Half Year 2024 Medartis Holding AG Earnings Call Transcript
Key Points
- Medartis Holding AG (MDRSF) achieved a global growth rate of 13.1% year-over-year.
- The company's gross margin significantly improved to 80.3%, with potential to exceed 83% excluding third-party manufacturing.
- The underlying EBITDA margin, excluding one-offs, reached 17.2%, showing strong operational efficiency.
- Successful issuance of a CHF150 million convertible bond increased cash reserves, enhancing financial flexibility.
- Strong performance in the EMEA region with 18% growth, driven by systematic investments in countries like France, UK, and Spain.
- Growth in LATAM and Asia Pacific was weaker than expected due to government-induced price reductions and price erosion.
- The commercialization of NSA products was slower than anticipated, leading to a CHF9.6 million impairment.
- The US lower extremities segment underperformed due to slower channel building and training requirements.
- Australia faced significant price cuts, impacting revenue despite high single-digit volume growth.
- Brazil experienced a 30% decline in CMS business due to price renegotiations with hospitals, affecting overall LATAM performance.
Good morning, everyone, and welcome to this webcast where we will present, but also 2024 half year results. We do appreciate the time of talking to today and you taking the time to dial in. So my name is Rebecca Brook for those of you who haven't met yet, I joined Medartis as Head of Corporate Communications in June.
And for today's call. I'm joined by our CEO, Christoph Brönnimann; and our CFO, Dirk Kirsten. As usual, we will refer to the slide deck that was published this morning on our website, along with our press release and our half year reports.
Before we get started, I would like to draw your attention to the disclaimer on the second slide which is regarding towards a full statements, then on slide 3, you will see today's agenda. At the end of the presentation. We will be happy to answer your questions. (Operator Instructions)
And with this, I would like to hand over to Christoph for his opening remarks and the key highlights of the first six months.
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