Half Year 2024 Tecan Group AG Earnings Call Transcript
Key Points
- Order entry improved sequentially in the second quarter of 2024, with a book-to-bill ratio returning to above 1.
- Newly launched products have garnered significant interest, contributing positively to the order book.
- The service business remained robust and stable, supported by a high level of installed instruments.
- Sales of the Paramit product line remained at high levels, indicating strong performance in the partnering business.
- Successful commercialization of new products in genomics and proteomics, such as the phase separator and Resolvex i300, showing strong market traction.
- Sales decreased by 11.6% in local currencies compared to the same period last year, primarily due to reduced spending in the biopharma sector and market weakness in China.
- Adjusted net profit for the first half of 2024 fell to CHF36.5 million, reflecting the challenging market environment.
- Gross profit declined by CHF43.8 million compared to the prior year, mainly due to lower sales volume.
- Operating expenses, although controlled, still amounted to CHF137.8 million, impacting overall profitability.
- The tax rate increased to 20.5%, influenced by the Swiss tax reform and OECD Pillar Two minimum taxation, affecting net profit.
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Good morning, everyone. Thank you for joining our conference call this morning to discuss the results for the first half of 2024 with you. With me on the call are our Chief Executive Officer, Dr. Achim von Leoprechting; and our Chief Financial Officer, Tania Micki.
Before we begin, let's quickly go over a few formalities. As usual, the corresponding press release announcing our financial results was issued this morning, at 6:00 AM Central European Summer Time. Both the press release and the 2024 Interim Report are available on our company website, tecan.com, under the Investor Relations tab. I'd like to remind you that this call is being webcast live on our home page, and additionally, the PDF of the presentation slides, which we will be discussing during this call, is available for download.
With that, let me now turn the call over to Achim von Leoprechting.
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