Guerbet (GBT) Q3 2024 TU earnings summary

Executive summary

• Nine-month revenue reached €620.5m, up 8.1% year-over-year, with 9.6% growth at constant exchange rates (CER).

• Third quarter sales rose 3.1% to €201.3m, or 5.4% at CER, driven by strong performance in the Americas and Asia.

• EMEA region faced challenges due to supply chain changes in France, resulting in a 2.3% decline at CER in Q3.

Financial highlights

• Americas sales up 22.9% at CER to €194.3m for the nine months, with Q3 up 13.1%.

• Asia sales increased 10.3% at CER to €164.7m, with China up 24.2% in Q3; South Korea impacted by doctors' strike.

• EMEA sales up 1.0% at CER to €261.6m, but Q3 saw a decline due to French market disruptions.

• Diagnostic Imaging revenue up 9.4% at CER; X-ray division up 13.1% at CER; Interventional Imaging up 11.3% at CER.

Outlook and guidance

• 2024 revenue growth expected to exceed 9% on a like-for-like and CER basis.

• Restated EBITDA margin targeted above 2021 level of 14.4%.

• Positive momentum anticipated to continue in Q4, with annual sales update scheduled for February 2025.