(Finance) – Stevanatoan Italian group listed on Wall Street and active in the production of solutions for the containment and administration of drugs, closed the fourth quarter of 2023 with revenues up by 10% to 320.6 million euros (+11% at constant currency), thanks to the growth of the BDS – Biopharmaceutical and Diagnostic Solutions segment attributable to higher volumes and the growing mix of advanced solutions high value. Revenues fell slightly short of the company’s expectations for both segments. As expected, the gross profit margin it fell to 31.8%, compared to 34.3% recorded in the same period the previous year. L’Net income it decreased to 45.2 million euros from 48.3 million euros in the same period in 2022.
For thefinancial year 2023, revenues increased by 10% to 1,085.4 million euros (+11% at constant currency), thanks to growth in both segments. Revenue from high-value solutions grew to 34% of total revenue, for fiscal 2023, compared to 30% recorded in the previous fiscal. Covid-19 related revenues decreased to approximately 2% of total revenues, compared to 11% in fiscal 2022. Gross profit margin fell to 31.3%, compared to 32.5% in 2022 , primarily due to lower volumes of EZ-fill bottles, short-term inefficiencies related to the start-up of new manufacturing facilities, higher depreciation and amortization and currency translation. Net profit was 145.7 million euros, up slightly compared to 143 million euros in 2022.
“The 2023 financial year was positive for Stevanato Group – commented the CEO Franco Moro – Despite the short-term negative factors resulting from reductions in inventory levels (de-stocking), we recorded 10% growth compared to fiscal 2022 and increased the mix of high-value solutions. We remain optimistic about our medium-term goals to 2027, and our confidence is supported by a favorable and persistent outlook, continued growth in the biopharmaceutical sector and an increasingly strong competitive advantage. We believe we are well positioned to fully capitalize on our investments to drive sustained organic growth, grow the mix of high-value solutions and expand margins.”
The company is setting the guidelines for the entire 2024 financial year and foresees the following: revenues between 1.180 and 1.210 million euros; Adjusted EBITDA between 314.1 and 329.5 million euros; Adjusted EPS between 0.62 and 0.66 euros
The company confirms its medium-term objectives for financial years between 2025 and 2027 which expect double-digit revenue growth of just over 10% (low double-digit); and, in 2027, high-value solutions between 40% and 45% of total revenues and an adjusted EBITDA margin of approximately 30%.
“We expect the favorable and persistent outlook will continue to support robust demand for our high-value solutions, and we continue to invest in expanding production capacity in order to meet market demand – said theExecutive Chairman Franco Stevanato – We expect these investments will support organic growth over the medium term, effectively leveraging invested capital to seize the opportunities ahead of us. We are focused on driving future growth through strong execution and believe we have the right strategy, product portfolio and team to succeed as we aim to create and sustain long-term shareholder value.”