LUMIBIRD: FIRST-HALF RESULTS FOR 2024 UP IN THE MEDICAL DIVISION,
LOWER IN THE PHOTONICS DIVISION
Lannion, September 24, 2024 – 17:45 pm
FIRST-HALF RESULTS FOR 2024 UP IN THE
MEDICAL DIVISION, LOWER IN THE PHOTONICS DIVISION
- EBITDA1 of
€10.9m on a reported basis, compared with €13.8m in H1
2023
- Medical Division: EBITDA as a percentage of sales
revenue up to 17.6% (vs. 15.4% in H1 2023)
- Photonics division: EBITDA
as a percentage of sales revenue down to 4.3% (vs 12.9% in H1 2023)
and 7.9% excluding Convergent
- Lumibird expects to achieve
sales revenue growth of over 5% and an EBITDA as a percentage of
sales revenue of over 16% in 2024
- 3-year objectives of 2024-2026 plan
maintained
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
30 June (in €m)
|
H1 2024 reported
|
H1 2024 excluding
Convergent2
|
H1 2023
|
Restated change |
|
Value |
% |
|
Revenues |
98.0 |
94.2 |
97.2 |
(3.0) |
-3% |
|
EBITDA 1 |
10.9 |
12.3 |
13.8 |
(1.5) |
-11% |
|
% revenues |
11.2% |
13.1% |
14.2% |
|
|
|
Profit from recurring operations |
1.6 |
4.2 |
6.0 |
(1.7) |
-29% |
|
% revenues |
1.7% |
4.5% |
6.2% |
|
|
|
Operating profit |
2.2 |
|
2.7 |
|
|
|
Net income |
(0.1) |
|
0.5 |
|
|
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%).
- The Medical
Division posted sales revenue of €50.8m in the first half, down
slightly (-1%) on the previous year, and up 0.4% at constant
exchange rates. The 1st half saw a gradual recovery in
Asian markets, mainly China and Korea, and slight growth in EMEA
and the Americas. The regulatory and administrative obstacles
identified at the end of 2023 are gradually being overcome, for
example by obtaining CE marking for C-DIAG (dry eye) in May 2024
and authorization for our distributor in Brazil to re-import
Optotek brand products.
- The Photonics
division, with revenues of €47.2m on a reported basis, up 3% and
down 4% on a like-for-like basis, had a mixed performance in the
first half of 2024. Strong growth in Europe was driven by the
buoyancy of the Defence/Space segment, while the decline in
business in the Americas and Asia-Pacific was mainly due to the ETS
(Environment, Topography and Security) segment. The Lidar Systems
business was severely impacted by a commercial and industrial
reorganization that took longer than expected. The division also
suffered from order backlogs, adding to the unfavourable base
effect for the H1 2023 comparison.
Contribution for both divisions
Summary of results by division
in €m
|
Photonics |
Medical |
|
2023-H1 (reported) |
2024-H1
(reported) |
2024-H1
(excluding Convergent) |
Chg 24-23(%) (excl. Convergent) |
2023–H1 |
2024-h1 |
Chg (%) |
|
Revenues |
45.9 |
47.2 |
43.4 |
-5.5% |
51.3 |
50.8 |
-0.9% |
|
Gross margin |
29.9 |
28.3 |
26.8 |
-10.5% |
30.9 |
31.2 |
+0.9% |
|
% |
65.2% |
59.9% |
61.7% |
|
60.3% |
61.4% |
|
|
EBITDA |
5.9 |
2.0 |
3.4 |
-42.2% |
7.9 |
8.9 |
+12.7% |
|
% |
12.9% |
4.3% |
7.9% |
|
15.4% |
17.6% |
|
|
Profit from recurring operations |
0.7 |
(4.8) |
(2.2) |
-396.4% |
5.2 |
6.4 |
+22.5% |
|
% |
1.6% |
-10.2% |
-5% |
|
10.2% |
12.6% |
|
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:
- Over the period, direct expenditure
on development projects, whether self-financed, subsidised or
eligible for the research tax credit, totalled €11.1m, compared
with €9.1m a year earlier. The portion capitalised during the
period as investment (and -excluded from EBITDA) amounted to €6.1m,
compared with €6.2m a year earlier.
