Annual Report 2023/24 – Enhanced commercial focus after challenging year

ChemoMetec’s revenue decreased by 8% in 2023/24 to DKK 407.4 million, and operating profit (EBITDA) decreased by 26% to DKK 186.2 million. Revenue was negatively impacted by a 35% decrease in instrument sales, while sales of consumables and services increased by 13% overall. During the year, ChemoMetec started a gradual roll-out of the XcytoMatic 40 and XcytoMatic 30 instruments, which progressed satisfactorily.

“Market conditions in ChemoMetec’s business areas have been challenging over the past year, impacting instrument sales and profits. After a difficult period, we now have a more positive outlook for the future: we have intensified our commercial focus and started the gradual roll-out of our new, high-tech products and are starting to see signs of improving market conditions. We have also implemented changes in our organisation to optimise our ability to capitalise on the growth potential we expect for ChemoMetec in the coming years.

In the coming year, we will launch our two new XcytoMatic instruments more broadly and introduce two additional instruments. With these four new instruments, we are significantly strengthening our overall product portfolio and covering a larger part of our customers’ value chain, from development to production. Accordingly, our business will become more diversified, providing a stronger basis for future growth – both in our existing and new market segments,” says Martin Helbo Behrens, CEO.

Financial performance

• In the 2023/24 financial year, revenue decreased by 8% to DKK 407.4 million measured in Danish kroner and by 6% measured at constant exchange rates.
• ChemoMetec’s turnover is generated 59% in the US/Canada, 32% in Europe and 9% in the rest of the world.
• Instrument sales fell 35% in 2023/24, while sales of consumables and services increased 13%.
• Operating profit (EBITDA) amounted to DKK 186.2 million in 2023/24, compared to DKK 251.0 million in 2022/23, and the EBITDA margin was 46% in 2023/24, compared to 57% in 2022/23. The lower margin was due to higher personnel costs, including one-off costs related to the replacement of management, and a relative increase in cost of goods sold.
• Profit for the year decreased by DKK 42.4 million year-on-year to DKK 136.3 million.
• Revenue and EBITDA for the year are in line with the most recent expectations announced on April 12, 2024.
• The Board of Directors proposes to the General Meeting to pay a dividend of DKK 4.0 per share for the financial year 2023/24, which corresponds to a total dividend payment of DKK 69.6 million.

Accompaniment

• ChemoMetec expects sales of DKK 435-450 million and EBITDA of DKK 216-223 million for 2024/25.

There will be no conference call in connection with the publication of the annual report.

More information

Martin Helbo Behrens, CEO
Phone: (+45) 48 13 10 20

Kim Nicolajsen, CFO
Phone: (+45) 48 13 10 20

Attached to this announcement

• Annual report 2023/24 (Danish)
• Annual Report 2023/24 (English)

The annual report can also be downloaded from the ChemoMetec website www.chemometec.nl

About ChemoMetec A/S

ChemoMetec develops, manufactures and sells instruments for cell counting and a wide range of other measurements. ChemoMetec’s instruments are sold worldwide to the pharmaceutical, biotechnological and agricultural industries. ChemoMetec’s customers include some of the world’s leading pharmaceutical companies.

ChemoMetec was founded in 1997 and is listed on Nasdaq OMX Copenhagen. For more information, please visit www.chemometec.nl.

Attachment

• Annual Report (UK) 2023-24