INTERIM REPORT FOR Q1 2023/24
In Q1 2023/24, Ambu delivered 14% organic revenue growth and a 10.0% EBIT margin before special items. This was driven by Endoscopy Solutions growing 25%, due to continued high double-digit growth within urology and ENT, combined with pulmonology growing 18%.
“I am pleased with the performance within the first quarter of the year, showcasing our continued commitment to delivering strong profitable growth. With 25% growth in Endoscopy Solutions, an increased profitability level and a positive free cash flow of DKK 135m, we are off to a solid start to meet our financial guidance for this fiscal year.
Whereas the first year of our transformative ZOOM IN strategy revolved around re-building our financial foundation, this second year is dedicated to accelerated growth at higher margins. I am excited to continue our trajectory along with my dedicated colleagues at Ambu, to support our customers and their patients, all over the world.”
Britt Meelby Jensen
Chief Executive Officer
HIGHLIGHTS FOR THE QUARTER
Last year’s comparative figures are presented in brackets.
Financial highlights
- Revenue for Q1 increased organically by 14% (4%) to DKK 1,254m (DKK 1,132m). Reported growth for the quarter was 11% (10%).
- Endoscopy Solutions increased organically by 25% (3%). Pulmonology posted 18% (-17%) organic growth, and Endoscopy Solutions excl. pulmonology posted 34% (47%) organic growth, driven by strong growth in urology and ENT.
- Anaesthesia & Patient Monitoring increased organically by 1% (5%), combined. Both were affected by price increases in selected low-margin areas, which is implemented on a rolling basis throughout the financial year.
- EBIT before special items for the quarter was DKK 126m (DKK 68m), with an EBIT margin before special items of 10.0% (6.0%). The improved EBIT margin of 4.0 %-pts was mainly driven by revenue expansion driving scale in OPEX of 3.6 %-pts, while operational expenses plateaued. The impact of foreign exchange rates on the EBIT margin was approximately +1%-pts.
- Free cash flow before acquisitions totalled DKK 135m (DKK -174m) for the quarter, driven by improved EBITDA, net working capital and lower CAPEX.
- The FY 2023/24 financial guidance stated on 8 November 2023 is maintained:
- Organic revenue growth: 7-10%
- EBIT margin before special items: 8-10%
Business highlights
- Strengthened urology offering with European regulatory clearance (CE mark) of aScope™ 5 Uretero and aScope™ Cysto 5 HD.
- Ambu’s near-term climate targets validated by SBTi, reflecting the reduction of absolute scope 1 and 2 greenhouse gas emissions by 75% by the 2029/30 financial year. Also, ambition set to reach net-zero emissions across the value chain by 2045.
- Completion of Executive Leadership Team, with Henrik Bender (CFO) on-boarded and Rummana Hasan appointed as Chief Marketing Officer (CMO) as of 1 February 2024.
Q1 2022/23 CONFERENCE CALL
A conference call is broadcast live today, Tuesday 30 January 2024, at 11:00 (CET), via Ambu.com/webcastQ12024. To ask questions during the Q&A session, please register prior to the call via Ambu.com//conferencecallQ12024register. Upon registration, you will receive an e-mail with the needed information to access the call.
The presentation can be downloaded at Ambu.com/presentations.
ABOUT AMBU
Since 1937, Ambu has been rethinking solutions, together with healthcare professionals, to save lives and improve patient care. Today, millions of patients and healthcare professionals worldwide depend on the efficiency, safety and performance of our single-use endoscopy, anaesthesia and patient monitoring solutions. Headquartered near Copenhagen in Denmark, Ambu employs around 4,600 people in Europe, North America, Latin America and Asia Pacific.
For more information, please visit Ambu.com.
CONTACT
Investors
Anders Hjort
Head of Investor Relations
anhj@ambu.com
+45 2892 8881
Media
Tine Bjørn Schmidt
Head of Corporate Communications
tisc@ambu.com
+45 2264 0697
Ambu A/S
Baltorpbakken 13
DK-2750 Ballerup, Denmark
Tel.: +45 7225 2000
CVR no.: 63 64 49 19
Ambu.com
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