Guerbet (GBT) Q2 2024 TU earnings summary

Executive summary

• H1 2024 revenue reached €419.2m, up 11.8% at constant exchange rates (CER) year-over-year, with Q2 accelerating to +14.5% at CER.

• Growth was driven by catch-up in the Americas, normalization in France, and strong MRI sales.

• Annual targets for revenue growth over 8% (like-for-like, at CER) and adjusted EBITDA margin above 2021 (14.4%) are confirmed.

Financial highlights

• H1 2024 revenue increased 10.7% year-over-year to €419.2m, despite a €4.1m negative forex effect.

• EMEA revenue rose 2.4% at CER to €183.4m, Americas surged 29.1% at CER to €127.3m, and Asia grew 11.5% at CER to €108.5m.

• Diagnostic Imaging revenue up 10.7% at CER to €368.8m; Interventional Imaging up 20.8% at CER to €50.4m.

• MRI sales rose 5.2% at CER, with strong Q2 performance and Elucirem™ expansion in the US and Germany.

• Free cash flow expected to be positive for the full year.

Outlook and guidance

• 2024 revenue growth expected to exceed 8% like-for-like and at CER.

• Adjusted EBITDA margin rate forecasted to surpass 2021's 14.4%.

• Positive free cash flow anticipated for the full year.

• H2 2024 to benefit from further Elucirem™ launches in the UK and France.