IBA Reports Full Year 2021 Results
24 Mars 2022 - 7:00AM
IBA Reports Full Year 2021 Results
STRONG ORDER INTAKE AND RECORD BACKLOG WITH
PROFITABILITY ACROSS ALL BUSINESS LINES
SOLID BALANCE SHEET WITH EUR 130 MILLION NET
CASH
ACTIVE PIPELINE ACROSS ALL BUSINESSES
Louvain-la-Neuve, Belgium, 24 March
2022 - IBA (Ion Beam Applications SA), the world leader in
particle accelerator technology, today announces its consolidated
results for the 2021 financial year.
(EUR 000) |
YE 2021 |
YE 2020 |
Variance |
Variance% |
Total Net Sales |
312 964 |
311 955 |
1 009 |
0.3% |
Proton Therapy |
169 923 |
189 150 |
-19 227 |
-10.2% |
Other Accelerators |
90 715 |
71 745
|
18 970 |
26.4% |
Dosimetry |
52
326 |
51
060
|
1
266 |
2.5% |
REBITDA |
24 582 |
55 985 |
-31 403 |
-56.1% |
% of Sales |
7.9% |
17.9% |
|
|
REBIT |
14 510 |
40 406 |
-25 896 |
-64.1% |
% of Sales |
4.6% |
13.0% |
|
|
Profit Before Tax |
8 255 |
33 054 |
-24 799 |
-75.0% |
% of Sales |
2.6% |
10.6% |
|
|
NET RESULT |
3 879 |
31 921 |
-28 042 |
-87.8% |
% of Sales |
1.2% |
10.2% |
|
|
|
Olivier Legrain, Chief Executive Officer
of IBA commented: “In a year where the
challenges of the pandemic persisted for the world, I am extremely
proud of what IBA has been able to achieve. We demonstrated
considerable resilience across the group with profitability across
our business lines. This performance has been achieved by
capitalizing on our market leading offerings, which resulted in a
high order intake across the board. Alongside this, our pipeline is
incredibly strong with active international business leads in
Proton Therapy and Other Accelerators as well as in Dosimetry. The
resurgence in activity that we have seen in proton therapy has been
particularly notable in the US and Asia and the momentum is
providing significant visibility for the years ahead, further
bolstered by the increasing, predictable revenue stream from
Services.
“We have entered 2022 with an all-time high cash
position. This provides us with stability and optionality through
which to strengthen the business with a focus on recurring
revenues, whilst also strategically investing in emerging growth
areas such as FLASH therapy and theranostics, as well as seeking
value-enhancing business development opportunities. Moreover, as we
move towards long-term sustainable profitability, our stakeholder
approach remains front and centre of all our business
activities.
“Looking externally, the geopolitical situation
in Europe remains complex. We are saddened by the tragic
developments in Ukraine and stand by all the people who are
affected. We do not see any major impact of the ongoing conflict on
our business at this stage, however given rising inflation, global
supply chain disruptions and increasing costs of doing business,
this may change and we continue to monitor the situation
closely.”
Financial summary
- Total 2021 Group revenues of EUR 313 million,
broadly flat versus last year driven by increased activity and
backlog conversion, offset by the significantly higher contribution
of CGNNT related revenue in 2020
- Excluding CGNNT the YoY revenue growth would have been 24%,
demonstrating the strong uptick in backlog conversion, coming
mostly from the Proton Therapy business
- Gross margin was
34.4%, a return to recurring
levels vs the gross margin of 43.6% in 2020 that had been strongly
affected by the CGNNT deal
- Strong order intake of EUR 228 million for Proton
Therapy and Other Accelerators equipment and upgrades.
Revenues were flat due to a combination of improving activity and
backlog conversion in 2021, offset by CGNNT related revenue in
2020
- Excluding CGNNT impacts, Proton Therapy equipment revenues
increased from EUR 35.1 million to EUR 69.2 million, the strong
backlog conversion coming from construction progress, but also
ongoing installation of five solutions
- Other Accelerators equipment revenue increased by 35% to EUR
67.1 million, reflecting the record order intake and continuing
backlog conversion
- Resilient performance for Dosimetry with order intake
of EUR 50 million, slightly down by 4%, but with revenue
up 2.5% to EUR 52.3 million
- Continued strong performance of Services with
revenue increasing 6% versus last year. Services
now make up 46% of the PT and Other Accelerator revenue line
- Equipment and upgrade backlog reached an all-time high of EUR
449 million and with record overall equipment and services
backlog of EUR 1.2 billion
- Positive 2021 REBIT of EUR 14.5 million (2020:
EUR 40.4 million) reflecting continued strong recovery and cost
control measures with last year’s figure strongly benefiting from
the CGNNT deal
- Total Group net profit of EUR 3.9 million
(2020: EUR 31.9 million)
- Strong balance sheet with EUR 130 million net cash
position, doubling from EUR 65 million at the end of last
year
- EUR 37 million undrawn short-term credit lines still available
and bank covenants fully complied with
- Share buyback program launched in January 2021 for a total of
357,000 shares, at end June 2021 for a total of 250,000 shares and
in early December 2021 for a total of 400,000 shares. At December
31, 2021, a total of 704 549 shares had been repurchased over the
year
- The Board of Directors will recommend to the annual general
assembly the distribution of a dividend of EUR 0.19 per
