IBA Business Update – Third Quarter 2023
16 Novembre 2023 - 7:00AM
IBA Business Update – Third Quarter 2023
Louvain-La-Neuve, Belgium, 16 November
2023 - IBA (Ion Beam Applications S.A., EURONEXT), the
world leader in particle accelerator technology, today announces
its business update for the third quarter ending 30 September
2023.
Group Overview
- Strong backlog conversion acceleration in the third quarter
across all businesses with good momentum to continue into the
fourth quarter, reconfirming cyclical nature of business with
revenue recognition heavily H2 weighted
- Good equipment order intake at period-end of EUR 151 million,
down from exceptional order intake for the first 9 months of 2022
(EUR 260 million). Post-period, several major contracts finalized,
bringing current order intake to EUR 203 million
- Backlog remains at a high of EUR 1.3 billion
- Good OPEX management, in line with evolution of first half
- Return to profitability with slightly positive REBIT for Q3
2023
- Overall positive REBIT anticipated for the second half of
2023
- Healthy balance sheet maintained with EUR 58.7 million
(unaudited) net cash position (30 June 2023: EUR 61.7 million)
- Henri de Romrée appointed as Chief Strategy Officer
- Mid-term guidance reiterated
Olivier Legrain, Chief Executive Officer
of IBA commented: “In line with our expectations and
typical second half weighting, we are pleased to see the strong
momentum in backlog conversion and revenue recognition over the
quarter, with a return to profitability during the period This is
expected to continue in the fourth quarter with a positive REBIT
expected for the second half.
“Looking forward, IBA continues to explore
exciting new fields of application of its world-leading particle
accelerator technologies, such as our PanTera venture in
theranostics as well as potential environmental solutions for the
treatment of forever chemicals (PFAS). Whilst IBA will maintain its
core focus on delivery on its existing businesses, we see
significant and valuable future opportunities and we are exploring
new ways to organize the business to support this. I am pleased to
welcome Henri de Romrée to IBA as Chief Strategy Officer to
spearhead these efforts and we will provide a further update on
this at the time of our full year results.”
Proton Therapy
- Contract for two Proteus®ONE1 proton therapy solutions
finalized with Medtechnica Ltd, Tel Aviv, with first payments
received
- Post period, a total system restoration and multi-year service
contract was signed with Massachusetts General Hospital (MGH),
IBA’s first-ever proton therapy installation, worth between USD
80-100 million, with first payment received
- 31 ongoing proton therapy projects including eight
Proteus®PLUS1 and 23 Proteus ®ONE
- All-time record construction and installation of a Proteus®ONE
at the UAMS Winthrop P. Rockefeller Cancer Institute, Arkansas,
completed only 20 months after contract signature, and the first
patient treated
- Installation of a Proteus®ONE completed at the European
Institute of Oncology, Milan, IBA’s second proton therapy center in
Italy
- First patient treated on a Proteus®PLUS system at Tata
Memorial Center, Mumbai, IBA’s second proton therapy center in
India
- Two proton therapy shipments made to customer sites ahead of
installations starting in early 2024
- 40 service contracts now generating revenues globally
Other Accelerators (RadioPharma,
Industrial)
- Five new machines sold during the period, bringing the total
for the first nine months of 2023 to 13 (compared to 29 machines
for the same period last year), with sales in the US, Asia
(including China), and Europe
- 17 Other Accelerators installations are ongoing, six of which
started in the period
- IBA continued to support the development of theranostics, with
the first astatine-211 produced in Julich, Germany, using a
Cyclone® 30XP
- In September, IBA co-hosted the International Food Ionization
Processing Symposium (IFIS), in Texas, USA, aimed at sharing
information to accelerate the adoption of food ionization
- Post-period end, IBA organized a symposium in Suzhou, China,
providing a 360-degree view of X-ray sterilization technology
- PanTera, the joint-venture between IBA and SCK-CEN is
progressing well, both on the near-term production of actinium-225
in Belgium from mid-2024, as well as the longer-term large-scale
production
Dosimetry
- Record order intake for the first nine months of 2023 with
backlog standing at EUR 33.4 million
- IBA released myQA® iON version 2.1 for conventional radiation
therapy and proton therapy, which incorporates ScandiDos’ Delta4
Phantom+, enabling 3D measurements
- Excellent integration of new QUASAR line brand, formerly MODUS
QA, with release of QUASAR Motion MR Platform, the world’s first
large-scale, MR-safe motion platform
OutlookAs anticipated at the
time of its half year results, IBA confirms the strong acceleration
of backlog conversion in the Proton Therapy and Other Accelerators
business units during Q3 2023. This, alongside the continued strong
performance of Dosimetry in the period and sustained OPEX spending,
means that REBIT is expected to be positive for the second half of
the year.
IBA reiterates its mid-term guidance laid out at
last year’s full-year results, based on the assumption that
macro-economic factors continue to normalize over the coming year:
supply chain issues stabilize, inflation drops back towards 3%, and
challenges accessing certain regions reduce. In addition, guidance
is on the basis that order intake remains solid, especially in the
Proton Therapy and Industrial Solutions businesses. As a reminder,
subject to these factors, IBA, expects:
- 15% CAGR 2022-2026 on revenues, nearly doubling revenues over
the next four years
- REBIT on sales will reach around 10% by 2026, delivered
gradually and weighted to after 2024, as the current macro-economic
effects wane and operating leverage accelerates with volume
- CAPEX will grow from current EUR 5-7 million per year to around
EUR 10-12 million per year until 2026 to support increased
investment in infrastructure, innovation, sustainability and
digitalization to maintain IBA’s leading offering and invest in its
future growth
Financial calendar Full Year
Results
2023
21 March 2024Business Update First Quarter
2024
23 May 2024General
Assembly
12 June 2024
About IBAIBA (Ion Beam
Applications S.A.) is the world leader in particle accelerator
technology. The company is the leading supplier of equipment and
services in the field of proton therapy, considered to be the most
advanced form of radiation therapy available today. IBA is also a
leading player in the fields of industrial sterilization,
radiopharmaceuticals and dosimetry. The company, based in
Louvain-la-Neuve, Belgium, employs approximately 2,000 people
worldwide. IBA is a certified B Corporation (B Corp) meeting the
highest standards of verified social and environmental
performance.
IBA is listed on the pan-European stock exchange
EURONEXT (IBA: Reuters IBAB.BR and Bloomberg IBAB.BB).
More information can be found at:
www.iba-worldwide.com
For further information, please
contact:IBASoumya
ChandramouliChief Financial Officer+32 10 475
890investorrelations@iba-group.com
Olivier LechienCorporate
Communication Director+32 10 475 890communication@iba-group.com
ICR Consilium Amber Fennell,
Matthew Neal, Lucy Featherstone+44 (0) 20 3709
5700IBA@consilium-comms.com
1 Proteus®ONE and Proteus®PLUS are brand names of Proteus
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