Press Release – Ad-hoc announcement pursuant to Art. 53 LR
Medacta Group SA revenues up +19.5% at constant currency1 exceeding the milestone of Euro 500Mln in FY 2023
CASTEL SAN PIETRO, 2 February 2024 – Medacta Group SA (“Medacta”, SIX:MOVE) announces today the full year 2023 preliminary unaudited revenue.
Francesco Siccardi, CEO of Medacta, commented: “We conclude another year with outstanding growth. Our strong commitment to innovate responsibly and sustainably, through minimally invasive techniques and personalized solutions remains one of the key pillars of our successful strategy. Our comprehensive offer and ongoing investments to support continuous growth will allow us to face the challenges that lie ahead in 2024, marking our 25th anniversary.”
In 2023 we delivered solid organic growth, with a significant gain of new customers across all geographies and business lines. On top of the effective commercial development, we experienced some tailwind thanks to the recovery of the accumulated backlog mainly in USA and Australia.
Supply chain remains a key factor for our success, and in this regard, we launched two main projects to support our future plans: the inauguration of a new distribution center in Memphis for the US market and the expansion of our manufacturing plants in Switzerland.
Innovation is at the core of our growth strategy and allows us to differentiate our product offering and service portfolio. In October we launched GMK SpheriKA, the world's first knee implant optimized for Kinematic Alignment (KA), to improve patient satisfaction compared to more traditional techniques. Our continued commitment to medical education, through in-person scientific events and our M.O.R.E. Institute programs for surgeons, has been foundational to excellent performance throughout the entire 2023.
Revenue by geography and product line
Group performance was very positive in every market thanks to a confirmed strong growth in EMEA, North America, and APAC. In every region the growth was sustained by organically expanding our salesforce and customer base together with some new product introduction.
Revenue in EMEA grew c.c. 22.6%, to Euro 242.4 million, a significant performance driven by all the Business lines.
Revenue in North America increased 15.7% c.c. to Euro 154.0 million, a strong performance boosted by some patient backlog recovery in the first half of the year.
Revenue in Asia Pacific grew by 19.4% c.c. to Euro 104.2 million.
Revenue in Latin America was Euro 10.2 million with an increase of 11.9% c.c.
Below we report the FY 2023 sales break-down by geographic area:
|
(Million Euro) | FY 2023 | FY 2022 | Reported Growth | Constant Currency Growth | |
| EMEA* | 242.4 | 196.7 | 23.3% | 22.6% | |
| North America | 154.0 | 136.8 | 12.6% | 15.7% | |
| Asia Pacific | 104.2 | 94.4 | 10.4% | 19.4% | |
| Latin America* | 10.2 | 9.3 | 9.0% | 11.9% | |
| TOTAL | 510.8 | 437.1 | 16.8% | 19.5% | |
|
* EMEA and Latin America (LATAM): In 2023 we reorganized the key geographic areas introducing EMEA and LATAM regions, reclassifying Rest of the World (RoW) region. EMEA includes revenue from the former Europe region and certain countries originally included in RoW region. LATAM includes revenue from countries located in Latin America which were previously included in RoW. 2022 figures have been restated accordingly. | |||||
Hip products increased revenue by 15.5% c.c., to Euro 229.8 million, with good performance in all geographies mainly driven by our Anterior Minimally Invasive Surgery Approach (AMIS) and Hip revision.
Revenue from our Knee offerings grew in every market by 23.2% c.c. to Euro 198.3 million, thanks to a solid and complete product offering based on our personalized kinematic alignment solutions (MyKA).
Our Extremities business line reported an increase in revenue of 33.8% c.c., to Euro 36.3 million, primarily attributable to Shoulder through the Medacta Shoulder System and Technologies (MyShoulder and NextAR). The Sportsmed business, which is in an early start-up phase, continued to develop its growth plan.
Revenue from our Spine offering increased by 15.2% c.c. to Euro 46.4 million, driven by performance recorded in EMEA and North America. Growth in APAC was partially offset by price cuts in Japan. Good acceleration seen on NextAR Spine utilization, recently supported by a clinical study which highlights its efficiency in spine surgery.
