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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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PROFITABILITY ACROSS ALL BUSINESS LINES Louvain-la-Neuve, Belgium, 1 February 2022 - IBA (Ion Beam Applications SA), the world leader in particle accelerator technology, today provides a trading update ahead of the Company’s full-year results on 24 March 2022. IBA will report FY21 Group sales in line with the prior year, with a positive REBIT and net profit at Group level and profitability across all business lines.   High order intake across all business lines Proton Therapy saw a continued revival in activity with five systems (nine rooms) sold in Asia, Europe and the US, compared with two systems sold in the prior year Other Accelerators had another excellent year with more than 30 systems sold, up from 17 systems last year The Dosimetry business has continued to perform well with order intake in line with the prior year Equipment and Services backlog at a new all-time high of EUR 1.2 billion Highly active pipeline, particularly in the US and Asia, with continuing momentum providing significant visibility for 2022 and beyond All time high net cash position of EUR 130.3 million (unaudited) at year end, providing the business a solid foundation to progress its strategic objectives   Olivier Legrain, Chief Executive Officer of IBA, commented: “IBA performed exceptionally well in 2021, with a high order intake and profitability demonstrated across all business lines. IBA’s market leading product offerings in proton therapy, other accelerators, radiopharmaceuticals and dosimetry have driven this momentum, which continued to build throughout the year. We have entered 2022 in a strong position with an active global pipeline for all businesses, particularly in the US and Asia. Our record high cash position provides us with a solid foundation from which we can explore other growth areas such as theranostics, whilst achieving our goal of long-term sustainable profitability.” IBA will publish its consolidated results for the full year 2021 on Thursday, 24 March 2022 at 7am CET. In addition to the press release, Olivier Legrain, Chief Executive Officer, and Soumya Chandramouli, Chief Financial Officer, will host a conference call and webcast, conducted in English, to present the 2021 full year results, followed by a Q&A session.
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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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Unveiling of the Cyclone® KEY at Arab Health


Discover the Cyclone® KEY with IBA experts

Cyclone® KEY

Cyclone® KEY, F-18 access granted


IBA is launching a new cyclotron for its 35th anniversary.