Carl Zeiss Meditec AG: Revenue and EBIT forecast for fiscal year 2023/24
reduced amid slower than expected recovery of equipment business
EQS-Ad-hoc: Carl Zeiss Meditec AG / Key word(s): Change in Forecast/Profit
Warning
Carl Zeiss Meditec AG: Revenue and EBIT forecast for fiscal year 2023/24
reduced amid slower than expected recovery of equipment business
17-Jun-2024 / 10:09 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation
(EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Revenue and EBIT forecast for fiscal year 2023/24 reduced amid slower
than expected recovery of equipment business
Jena, June 17, 2024
In the first 8 months of fiscal year (FY) 2023/24 as of May 31, 2024,
excluding the contribution from the acquisition of Dutch Ophthalmic
Research Center B.V. (DORC), Carl Zeiss Meditec AG (ISIN:
DE0005313704) had preliminary revenue of EUR 1,258 million (prior year:
EUR 1,297 million, -3%). Preliminary operating profit (EBIT) amounted to
EUR 135 million (prior year: EUR 183 million, -26%), excluding the
contribution from the acquisition of DORC as well as integration cost
related to the acquisition. In the combined months of April and May
2024, order entry, revenue and EBIT continued to fall short of the
previous year's level. As a consequence of the continued slow business
development, the previous forecast for FY 2023/24 is lowered: Revenue
is now expected to reach around EUR 2,000 million, excluding the
contribution from the acquisition of DORC, which continues to be
estimated at an additional EUR 100 million for the second half of the
fiscal year (previous target: EUR 2,100 - EUR 2,150 million, excluding
DORC). Due mainly to the resulting lack of positive operating leverage
from weaker overall revenue assumptions, as well as more cautious
assumptions for consumables sales in the second half of the current
fiscal year, leading to a weaker product mix, EBIT (excluding effects
related to the DORC acquisition) will fall significantly short of the
previously stated target of a comparable level to last year (EUR 348.1
million) and reach a level between around EUR 215 million up to around EUR
265 million.
Soft development of order entry and revenue continues to be mainly
driven by the equipment business, suffering from a restrictive
investment climate among key customer groups, particularly in North
America. In addition, the important peak season for refractive
surgeries in China is off to a slow start, with consumables orders in
the country trailing the past year's figures during the third quarter
so far. The slower than anticipated roll-out of national volume-based
procurement for intraocular lenses in China is also causing an
additional headwind to revenue and EBIT.
Management is taking further measures to reduce operating expenses to
adjust to the weaker market environment, predominantly in sales &
marketing as well as research & development. A further update will be
provided with Q3 2023/24 results on August 6, 2024.
Carl Zeiss Meditec is targeting renewed growth for the upcoming fiscal
year 2024/25, supported by the launch of innovative new products into
key markets in both strategic business units. In the mid-term, the
goals of growing at least as fast as the underlying markets as well as
reaching an EBIT margin level sustainably above 20% remain unchanged.
The quarterly statement for 9M 2023/24 will be published on August 6,
2024.
Contact for investors and press
Sebastian Frericks
Head of Group Finance & Investor Relations
Carl Zeiss Meditec AG
Tel.: +49 3641 220-116
E-Mail: investors.meditec@zeiss.com
End of Inside Information
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Language: English
Company: Carl Zeiss Meditec AG
Göschwitzer Str. 51-52
07745 Jena, Germany
Germany
Phone: +49 (0)3641 220-0
Fax: +49 (0)3641 220-112
E-mail: investors.meditec@zeiss.com
Internet: www.zeiss.de/meditec-ag/ir
ISIN: DE0005313704
WKN: 531370
Indices: MDAX, TecDAX
Listed: Regulated Market in Frankfurt (Prime Standard);
Regulated Unofficial Market in Berlin, Dusseldorf,
Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1926437
End of Announcement EQS News Service
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1926437 17-Jun-2024 CET/CEST