Guerbet: 2022 half-year results


2022 half-year results

Slight growth in activity

  • H1 revenue: €371.1m, up 2.2% (-1.3% at constant exchange rates1); sustained dynamism in Asia and activity in the United States impacted by tensions in the labor market affecting a production site

Profitability maintained

  • H1 EBITDA2: €50.5 million; margin of 13.9% of revenue (excluding exceptional charges for optimizing the operating structure and changing the business model in China)

2022 objectives confirmed

  • Expected revenue growth of between 2% and 4% at constant scope and exchange rates
  • 2022 EBITDA margin at least identical to 2021 EBITDA margin (14.4% excluding exceptional costs for optimizing the operational structure and evolution of the business model in China)

1 At constant exchange rates: the foreign exchange impact has been eliminated by recalculating the turnover for the period on the basis of the exchange rates used for the previous financial year.

2 EBITDA: net operating profit before amortization, depreciation and provisions.

Villepinte, Wednesday September 21, 2022: Guerbet (FR0000032526), ​​world specialist in contrast products and solutions for medical imaging, announces its consolidated results for the first half of 2022.

Revenue amounted to €371.1 million, up 2.2% compared to June 30, 2021. It includes a positive exchange rate effect of €12.8 million, of which almost half (6 million €) is due to the appreciation of the dollar against the euro.

Excluding currency effects and on a like-for-like basis, revenue for the first half fell by -1.3% to 358.3 million euros. It was up +0.5% in the first quarter and down -3.1% in the second quarter due to a largely unfavorable base effect (sales had jumped by +25.1% in the second quarter of 2021 in a context of post-lockdown improvement).

Good momentum in all sectors and geographies, excluding the Raleigh effect

In the Americas, reported sales were up +6.4% (-3.7% at constant exchange rates). Demand remained strong, with activity at the industrial site in Raleigh (North Carolina) being hampered in the first half by recruitment difficulties affecting Optiray’s production® and Dotarem®. The measures implemented in recent months have borne fruit and now significantly limit the impact of these difficulties.

In Asiabusiness grew by 7.7% (4.2% at constant exchange rates), driven by the implementation of direct distribution in China in the second quarter.

In EMEAreported sales were down -3.2% (-2.6% at constant exchange rates) with overall stable volumes, accompanied by continued price erosion.

Diagnostic Imaging first-half sales increased by 2.1% at current exchange rates (-1.3% at constant exchange rates).

  • In MRI, H1 revenue increased by +2.5% to €121.3 million (-0.5% at constant exchange rates).
  • x-ray sales amounted to €206.8 million, up 1.9% (-1.8% at constant exchange rates) thanks to volumes and prices still sustained for Xenetix® and despite the drop in Optiray® sales due to production constraints at the Raleigh site.

In Interventional Imaging, reported sales increased 2.5%. At constant exchange rates, sales are down -1.6%. The establishment of a global Lipiodol® sale contract led to a fall in turnover for this activity in the first quarter (-9.7%) due to one-off price effects. The recovery was very marked in the second quarter (+7.3%). Over the first half of the year as a whole, we note double-digit growth in micro-catheters (+21.5%).

Solid results in the first half

In millions of euros,
Consolidated accounts (IFRS)
H1 2021
S1 2022
Revenue 363.1 371.1
% of sales
Operating result
% of sales
Net revenue
% of sales
Net debt 249.3 251.5

2 EBITDA: net operating profit before amortization, depreciation and provisions.

The 2022 half-year financial statements, approved by the Board of Directors on Wednesday September 21, 2022, were subject to a limited review by the statutory auditors. The auditors’ report is currently being drawn up.

EBITDA margin in line with expectations

As a reminder, the exceptional budgetary measures put in place at the height of the COVID crisis led the Group to an EBITDA ratio of 17.1% at the end of June 2021. During the second half of 2021, the Group relaunched its commercial and marketing investments to relaunch the activity and accelerate the implementation of the strategy, resulting in an EBITDA/Sales ratio of 14.4% at the end of 2021.

In an environment of inflation and labor market tensions, the Group has been able to maintain its profitability by continuing its efforts to optimize production and structural costs. This discipline enabled it to limit the impact of the rise in the cost of raw materials and other supplies (particularly iodine). The increase in payroll costs remains contained (+3.3%) despite strong recruitment pressure in the United States. Excluding exceptional costs related to the optimization of the Group’s operational structure and the change in sales model in China (direct distribution), the EBITDA/Sales ratio stood at 13.9%, in line with the Group’s expectations for the end of this first semester. year. The reported margin was 13.6%.

At June 30, operating income amounted to 16.9 million euros. It includes an increase in depreciation and provisions related to quality disputes with component suppliers.

