Ambu posted revenue for Q1 equal to the first quarter of last year, with organic growth of -1% and reported growth of 2%. Adjusted for last year's NHS safety-stock orders, the Visualization business grew 26% in sales and 46% in volume reaching a new high with 419,000 units sold. Full-year outlook revised due to uncertainties created by Omicron.
"I am pleased to report that we have matched last year's Q1 record sales driven by the rapid growth of our ENT and urology businesses. Ambu is also expanding its presence in GI with the launch of our single-use gastroscope into one of the largest endoscopy segments with more than 20 million procedures globally. We continue to lead the creation of the single-use endoscopy market in the midst of significant disruptions due to the Omicron variant and remain committed to fulfil our aspiration of becoming the most innovative single-use endoscopy player," says Juan Jose Gonzalez, CEO of Ambu.
Highlights for the quarter
Last year's comparative figures are stated in brackets.
- Revenue for Q1 was DKK 1,031m (DKK 1,013m) based on negative organic growth of 1% (39%) with reported growth of 2% (33%). Growth rates are significantly influenced by the high comparable for Q1 2020/21 driven by the safety-stock orders for the National Health Services (NHS) in the UK. Adjusted for these NHS orders, organic growth in Q1 2021/22 is 13%.
- Revenue in North America grew organically by 18% (13%), while we saw a decline in Europe of 16% (79%). Rest of World posted organic growth of 0% (9%). Adjusted for the NHS orders, the growth in Europe is 10% for Q1 2021/22.
- Visualization revenue posted negative organic growth of 2% (101%), but adjusted for the NHS orders, organic growth in Visualization in Q1 2021/22 is 26%.
- Units of single-use endoscopes reached 419,000 in the quarter, so that volumes are up 13% relative to last year. Adjusted for the NHS orders, the volume growth in Visualization for Q1 2021/22 is 46%.
- Anaesthesia sales declined by -6% (5%), while Patient Monitoring & Diagnostics (PMD) posted organic growth of 7% (-3%) caused by fluctuations in demand driven by COVID-19. The backlog of orders carried from last year continue to increase and is now carried into Q2.
- On 3 February 2022, we achieved FDA clearance of aScope™ Gastro and aBox™ 2 and the U.S. launch will begin soon. The expected average sales price for aScope™ Gastro will be USD 350 and for aBox™ 2 USD 7,500.
- Gross margin for the quarter was 61.5% (65.4%). The declining gross margin is driven by the product mix, labour and raw material inflation as well as overhead from ramping-up of the factory in Mexico.
- OPEX for the quarter totalled DKK 594m (DKK 514m), corresponding to an increase of 16% of which 7 percentage points are caused by increasing freight costs.
- EBIT for the quarter was DKK 40m (DKK 148m), with an EBIT margin of 3.9% (14.6%). The reduction of the EBIT margin is mainly caused by increasing costs including higher distribution costs which are absorbing 3.4 percentage points of EBIT margin when compared to Q1 last year.
- Net financials for the quarter were an expense of DKK 15m (DKK 30m).
- Net working capital-to-revenue ratio was 23% (17%) at the end of the quarter, based on rolling 12-month revenue. The supply chain situation, with significant delays in transit time, is increasing the level of inventories required to maintain service levels.
- Free cash flow before acquisitions totalled DKK -162m (DKK 2m) for the quarter including investments in innovation of DKK 106m and an increase in inventories of DKK 141m.
- Total net interest-bearing debt (NIBD) was DKK 1,259m (DKK 1,701m), corresponding to a leverage ratio of 2.7 (2.5). In line with our budget, NIBD is up DKK 500m since 30 September 2021, driven by commencement of lease agreement for the Mexico plant, the negative free cash flow and distribution of dividends.
- The outlook for the 2021/22 financial year is revised due to uncertainties regarding the continued impact of Omicron. The outlook for organic growth is revised from "15-19%" to "15%+" (15 percent or higher) and the outlook for EBIT margin is revised from "7-9%" to "7%+" (7 percent or higher). Outlook for the financial year is therefore:
- Organic growth of 15%+
- EBIT margin of 7%+
A conference call is held today, Tuesday 8 February 2022, at 09:00 (CET). The conference is broadcast live via ambu.com/webcastQ12022. To ask questions in the Q&A session, please call one of the following numbers five minutes before the start of the conference: +45 3544 5577 (DK), +44 333 300 0804 (UK), +1 631 913 1422 (US), and enter the following access code: 40283361#. The presentation can be downloaded immediately after the conference at ambu.com/presentations.
