IBA - FY23 beat expectations but PT remains weak
FY23 results beat expectations. Remember that we were banking on a catch up in H2 with an expected REBIT of EUR 17m. IBA reported instead EUR 26.7m REBIT in H2. The later was however mainly driven by OA and Dosimetry with PT disappointing due to delay in backlog conversion, lower margin project mix and investments to ramp up production of the 10PT systems to be installed in Spain. Industrial solutions had an excellent year, supported by excellent margins.Progress is foreseen to continue in 2024e, although we do not expect a revamping year yet. The bulk of the revenues from theIBA- Ion Beam Applications develops and markets technologies and pharmaceutical products for the healthcare sector, with a focus on cancer diagnosis and therapy. Co. is also engaged in the sterilization and ionization market. Co. operates in two primary business segments: Equipment and Pharmaceuticals. Co.'s Equipment segment encompasses development, fabrication, and services associated with medical and industrial particle accelerators, proton therapy systems, and a range of dosimetry products, while Co.'s Pharmaceuticals segment encompasses the production and distribution of radiopharmaceutical agents as well as its bioassay operations.
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