- Depreciation and amortisation of
R&D investments (recognised in current EBIT) totalled €4.1m,
compared with €3.9m a year earlier.
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
| in
€m |
30/06/2023 |
30/06/2024 |
| Cash
flow from operating activities |
6.4 |
14.8 |
|
Of which cash flow from operations before tax and finance
costs |
10.5 |
11.2 |
|
Of which Change in WCR |
(2.9) |
5.3 |
|
Of which tax paid |
(1.2) |
(1.8) |
|
Cash flow from investing activities |
(15.1) |
(9.0) |
|
Of which Industrial investment |
(14.0) |
(9.0) |
|
Of which external growth |
(1.1) |
- |
|
Of which other financial assets |
- |
- |
|
Cash flow from financing activities |
(3.2) |
1.9 |
|
Of which capital increase |
- |
- |
|
Of which net new financing |
0.7 |
5.5 |
|
Of which debt servicing |
(1.6) |
(2.7) |
|
Of which other changes |
(2.4) |
(0.9) |
| CHANGE
IN CASH AND CASH EQUIVALENTS
3 |
(11.9) |
7.7 |
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
| Extract
from the consolidated balance sheet (in €m) |
31/12/2023 |
30/06/2024 |
|
Goodwill |
72.6 |
73.1 |
|
Non-current assets (excluding goodwill) |
135.3 |
140.7 |
|
Current assets (excluding cash) |
141.1 |
137.1 |
|
Cash and cash equivalents |
56.2 |
63.9 |
| TOTAL
ASSETS |
405.2 |
414.8 |
|
Equity (including minority interests) |
193.3 |
193.5 |
|
Financial liabilities4 non current |
128.6 |
136.4 |
|
Other non-current liabilities |
9.2 |
9.8 |
|
Current financial liabilities |
16.5 |
17.5 |
|
Current liabilities |
57.6 |
57.6 |
| TOTAL
LIABILITIES |
405.2 |
414.8 |
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:
- Sales revenue
growth rate of over 5% and EBITDA as a percentage of sales revenue
of over 16% (17% in 2023),
- For the Medical
division, revenue growth rate of over 8% and a significant
improvement in EBITDA as a percentage of sales revenue compared
with 2023 (18.1%),
- For the
Photonics division, revenue growth of over 2%, with the integration
of Convergent. Photonics revenues (excluding Convergent) are
expected to be stable. EBITDA as a percentage of sales revenue for
the Photonics division is expected to be lower than in 2023
(15.8%). The acquisition of Convergent represents a long-term
investment in technology and product development. The time taken to
bring new products to market will be more gradual than expected. In
addition, sales of OEM5 products are expected to fall in
H2 2024, with a negative impact on H2 2024 EBITDA for Convergent.
Convergent sales revenue for 2024 are expected to be between €5.5m
and €6.0m.
Lumibird remains confident in the momentum of
its markets and its capacity for innovation, and confirms the
objectives of its 2024-2026 plan, namely:
- A compound
annual growth rate (CAGR) in sales of over 8%, driven by the launch
of new products and the order book secured by multi-year
contracts,
- EBITDA as a % of
sales up by at least 500 basis points compared with 2023 (17%). The
improvement in EBITDA will be driven by the Group's verticalisation
strategy, productivity gains and the optimisation of its operating
cost structure as a result of recent investments.
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
LUMIBIRD
Marc Le Flohic
Chairman and Chief Executive Officer
Tel. +33(0) 1 69 29 17 00
info@lumibird.com |
LUMIBIRD
Sonia Rutnam
Chief Financial and Transformation Officer
Tel. +33(0) 1 69 29 17 00
info@lumibird.com |
Calyptus
Mathieu Calleux
Investor Relations
Tel. +33(0) 1 53 65 37 91
lumibird@calyptus.net |
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.
2 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 30th June 2024 and 9.8M€ for 31 December
2023)
5 Original Equipment Manufacturer
- 240924LUMIBIRD_RS_2024_EN (1)
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