share, with a dividend matching policy applied to employee
bonus pay, in line with the Company’s stakeholder approach
Business summary
- Received B Corporation (“B Corp”)
certification in H1, underlining IBA’s enduring commitment
to its stakeholder approach
- Continued revival in Proton Therapy activity with five
solutions (nine rooms) sold
- Five-room Proteus®PLUS1 contract agreed in China
- Four Proteus®ONE1 contracts agreed (three in US and one in
Italy)
- Record order intake for Other Accelerators with
31 systems sold, of which 17 were signed in the
second half, compared to 17 systems sold last year, highlighting
the growing radiopharmaceutical industry and the strong industry
move towards E-Beam and X-ray technologies in medical
sterilization
- Resilient performance of Dosimetry with order
intake largely in line with 2020
- Cost control measures still in place,
partially offsetting continuing, albeit diminishing COVID-19
related impact, whilst allowing for strategic investment in
R&D
- Strategic R&D partnership announced with SCK
CEN to enable the production of Actinium-225 (Ac-225), a
novel therapeutic radioisotope, with significant potential in
cancer treatment
- Launch of new high energy and high-capacity cyclotron, the
Cyclone® IKON, which offers the largest energy
spectrum for PET and SPECT isotopes
- Creation of the global DynamicARC®2 Consortium
with the objective of preparing for the clinical roll out of the
treatment modality through the Proteus® platform
- Key Proton Therapy updates announced at ASTRO
in October 2021, including expansion of strategic partnership with
RaySearch within FLASH and Proton Arc therapy projects, multi-year
research agreement with the University of Pennsylvania to advance
research in ConformalFLASH®3
- Launch of “ProtectTrial”, a large-scale,
multi-institutional, randomized controlled clinical trial
in conjunction with 19 industry and academic partners, in August
2021
- Launch of Campus, the world’s first online proton
therapy platform
Post-period highlights
- In January, IBA announced the receipt of a down payment for an
irradiation cross-linking solution using IBA’s Rhodotron®
technology
- In January, IBA announced the launch of a new low energy
compact cyclotron, the Cyclone® KEY
- In February, a contract was signed for a Proteus®ONE proton
therapy solution
- In March, IBA completed its share buyback program launched in
December 2021. In total, 1,007,000 shares were bought back under
the three programs
- In March, IBA and Tractebel announced a partnership agreement
to support IBA’s customers with their proton therapy design and
construction projects
***ENDS***
Olivier Legrain, Chief Executive Officer, and
Soumya Chandramouli, Chief Financial Officer, will host a
conference call and webcast, conducted in English, to present the
full year results, followed by a Q&A session.
This conference call will be held today,
Thursday, 24 March 2022, at 3pm CET / 2pm
GMT / 10am EDT / 7am PDT as a Teams
webinar and can be accessed online on this link.If you would like
to join by phone only, please dial (Phone conference ID 646 384
377#):
Belgium:
+32 2 890 97
20UK:
+44 20 3321
5200NL:
+31 20 708
6901LU:
+352 27 87 00
02US:
+1
347-991-7591FR:
+33 1 70 99 53 51
The presentation will be available on IBA’s
investor relations website and
on:https://www.iba-worldwide.com/content/iba-full-year-2021-results-press-release-and-web-conference
shortly before the call.
To ensure a timely connection, it is recommended
that users register at least 10 minutes prior to the scheduled
webcast.
For participants who do not have the Teams
application installed, please follow the process described in this
link to access the conference.
Financial calendar Business
Update Q1
2022
19 May 2022Half year
Results
31 August 2022Business Update Q3
2022
17 November 2022
About IBAIBA (Ion Beam
Applications S.A.) is the world leader in particle accelerator
technology. The company is the leading supplier of equipment and
services in the field of proton therapy, considered to be the most
advanced form of radiation therapy available today. IBA is also a
leading player in the fields of industrial sterilization,
radiopharmaceuticals and dosimetry. The company, based in
Louvain-la-Neuve, Belgium, employs approximately 1,600 people
worldwide. IBA is a certified B Corporation (B Corp) meeting the
highest standards of verified social and environmental
performance.
IBA is listed on the pan-European stock exchange
EURONEXT (IBA: Reuters IBAB.BR and Bloomberg IBAB.BB).
More information can be found at:
www.iba-worldwide.com
For further information, please
contact:
IBASoumya ChandramouliChief
Financial Officer+32 10 475 890Investorrelations@iba-group.com
Olivier LechienCorporate Communication
Director+32 10 475 890communication@iba-group.com
For media and investor enquiries: Consilium
Strategic Communications Amber Fennell, Angela Gray, Lucy
Featherstone +44 (0) 20 3709 5700 IBA@consilium-comms.com
1 Proteus®PLUS and Proteus®ONE are brand names of Proteus
235
2 DynamicARC® is a registered brand of the IBA’s Proton Arc
therapy solution currently under development phase.
3 ConformalFLAsH® is a registered brand of IBA’s Proton FLASH
irradiation solution currently under research and development
phase.
- 220324-IBA-FY21-results-EN-c
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