IBA reports 2024 half-year results

Louvain-la-Neuve, Belgium, August 29, 2024 – IBA (Ion Beam Applications SA), a global leader in particle accelerator technology, today announces consolidated results for the first half of 2024.

Financial overview

• Group H1 revenue increased by 21.9% to EUR 206.5 million (H1 2023: EUR 169.4 million), driven by accelerated backlog conversion and increasing Services revenues across all businesses.
• Gross margin increased to 33.8% from 26.6% last year, mainly due to an increase in the share of revenue from Other Accelerators, improved project cost estimates and a better margin mix in Proton Therapy (PT).
• Group REBIT of EUR 0.04 million, a strong improvement compared to the same period last year, reflecting a combination of order book conversion, gross margin improvement and increased service revenues.
• Group order intake of EUR 113.9 million, of which EUR 34.9 million for PT, EUR 47.5 million for Other Accelerators and EUR 31.5 million for Dosimetry.
• Strong acceleration in backlog conversion, but equipment and upgrades backlog still at EUR 715 million (FY 2023: EUR 720 million). The Group’s overall equipment and services backlog remains high at EUR 1.4 billion
• Both PT and Other Accelerators Services revenue grew by 8.8%
• Group total net loss of EUR 10.3 million (H1 2023: EUR 27.3 million loss)
• Healthy balance sheet, with EUR 60.2 million gross cash and EUR 21.7 million net cash position. Cash position reflects strong purchasing and backlog conversion activity during the period. EUR 60 million undrawn short-term credit lines available at the end of the period
• Medium-term guidelines reiterated

Company Overview

• 14 Other Accelerators systems sold in H1, a significant increase year-over-year (H1 2023: 8 systems)
• One ProteusONE¹ system sold in H1 to Connecticut Proton Therapy Center (H1 2023: two ProteusONE systems and one ProteusPLUS¹ system) and a partial ProteusPLUS¹
  equipment batch sold to CGN
• Following the period, a Memorandum of Understanding (MoU) was signed for two ProteusONE proton therapy solutions with the University of Pennsylvania Health System
• 35 PT projects under construction or installation at the end of the period with good progress on major Spanish and Chinese projects
• Strong performance from Industrial Solutions, with excellent backlog conversion and growing Services revenues
• Dosimetry Acquisition Completed of California-Based Medical Imaging Specialist RadCal Corporation Quality Assurance
• The IBA and SCK CEN joint venture PanTera has signed four commercial agreements for the early supply of actinium-225 (²²⁵Ac) in a very active market
• The B Corp certification was renewed over the period, with a significantly improved score of 114 points (2021: 90 points), placing the Group in the top 10% of globally certified companies.

Olivier Legrain, Chief Executive Officer of IBA, commented: “In the first half of the year, we made excellent progress in accelerating backlog conversion. Other Accelerators had a particularly strong first half, with high system sales, strong backlog conversion and growing Services revenues. In the Proton Therapy division, in addition to accelerated project delivery, there was an increase in margins as project costs stabilized after high inflation last year.

“While the Dosimetry business was impacted by planned timing effects in the period, with slower backlog conversion in the first half and some market effects, we expect this to accelerate in the second half of the year, driven in part by the RadCal acquisition. We are also pleased with the strong progress made by our joint venture PanTera, which is seeking to address the global shortage of actinium-225.

“Following an encouraging first half, our strong pipeline across all business units supports our confidence for the remainder of the year and we expect to see a weighting of financial performance in the second half. Looking further ahead, we continue to reshape our businesses and make them more accountable to capitalize on future growth opportunities, while protecting our core values ​​in IBA. We are committed to delivering strong results as we continue to innovate to serve our customers across all four businesses. In addition, we remain confident in delivering our interim guidance, already making strong progress toward our targets.”

***END***

Olivier Legrain, Chief Executive Officer, Henri de Romrée, Deputy Chief Executive Officer and Soumya Chandramouli, Chief Financial Officer, will host a conference call and webcast to present the interim results, followed by a question and answer session.

The conference call will take place on Thursday, August 29, 2024 at 3:00 PM CEST / 2:00 PM BST / 9:00 AM EDT / 6:00 AM PDT as a Teams webinar and is accessible via
this link.

If you wish to participate by telephone only, please call (telephone conference ID 533 540 829#)

Belgium: +32 2 890 97 20
UK: +44 20 3321 5200
NL: +31 20 708 6901
LU: +352 27 87 00 02
US: +1 347-991-7591
FR: +33 1 70 99 53 51

The presentation will be available on IBA Investor Relations website and on:
https://www.iba-worldwide.com/iba-half-year-2024-results-presentation-… shortly before the conversation.

To ensure timely connection, users are advised to register at least 10 minutes prior to the scheduled webcast.

For participants who do not have the Teams application installed, follow the process described in this link to access the conference.

Financial calendar

Company Update Q3 2024 November 21, 2024
Full Year 2024 Results March 20, 2025
Capital Market Day Q2 2025
Business Update First Quarter 2025 May 22, 2025
General Meeting June 11, 2025
Half-year results 2025 August 28, 2025

About IBA

IBA (Ion Beam Applications SA) is the world leader in particle accelerator technology. The company is the leading supplier of equipment and services in the field of proton therapy, which is considered the most advanced form of radiotherapy currently available. IBA is also a leading player in industrial sterilization, radiopharmaceuticals and dosimetry. Based in Louvain-la-Neuve, Belgium, the company employs approximately 2,000 people worldwide. IBA is a certified B Corporation (B Corp), meeting the highest standards of verified social and environmental performance.

IBA is listed on the pan-European stock exchange EURONEXT (IBA: Reuters IBAB.BR and Bloomberg IBAB.BB). Further information can be found at: www.iba-worldwide.com

For further information please contact:
IBA
Soumya Chandramouli
Financial Director
+32 10 475 890
[email protected]

Olivier Lechien
Director Corporate Communications
+32 10 475 890
[email protected]

For media and investor inquiries:
ICR Consultant
Amber Fennell, Angela Gray, Lucy Featherstone
+44 (0) 20 3709 5700
[email protected]

¹ ProteusONE and ProteusPLUS are the brand names of Proteus235

Attachment

• 240829-IBA-HY24-results-NL-3