Revenue at 30 September 2018
€614.3M at constant exchange rates, up 2.1%
Villepinte, 25 October 2018 - Guerbet (FR0000032526 GBT), a global specialist in contrast agents and solutions for medical imaging, is reporting revenue of €581.4M for the first nine months of the 2018 financial year, down 3.3% due to a highly unfavourable currency effect representing €32.9M. At constant exchange rates, the Group’s revenue increased 2.1% to €614.3M, identical to the dynamics observed in the first half of the year.
Consolidated Group revenue (IFRS)
In Europe, sales were down 7.8% at constant exchange rates. This trend mainly concerned France and Germany.
In Other Markets, the unfavourable currency effect was still very significant with a negative impact of €27.6M (mainly Brazil and US). At constant exchange rates, revenue as of the end of September totalled €354.9M, corresponding to an increase of +10.9%. In Japan, the successful start of direct distribution in early October will allow the Group to speed up its penetration in the world’s number 2 market.
At constant exchange rates, Diagnostic Imaging revenues amounted to €538.0M, down 1.7% compared with the first nine months of the 2017 financial year:
› On the MRI segment, revenue totalled €203.2M, compared with €207.3M for the same period in 2017. Dotarem® sales continued to grow in terms of volume, but this effect was partially offset by a decrease in prices, mainly in Europe (impact of the generic). In addition, the gradual withdrawal of Optimark® led to a net decrease in this product which weighed on the MRI segment, down 2.0% in total;
› On the CT/Cath Lab segment, sales generated €274.9M versus €280.5M for the same period in 2017 (-2%). This decline primarily concerned Optiray®, as its revenue was still affected by an adverse base effect compared with the first half of 2017. As a reminder, in early 2018, this product moved to a new distributor in China, offering a lower selling price but no contribution to marketing costs, resulting in a negative but ultimately margin-neutral impact on revenue. The sales momentum of Xenetix® was satisfactory;
› On the Injection Systems and Services (SIS) segment, sales remained stable overall at €60.7M compared with €60.2M at the end of September 2017.
In Interventional Imaging, revenue totalled €48.6M at constant exchange rates, a 26.8% increase compared with the first nine months of the 2017 financial year. After obtaining the 510k (FDA clearance) in the US, the first sales of Accurate Medical Therapeutics microcatheters will marginally contribute to the 4th quarter revenue.
The outlook for 2018 remains unchanged, namely:
- slightly greater revenue than in the 2017 financial year at constant exchange rates;
- restated EBITDA at constant exchange rates (excluding the full-year effect of revaluation of inventories for €15.6M) around 15% of revenue.
Publication of 2018 revenue
14 February 2019, after trading