product launches, our exposure to attractive end markets and strong representation in all major regions are proving to be valuable sources of resilience.»
Underlying sales for fiscal year 2023 increased by 6.3% in local currencies, despite a challenging market environment and cautious investment behavior among many customers. Underlying sales exclude the effects of lower COVID-related sales (estimated net effect of CHF -58.5m in local currencies) and a lower pass-through of material costs compared to the prior-year period (net effect of CHF -19.7m).
In 2023, underlying sales increased by 4.9% in local currencies in the Life Sciences Business and by 7.4% in the Partnering Business segment.
In the second half of the year, underlying sales increased by 5.5% in local currencies for the Group and by 4.4% and 6.3% for the Life Sciences Business and Partnering Business segments respectively.
Reported sales for the Group for fiscal year 2023 decreased in comparison to fiscal year 2022 by 6.1% in Swiss francs and reached CHF 1,074.4 million, including a substantial negative exchange rate effect. Reported sales were 1.3% below the prior-year period when measured in local currencies. Reported sales in the second half decreased by 4.9% in Swiss francs and rose by 1.0% in local currencies.
Reported sales also include a significant reduction of pass-through sales compared to 2022, sooner and to a much greater extent than anticipated as disruptions in the supply chain increasingly returned to normal over the course of 2023. As a result, previously excessive procurement costs for certain materials normalized. As these sales do not generate a margin from passing on higher material costs, this is a desirable development.
The company will publish the full set of audited financial results 2023 as scheduled on March 12, 2024.
Key upcoming dates
- The 2023 Annual Report will be published on March 12, 2024
- The Annual General Meeting of Tecan’s shareholders will take place on April 18, 2024
About Tecan
Tecan (www.tecan.com) improves people’s lives and health by empowering customers to scale healthcare innovation globally from life science to the clinic. Tecan is a pioneer and global leader in laboratory automation. As an original equipment manufacturer (OEM), Tecan is also a leader in developing and manufacturing OEM instruments, components and medical devices that are then distributed by partner companies. Founded in Switzerland in 1980, the company has more than 3,500 employees, with manufacturing, research and development sites in Europe, North America and Asia, and maintains a sales and service network in over 70 countries. Registered shares of Tecan Group are traded on the SIX Swiss Exchange (TECN; ISIN CH0012100191).
For further information:
Tecan Group
Martin Brändle
Senior Vice President, Corporate Communications & IR
Tel. +41 (0) 44 922 84 30
Fax +41 (0) 44 922 88 89
investor@tecan.com
www.tecan.com
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