Exosens Reports Strong H1 2024 Growth and Profitability
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Exosens Reports Strong H1 2024 Growth and Profitability
H1 2024 RESULTS
MÉRIGNAC, FRANCE – Exosens, a leading high-tech company specializing in critical amplification, detection, and imaging technologies, has reported impressive results for the half-year ended June 30, 2024.
Key Highlights:
- Revenue Growth: Achieved a remarkable revenue increase of +50%, totaling €186.9 million. This growth was fueled by a 35% organic growth on a like-for-like basis and strategic acquisitions.
- Improved Profitability: Adjusted gross margin reached €91.1 million, representing 48.8% of revenue, an increase of 350 basis points compared to H1 2023.
- EBITDA Performance: Adjusted EBITDA soared to €56.1 million, resulting in an EBITDA margin of 30% against 27.2% in H1 2023.
- Strong Financial Health: Net leverage stood at 1.3x as of June 30, 2024, post the successful IPO.
“The first half of the year has been a transformative period for Exosens. The capital increase of €180 million from our IPO and the solid revenue growth reflect our successful operational strategies and recent acquisitions. Our profitability trajectory is further evidence of our robust business model. We are poised to seize future opportunities while maintaining a focus on innovation and sustainable growth,” said Jérôme Cerisier, CEO of Exosens.
Continued Growth Momentum with Strong Revenue Increases
Exosens demonstrated remarkable growth, with consolidated revenues for H1 2024 reaching €186.9 million. This 50% increase can be attributed to substantial organic growth, improved group sales volume, and a favorable product mix. The integration of Telops, El-Mul, and ProxiVision, acquired in recent months, has significantly contributed to this growth. The collaborative efforts of the sales and R&D teams have allowed for a seamless blending of technologies.
In detail, Amplification revenue reached €138.5 million, marking a 46.8% reported increase due to an advantageous product mix. Meanwhile, Detection & Imaging revenue hit €50.4 million, reflecting a robust increase of 60.2%, propelled by favorable pricing, cost control, and the successful consolidation of acquired entities.
Key Financial Highlights
The comprehensive financial results highlight a significant improvement in profitability across both segments. The growth in adjusted gross margins reflects effective absorption of fixed costs through increased volumes and operational efficiencies.
The adjusted gross margin totaled €91.1 million (48.8% of revenue) for H1 2024, a significant rise compared to €56.6 million in H1 2023 (45.3% of revenue). Specific segment breakdowns show the Amplification segment's adjusted gross margin rose to €65.2 million while Detection & Imaging reached €25.8 million.
Strong Cash Flow Generation and R&D Investment
Exosens generated a robust free cash flow of €23.6 million, a remarkable increase from €1.8 million in H1 2023. This strong cash flow results from disciplined capital expenditure management and a significant portion from organic growth.
Investment in R&D remains a priority, with expenses totaling €14.7 million (7.9% of sales) in H1 2024. This figure reflects strategic investments in innovative projects and recent acquisitions, underscoring Exosens's commitment to staying at the forefront of technological advancements.
Strategic Capital Structure and Guidance for 2024
Following the success of the IPO, Exosens has strengthened its capital structure, leading to a significant reduction in net debt. The company's guidance for 2024 remains strong, anticipating organic revenue growth in the high teens and adjusted EBITDA of at least €115 million. The company also expects its net leverage to be around 1.6x by the end of the year, following recent acquisitions.
Key Developments and Acquisitions
Post-H1 2024, Exosens has further bolstered its growth trajectory through the acquisition of Centronics, enhancing its stronghold in the field of radiation detection. Additionally, the acquisition of LR Tech, specializing in environmental monitoring and gas detection, complements Exosens's offerings in cooled infrared technology.
Frequently Asked Questions
What are Exosens's key financial highlights for H1 2024?
Exosens reported a 50% revenue growth to €186.9 million, with an adjusted EBITDA of €56.1 million, indicating strong profitability.
How did Exosens achieve its growth?
The growth was driven by organic increases, successful acquisitions, and strategic collaborations within its sales and R&D teams.
What are Exosens's future expectations?
The company aims for high-teens organic revenue growth and an adjusted EBITDA of at least €115 million for FY 2024.
What strategies are in place for R&D investment?
Exosens is focusing on innovative projects while managing capital expenditure efficiently to optimize return on investment.
How has Exosens strengthened its financial position post-IPO?
The company has reduced net leverage to 1.3x while significantly increasing equity through a capital raise from the IPO.
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