AMBU INCREASES FINANCIAL OUTLOOK FOR THE 2023/24 FINANCIAL YEAR

Today, Ambu announces preliminary Q3 2023/24 results and upgrades its expectations for the full financial year 2023/24. Due to better-than-expected performance in Q3, Ambu increases its financial outlook for organic revenue growth to 12-14% (previously 10-12%) and for EBIT margin before special items to 11-13% (previously 10-12%). The better-than-expected performance is driven by continued strong growth in Endoscopy Solutions, solid growth in Anaesthesia & Patient Monitoring and improved operational leverage, in line with Ambu’s transformation plan.

In addition, the company raises its free cash flow expectations to DKK +450m (previously DKK +370m).

PRELIMINARY AND UNAUDITED FINANCIAL HIGHLIGHTS FOR Q3 2023/24

Last year’s comparative figures are stated in brackets.

• Revenue was DKK 1,383m (DKK 1,195m), with organic revenue growth of 15.0% (8.1%), driven by continued strong growth in Endoscopy Solutions and solid growth in Anaesthesia & Patient Monitoring. Reported growth for the quarter was 15.7% (5.9%). Year-to-date, organic growth was 14.9% (5.4%), with reported growth of 13.9% (7.2%).
• EBIT before special items was DKK 178m (DKK 91m), and year-to-date was DKK 498m (DKK 205m). EBIT margin before special items was 12.8% (7.6%) and ended year-to-date at 12.4% (5.8%). The increase in EBIT margin was primarily due to organic revenue growth and targeted efforts within Ambu’s transformation agenda, aligned with the company’s ZOOM IN strategy.
• Free cash flow was DKK 163m (DKK 157m), bringing the year-to-date free cash flow to DKK 426m (DKK 4m).

 

REVISED OUTLOOK FOR THE FISCAL YEAR 2023/24
Driven by the development in the first nine months of the 2023/24 financial year, Ambu’s 2023/24 financial outlook is set as per below:

OUTLOOK FY 2023/24	10 JULY 2024	PREVIOUSLY
Organic revenue growth	12-14%	10-12%
EBIT margin before special items	11-13%	10-12%

In addition, Ambu’s free cash flow expectations are set for DKK +450m (previously DKK +370m). Expectations for Endoscopy Solutions organic revenue growth are now +18% (previously +15%).

Ambu will publish its full Q3 2023/24 interim earnings results on 30 August 2024, as previously announced.