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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.”   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  
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IBA Launches Compact Low-Energy Cyclotron, Cyclone® KEY

New accelerator provides increased access to diagnosis solutions and enables in-house production of radiopharmaceuticals   Louvain-la-Neuve, Belgium, 26 January 2022 - IBA (Ion Beam Applications S.A., EURONEXT), the world leader in particle accelerator technology and the leading provider of radiopharmaceuticals production solutions, today announces that it has launched a new low energy and compact size cyclotron, the Cyclone® KEY. The new machine will enable small and medium sized hospitals to produce their own radiopharmaceutical products in-house, whilst providing more widespread global access to diagnostic solutions in oncology, neurology and cardiology. The Cyclone® KEY was showcased on Monday 24 January 2022 during Arab Health 2022, an annual meeting in Dubai, UAE. A presentation of the new technology is available here.   Positron Emission Tomography (PET) imaging is well established for cancer diagnosis in many countries, as well as for cardiac and neurological imaging, however, there are still regions in the world with limited access to this diagnostic technology. To address these needs, IBA is making PET imaging more accessible through this new low-energy technology, comprising proton acceleration up to 9.2 megaelectron volts (MeV). The Cyclone® KEY is therefore more compact, user-friendly, cost-effective and easier to fit into existing hospital systems.   Bruno Scutnaire, Executive Vice-President of IBA's RadioPharma Solutions Division commented: “Our new cyclotron model retains all the characteristics of the Cyclone® family: productivity, reliability, and profitability, whilst providing a low energy, compact option for customers. Cyclone® KEY’s design originates from IBA’s well-established Cyclone® KIUBE, providing the highest market standards in terms of the radioisotope production capacity and reliability. We are pleased to be bringing this innovative and much needed technology to hospitals around the globe.”   The Cyclone® KEY encompasses more than 36 years of experience and innovation and has one of the smallest footprints of all clinical cyclotrons, enabling easy installation and operation. Thanks to the Cyclone® KEY’s compact size, IBA’s experts have managed to minimize the footprint of the radiopharmacy to 80m².
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IBA and NorthStar Medical Radioisotopes Sign Contract for Rhodotron® Electron Beam Accelerator for Commercial Production of Therapeutic Radioisotope Actinium-225 (Ac-225)

Louvain-La-Neuve, Belgium, and BELOIT, Wis., USA November 18, 2021 – IBA (Ion Beam Applications S.A., EURONEXT), the world leader in particle accelerator technology, and NorthStar Medical Radioisotopes, LLC, (‘NorthStar’) a global innovator in the development, production and commercialization of radiopharmaceuticals used for therapeutic applications and medical imaging, today announced a new contract in which NorthStar will purchase a third Rhodotron® TT300 HE electron beam accelerator from IBA.  The accelerator will be exclusively used for the production of no-carrier added (n.c.a.) actinium-225 (Ac-225), an important therapeutic radioisotope that is in highly limited supply and for which no commercial-scale production technology currently exists. NorthStar previously purchased two Rhodotron® accelerators from IBA for its newly completed molybdenum-99 (Mo-99) production facility. “We look forward to continuing to work with IBA, who have shown extensive commercial expertise and excellent performance in delivering electron beam accelerators for our Mo-99 production expansion project,” said Stephen Merrick, President and Chief Executive Officer of NorthStar. “NorthStar is at the forefront of U.S. radioisotope production as the only commercialized producer of the diagnostic imaging radioisotope molybdenum-99 (Mo-99). We are applying that same development expertise to rapidly advance large-scale availability of the therapeutic radioisotope Ac-225 for use in oncology and other indications, and we are excited about its potential in these disease areas.”    Olivier Legrain, Chief Executive Officer of IBA commented, “We are delighted to sign this latest contract with NorthStar Medical Radioisotopes and to continue to deliver innovative solutions for reliable radioisotope supply. IBA’s Rhodotron® accelerators provide the most advanced electron accelerator technology in the world, and we are excited for the opportunity to create new therapeutic radioisotopes such as Ac-225. With its radiotheranostic capabilities, combining targeted diagnosis and therapy, we believe that this radioisotope has significant potential in the treatment of cancer.”   The final stage of facility design is underway for NorthStar’s state-of-the-art Therapeutic Radioisotope production facility, which will be exclusively dedicated to Ac-225 production, with construction scheduled to begin in early 2022. Initial production of Ac-225 is planned for late 2023, and a Drug Master File will be submitted to the FDA in 2024. NorthStar’s proprietary process for the production of Ac-225 will use IBA’s Rhodotron® to enable commercial-scale n.c.a. Ac-225 production that is free of long-life radioactive by products associated with other production methods.    
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PR IBA ICNA Market authorization Ga68

ICNAS/University of Coimbra granted with first EU marketing authorization for the distribution of cyclotron produced Gallium-68

