IBA Business Update – Third Quarter 2024
21 Novembre 2024 - 7:00AM
UK Regulatory
IBA Business Update – Third Quarter 2024
Louvain-la-Neuve, Belgium, 21 November
2024 - IBA (Ion Beam Applications S.A), the world leader in
particle accelerator technology, today announces its business
update for the third quarter ending 30 September 2024.
Group Overview
-
Solid equipment order intake at period-end of EUR 171 million, an
increase from last year. Post-period, several major contracts
finalized in Industrial Solutions to bring year to date order
intake to EUR 215 million
-
Strong backlog conversion in the third quarter with momentum
expected to continue into the fourth quarter
-
Equipment and Services backlog remains at an all-time high of EUR
1.4 billion
-
Good OpEx management, whilst continuing to invest in the future
growth of the business
-
Profitability maintained with positive REBIT expected for year
end
-
As expected, the Group’s net cash position was EUR 3.3 million
(unaudited) at the end of the period. Driven by backlog conversion
and Other Accelerators order intake, the net cash position rose to
EUR 19 million (unaudited) at 31 October, with undrawn credit lines
of EUR 60 million
-
IBA’s joint venture, PanTera, successfully closed a EUR 93 million
Series A to accelerate the global supply of actinium-225. The
transaction valued the company at EUR 280 million post money. As
already communicated, the transaction leads to a revaluation of
IBA’s participation in PanTera, with a total positive impact of
approximately EUR 23 million, which will be recognized as a profit
to IBA over the next three years
Olivier Legrain, Chief Executive Officer of
IBA commented: “IBA’s focus on backlog conversion has
continued throughout 2024 across all business units and momentum is
expected to continue as we enter the latter part of the year.
Alongside this, IBA has maintained a strong order intake for its
Other Accelerators business, with 30 machines sold year to date, in
comparison to 18 for the full year 2023. As a result, IBA is
confident in Group performance for the full year.
“IBA also continued to demonstrate the
potential of its technology to address new growth areas and we are
delighted to realize this potential through PanTera’s highly
successful, oversubscribed financing round to support the rapidly
growing theranostics field. IBA continues to explore other
cutting-edge applications of its technology, in line with its
strategy and mission.”
Proton Therapy
-
One agreement for two Proteus®ONE1 proton
therapy solutions with University of Pennsylvania Health System,
Philadelphia, with first payment received
-
37 ongoing proton therapy projects including 9
Proteus®PLUS2 and 28 Proteus®ONE,
of which five installations are underway. Post period, started
installation of additional two Proteus®ONE and one
Proteus®PLUS machines
-
44 service contracts generating revenues globally; 16
Proteus®ONE and 28 Proteus®PLUS
-
This year’s Proteus User Meeting saw the launch of the AdaptInsight
2.3.1 platform, which brings significant quality improvements to
IBA’s Proton Therapy imaging suite
-
IBA continues to work with partners on the development of
DynamicARC®3, with several recent publications
confirming the benefits of this treatment delivery technique. In
parallel, IBA is progressing ConformalFLASH®4 research
with partners such as Penn Medicine, Kansas University and UZ
Leuven, with data to be shared at the FRPT Conference in Rome in
early December
Dosimetry
-
As already communicated, the Dosimetry business continues to
experience lumpy performance, related to the anti-corruption
campaign in China, and the contraction of the MR-Linac
market
-
Despite these challenges, it has been a strong period for the
Dosimetry QA for Proton Therapy, which has delivered record order
intake for the first nine months of 2024
-
Integration of recently acquired Radcal-business into IBA-Dosimetry
portfolio with release of new X-ray QA meter T3 Accu-Gold+
Other Accelerators
-
11 new machines sold during the quarter, bringing the total for the
first nine months of 2024 to 25 (compared to 13 machines for same
period last year)
-
Post period, five additional commercial opportunities were
converted into firm orders, bringing year to date order intake to
30 machines, confirming the strong momentum of RadioPharma and
Industrial Solutions businesses
-
28 Other Accelerators installations are ongoing with five starting
in the quarter
-
As noted above, PanTera secured EUR 93 million and remains on track
for commercial-scale production of actinium-225, which is crucial
to a new class of targeted alpha therapies for the treatments of
cancer
-
In early October, IBA and the Jules Bordet Institute received
approval by the European Commission for the financing of the
Accelerate.EU project to support the production of astatine-211 for
the use in targeted alpha therapies
Organization
As previously announced, IBA will begin reporting under new
business groupings from 31 December. ‘Clinical’ will comprise
Dosimetry and Proton Therapy, whilst Other Accelerators will become
‘Technologies’, inclusive of Radiopharmaceutical, Industrial and
Engineering & Supply Chain. More details will be shared at the
Full Year results in March.
Outlook
The execution of backlog conversion has continued through the third
quarter of the year with this momentum expected to continue for the
remainder of the year.
IBA reiterates its mid-term guidance. This
guidance is based on the expectation that macro-economic factors
will continue to normalize over the coming year. Specifically, it
assumes that supply chain issues will stabilize, inflation will
decrease to around 3%, and challenges in accessing certain regions
will diminish. Additionally, the guidance is contingent on
maintaining solid order intake, particularly in the Proton Therapy
and Industrial Solutions businesses. As a reminder, given these
conditions, IBA anticipates:
-
15% CAGR 2022-2026 on revenues, nearly doubling revenues over this
period
-
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
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
***ENDS***
Financial calendar
Full Year Results
2024
20 March 2025
About IBA
IBA (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:
IBA
Henri de Romrée
Deputy Chief Executive Officer
+32 10 475 890
Investorrelations@iba-group.com
Thomas Pevenage
Finance Director
+32 10 475 890
Investorrelations@iba-group.com
Olivier Lechien
Corporate Communication Director
+32 10 475 890
communication@iba-group.com
For media and investor enquiries:
ICR Healthcare
Amber Fennell, Angela Gray, Lucy Featherstone
+44 (0) 20 3709 5700
IBA@icrhealthcare.com
1 Proteus®ONE is a brand name of
Proteus®235
2 Proteus®PLUS is a brand name of
Proteus®235
3 DynamicARC® is a registered brand of the
IBA’s Proton Arc therapy solution currently under development
phase.
4 ConformalFLASH® is a registered brand of
IBA’s Proton FLASH irradiation solution currently under research
and development phase
- 241121-IBA-Q32024-Business_Update-EN
Grafico Azioni Ion Beam Applications (TG:IOB)
Storico
Da Nov 2024 a Dic 2024
Grafico Azioni Ion Beam Applications (TG:IOB)
Storico
Da Dic 2023 a Dic 2024
