Annual Report 2023/24 - Strengthened commercial focus after challenging year

ANNOUNCEMENT NO. 273

11 September 2024

Annual Report 2023/24 (1 July 2023 - 30 June 2024)

Strengthened commercial focus after challenging year

ChemoMetec’s revenue fell by 8% in 2023/24 to DKK 407.4 million, and operating profit (EBITDA) was down by 26% to DKK 186.2 million. Revenue was adversely affected by a 35% decline in sales of instruments, while sales of consumables and services were up by 13% in total. During the year, ChemoMetec initiated a gradual launch of the XcytoMatic 40 and XcytoMatic 30 instruments, and this proceeded satisfactorily.

“Market conditions in ChemoMetec’s business areas have been challenging in the past year, and this has impacted sales of instruments as well as earnings. Following a difficult period, we now have a more positive outlook on the future – we’ve intensified our commercial focus and initiated the gradual launch of our new, high-tech products and are starting to see signs of improving market conditions. We’ve also made changes to our organisation in order to optimise our ability to capitalise on the growth potential that we expect for ChemoMetec in the coming years.

The coming year will see a wider launch of our two new XcytoMatic instruments and the introduction of two additional instruments. With these four new instruments, we’ll significantly strengthen our overall product portfolio, and we’ll cover a larger part of our customers’ value chain from development to production. Accordingly, our business will become more diversified, providing a stronger basis for future growth – both in our existing and in new market segments,” says Martin Helbo Behrens, CEO.

Financial performance

In the 2023/24 financial year, revenue declined by 8% to DKK 407.4 million measured in Danish kroner and by 6% measured at constant exchange rates.
ChemoMetec’s revenue is distributed with 59% in the USA/Canada, 32% in Europe and 9% in the rest of the world.
Sales of instruments declined by 35% in 2023/24, while sales of consumables and services grew by 13%.
Operating profit (EBITDA) amounted to DKK 186.2 million in 2023/24, against DKK 251.0 million in 2022/23, and the EBITDA margin was 46% in 2023/24, against 57% in 2022/23. The lower margin was due to higher staff costs, including non-recurring costs in connection with the replacement of executive officers, and a relative increase in cost of goods sold.
Profit for the year declined by DKK 42.4 million year-on-year to DKK 136.3 million.
Revenue and EBITDA for the year are in line with the most recent guidance announced on 12 April 2024.
The Board of Directors proposes to the general meeting that a dividend of DKK 4.0 per share, equivalent to a total dividend payout of DKK 69.6 million, be distributed for the 2023/24 financial year.

Guidance

ChemoMetec’s guidance for 2024/25 is revenue in the range of DKK 435-450 million and EBITDA in the range of DKK 216-223 million.

There will be no conference call in connection with the publication of the annual report.

More information

Martin Helbo Behrens, CEO
Tel.: (+45) 48 13 10 20

Kim Nicolajsen, CFO
Tel.: (+45) 48 13 10 20

Attached to this announcement

Årsrapport 2023/24 (Danish)
Annual Report 2023/24 (English)

The annual report may also be downloaded from ChemoMetec’s website www.chemometec.com

About ChemoMetec A/S

ChemoMetec develops, manufactures and markets instruments for cell counting and a wide range of other measurements. ChemoMetec’s instruments are marketed to the pharmaceutical, biotech and agricultural industries worldwide. ChemoMetec’s customers include some of the world’s leading pharmaceutical companies.

ChemoMetec was founded in 1997 and is listed on Nasdaq OMX Copenhagen. For further information, go to www.chemometec.com.

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