First-quarter figures: Sartorius Stedim Biotech off to a good start in 2017
Continued top-line growth
Sartorius Stedim Biotech (SSB), a leading supplier for the biopharma industry, recorded an increase in sales revenue of around 8% in the first quarter of 2017. As expected, the market environment returned to normal growth rates after two exceptional years. Business development in the Americas was influenced by softer customer demand as well as by limited delivery capacities for cell culture media, while Asia | Pacific posted the highest growth rate with a gain of around 37%, driven by strong demand across the portfolio. The acquisition of the software company Umetrics, closed in early April, did not affect Q1 2017 results.
Overproportionate rise in profits
Driven by economies of scale, SSB’s underlying EBITDA increased by 11.2% to 71.9 million euros; the corresponding margin reached 26.7%. Underlying earnings per share were 0.48 euros, up year over year from 0.43 euros.
Strong financial position
With an equity ratio of 61.9% and a ratio of net debt to underlying EBITDA of 0.3, SSB’s financial position remained very strong and stable. Net debt at the end of the first quarter stood at 74.8 million euros.
2017 guidance confirmed
Based on the company’s first-quarter results, management confirmed its full-year forecast for 2017. Sales revenue is expected to increase by about 8% to 12% and the underlying EBITDA margin is anticipated to rise by approx. 0.5 percentage points over the prior-year figure of 27.5%, with both forecasts given in constant currencies.
SSB continues to project capital expenditures of around 10% to 13% of sales in the current year.
Including the acquisition of Umetrics and excluding any further potential acquisitions, the ratio of net debt to underlying EBITDA at the end of 2017 is expected to be slightly above the level of 0.2 reported for year-end 2016.
This press release contains statements about the future development of the Sartorius Stedim Biotech Group. We cannot guarantee that the content of these statements will actually apply because these statements are based upon assumptions and estimates that harbor certain risks and uncertainties.
Conference Call
Joachim Kreuzburg, CEO and Chairman of the Board of the Sartorius Stedim Biotech Group, will discuss the company’s results with analysts and investors on Monday, April 24, 2017, at 3:30 p.m. Central European Time (CET), in a teleconference. You may register for the teleconference at:
http://services.choruscall.de/DiamondPassRegistration/register?confirmationNumber=2173934&linkSecurityString=8938b98a
Alternatively, you can dial into the teleconference, without registering, at:
49 (0) 69 566 03 6000
To view the presentation, log onto: www.sartorius-stedim.com
