HAEMATO AG publishes preliminary figures for the 2022 financial year: Strong increase in net profit and operating cash flow

EQS-News: HAEMATO AG / Key word(s): Preliminary Results
HAEMATO AG publishes preliminary figures for the 2022 financial year: Strong increase in net profit and operating cash flow
13.04.2023 / 09:00 CET/CEST
The issuer is solely responsible for the content of this announcement.

HAEMATO AG publishes preliminary figures for the 2022 financial year:
Strong increase in net profit and operating cash flow

• Strong annual result despite the sharp decline in special effects from the Corona test business: According to the preliminary IFRS financial statements, consolidated revenue fell by 12.9% to 248.1 million euros in the 2022 financial year. The preliminary net income after taxes increased by 1.7 million euros to 8.2 million euros.
• The preliminary consolidated EBIT amounts to 8.3 million euros and has decreased by 2.9 million euros compared to the previous year (11.2 million euros) due to the reduction of special effects from the Corona test business.
• quity increased from 144.7 million euros to 147.2 million euros in the past financial year. This corresponds to an equity ratio of 83.3% (previous year 31.12.2020: 79.5%).
• The Lifestyle and Aesthetics segment contributed disproportionately to the gross profit and will be further expanded. Preparations for the approval of a proprietary botulinum toxin for the European market continue to run according to plan.

Berlin, 13. April 2023 - According to preliminary figures, HAEMATO AG (ISIN: DE000A289VV1) generated IFRS consolidated revenues of 248.2 million euros in the 2022 financial year (previous year: 285.0 million euros), which corresponds to a year-on-year decline of 12.9%.

The lower revenue in the 2022 financial year results from a significantly reduced business volume of COVID-19 Diagnostics and a continued portfolio optimisation in the Specialty Pharma segment, in which certain under-margin products were streamlined. The Specialty Pharma segment, in which the products reimbursed by health insurance funds are bundled, accounted for a sales volume of 205.7 million euros, which corresponds to 83% share of sales (previous year 220 million euros sales, or 77% share of sales). The Lifestyle and Aesthetics segment (which includes the Corona test business) generated sales of 42.5 million euros, which corresponds to a 17% share of sales (previous year 65 million euros sales, or 23% share of sales).

A gross profit of 21.6 million euros was achieved (previous year 30.7 million euros), which corresponds to a gross margin of 8.7% (previous year 10.8%). The comparison with the previous year is only meaningful to a limited extent, as it includes the special effects from the high-margin Corona test business. Compared to the 2020 financial year, sales increased by around 10 million euros and the gross margin by around 4 million euros, which corresponds to an improvement in the gross margin of over 22%. The high-margin Lifestyle and Aesthetics segment, which targets the lucrative self-pay market, contributed 11.5 million euros or around 53% (previous year 70%) to the gross profit in the 2022 financial year.

Group EBITDA decreased to 9.7 million euros (previous year: 12.6 million euros). Earnings before interest and taxes (EBIT) amounted to 8.3 million euros (previous year: 11.2 million euros).

The EBIT margin fell slightly from 3.9% (2022) to 3.3% due to the sharp decline in the high-margin Corona test business (especially with own brands). In the 2020 financial year, the EBIT margin was 0.7%.

Due to a significant improvement in the financial result, the pre-tax result (EBT) of 10.5 million euros was increased by 1.1 million euros compared to the previous year (9.4 million euros). The net profit for the year improved by 1.7 million euros to 8.2 million euros, which corresponds to an increase of 25%.

In the past financial year, a high operating cash flow of 19.7 million euros (previous year: 14.1 million euros) was again generated.

The equity ratio increased from 74.2% (previous year) to 79.5%. Liabilities fell again by 14.4% (previous year: -22.7%) to EUR 37.3 million (previous year: EUR 43.6 million). The liabilities to banks included in this amount fell in 2021 by EUR 3.6 million (corresponds to around 20%) to EUR 14.5 million as of the balance sheet date 31.12.2021.

Equity increased by 2.4 million to 147.2 million euros and the equity ratio increased from 79.5% (previous year) to 83.3%. Liabilities were again reduced by 7.9 million euros (previous year: by 6.3 million euros).

With Germany’s ‘Financial Stabilization of Statutory Health Insurance System’ Act of 2022, the manufacturer discount for reimbursable medicines will be raised from 7 to 12 per cent by 1 January 2023 until 31 December 2023. Compared to previous years, we therefore expect expenses for the procurement of goods and for transport services to rise. This effect should be compensated by the cost efficiency programme that has been running since the mid of 2021. The Lifestyle and Aesthetics segment is to be further expanded and thus support the focus on permanently higher margins.

For the 2023 business year, consolidated sales of 220 million to 250 million euros and an EBIT of 6 million to 8 million euros are currently expected.

Wholesale and the development of high-margin own brands in the field of aesthetic medicine will be further advanced. For example, a licence and supply agreement was signed with the South Korean cooperation partner Huons BioPharma in October 2021 to approve and market a botulinum toxin product under our own name in the European Economic Area (EEA). The application to conduct a clinical trial was submitted to the competent authorities at the end of January 2023. The company expects the approval to be granted in 2025 if the clinical trial proceeds normally.

 About HAEMATO:

HAEMATO AG was founded in 1993 and is a pharmaceutical company with a focus on trading in high-priced special pharmaceuticals (with a therapeutic focus on oncology, HIV, rheumatology, and other chronic diseases) as well as the development and distribution of medical products and own brands, particularly in the area of "Lifestyle & Aesthetics". HAEMATO AG is listed on the Basic Board (Open Market) of the Frankfurt Stock Exchange. Further information can be found at www.haemato.de.

13.04.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
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