TCHBF - Tecan Group AG Non-GAAP EPS of CHF 5.16 revenue of CHF 541.5M; reaffirms FY23 outlook

2023-08-15 06:42:57 ET

• Tecan Group AG press release ( OTCPK:TCHBF ): 1H Non-GAAP EPS of CHF 5.16.
• Revenue of CHF 541.5M (-7.3% Y/Y).
• Adjusted operating profit before depreciation and amortization decreased by 15.0 % to CHF 101.2 million, mainly related to the lower sales volumes (H1 2022: CHF 119.1 million). The adjusted EBITDA margin amounted to 18.7% of sales (H1 2022: 20.4%).
• Tecan’s net liquidity position (cash and cash equivalents plus short-term time deposits less bank liabilities, loans and the outstanding bond) increased to CHF 61.7 million (December 31, 2022: CHF 41.2 million).
• Outlook: Tecan confirms its full-year 2023 outlook and continues to forecast sales to increase in the low to mid single-digit percentage range in local currencies. This expectation includes the negative impact of lower COVID-related sales (approximately -4 percentage points for the full year 2023, with the largest share of the impact already recorded in the first half of the year) and the reduced pass-through of material costs (at least -1 percentage point). Underlying sales, which exclude these negative effects, are expected to grow in the high single-digit percentage range in local currencies.
• Tecan also continues to expect an adjusted EBITDA margin, excluding acquisition and integration-related costs, at least at around 20% of sales. This outlook assumes lower integration costs in 2023 compared to 2022. In contrast, Tecan expects the reported EBITDA margin to increase by 20-30 basis points in 2023 despite ongoing inflationary pressures.

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