Interim report for Q2 2021/22 and the half-year

·6-min read
Ambu A/S
Ambu A/S

For Q2, Ambu posted organic revenue growth of 8% with reported growth of 12%. The macroeconomic headwinds with inflation and continued congestion of the global supply chain are further increasing our costs of production and distribution. We also expect a return of elective procedures to above 2019 levels, but with lower benefit from pent-up demand due to hospital labour shortages. With 70% of our revenue coming from elective procedures, we adjust our financial outlook downward to organic growth of 13% or higher and EBIT margin of 5% or higher.

Ambu continues to lead the creation of the single-use endoscopy market in the midst of significant volatility. In Q2, we faced Omicron, supply chain disruptions and the Ukraine conflict. In spite of all of that, we grew double-digits posting a record 444,000 single-use endoscopes sold, a 25% volume growth adjusted. Now, we move into the second half of the year facing macroeconomic headwinds, and in spite of that, we expect to further accelerate. Our revised guidance reflects these new challenges without changing our view regarding the attractiveness of the single-use market and Ambu’s potential. The rapid penetration of our ENT and cystoscope business will further benefit from the increased regulatory focus on reusable endoscopy reprocessing. Together with the impact from new endoscope products in Q4, Ambu will grow over 20% in the second half of the financial year, finishing 2021/22 with strong momentum,” says Juan Jose Gonzalez, CEO of Ambu.

Last year’s comparative figures are stated in brackets.

  • Revenue for Q2 was DKK 1,122m (DKK 1,001m) based on organic growth of 8% (6%) with reported growth of 12% (1%). Organic growth for the half-year was 3% (20%) with reported growth of 7% (15%). Growth rates are influenced by the high comparables for Q2 2020/21 and the first half of 2020/21 caused by the safety-stock orders for the National Health Service (NHS) in the UK. Adjusted for these NHS orders, organic growth is 12% in Q2 2021/22 and in the half-year.

  • Revenue in North America grew organically by 11% (6%), and in Europe by 7% (2%), while Rest of World declined by 1% (18%). Organic growth rates for the half-year were: North America 14% (9%), Europe -6% (34%) and Rest of World 1% (14%).

  • Organic growth in Visualization in Q2 was 3% (17%) and nil (48%) for the half-year. Adjusted for the NHS orders, organic growth in Visualization is 10% in Q2 and 18% in the half-year.

  • Unit sales of single-use endoscopes reached 444,000 in the quarter and 863,000 for the half-year taking sales volumes up 17% and 15%, respectively, relative to last year. Adjusted for the NHS orders, the volume growth in Visualization is 25% in Q2 and 34% in the half-year.

  • Anaesthesia posted organic growth of 12% ( 4%) and Patient Monitoring & Diagnostics (PMD) posted 14% ( 7%). For the half-year, Anaesthesia grew by 3% (0%) and PMD by 10% ( 5%). The order backlog carried over from Q1 decreased significantly in Q2. For the half-year, the combined organic growth of Anaesthesia and PMD was 6% (2%).

  • Gross margin for the quarter was 57.7% (62.2%) including one-off impact of 2.0 percentage points from write-down of raw materials. The gross margin for the half-year was 59.5% (63.8%) and is negatively impacted by product mix, raw material inflation, write-down of raw materials and the overhead from ramping-up the factory in Mexico.

  • OPEX for the quarter totalled DKK 600m (DKK 523m), corresponding to an increase of 15% of which 6 percentage points are caused by increasing freight costs. The increase in OPEX for the half-year was also 15%.

  • EBIT for the quarter ended at DKK 47m (DKK 100m), with an EBIT margin of 4.2% (10.0%). The evolution of the EBIT margin is positively impacted by the value of the 8% organic growth and negatively impacted by higher freight costs, write-down of raw materials and costs of depreciation including the Mexico plant which totals approx. 8.5 percentage points of EBIT margin compared to Q2 last year. EBIT for the half-year ended at DKK 87m (DKK 248m) with an EBIT margin of 4.0% (12.3%).

  • Net financials for the quarter were an income of DKK 135m (income of DKK 15m) due to fair value adjustment of the contingent consideration for the acquisition of Invendo Medical GmbH in 2017. As FDA clearance of the gastroscope was not received within the agreed timeframe, the milestone payment of EUR 20m has lapsed.

  • Net working capital-to-revenue ratio was 25% (19%) at the end of the quarter, based on rolling 12-month revenue. The supply chain situation, with longer transit times and handling at the terminals, is increasing the level of inventories required to maintain service levels.

  • Free cash flow before acquisitions totalled DKK 136m (DKK 27m) for the quarter and DKK ¬ 298m (DKK 25m) for the half-year driven by the lower EBITDA, increased net working capital and investments in innovation.

  • Total net interest-bearing debt (NIBD) was DKK 1,417m (DKK 466m), corresponding to a leverage ratio of 3.3 (0.7). In line with our plan, NIBD is up by DKK 658m since 30 September 2021, driven by the lease contract for the Mexico plant, the negative free cash flow and the distribution of dividends.

  • The outlook for the 2021/22 financial year is revised due to the macroeconomic headwinds, supply chain volatility, ongoing hospital labour shortages and write-down of raw materials. Up to now, we have been expecting a rapid return of elective procedure activity, but we now expect this to happen at a more steady pace. On this basis, the outlook for organic growth is revised from “15%+” to “13%+” (13 percent or higher), and the outlook for EBIT margin is consequentially revised from “7%+” to “5%+” (5 percent or higher). Outlook for the financial year is therefore:

    • Organic growth of 13%+ (13 percent or higher)

    • EBIT margin of 5%+ (5 percent or higher)

As we go through the second half of the financial year, we expect the leverage ratio to be reduced driven by revenue growth and further financial scale.


  • On 19 April 2022, we obtained CE mark for aScope™ Gastro and aBox™ 2 so that our single-use gastroscope solution is cleared for sale in Europe as well as in the USA. The commercial launch is ongoing.

  • On 19 April 2022, we announced that aScope™ 4 RhinoLaryngo Slim has expanded our addressable ENT market by supporting FEES procedures (Fibreoptic Endoscopic Evaluation of Swallowing).

  • On 3 May 2022, we announced CE mark for aScope™ 5 Broncho and aBox™ 2, enabling us to address the advanced procedures in the bronchoscopy suite and thereby expand our addressable market within pulmonology. FDA clearance is pending.

A conference call is held Friday 6 May 2022, at 09:00 (CEST). The conference is broadcast live via 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) or +1 631 913 1422 (US), and enter the following access code: 54837596#. The presentation can be downloaded immediately after the conference at


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