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Annual report 2020/21 (earnings release)

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Ambu reached 16% organic revenue growth for the year 2020/21, driven by 31% growth in Visualization. More than 1.5 million single-use endoscopes were delivered, and our global commercialisation of aScope™ Duodeno 1.5 is now underway.

"Ambu is emerging from the pandemic as a stronger company. Over the last year, we achieved important milestones. We continued our accelerated growth and moved decisively to fulfil our strategic aspiration to emerge as the #1 single-use endoscopy company. We strengthened our R&D modular engine, expanded our high-scale low-cost manufacturing infrastructure, and are on track to launch 20 new single-use endoscopy products by 2022/23,” says Juan Jose Gonzalez, CEO of Ambu. "We are moving forward at a high pace to maximise our first-mover advantage."

(Comparative figures for 2019/20 are stated in brackets)

Q4 2020/21

  • Revenue for Q4 was DKK 1,026m (DKK 871m) based on organic growth of 18% (48%). Q4 revenue was impacted by shipment delays on Anaesthesia and PMD caused by the congestions of the global container freight market.

  • Visualization grew organically by 37% (204%), while we sales in Anaesthesia decline by -6% (18%) and organic growth in Patient Monitoring & Diagnostics (PMD) of 13% (-10%).

  • EBIT was DKK 4m (DKK 29m) with an EBIT margin of 0.4% (3.3%).

Full year 2020/21

  • Revenue for the financial year was DKK 4,013m (DKK 3,567m) based on organic growth of 16% (26%). Sales in North America grew organically by 17%, while we saw organic growth in Europe of 15% and Rest of World of 18%.

  • Visualization achieved organic growth of 31% (81%), Anaesthesia sales declined by ‑2% (7%), while sales in PMD grew by 9% (‑10%).

  • The sales of single-use endoscopes reached 1,528,000 (1,085,000) units which is an increase in volume of 41% relative to last year.

  • EBIT was DKK 340m (DKK 428m) with an EBIT margin of 8.5% (12.0%).

  • Tax on profit for the year was recognized at 20% (25%).

  • Net profit for the year was up 2.5% at DKK 247m (DKK 241m).

  • The Board of Directors proposes a dividend of DKK 0.29 (DKK 0.29) per share with an unchanged pay-out ratio of 30%.

  • Free cash flow before acquisitions of technologies and enterprises are negative at DKK ‑245m (DKK ‑133m) and we end the financial year 2020/21 with a NIBD/EBITDA ratio of 1.4 (2.2).

  • During 2020/21, Ambu developed product upgrades to aScope™ Duodeno, secured European regulatory clearance, initiated global commercialisation and resumed the clinical trial for aScope™ Duodeno. In addition, Ambu launched two products within Visualization: VivaSight 2 DLT and aScope™ 4 Broncho Sampler Set. Ambu is on track to launch 20 new Visualization products by 2022/23.

  • Ambu is today announcing initial results for the clinical trial to assess the aScope™ Duodeno 1.5 single-use duodenoscope for ERCP procedures. The aScope Duodeno 1.5 was designed to incorporate feedback from version 1.0, including improvements to the elevator performance, image quality, instrument passage and suction buttons. Through 29 cases in the U.S., the procedure success rate was 100%, meaning all cases were successfully completed using aScope Duodeno 1.5, with no cases converted to a reusable duodenoscope. The cases included all complexity grades for endoscopic procedures – from 1 (easiest) to 4 (most difficult) as determined by the American Society for Gastrointestinal Endoscopy.

  • In addition to the Annual Report, Ambu today publishes its Sustainability Report and Remuneration Report for 2020/21. All reports can be accessed at


The outlook for 2021/22 is as follows:

Organic growth: 15-19%
The organic growth will be driven by Visualization’s most recent product launches, while Anaesthesia and PMD are expected to be positively impacted by a gradually normalising demand.

As we move through 2021/22, the organic growth will be back-end loaded as we gain momentum from product launches. In addition, organic revenue for Q1 2021/22 is expected to be flat over Q1 2020/21, as we face a high comparable driven by last year’s NHS safety stock orders.

We expect the average selling prices across our single-use endoscopy portfolio to remain stable within product categories and geographies.

EBIT margin: 7-9%
In 2021/22, we will invest in commercial resources and manufacturing capacity – our new plant in Mexico – to support our product launches.

Furthermore, we expect a negative impact from raw material inflation and continued high supply chain costs. For Q1 2021/22, our EBIT margin is expected to be low and gradually improve as we build financial scale.

A conference call is held today, Tuesday 9 November 2021, at 9.00am (CET). The conference is broadcast live via The presentation can be downloaded immediately before the conference call via the same link. To ask questions in the Q&A session, please call one of the following numbers five minutes before the start of the conference: +45 3544 5577 (DK), +44 333 300 0804 (UK), and enter the following access code: 82538288#.

Ambu’s annual general meeting will be held on Tuesday 14 December 2021 at 13.00 (CET) at Tivoli Hotel & Congress Center, Arni Magnussons Gade 2, DK-1577 Copenhagen.


Michael Højgaard, CFO, / +45 4030 4349
Nicolai Thomsen, Director, Investor Relations & Strategic Financial Planning, / +45 2620 8047

Mikkel Trier Wagner, Director, Corporate Communications, / +45 4191 0830


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