Revenues up 20% - On Track To Meet 2016 Guidance

 

Louvain-La-Neuve, Belgium, August 25, 2016 - IBA (Ion Beam Applications S.A., EURONEXT), the world’s leading provider of proton therapy solutions for the treatment of cancer, today announces its consolidated results for the first half of 2016.

 

 

H1 2016
(EUR 000)

H1 2015
(EUR 000)

Variance
(EUR 000)

Variance
%

Sales & Services

145 128

120 997

24 131

19.9%

REBITDA

17 970

14 605

3 365

23.0%

  % of Sales

12.4%

12.1%

 

 

REBIT

15 133

12 614

2 519

20.0%

  % of Sales

10.4%

10.4%

 

 

Net Result

8 297

14 450

-6 153

-42.6%

  % of Sales

5.7%

11.9%

 

 

 

 

H1 Financial Highlights

  • Total Group H1 revenues of EUR 145.1 million, up 19.9% (H1 2015: EUR 121 million) – on track to meet full-year 2016 revenue growth guidance of above 20%
  • REBIT up 20% to EUR 15.1 million and margin at 10.4% – on track to achieve 11% FY guidance
  • Reported net profit EUR 8.3 million, down EUR 6.2 million from H1 2015, reflecting large non-recurring income in prior period
  • Strong growth in Proton Therapy and Other Accelerators – H1 order intake up 30.5% to EUR 143.6 million from H1 2015, comprising three Proteus®ONE* and eight Proteus®PLUS* rooms (2 solutions), 8 other accelerators and upgrades that represent more than EUR 13 million of order intake for the period
  • High period-end backlog for Proton Therapy and Other Accelerators of EUR 348.6 million, up 15% from H1 2015  and with Proteus®ONE orders making up 37% of the backlog, demonstrating IBA’s unique competitive advantage in fast-growing single room compact solution market
  • Proton Therapy Services backlog of EUR 567.4 million, up 12% from H1 2015
  • Solid Dosimetry backlog of EUR 18.3 million, up from EUR 17.8 million in H1 2015 – H1 revenues down from H1 2015 due to very strong sales level in H1 2015 and slower conversion rate on long-term orders in H1 2016

 

H1 Business Highlights

  • Growth strategy on track, including staff recruitment and production capacity scale-up to meet proton therapy demand.  The recruitment of 400 engineers is progressing well, with 206 already hired
  • 11 proton therapy rooms sold in H1 confirming IBA’s growing leadership in this key market segment
  • Contract signed with Belgium’s first proton therapy center to install a Proteus®ONE
  • Further benefit of Philips collaboration – additional Proteus®ONE order signed with Proton Partners International and a three-room Proteus®PLUS in Mumbai, India
  • New contract for a Proteus®ONE signed with existing customer, University of Florida Health Proton Therapy Institute, associated with an upgrade to its existing proton therapy center with latest technologies
  • Continuing penetration of Chinese market with a contract for a five-room Proteus®PLUS solution in Qingdao, China – contract not yet included in backlog pending down payment
  • CE mark authorization received for new generation superconducting accelerator for Proteus®ONE
  • New evolutionary cyclotron launched by IBA at the 2016 Society of Nuclear Medicine and Molecular Imaging (SNMMI) annual meeting in San Diego, California
  • Strengthening of management team with appointment of Jean-Marc Bothy as Chief Strategy Officer and Soumya Chandramouli as Chief Financial Officer

 

Post Period End Highlights

  • All features for the integrated solution Proteus®ONE are now FDA approved
  • Investment in HIL Applied Medical Ltd to develop laser-based proton therapy solution
  • First worldwide clinical implementation of its newly released Dolphin Online Ready Patient QA and Monitoring

 

Olivier Legrain, Chief Executive Officer of IBA, commented: “The strong first-half performance has demonstrated the continued momentum of proton therapy growth globally, led by the increasing success of Proteus®ONE, our unique compact solution. The collaboration with HIL announced earlier this week underlines our commitment to constant innovation, identifying new opportunities and technologies that will enable us to deliver ever higher standards while potentially reducing the costs of treatment.”

 

“As demand for our technology grows, so does the IBA team. We are on course to recruit 400 additional specialists that we have targeted as part of our ambitious growth strategy, with more than 50% already selected.”

 

“The order pipeline for the rest of 2016 is strong. With continued demand for our proton therapy solutions and despite challenging times for our Dosimetry business, we are on track to meet our guidance for the full year.”

 

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