CONTACTS
Investors
Michael Højgaard, CFO, miho@ambu.com / +45 4030 4349
Nicolai Thomsen, Director, Investor Relations & Strategic Financial Planning, nith@ambu.com / +45 2620 8047
Media
Mikkel Trier Wagner, Director, Corporate Communications, mtw@ambu.com / +45 4191 0830
Attachment
- Q1 Company announcement no. 6 2021_22
Ambu公佈的第一季度收入與去年第一季度持平，有機增長-1%，報告增長2%。經去年英國國民健康保險制度的安全庫存訂單調整後，可視化業務的銷售額增長了26%，銷量增長了46%，達到419,000臺的新高。由於奧密克戎帶來的不確定性，全年展望被修正。
“我很高興地報告，在耳鼻喉科和泌尿科業務快速增長的推動下，我們已經趕上了去年第一季度創紀錄的銷售額。Ambu還在擴大其在GI的業務，推出我們的一次性胃鏡，成為全球最大的內窺鏡領域之一，擁有超過2000萬例手術。在奧密克戎變異造成的重大混亂中，我們繼續領導一次性內窺鏡市場的創建，並繼續致力於實現我們成為最具創新性的一次性內窺鏡廠商的抱負。Ambu首席執行官胡安·何塞·岡薩雷斯說。
本季度的亮點
去年的比較數位列於括號內。
- 收入第一季度為負1,031M丹麥克朗(1,013萬丹麥克朗)有機增長1%(39%)，報告增長2%(33%)。英國國家醫療服務體系(NHS)的安全庫存訂單推動了2020/21財年第一季度的高可比增長，這對增長率有很大影響。根據這些NHS訂單進行調整後，2021/22年第一季度的有機增長為13%。
- 年營收北美有機增長18%(13%)，而我們看到歐洲16%(79%)。世界其他地區公佈了0%(9%)的有機增長。經NHS訂單調整後，2021/22年第一季度在歐洲的增長率為10%。
- 可視化收入實現了2%(101%)的負有機增長，但經NHS訂單調整後，2021/22年第一季度可視化的有機增長為26%。
- 一次性使用內窺鏡裝置本季度達到41.9萬輛，因此銷量比去年增長了13%。經NHS訂單調整後，2021/22年第1季度可視化的數量增長為46%。
- 麻醉銷售額下降了6%(5%)，而患者監測與診斷由於新冠肺炎推動的需求波動，PMD實現了7%(-3%)的有機增長。去年以來積壓的訂單繼續增加，目前已轉入第二季度。
- 2022年2月3日，我們實現了FDA對A Scope™Gastro和ABox™2美國的發射很快就會開始。預計aScope™Gastro的平均售價為350美元，aBox™2的平均售價為7500美元。
- 毛利率本季度為61.5%(65.4%)。毛利率下降是由產品結構、勞動力和原材料通脹以及墨西哥工廠擴建帶來的管理費用推動的。
- 運營成本該季度總計5.94億丹麥克朗(5.14億丹麥克朗)，增長16%，其中7個百分點是由於運費增加造成的。
- 息稅前利潤該季度為4000萬丹麥克朗(1.48億丹麥克朗)，其中息稅前利潤3.9%(14.6%)。息稅前利潤減少的主要原因是成本增加，包括分銷成本上升，與去年第一季度相比，分銷成本吸收了息稅前利潤3.4個百分點。
- 財務淨額該季度的支出為1500萬丹麥克朗(3000萬丹麥克朗)。
- 淨營運資本基於12個月的滾動收入，本季度末的L-營收比率為23%(17%)。隨著運輸時間的顯著延誤，供應鏈的情況正在增加維持服務水準所需的庫存水準。
- 自由現金流在此之前，該季度的收購總額為1.62億丹麥克朗(200萬丹麥克朗)，其中包括1.06億丹麥克朗的創新投資和1.41億丹麥克朗的庫存增加。
- 總計淨計息債務(NIBD)為1,259丹麥克朗(1,701M)，對應的槓桿率為2.7(2.5)。與我們的預算一致，NIBD自2021年9月30日以來增加了5億丹麥克朗，原因是墨西哥工廠租賃協定的開始、負的自由現金流和股息分配。
- 2021/22財政年度展望由於奧密克戎的持續影響存在不確定性，因此進行了修訂。有機增長前景從“15%-19%”修訂為“15%+”(15%或更高)，息稅前利潤前景從“7-9%”修訂為“7%+”(7%或更高)。因此，本財政年度的展望如下：
一個電話會議今天，2022年2月8日星期二，中歐時間09：00舉行。大會通過ambu.com/webCastQ12022進行現場直播。要在問答環節提問，請在會議開始前五分鐘撥打以下號碼之一：+45 3544 5577(DK)、+44 333 300 0804(英國)、+1 631 913 1422(美國)，並輸入以下接入碼：40283361#。會議結束後，可立即從ambu.com/Presents下載演示文稿。
觸點
投資者
電子郵件：miho@ambu.com/+45 4030 4349
投資者關係和戰略財務規劃部，NITH@ambu.com/+45 2620 8047，
媒體
董事公司通聯部米克爾·特里爾·瓦格納電話：+45 4191 0830
依附