Below we report the FY2023 sales break-down by product line:
|
(Million Euro) | FY 2023 | FY 2022 | Reported Growth | Constant Currency Growth | |
| Hip | 229.8 | 203.6 | 12.9% | 15.5% | |
| Knee | 198.3 | 164.5 | 20.6% | 23.2% | |
| Extremities* | 36.3 | 27.5 | 31.9% | 33.8% | |
| Spine | 46.4 | 41.5 | 11.7% | 15.2% | |
| TOTAL | 510.8 | 437.1 | 16.8% | 19.5% | |
|
* Extremities include Shoulder and Sportsmed revenues | |||||
These preliminary sales figures are unaudited for the period ending 31 December 2023 and are therefore subject to change. The Company will announce its 2023 Full Year Results on 13 March 2024.
Webcast Today at 3:00 pm (CET)
Medacta Group SA will present its preliminary unaudited top-line figures during a webcast today at 3:00 pm (CET). The call will be headed by Francesco Siccardi (CEO) and Corrado Farsetta (CFO) and will be held in English.
Live-Link:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=IVGOqNGP
Dial-in numbers for conference call function only:
CH: +41 225954727
DE: +49 6917415713
UK: +44 1 212818003
USA: +1 718 7058794
ITA: +39 02 36213011
Contact
Medacta International SA
Giorgio Botta, Head of Investor Relations
Phone: +41 91 696 14 95
investor.relations@medacta.ch
About Medacta
Medacta is an international company specializing in the design, production, and distribution of innovative orthopaedic products, as well as in the development of accompanying surgical techniques. Established in 1999 in Switzerland, Medacta is active in joint replacement, spine surgery, and sports medicine. Medacta is committed to improving the care and well-being of patients and maintains a strong focus on healthcare sustainability. Medacta's innovation, forged by close collaboration with surgeon leaders globally, began with minimally invasive surgical techniques and has evolved into personalized solutions for every patient. Through the M.O.R.E. Institute, Medacta supports surgeons with a comprehensive and tailored program dedicated to the advancement of medical education. Medacta is headquartered in Castel San Pietro, Switzerland, and operates in over 50 countries.
Disclaimer
This press release has been prepared by Medacta Group SA ('Medacta' and together with its subsidiaries, 'we', 'us' or the 'Group'). The information contained in the press release does not purport to be comprehensive and is not to be taken as containing any securities advice, recommendation, offer or invitation to subscribe for, purchase or redeem any securities regarding Medacta.
Forward-looking information
This press release has been prepared by Medacta and includes forward-looking information and statements concerning the outlook for its business. These statements are based on current expectations, estimates and projections about the factors that may affect its future performance. These expectations, estimates and projections are generally identifiable by statements containing words such as 'expects', 'believes', 'estimates', 'targets', 'plans', 'outlook' or similar expressions. Although Medacta believes that its expectations reflected in any such forward-looking statement are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved.
1 Alternative Performance Measures
This press release contains certain information that it refers to as “constant currency” or c.c., which is a non-IFRS financial measure and represents the total change between periods excluding the effect of changes in foreign currency exchange rates. The Group believes that the reconciliations of changes in constant currency provide useful supplementary information to investors in light of fluctuations in foreign currency exchange rates. Furthermore, the Group believes that constant currency measures provide additional useful information on the Group’s operational performance and is consistent with how the business performance is measured internally. Definitions of Alternative Performance Measures and reconciliations between such measures and their IFRS counterparts may be found on the Financial Reports available on our website at: https://www.medacta.com/EN/financial-reports-and-presentations
Related Trademarks
Medacta Group Related Trademarks are registered at least in Switzerland. The products and services listed below may not be all-inclusive, and other Medacta products and services not listed below may be covered by one or more trademarks. The below products and services may be covered by additional trademarks not listed below. Note that Swiss trademarks may have foreign counterparts.
MyShoulder®, NextAR™, GMK® Sphere, MyKA™, GMK® SpheriKA, AMIS®.
