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.
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.”
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