Full-year earnings fall for German medical equipment firm Sartorius
German medical lab equipment maker Sartorius AG has reported lower earnings and revenue for the full fiscal year 2023 compared to 2022.
The company on Friday cited soft demand that resulted in weak results across the entire life science sector for the weaker figures.
However, the company said it expects profitable growth in fiscal 2024 and outlined its medium-term ambition through to 2028, expecting double-digit annual sales revenue growth.
Yearly earnings fell 48.3% to €338.5 million ($366.2 million), or €4.94 per share, from €655.4 million, or €9.57 per share, of last year.
Revenue dropped 18.7% to €3395.7 million from €4174.7 million in the previous year. On a constant currency basis, revenue declined 16.6%.
Looking forward to the full year 2024, the company anticipates the underlying earnings before interest, taxes, depreciation and amortization (EBITDA) margin to rise to slightly more than 30% compared with the prior-year figure of 28.3%.
Revenue is expected to be in the mid to high single-digit%age range.
As per its medium-term targets, the company expects underlying EBITDA margin to reach around 34% in 2028, and average annual increase in sales revenue of more than 10%.
On Thursday, Sartorius shares closed at €246.50, up 1.86% in Germany.
