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IBA Reports Full Year 2020 Results

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IBA SA
·6-min read
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RESILIENT PERFORMANCE ACROSS BUSINESS LINES

GOOD ORDER INTAKE AND RECORD BACKLOG

POSITIVE REBIT AND BOTTOM LINE

STRONG BALANCE SHEET WITH EUR 65 MILLION NET CASH AT YEAR END


Louvain-la-Neuve, Belgium, 25 March 2021 - IBA (Ion Beam Applications SA), the world’s leading provider of proton therapy solutions for the treatment of cancer, today announces its consolidated annual results for the 2020 financial year.

YE 2020
(EUR 000)

YE 2019
(EUR 000)

Variance
(EUR 000)

Variance
%

Net Sales

311 955

282 552

29 403

+10.4%

Proton Therapy

189 150

158 273

30 877

+19.5%

Dosimetry

51 060

53 846

-2 786

-5.2%

Other Accelerators

71 745

70 433

1 312

+1.9%

REBITDA

55 985

12 459

43 526

+349%

% of Sales

17.9%

+4.4%

REBIT

40 406

87

40 319

46 344%

% of Sales

13.0%

0.0%

Profit Before Tax

33 054

10 766

22 288

+207%

% of Sales

10.6%

+3.8%

NET RESULT

31 921

7 610

24 311

319%

% of Sales

10.2%

+2.7%


Olivier Legrain, Chief Executive Officer of IBA commented
: I am very proud of IBA’s good performance and resilience in what has been a challenging year globally. Our long-term strategy aims to build upon our solid business foundation to create sustainable growth and profitability, delivering the very best offering and services to our customers, whilst being a responsible corporate citizen. Our roadmap to achieve this across all four of our business lines is clear: capitalize on our market leading position globally, invest for strategic impact and deliver operational execution.

“A key strategic growth market for us is Asia, particularly China, and we were pleased to sign two significant proton therapy deals in the region in the second half of 2020, as well as a strategic partnership with CGNNT in China. We also delivered strong sales in this region for our Industrial, RadioPharma and Dosimetry businesses. This momentum has continued in 2021, with IBA being selected for the supply of a new Proteus®PLUS solution in China.

“Our pipeline continues to be encouraging and overall, order intake across all business units remains buoyant. This, coupled with our growing recurring revenues in Services and Dosimetry, provides us with confidence for the future. I am grateful for the incredible work of the IBA team over the past year, as well as the continued support of our customers. With a healthy balance sheet and the long-term potential for market development across all four of our businesses, we enter 2021 in a confident position.”

Financial summary

  • Total order intake of EUR 112 million for Proton Therapy and Other Accelerators (excluding CGNNT contract) and EUR 54 million for Dosimetry

  • Total 2020 Group revenues of EUR 312 million, up 10.4%, strongly boosted by the strategic licensing deal with CGN Nuclear Technology Application Co Ltd (CGNNT)

  • Strong growth in Proton Therapy Services for the third consecutive year, up 7.2% from 2019

  • Equipment and Services backlog conversion delayed due to effects of pandemic but remains at all time high of EUR 1.1 billion

  • Significant increase to full year REBIT, with a profit of EUR 40.4 million (2019: EUR 0.1 million)

  • Total Group net profit of EUR 31.9 million (2019: EUR 7.6 million)

  • Very strong balance sheet with EUR 151.3 million gross cash (2019: EUR 46 million) and EUR 65.2 million net cash position (2019: net debt of EUR -21.3 million), with all bank covenants met at year-end

  • Total direct COVID-19 impact for 2020 estimated to be around EUR 15 million

  • The Board of Directors will recommend to the annual general assembly the distribution of a total dividend of EUR 0.2 per share, in line with the transition to a new dividend policy

Business summary

  • Proteus®PLUS* licensing deal with Chinese partner CGNNT worth minimum of EUR 100 million announced during the year, with EUR 63.5 million revenues recognized in 2020

  • Four-room contract for a Proteus®PLUS Proton Therapy Solution announced in Chengdu, Sichuan Province, China

  • Contract signed with the National Cancer Center (NCC) Korea for a Proteus®ONE* solution, following a competitive tender process. NCC is already an IBA customer, having previously purchased a three-room Proteus®PLUS solution

  • Strong order intake for Other Accelerators with 17 systems sold, of which 12 were signed in the second half

  • Resilient performance of Dosimetry with a strong order intake in the year to date, up 10% from 2019

  • Strong cost control measures still in place, partially offsetting COVID-19 related impact, whilst allowing for strategic investments in R&D

  • Board strengthened with appointment of Ms. Christine Dubus and Dr Richard Hausmann as Non-Executive Directors

Post-period highlights

  • In January, IBA was selected for the supply of a multi-room Proteus®PLUS solution in China, with contract negotiations ongoing

  • In February, IBA received the third payment related to the CGNNT contract, for EUR 20 million, bringing total cash received to date on this contract to EUR 70 million

  • In March, IBA received the first down payment on the NCC Korea contract signed in December 2020.

***ENDS***

A conference call will be held on Thursday, 25 March 2021 at 3pm CET / 2pm GMT / 10am EDT / 7am PDT and can be accessed online at:
http://arkadinemea-events.adobeconnect.com/iba250321/event/registration.html
If you would like to participate in the Q&A, please dial (PIN code 24698548#):

Belgium: +32 2 403 58 16
UK: +44 20 71 94 37 59
NL: +31 207 09 51 19
LU: +352 2 730 01 63
US: +1 64 67 22 49 16
FR: +33 1 72 72 74 03

The presentation will be available on IBA’s investor relations website and on:
https://iba-worldwide.com/content/iba-full-year-2020-results-web-conference shortly before the call.

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

Financial calendar
Business Update First Quarter 2021 20 May 2021
General Assembly 9 June, 2021
Half Year 2021 Results 25 August 2021
Business Update Third Quarter 2021 18 November 2021

About IBA
IBA (Ion Beam Applications S.A.) is a global medical technology company focused on bringing integrated and innovative solutions for the diagnosis and treatment of cancer. The company is the worldwide technology leader in the field of proton therapy, considered to be the most advanced form of radiation therapy available today. IBA’s proton therapy solutions are flexible and adaptable, allowing customers to choose from universal full-scale proton therapy centers as well as compact, single room solutions. In addition, IBA also has a radiation dosimetry business and develops particle accelerators for the medical world and industry. Headquartered in Belgium and employing about 1,500 people worldwide, IBA has installed systems across the world.

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

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

For further information, please contact:

IBA
Soumya Chandramouli
Chief Financial Officer
+32 10 475 890
Investorrelations@iba-group.com

Olivier Lechien
Corporate Communication Director
+32 10 475 890
communication@iba-group.com

For media and investor enquiries:
Consilium Strategic Communications
Amber Fennell, Angela Gray, Lucy Featherstone
+44 (0) 20 3709 5700
IBA@consilium-comms.com

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