DGAP-News: STEMMER IMAGING AG / Key word(s): Quarter Results/Quarterly / Interim Statement
Puchheim, May 11, 2022
*Previous year's value adjusted due to new valuation method implemented for trading in standard software licences
STEMMER IMAGING has made a strong start to the 2022 fiscal year and was able to continue its successful performance from previous quarters in the first quarter.
Order intake rose by 21.9% year-on-year to EUR 43.4 million. The largest part of a major order received in the first quarter with a total volume of over EUR 12.0 million is not yet included in this order intake figure and will be successively booked in the following months in accordance with the booking method used. The good order situation led to an increase in order backlog as of March 31, 2022, to EUR 74.0 million (December 31, 2021: EUR 56.2 million). At the same time, the company posted record revenue with another strong book-to-bill ratio of 1.2 despite the ongoing global supply shortages.
STEMMER IMAGING generated revenue of EUR 35.9 million in the reporting period (Q1 2021: EUR 31.2 million), the highest quarterly revenue in the company's history. Compared to the first quarter of 2021, this corresponds to an increase of 14.9%.
STEMMER IMAGING recorded growth in both order intake and revenue that exceeded the industry figures reported by the German Mechanical Engineering Industry Association (VDMA). For the first quarter, the VDMA reported for the machine vision industry an increase in order intake of 19% and market growth of 6%.
Nearly all STEMMER IMAGING companies reported higher year-on-year revenue in the first quarter. Germany and France in particular were able to report above-average growth. As a result of a delay to the start of series production in the Sports and Entertainment segment, revenue of EUR 2.3 million will be shifted to the subsequent quarters of fiscal year 2022, which led to a drop in revenue in Sweden. This effect was offset in particular by strong growth in the industrial areas in the first quarter. Automation applications for strategic focus markets in the field of e-mobility with battery as well as sorting applications recorded another positive revenue performance. In the field of Artificial Vision, the medical segment in particular achieved significant revenue growth.
The difficult global supply situation continues to pose a challenge. However, the continuation of measures in procurement and warehousing made it possible to absorb negative effects comparatively well.
The development of gross margins proved to be particularly robust in view of higher material costs. STEMMER IMAGING was able to cushion a negative margin effect by the timely implementation of appropriate measures and reported a gross margin of 38.5% for the first quarter of 2022 (Q1 2021: 39.8%). The higher-margin solutions business again contributed positively to this effect.
The other cost level was EUR 0.6 million higher than in the same period of the previous year, mainly due to the company's increased activity level. For the comparison, the one-off expenses of EUR 1.0 million reported in the first quarter of 2021 were adjusted.
Significant increase in EBITDA
At EUR 1.8 million, operating cash flow in the first three months of 2022 was above the previous year's figure (Q1 2021: EUR 0.9 million), despite an increase in working capital due to strong growth.
Arne Dehn, CEO STEMMER IMAGING AG:
STEMMER IMAGING AG's quarterly statement as of March 31, 2022, is available for download at www.stemmer-imaging.com in the Investors section.
STEMMER IMAGING AG
11.05.2022 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
STEMMER IMAGING AG
+49 89 80902-196
Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange
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