bioMérieux (BIM) H2 2024 earnings summary

Executive summary

• Achieved €3,980 million in sales for FY 2024, up 10.3% year-over-year, surpassing guidance and all four GO28 plan targets, with strong performance across all growth engines.

• CEBIT rose 20% like-for-like to €673 million, with margin up 150bps to 16.9% of sales, exceeding profitability targets.

• Free cash flow reached €330 million, nearly tripling from 2023.

• Multiple FDA clearances and product launches, including SPOTFIRE®, VITEK® REVOLO, and BIOFIRE® panels, expanded the portfolio.

• Reduced greenhouse gas emissions by 13% versus 2019, progressing toward 2030 goals and CSR leadership.

Financial highlights

• Net sales grew 10.3% year-over-year at constant exchange rates to €3,980 million; reported growth was 8.3%.

• Gross profit margin improved by 70bps like-for-like, reaching 55.7%.

• Net income group share increased 21% to €432 million; diluted EPS rose to €3.64.

• Net debt at €41 million, reflecting a near-neutral cash position and strong balance sheet.

• Dividend proposed at €0.90 per share, a 6% increase, with a 25% payout ratio.

Outlook and guidance

• 2025 guidance: at least 7% organic sales growth and at least 10% CEBIT growth at constant exchange rates.

• SPOTFIRE® sales expected to double to ~€190 million; non-ARP sales to grow above 10%, microbiology ~7%, industrial applications ~8%, immunoassays flat.

• Capex expected at 9-10% of sales, focused on capacity and automation, especially in the US.

• FX headwind expected to be around €30 million on CEBIT in 2025.

• 2028 targets reaffirmed: €450 million SPOTFIRE® sales and 20% CEBIT margin at constant exchange rates.