Interim report 2024/25 - Solid H1 performance driven by growth in both revenue and earnings

ChemoMetec A-S

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ANNOUNCEMENT NO. 287

5 February 2025

Solid H1 performance driven by growth in both revenue and earnings

Martin Helbo Behrens, CEO: The growth continued in the second quarter of 2024/25, and revenue for the first half of the year was up to DKK 251.5 million, a year-on-year increase of 26%. Growth was supported by a few large orders for the new XcytoMatic instruments in the wake of the customer validations initiated in the spring of 2024.

Concurrently, we maintained our commercial focus in the first half with a view to generating higher add-on sales to existing customers. The availability of capital for companies with projects in the late stages of development generally remained unchanged relative to the latter part of financial year 2023/24, whereas start-ups struggle to raise capital.

The gradual launch of the new XcytoMatic products has proceeded according to plan, and interest in the platform is increasing. ChemoMetec is currently involved in projects with customers to develop the automated product solutions of the future within cell and gene therapy. Following the increase in sales of XcytoMatic instruments in the first half of 2024/25, growth is expected to slow down in the second half of the year. This is due to generally prolonged validation processes, as customers’ decisions to buy XcytoMatic instruments are typically part of major investments in automation solutions. We expect to initiate more validations among a wider group of customers in the second half of the year.

In connection with our continuous product development, ChemoMetec has identified a market opportunity for further developing the XcytoMatic product platform and thus offer customers a new instrument called XcytoMatic 50 that allows for improved integration and automation of processes. The development of the XcytoMatic 50, which will be able to handle the so-called microplate format, was initiated in the first half of the year. The project is fully aligned with ChemoMetec’s goal of developing automation solutions within cell and gene therapy and bioprocessing.

Highlights

• Revenue was up by 26% in Q2 2024/25 to DKK 135.9 million from DKK 108.1 million in the year-earlier period. In the first half of 2024/25, revenue also increased by 26%, to DKK 251.5 million from DKK 199.3 million in the year-earlier period. The picture is the same when assuming constant exchange rates.
• Sales of instruments grew by 42% in the first half of 2024/25, to DKK 87.5 million from DKK 61.8 million in H1 2023/24. The XcytoMatic platform received positive feedback in the first half and generated revenue of DKK 20.3 million. Sales of instruments accounted for 35% of total revenue, compared with 31% in the year-earlier period.
• In the first half, sales of consumables and services were up by 18% and 22%, respectively, compared to the year-earlier period, and accounts for 42% and 22%, respectively, of total revenue, compared with 45% and 23% in the year-earlier period.
• Revenue in ChemoMetec’s core business area, LCB (Life science research, Cell and gene therapy and Bioprocessing), was up by 29% in the first half. LCB market revenue accounted for 92% of total H1 revenue.
• EBITDA increased by 45% to DKK 135.2 million in the first half, for an EBITDA margin of 54%, compared with 47% in the year-earlier period.
• In the first half of 2024/25, ChemoMetec begun the development of the XcytoMatic 50, which will be able to analyse samples in microplate format.
• On 22 October 2024, ChemoMetec acquired the full ownership of Belgian-based Ovizio Imaging Systems SA (’Ovizio’). The acquisition of Ovizio was primarily a technology acquisition and has enabled ChemoMetec to further develop Ovizio’s online-based and label-free cell counter with related consumables and services.
• The H1 2024/25 performance was more positive than anticipated at the beginning of the financial year, and revenue and EBITDA guidance was upgraded three times during the first half of the year. The most recent guidance (announced on 10 January 2025) of revenue in the range of DKK 470-490 million and EBITDA of DKK 250-260 million for the financial year 2024/25 is maintained.

Conference call

The Company will host a conference call on Thursday, 6 February at 15:00 CET.

Martin Helbo Behrens, CEO, and Kim Nicolajsen, CFO, will present the interim report for the first half of 2024/25.

The conference call will be conducted in English.

Please register to join the conference call by sending an e-mail to crk@chemometec.com and include your name, title and organisation.

The interim report for the first half of 2024/25 is attached to this announcement.

Additional information

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

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

About ChemoMetec A/S

ChemoMetec develops, manufactures and markets instruments for cell counting and a wide range of other measurements.
ChemoMetec’s instruments are marketed to the pharmaceutical, biotech and agricultural industries worldwide. 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 further information, go to www.chemometec.com

Attachment

• Interim report 2024-25