ICNAS/University of Coimbra granted with first EU marketing authorization for the distribution of cyclotron produced Gallium-68 The Institute of Nuclear Sciences Applied to Health (ICNAS) from the University of Coimbra (UC) and IBA announce the granting of the first EU marketing authorization for the distribution of cyclotron-produced Gallium-68 using a liquid target for human use Coimbra, Portugal, 28 September 2021 – ICNAS/UC, leading institution in molecular probe development and molecular imaging and IBA (Ion Beam Applications S.A., EURONEXT), the world's leading provider of solutions for the diagnosis and treatment of cancer, today announce that the Portuguese regulatory agency (INFARMED), has granted the first EU marketing authorization to distribute [68Ga]GaCl3 with a new process for producing gallium-68 with an IBA cyclotron using a liquid target. 68Ga has played an outstanding role in clinical research worldwide, particularly in routine clinical studies for oncological applications with Positron Emission Tomography (PET), during the last 10 years. In particular, 68Ga is very well suited as a diagnostic isotope for pairing with therapeutic radiometal isotopes (ex: 177Lu and 225Ac). The growth of 68Ga in routine clinical applications is mainly due to the [68Ga]Ga-PSMA-11 for PET imaging of the prostate specific membrane antigen (PSMA). The imaging of PSMA expression with [68Ga]Ga-PSMA-11 and PET/CT has proven to be a highly  specific and sensitive tool for patient management. “This optimized new production process is the result of the strong collaboration between IBA and ICNAS” said Bruno Scutnaire, Vice-President of IBA's RadioPharma Solutions Division. This FGD-like production process is easy to implement and allows cyclotron production centers to maximize the use of their equipment. The process consists of the irradiation of an enriched 68Zn solution in a 68Ga liquid target installed on a Cyclone® KIUBE. The target solution is then transferred to a Synthera® extension module which purifies the irradiated solution to obtain [68Ga]GaCl3, which is equivalent to [68Ga]GaCl3 from the commercial 68Ge/68Ga generators. “Currently, the availability and efficiency of 68Ge/68Ga generators is not enough to meet global demand and they have limited elution capacity per day and decay over time, while the 68Ga-cyclotron process allows stable, on-demand production throughout the whole year” commented Antero Abrunhosa, Director at ICNAS. “We can see a clear benefit to producing 68Ga with a cyclotron using a liquid target; the production is consistent and allows a higher production volume. This new patented process provides a viable alternative for facilities with cyclotrons securing 68Ga access locally and for distribution.”
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Educational Webinar Library

The clinical value PET myocardial blood flow quantification and practical aspects of implementing a Cardiac PET Program

The clinical value of myocardial flow quantification is supported by numerous observational and clinical studies in various populations. Its use is no longer restricted to a few academic centers as the technology advances and guidelines evolves. In this webinar two leading figures in the field discussed the clinical value and practical aspects of PET quantification in cardiovascular imaging and why and how to implement this modality in your institution. What will you learn from the webinar? The practical aspects and clinical value of myocardial blood flow quantification in PET in patients with cardiovascular disease - By Piotr Slomka One of the most important advances in nuclear cardiology is the opportunity to quantify myocardial blood flow (MBF) and myocardial flow reserve (MFR) routinely as part of myocardial perfusion imaging (MPI) with PET. Dr. Slomka will review practical aspects of the MBF measurements with PET and discuss its clinical value in the management of cardiac patients. How to implement a cardiac PET myocardial perfusion imaging program ? (Due to the institution policy, the recording could not be shared) - By Sharmila Dorbala Dr. Dorbala will give an overview of the advantages of PET at identifying coronary artery disease (CAD), related workflow and current guidelines. She will also share her experience on how to implement a PET cardiac program.
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Brochures

Cyclone® KEY

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Synthera® +

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Cyclone® KIUBE

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Videos

IBA Synthera +

IBA Synthera +

Synthera®+ remains the most compact module on the market: up to 3 synthesizers can fit into a standard hot cell. Synthera®+ and Synthera®+ HPLC have both been fully redesigned to meet the most demanding production schedule of different radiotracers without opening the hot cell (less intervention, more safety). Synthera®+ can be equipped with the automatic IFP Loader (disposable production cassette dispenser) which can stack up to 4 cassettes. This allows it to perform consecutive runs of different compounds without opening the hot cell, resulting in nearly zero radiation exposure to the operator. This unique feature multiplies the capability of each module by a factor of four.

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Synthera Extension

Synthera® Extension complements the functionality of the Synthera® family platform with its additional valves and a syringe driver for more complex processes such as postprocess purification in 68Ga liquid target productions* and elution of Ge/Ga generator when necessary.** [18F]NaF can also be produced on Synthera® Extension on routine basis. Additionally, diverse research applications have been developed on the Synthera® Extension as a standalone module, such as : (18F)NaF; separation/purification of 89Zr, 64Cu, 99mTc to obtain 89Zr-oxalate, 64Cu-chloride, 99mTc-pertechnetate, respectively. The module employs a re-usable support cassette where disposable tubing can be placed, which eliminates the need to use an additional IFP™ for complex syntheses.

*Patent pending on the complete liquid target process: EP15170854

***It depends on the type of generator.

Cyclone KIUBE custom Energy

Cyclone KIUBE Custom Energy

Dubai

Cyclone® KEY launch event : Dubai