25% SALES GROWTH AND STRONG IMPROVEMENT IN REBIT LINKED TO INCREASED ACTIVITY AND ACCELERATED ORDER BOOK CONVERSION

SOLID BALANCE SHEET WITH 69 MILLION EUROS IN NET CASH

B-CORP CERTIFICATION IN RECOGNITION OF THE COMMITMENT OF STAKEHOLDERS

Louvain-la-Neuve, Belgium, August 25, 2021 – IBA (Ion Beam Applications SA), world leader in particle accelerator technology, today announces its consolidated results for the first half of 2021.

S1 2021
(in thousands of euros)
H1 2020
(in thousands of euros)
Variance
(in thousands of euros)
Variance
%
Net sales 137,183 109,733 27,450 25.0%
PT and other accelerators 110,758 85,541 25,217 29.5%
Dosimetry 26,425 24 192 2 233 9.2%
REBITDA 5,745 -3,983 9 728
% Sales 4.2% -3.6%
REBIT 674 -9,940 10 614
% Sales 0.5% -9.1%
Profit before tax -843 -11 826 10 983
% Sales -0.6% -10.8%
NET PROFIT -1 935 -12,043 10 108
% Sales -1.4% 11.0%

Olivier Legrain, CEO of IBA commented: “Our focus on execution in the first half of the year resulted in impressive sales growth and a strong improvement in REBIT. As the challenges of COVID-19 continue to impact the business, the Group’s resilience is evident. With very strong order intake for the other accelerators and good momentum in proton therapy and dosimetry, we are confident in maintaining our solid performance in the second half of the year and beyond.

“Regionally, Asia continues to be an area of ​​primary strategic importance for IBA, but we have also made progress elsewhere, with new sales in the United States and in emerging markets. We also see potential for IBA in the growing field of theranostics and we continue to develop our position in this exciting market. Finally, our firm commitment to a stakeholder approach and to achieving our ambitious ESG goals is reflected in our recent B-Corp certification.

“With our increasingly strong balance sheet, IBA will continue to invest in the emerging technologies of the future while seeking value-added business development opportunities while seeking to drive long-term sustainable growth. ”

Financial summary

  • Total Group sales for the first half of 2021 of 137.2 million euros, up 25%, mainly thanks to the increase in activity and the conversion of the order book compared to the same period last year
  • 1.1bp improvement in gross margin compared to H1 2020 thanks to the product mix and rigorous cost management
  • Order intake of 78.8 million euros for proton therapy and other accelerators with sales up 29.5% to 110.8 million euros thanks to improved order book conversion
  • Proton therapy equipment sales improved significantly, up 129% to € 24 million while the conversion of the order book accelerated sharply
  • Revenue from other accelerator equipment increased 62% to € 30.1 million, reflecting continued order intake, production and backlog conversion
  • Resilient performance for dosimetry with strong order intake of 26.8 million euros at the same level as last year and sales up 9.2% to 26.4 million euros in the first semester 2021
  • Stable performance of services while centers remain fully operational
  • The equipment order book reached a record level of 429 million euros and the overall order book for equipment and services remains high at 1.1 billion euros
  • Positive REBIT of 0.7 million euros in the first half of 2021 (H1 2020: 9.9 million euros loss) reflecting the continued strong recovery
  • Total Group net loss of 1.9 million euros (H1 2020: 12 million euros loss)
  • Solid balance sheet with net cash of 69 million euros (fiscal year 2020: 65 million euros) and net cash (unaudited) of more than 110 million euros at the date of publication
  • 2021 share buyback program launched at the end of June 2021 for a total of 250,000 shares

Company summary

  • B Corporation (“B Corp”) certification in June
  • Proteus®ONE * selected by Advocate Radiation Oncology for the new proton therapy center in Florida
  • In Other Accelerators, 14 new sales were recorded in the first half of the year and three additional machines sold after closing. Excellent performance driven by growth in new geographic areas and strengthening of IBA’s leadership in the market
  • A new installation started in PT and 13 installations in other accelerators started in the first half of the year despite the pandemic
  • New high-energy cyclotron, the Cyclone® IKON, launched with improved availability of theranostic radiopharmaceuticals
  • Collaboration with NorthStar Medical Radioisotopes expanded to enable worldwide availability of the diagnostic radioisotope technetium-99m (Tc-99m)
  • Initiation of the global DynamicARC®1 Consortium for the deployment of Proton Arc Therapy

Highlights after the period

  • In August, the first deposit was received for a five-piece Proteus®PLUS * solution in China
  • After closing, the Group signed three new equipment sales contracts in the Other accelerators market in Europe, the Middle East and South America.
  • In July and August, the Group continued its share buyback program. As of August 20, 2021, the Group had purchased 141,794 additional treasury shares since June 30, 2021
  • In August, IBA announced the launch of a large-scale multi-institutional randomized controlled clinical trial in collaboration with 19 industrial and academic partners. The consortium will lead the “ProtectTrial” in esophageal cancer with the aim of improving access to proton therapy for patients, while validating a model-based approach for the use of proton therapy in cancer wider

***ENDS***

Olivier Legrain, Chief Executive Officer, and Soumya Chandramouli, Chief Financial Officer, will host a conference call and webcast, in English, to present the half-year results, followed by a question-and-answer session.

This conference call will take place today, Wednesday, August 25, 2021, at 3 p.m. CEST / 2 p.m. BST / 9 a.m. EDT / 6 a.m. PDT as a Teams webinar and can be viewed online at this link.
If you would like to participate by phone only, please dial (Conference Call ID 646 384 377 #):

Belgium: +32 2 890 97 20
UK: +44 20 3321 5200
Netherlands: +31 20 708 6901
LU: +352 27 87 00 02
United States: +1 347-991-7591
FR: +33 1 70 99 53 51

The presentation will be available on IBA Investor Relations website and on:
https://www.iba-worldwide.com/content/half-year-2021-results-press-release-and-web-conference shortly before the call.

To ensure a fast connection, it is recommended that users register at least 10 minutes before the scheduled webcast.

For participants who haven’t installed the Teams app, please follow the steps in this link to access the conference.

Financial calendar
ASTRO Capital Markets Day 24-27 October 2021 (to be confirmed)
Business Update Q3 November 18, 2021
Annual results March 24, 2022

About the IBA
IBA (Ion Beam Applications SA) is the world leader in particle accelerator technology. The company is the leading provider of equipment and services in the field of proton therapy, considered the most advanced form of radiation therapy available today. IBA is also a leading player in the fields of industrial sterilization, radiopharmaceuticals and dosimetry. The company, based in Louvain-la-Neuve, Belgium, employs around 1,500 people worldwide. IBA is a certified B Corporation (B Corp) company meeting the highest standards of verified social and environmental performance.

IBA is listed on the pan-European stock exchange EURONEXT (IBA: Reuters IBAB.BR and Bloomberg IBAB.BB).

More information can be found at: www.iba-worldwide.com

* Protée®ONE and Proteus®PLUS are brand names of Proteus 235

For more information, please contact:

ZICO
Soumya Chandramouli
Financial director
+32 10 475 890
[email protected]

Olivier Lechien
Director of Corporate Communications
+32 10 475 890
[email protected]

For media and investor inquiries:
Strategic communication of the Consilium
Amber Fennell, Angela Gray, Lucy Featherstone
+44 (0) 20 3709 5700
[email protected]


1 DynamicARC is a registered trademark of IBA’s proton therapy solution currently in research and development. It will be available for sale upon receipt of regulatory clearance.

  • 210825-IBA-HalfYear-2021-results-FR


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