STEMMER IMAGING continues strong growth with double-digit increases in Revenue and EBITDA in Q1 2023
EQS-News: STEMMER IMAGING AG / Key word(s): Quarter Results/Quarterly / Interim Statement
Puchheim, May 10, 2023
Puchheim, May 10, 2023 – STEMMER IMAGING AG (ISIN DE000A2G9MZ9 / GSIN A2G9MZ) today publishes its results for the first quarter of 2023.
STEMMER IMAGING AG starts the year off strongly and again records double-digit growth rates in revenue and EBITDA in the first quarter compared to the same quarter last year.
At EUR 36.1 million, STEMMER IMAGING's order intake was below the supply-bottleneck-induced strong figure for the first quarter of 2022 (EUR 43.4 million). An order in the amount of EUR 6.5 million was postponed to April. If this order is attributed to the first quarter of 2023, order intake remained almost constant compared to the strong prior-year quarter. The new record order of almost EUR 14 million announced in January is only recognized as order intake in the quarter of delivery. STEMMER IMAGING plans to deliver this order in full during the current fiscal year.
STEMMER IMAGING generated revenue of EUR 40.4 million in the first three months of 2023, representing a significant growth of 12.6% year-on-year (Q1 2022: EUR 35.9 million). The company benefited from a significantly eased delivery situation.
From a regional perspective, STEMMER IMAGING's growth is also on a stable footing: almost all Group companies were able to report revenues above the previous year's level in the first quarter. In terms of end markets, the largest growth drivers in Machine Vision were the markets of Raw Materials & Recycling and Print & Packaging. In the non-industrial area of Artificial Vision, Medical, among others, recorded significant growth.
Supported by the higher-margin solutions business and the improved EUR exchange rate, the gross margin increased significantly compared to the second half of 2022 and amounts to 39.1% for the first quarter of 2023 (Q1 2022: 38.5%). Due to consistent cost management focused on strategy implementation, STEMMER IMAGING’s cost level is only EUR 0.1 million above the prior-year period despite strong inflation.
The company was able to report an operating result (EBITDA) of EUR 7.4 million, which corresponds to an overproportionate increase of 34.6%. The return on sales (ROS) increased to 18.2% in the first quarter compared to 15.2% in the same quarter of the previous year and is thus well within the target corridor of the medium-term forecast adjusted in March 2023 with an EBITDA margin of between 15% and 19%.
Cash flow from operating activities in the first quarter of the current fiscal year amounted to EUR 5.5 million and was thus significantly higher year-on-year at 201.4% (Q1 2022: EUR 1.8 million). The cash flow was positively influenced by the strong operating result and was only reduced by a moderate increase in working capital - mainly due to the increase in trade receivables based on the revenue growth.
Based on the continued stable order situation and high order backlog as well as the successful first quarter in combination with an expected recovery in the second half of the year, the Management Board of STEMMER IMAGING maintains the revenue range of EUR 163 - 176 million forecast for fiscal year 2023 and confirms the earnings forecast (EBITDA) of EUR 26 - 32 million. The Management Board will provide an update on the forecast no later than with the publication of the 2023 half-year figures scheduled for 10 August.
Arne Dehn, CEO of STEMMER IMAGING AG: "Our value proposition in both machine vision components and subsystems is appreciated by our customers. We are confident to achieve our goals for this year and will continue to further strengthen our position with regional expansion and enhancement of our technology offering."
Michael Bülter, CFO of the company, adds: "These results are the outcome of the dedicated work of all employees at STEMMER IMAGING and we are very proud of the strong results, also in this quarter. We are benefiting from our efficient use of resources, which is driving the double-digit earnings growth and clearly demonstrates our scalable business model."
The Quarterly Financial Report of STEMMER IMAGING AG as of March 31, 2023 is available for download at www.stemmer-imaging.com in the Investors section.
About STEMMER IMAGING
STEMMER IMAGING is the leading international partner for machine vision technology.
For industrial and non-industrial applications, our product range combines an extensive commercial range of products combined with a high level of expertise and value-added services. In addition, we develop subsystems to solve specific tasks.
For over 35 years, we have been helping our customers to take a leading role in their markets – across Europe and Latin America.
STEMMER IMAGING AG
10.05.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
STEMMER IMAGING AG
+49 89 80902-196
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