Net profit for the first half amounted to 3.3 million euros. Financial expenses fell sharply to €1.2m (compared to €4.4m in the first half of 2021). The tax charge amounted to €11.2 million (compared to €5.1 million previously) after the Group analyzed the tax risks of all its subsidiaries and recorded an additional provision of €9.5 million in its consolidated accounts in accordance with IFRIC 23.

As of June 30, 2022, shareholders’ equity amounted to €429 million, compared to €405 million as of Friday, December 31, 2021. The decrease in cash (-€56 million, to €60 million) reflects the repayment of €25 million of the loan advance obtained in 2019 and the increase in WCR fueled by the build-up of precautionary stocks and Elucirem stocksMT to prepare for its launch in 2023. This did not prevent a further improvement in the debt ratio, with a net debt/equity ratio of 0.59 at June 30, 2022, compared to 0.64 a year earlier.

Outlook and guidance for 2022

During the first half, the Group made industrial, commercial and operational investments on several fronts in order to prepare for the future, thus contributing to an unprecedented renewal of its product portfolio in all divisions.

  • In diagnostic imagingthe production lines are on track for the disposal of EluciremMTexpected by 2023, after review by FDA and EMA1.
  • In Interventional Imagingthe significant expansion of the SeQure® and DraKon™ microcatheter portfolio (addition of 20 models, representing a total of 38 products) and the launch of a new range of Axessio™ guidewires allow Guerbet to now offer a complete solutions to the interventional radiology community.
  • In Artificial Intelligence (AI), in 2023, the Group is preparing to launch its first solution to help diagnose prostate cancer.

Guerbet expects to be able to meet its ambitious revenue growth target of 2% to 4% at constant scope and exchange rates for the whole of the 2022 financial year, thanks to solid activity over the first two months of the year. third quarter and continued improvement in production rates at the Raleigh site. The Group also reiterates its operating profitability forecast for the full year 2022 of an EBITDA/Sales ratio at least identical to the 2021 ratio (14.4%), excluding exceptional costs for optimizing the Group’s operating plan and transition to direct distribution in China.

1 EluciremTM (gadopiclenol) is under review in Europe by the EMA (European Medicines Agency) and in the United States by the FDA (Food and Drug Administration)

Events to come:

Publication of 3rd quarter 2022 revenue
Thursday October 20, 2022, after market

About Guerbet

At Guerbet, we build lasting relationships to enable people to live better. This is our goal. We are a global leader in medical imaging, offering a full range of pharmaceuticals, medical devices, and digital and AI solutions for diagnostic and interventional imaging. Pioneers in contrast products for 95 years, with more than 2,700 employees worldwide, we are constantly innovating and devote 8 to 10% of our turnover to research and development in five centers in France, Israel and in the USA. Guerbet (GBT) is listed on Euronext Paris (segment B – mid caps) and generated revenue of €732 million in 2021. For more information, visit

Forward-looking statements

Certain information contained in this press release does not reflect historical data but constitutes forward-looking statements. These forward-looking statements are based on estimates, forecasts and assumptions, including, but not limited to, assumptions about the Group’s current and future strategy and the economic environment in which the Group operates. They involve known and unknown risks, uncertainties and other factors that could cause the Group’s actual performance and results to differ materially from those expressed or implied by such forward-looking statements.

These forward-looking statements speak only as of the date of this press release, and the Group expressly disclaims any obligation or undertaking to update or revise the forward-looking statements contained in this press release to reflect changes in their underlying assumptions. , events, conditions or circumstances. The forward-looking statements contained in this press release are provided for informational purposes only. Forward-looking statements and information are not guarantees of future performance and are subject to risks and uncertainties that are difficult to predict and generally beyond the control of the Group.

These risks and uncertainties include, but are not limited to, uncertainties inherent in research and development, future clinical data and analyzes (including after marketing authorization is granted), decisions of regulatory authorities (such as the U.S. Food and Drug Administration or the European Medicines Agency) regarding whether and when to approve a drug, process, or biological product application filed for one of these product candidates, and their decisions regarding labeling and other factors that may affect the availability or commercial potential of these product candidates. A detailed description of the risks and uncertainties related to the Group’s activities is provided in chapter 4.9 “Risk factors” of the Group’s Universal Registration Document filed with the Autorité des marchés financiers under number D-22-0242 on Tuesday April 24. . 5, 2022, available on the Group’s website (

contacts :

Jérôme Estampes, Chief Financial Officer + 33 (0)1 45 91 50 00 /
Claire Lauvernier, Communications Director +33 (0)6 79 52 11 88 /

Benjamin Lehari, Financial Communication + 33 (0)1 56 88 11 25 /
Jennifer Jullia, Press +33 (0)1 56 88 11 19 /

  • Guerbet CP RS 2022 Final VA


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