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IBA Reports Half Year 2024 Results

IBA Reports Half Year 2024 Results

Louvain-la-Neuve, Belgium,29 August 2024 – IBA (Ion Beam Applications S.A), the world leader in particle accelerator technology, today announces its consolidated results for the first half of 2024.

Financial summary

  • Group H1 revenues increased by 21.9% to EUR 206.5 million (H1 2023: EUR 169.4 million), driven by accelerated backlog conversion and increasing Services revenues across all businesses
  • Gross margin increased to 33.8%, up from 26.6% last year, driven in particular by an increase in the proportion of Other Accelerators revenues, improvement of project cost estimates and better margin mix in Proton Therapy (PT)
  • Group REBIT of EUR 0.04 million, a strong improvement on the same period last year, reflecting a combination of backlog conversion, improvement in gross margin and the uptick in Services revenues
  • Group order intake of EUR 113.9 million; of which PT was EUR 34.9 million, Other Accelerators was EUR 47.5 million and Dosimetry was EUR 31.5 million
  • Strong acceleration of backlog conversion, but with equipment and upgrade backlog still standing at EUR 715 million (FY 2023: EUR 720 million). Overall Group Equipment and Services backlog remains high at EUR 1.4 billion
  • Both PT and Other Accelerators Services revenues grew 8.8%
  • Total Group net loss of EUR 10.3 million (H1 2023: EUR 27.3 million loss)
  • Healthy balance sheet, with EUR 60.2 million gross cash and EUR 21.7 million net cash position. Cash position reflects strong procurement and backlog conversion activity over the period. EUR 60 million undrawn short-term credit lines available at period end
  • Mid-term guidance reiterated

Business summary

  • 14 Other Accelerators systems sold in H1, a significant increase on the previous year (H1 2023: 8 systems)
  • One Proteus®ONE1 system sold in H1 to Connecticut Proton Therapy Center (H1 2023: Two Proteus®ONE systems and one Proteus®PLUS1 system) and a partial Proteus®PLUS1 equipment batch sold to CGN
  • Post-period, memorandum of understanding (MoU) signed for two Proteus®ONE proton therapy solutions with the University of Pennsylvania Health System
  • 35 PT projects under construction or installation at the end of the period with good progress on major Spanish and Chinese projects
  • Strong Industrial Solutions performance, with excellent backlog conversion and growing Services revenue
  • Dosimetry acquisition completed of California-based RadCal Corporation, specialists in medical imaging Quality Assurance
  • IBA and SCK CEN’s joint venture PanTera secured four commercial agreements for early supply of actinium-225 (225Ac) in a highly active market
  • B Corp certification renewed during the period, with a significantly improved score of 114 points (2021: 90 points), placing the Group among the top 10% of those certified globally

Olivier Legrain, Chief Executive Officer of IBA commented: “In the first half of the year, we have made excellent progress with the acceleration of backlog conversion. Other Accelerators has had a particularly strong first half, with a high number of systems sold, strong backlog conversion and growing Services revenues. In the Proton Therapy division, alongside the accelerated delivery of projects, there was an uptick in margins as project costs stabilized after last year’s high inflation.

While the Dosimetry business was affected during the period by scheduled timing impacts, with slower backlog conversion in the first half and some market effects, we are expecting this to accelerate in the second half of the year, boosted also by the acquisition of RadCal. We are also pleased with the strong progress made by our joint venture PanTera, which is seeking to address the global supply shortage of actinium-225.

Following the encouraging first half, our strong pipeline across all business units underpins our confidence for the remainder of the year and we expect a second half weighting of financial performance. Looking further ahead, we continue to reshape our businesses and provide them with more accountability in order to capitalize on future growth opportunities while safeguarding our core values across IBA. We are committed to delivering strong results as we continue to innovate to serve our customers in all four businesses. Alongside this, we remain confident on delivering our mid-term guidance with strong progress already being made towards meeting our targets.”