IBA SA: IBA Reports Full Year 2023 Results

GROUP REVENUES UP 18.7% WITH OTHER ACCELERATORS UP 51.1%

REBIT POSITIVE FOR FY23 WITH OTHER ACCELERATORS REBIT ALMOST QUADRUPLING

MEDIUM TERM GUIDANCE REITERATED

Louvain-la-Neuve, Belgium, 21 March 2024 - IBA (Ion Beam Applications S.A), the world leader in particle accelerator technology, today announces its consolidated results for the 2023 financial year.

(EUR 000)	FY 2023	FY 2022	Variance	Variance %
Total Net Sales	428 717	361 270	67 447	18.7%
Proton Therapy	229 065	218 761	10 304	4.7%
Other Accelerators	133 742	88 538	45 204	51.1%
Dosimetry	65 910	53 971	11 939	22.1%
REBITDA	19 308	21 571	-2 263	-10.5%
% of Sales	4.5%	6.0%
REBIT	6 417	11 050	-4 633	-41.9%
% of Sales	1.5%	3.1%
Profit Before Tax	-315	-430	115	-26.7%
% of Sales	-0.1%	-0.1%
NET RESULT	-9 110	6 057	-15 167	-250.4%
% of Sales	-2.1%	1.7%

Olivier Legrain, Chief Executive Officer of IBA, commented: "A strong second half performance has ensured we have delivered positive REBIT at the full year, with Group revenues in line with expectations."

"Other Accelerators had a particularly strong year, with revenues growing more than 50% and a significant increase in REBIT driven by high order intake over the past few years and accelerated backlog conversion. Dosimetry performance was also strong, with growth in sales and REBIT, and the Services business continuing to perform well across the board. Meanwhile, Proton Therapy's reduced performance reflects the significant investment into the future growth of the business alongside some delays in backlog conversion."

"Looking ahead, IBA remains focused on keeping its supply chain moving and accelerating backlog conversion. Alongside this, investment is important for the business and will be executed with an agile and targeted approach."

"As we continue to drive growth, I'm pleased to announce Henri de Romrée's appointment as Deputy CEO, where he will focus on future opportunities and performance in the Other Accelerators business."

Financial summary

• Total 2023 Group revenues of EUR 428.7 million, up 18.7% versus last year, in line with expectations and driven by accelerated backlog conversion in H2 across all business units, with particularly strong growth from Proton Therapy (PT) Services, Dosimetry and Other Accelerators
• Performance significantly second half weighted, as anticipated, with strong execution of backlog, resulting in positive Group REBIT of EUR 6.4 million (FY22 EUR 11.1 million)
  • Very strong Other Accelerators and Dosimetry REBIT driven by high value backlog conversion and sales growth, compensating Proton Therapy REBIT affected by customer delays, inflationary pressures and R&D investments
• Gross margin was 31.4%, compared to 35.1% in 2022, impacted by product mix alongside a one-off positive impact in 2022 of a customer bankruptcy related indemnities (FY22: 33.4% on a like-for-like basis)
• Group order intake of EUR 267.2 million; PT and Other Accelerators order intake was EUR 200.1 million and Dosimetry order intake was EUR 67.1 million
• Total Group net loss of EUR 9.1 million (2022: EUR 6.1 million profit), primarily driven by PT performance
• Strong balance sheet retained with EUR 109.3 million gross cash and EUR 67.7 million net cash position. EUR 40 million undrawn short-term credit lines still available at period end
• Equipment and Services backlog remains at EUR 1.4 billion
• Mid-term guidance unchanged, with revenue, CAGR and CAPEX in line with targets

Business summary (including post-period end)

• 18 Other Accelerators systems sold in 2023 (2022: 36 systems), with a strong uptick in Equipment and Services revenues
• Seven PT rooms sold, comprising one Proteus^®PLUS¹ and three Proteus^®ONE¹ systems sold, and the restoration of an existing three-room solution in the US (2022: 17 rooms)
• 33 PT projects under construction or installation at the end of the period
• Continued good progress of IBA and SCK CEN's joint venture PanTera for the production of actinium-225, with collaborations secured with supplier TerraPower and post-period end, with Bayer and another undisclosed customer
• Post-period end, Dosimetry product offering and US footprint strengthened with acquisition of Radcal Corporation, an X-ray imaging specialist
• B Corp recertification ongoing
• Henri de Romre´e appointed as Deputy CEO

***ENDS***

IBA's management team will host a hybrid event, including a conference call and webcast conducted in English, to present the full year results, followed by a Q&A session.

The conference call will be held on Thursday, 21 March 2024 at 3pm CET / 2pm GMT / 10am ET / 7am PT as a Teams webinar and can be accessed online via this link.

If you would like to join by phone only, please dial (Phone conference ID 204 708 166#):


Belgium: [phone]
UK: [phone]
NL: [phone]
LU: [phone]
US: [phone]
FR: [phone]

The presentation will be available on IBA's investor relations website and on https://www.iba-worldwide.com/full-year-results-2023-press-release-and-conference-call shortly before the call.

To ensure a timely connection, it is recommended that users register at least 10 minutes prior to the scheduled webcast.

For participants who do not have the Teams application installed, please follow the process described in this link to access the conference.

Financial calendar
Business Update Q1 2024 23 May 2024
Half Year Results 2024 29 August 2024
Business Update Q3 2024 21 November 2024

About IBA

IBA (Ion Beam Applications S.A.) is the world leader in particle accelerator technology. The company is the leading supplier of equipment and services in the field of proton therapy, considered to be the most advanced form of radiation therapy available today. IBA is also a leading player in the fields of industrial sterilization, radiopharmaceuticals and dosimetry. The company, based in Louvain-la-Neuve, Belgium, employs approximately 2,000 people worldwide. IBA is a certified B Corporation (B Corp) meeting the highest standards of verified social and environmental performance.

IBA is listed on the pan-European stock exchange EURONEXT (IBA: Reuters IBAB.BR and Bloomberg IBAB.BB). More information can be found at: www.iba-worldwide.com

For further information, please contact:
IBA
Soumya Chandramouli
Chief Financial Officer
[phone]
[e-mail]

Olivier Lechien
Corporate Communication Director
[phone]
[e-mail]

For media and investor enquiries:
ICR Consilium
Amber Fennell, Angela Gray, Lucy Featherstone
[phone]
[e-mail]

¹ Proteus®ONE and Proteus®PLUS are brand names of Proteus 235