CARL ZEISS MEDITEC AG Jena, Germany | June 17, 2024 | Carl Zeiss Meditec AG
In the first 8 months of fiscal year (FY) 2023/24 as of May 31, 2024, excluding the contribution from the acquisition of Dutch Ophthalmic Research Center B.V. (DORC), Carl Zeiss Meditec AG (ISIN: DE0005313704) had preliminary revenue of € 1,258 million (prior year: € 1,297 million, -3%). Preliminary operating profit (EBIT) amounted to € 135 million (prior year: € 183 million, -26%), excluding the contribution from the acquisition of DORC as well as integration cost related to the acquisition. In the combined months of April and May 2024, order entry, revenue and EBIT continued to fall short of the previous year's level. As a consequence of the continued slow business development, the previous forecast for FY 2023/24 is lowered: Revenue is now expected to reach around € 2,000 million, excluding the contribution from the acquisition of DORC, which continues to be estimated at an additional € 100 million for the second half of the fiscal year (previous target: € 2,100 - € 2,150 million, excluding DORC). Due mainly to the resulting lack of positive operating leverage from weaker overall revenue assumptions, as well as more cautious assumptions for consumables sales in the second half of the current fiscal year, leading to a weaker product mix, EBIT (excluding effects related to the DORC acquisition) will fall significantly short of the previously stated target of a comparable level to last year (€ 348.1 million) and reach a level between around € 215 million up to around € 265 million.
Soft development of order entry and revenue continues to be mainly driven by the equipment business, suffering from a restrictive investment climate among key customer groups, particularly in North America. In addition, the important peak season for refractive surgeries in China is off to a slow start, with consumables orders in the country trailing the past year's figures during the third quarter so far. The slower than anticipated roll-out of national volume-based procurement for intraocular lenses in China is also causing an additional headwind to revenue and EBIT.
Management is taking further measures to reduce operating expenses to adjust to the weaker market environment, predominantly in sales & marketing as well as research & development. A further update will be provided with Q3 2023/24 results on August 6, 2024.
Carl Zeiss Meditec is targeting renewed growth for the upcoming fiscal year 2024/25, supported by the launch of innovative new products into key markets in both strategic business units. In the mid-term, the goals of growing at least as fast as the underlying markets as well as reaching an EBIT margin level sustainably above 20% remain unchanged.
The quarterly statement for 9M 2023/24 will be published on August 6, 2024.
Head of Group Finance & Investor Relations
Carl Zeiss Meditec AG
Phone: +49 3641 220-116
investors.meditec@zeiss.com
Carl Zeiss Meditec AG (ISIN: DE0005313704), which is listed on the MDAX and TecDAX of the German stock exchange, is one of the world's leading medical technology companies. The Company supplies innovative technologies and application-oriented solutions designed to help doctors improve the quality of life of their patients. The Company offers complete solutions, including implants and consumables, to diagnose and treat eye diseases. The Company creates innovative visualization solutions in the field of microsurgery. With approximately 4,823 employees worldwide, the Group generated revenue of €2,089.3m in fiscal year 2022/23 (to 30 September).
The Group's head office is located in Jena, Germany, and it has subsidiaries in Germany and abroad; more than 50 percent of its employees are based in the USA, Japan, Spain and France. The Center for Application and Research (CARIn) in Bangalore, India and the Carl Zeiss Innovations Center for Research and Development in Shanghai, China, strengthen the Company's presence in these rapidly developing economies. Around 41 percent of Carl Zeiss Meditec AG's shares are in free float. The remaining approx. 59 percent are held by Carl Zeiss AG, one of the world's leading groups in the optical and optoelectronic industries.
For more information visit our website at www.zeiss.com/med
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Carl Zeiss Meditec AG published this content on 17 June 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 June 2024 09:15:04 UTC.
