TCGGY - Tecan Group AG (TCHBF) Q4 2023 Earnings Call Transcript
2024-03-12 11:35:02 ET
Duluth Holdings Inc (DLTH)
Q4 2023 Results Conference Call
March 12, 2024 4:00 AM ET
Company Participants
Martin Brandle - IR
Achim Leoprechting - CEO
Tania Micki - CFO
Conference Call Participants
Maja Pataki - Kepler Chevreux
Aisyah Noor - Morgan Stanley
Odysseas Manesiotis - Berenberg
Jan Koch - Deutsche Bank
Leonildo Delgado - Baader-Helvea
Sebastian Vogel - UBS
Presentation
Martin Brandle
Good morning, everyone. Thank you for joining us for our conference call this morning. We are very pleased to discuss with you the results for the fiscal year 2023. With me on the call are our Chief Executive Officer, Dr. Achim von Leoprechting; and our Chief Financial Officer, Tania Micki.
Before we start, as always, very briefly some formalities. The corresponding press release announcing our financial results was issued this morning at 6 AM Central European Time. Both this press release as well as the full 2023 Annual Report, including the 2023 Sustainability Report are available on the company website, tecan.com, as always, under the Investor Relations tab. I just want to remind you that the call is being webcast over the Internet on our homepage. And we have also posted a PDF of the presentation slides that we will discuss on this call for download.
With that, let me now turn the call over to Achim von Leoprechting.
Achim Leoprechting
Thank you very much, Martin, and good morning, and welcome to the Tecan 2023 full year results presentation. Before Tania will discuss the financial results of 2023 in detail, I will give you, as always, an overview of the financial and operational highlights. As you know, we published preliminary top-line results for the full year 2023 already in January of this year. I'm glad to be able to say today that Tecan, despite the challenging market environment, delivered a solid performance in 2023.
We had already communicated underlying sales growth in January, and I am pleased to report today an increase in profitability and net profit. We generated sales totaling CHF 1,074.4 million, 1.3% below 2022 in local currencies. And as mentioned, we've been able to demonstrate a solid underlying sales growth of 6.3% in local currencies when excluding the effects from lower COVID-related revenues and reduced material cost pass-through.
In the second half of 2023, Tecan reported sales growth of 1% in local currencies with underlying growth of 5.5%. The full year adjusted EBITDA was CHF 220.6 million and our adjusted EBITDA margin increased to 20.5%. Our adjusted net profit for 2023 increased by 6.5% to CHF 164.4 million with adjusted earnings per share of CHF 12.88, which represents a 6.1% increase over last year. And our operating cash flow increased in 2023 by 25.2% to CHF 160.6 million.
We've made substantial progress in the implementation of Tecan's strategy during 2023 with a number of successful new product launches and partnerships. We've been able to expand our core offering in laboratory automation in key growth markets and applications. As a standout example is the Phase Separator, which is an innovative new pipetting capability available on the Fluent Automation Workstation, representing a significant advancement for the strongly growing liquid biopsy application....
Tecan Group AG (TCHBF) Q4 2023 Earnings Call Transcript