Q3 2024 Sartorius AG and Sartorius Stedim Biotech SA Earnings Call Transcript
Key Points
- Sartorius AG (SARTF) confirmed its guidance for the full year 2024, indicating confidence in meeting its financial targets.
- The company reported a significant increase in order intake, particularly in the Bioprocess Solutions division, which saw an 8% rise in constant currency.
- Recurring sales showed a positive trend, with consumables experiencing double-digit growth over the first three quarters.
- The efficiency program is expected to contribute more than EUR 100 million in 2024, with the most significant impact anticipated in Q4.
- Cash flow improved significantly, reflecting effective working capital and CapEx management, with free cash flow reaching EUR 280 million for the year to date.
- Sales revenue for the first nine months was slightly negative, with a 2.8% decline reported, reflecting challenges in the equipment business.
- The LPS division experienced a 6.5% decline in sales in constant currencies, impacted by weak demand in China and global investment reluctance.
- Underlying EBITDA margin decreased slightly due to lower production volumes and inventory reduction efforts.
- The Americas region saw a nearly 10% decline in sales revenue, attributed to destocking effects and a soft equipment business.
- The company faces ongoing challenges with customer investment reluctance, particularly affecting the equipment segment.
Ladies and gentlemen, welcome to the Sartorius and Sartorius Stedim Biotech Conference Call on the 9 months 2024 Results. I am Serge, the Chorus Call operator. (Operator Instructions) And the conference is being recorded. (Operator Instructions) The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Dr. Joachim Kreuzburg. Please go ahead, sir.
Yes. Thank you very much. Welcome, everyone. Good day, and a pleasure to walk you through our results for the first 9 months of 2024. As always, we will do this together. That means it's myself and Florian Funck, CFO of the Sartorius Group as well as René Fáber, CEO of Sartorius Stedim Biotech, and we will start with the results of Sartorius AG or the Sartorius Group, and then thereafter we will walk you through the additional information on Sartorius Stedim Biotech.
So let me start with highlighting the key results of the first 9 months of 2024. And I think the 2 main points here are
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