bioMérieux (BIM) H1 2024 earnings summary

Executive summary

• H1 2024 organic sales grew 9.9% to €1,902m, driven by strong performance in BIOFIRE, SPOTFIRE, microbiology, and industrial applications.

• CEBIT margin improved by 155bps at constant exchange rates, reaching 16.1% of sales, and net income rose 33% year-over-year to €215m.

• GO.28 strategic plan execution is underway, targeting 7% annual organic sales growth and at least 10% organic EBIT growth, with strong employee engagement and CSR progress.

• New product launches and three FDA approvals, including SPOTFIRE sore throat panels and VITEK REVEAL, are expected to support future growth.

• High employee engagement and a 14% reduction in greenhouse gas emissions since 2019.

Financial highlights

• H1 sales reached €1,902m, with 9.9% organic growth and 12% organic gross profit growth.

• CEBIT was €306m (16.1% margin), up 20% like-for-like; reported EBIT up 5% due to €44m negative FX impact.

• Net income rose 33% year-over-year to €215m; diluted EPS increased to €1.82.

• EBITDA was €444m (22.3% of sales), up 8% year-over-year.

• Free cash flow improved to €50m, with net debt at €286m (0.3x EBITDA).

Outlook and guidance

• Full-year 2024 organic sales growth guidance raised to 8–10%, with CEBIT/EBIT growth at constant exchange rate revised to 12–17%.

• Negative FX impact for 2024 expected to be €70m.

• CapEx guidance set at 9–10% of sales for the year.

• Commitment to at least 10% EBIT growth per year remains for the midterm.