In This Article:
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Sales Growth: 10.3% in 2024, exceeding the revised guidance.
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Profitability Improvement: 20% increase at constant exchange rates.
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Free Cash Flow: EUR 330 million, nearly tripling from 2023.
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SPOTFIRE Sales: EUR 95 million, exceeding the EUR 80 million guidance.
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Microbiology Sales Growth: 8.3%, driven by reagent growth.
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Industrial Applications Growth: 9%, supported by reagent sales and price increases.
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Gross Margin Improvement: 70 basis points increase at constant exchange rates.
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SG&A Increase: 9.5% on a like-for-like basis.
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R&D Investment: 12.3% of sales.
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Net Income Group Share: Up 21% on a reported basis.
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Dividend Increase: 6% to 0.9 per share.
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Geographical Sales Performance: North America 11% organic growth, Latin America 33% (12% excluding Argentina), EMEA 7%, Asia Pacific 5%.
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Net Financial Expense: Slightly more negative due to hyperinflation and FX losses.
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Impairment: EUR 49 million impairment on China immunoassay entity, Hybiome.
Release Date: March 07, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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BioMerieux SA (BMXMF) reported a strong sales growth of 10.3% in 2024, surpassing their target of 7% compounded growth rate over five years.
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The company achieved a 20% improvement in profitability at constant exchange rates, exceeding their revised target of 12% to 17%.
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Free cash flow generation was robust at EUR330 million, nearly tripling from 2023.
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The company successfully reduced greenhouse gas emissions by 13% in absolute terms compared to 2019.
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BioMerieux SA (BMXMF) maintained its market leadership in syndromic testing, with significant new unit installations in 2024.
Negative Points
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VIDAS sales declined by 5% in 2024, with a notable 20% decline in PCT sales.
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The company faced a EUR49 million impairment related to its China immunoassay entity, Hybiome, due to strong price pressure in the market.
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There was a slight increase in inventory levels, which the company is working to manage more effectively.
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The lost day incident rate, a safety indicator, did not meet the company's expectations, indicating room for improvement.
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BioMerieux SA (BMXMF) anticipates a foreign exchange impact of approximately EUR30 million on CEBIT in 2025.
Q & A Highlights
Q: Can you explain the SPOTFIRE sales trend for the fourth quarter and the guidance for 2025? A: The model for SPOTFIRE is complex due to different customer types and channels. We are confident in doubling sales in 2025, but the model is evolving, and we avoid detailing the full simulation. The guidance for 2025 is based on current trends and market dynamics.