IBA - Q1 brings no major surprise
As usual, not a lot of numbers in this Q1 update but overall, no surprise. 2 PT systems shipped in EU and US, showing continued progress in backlog conversion. 8 OA systems sold (+2 post period). We are back to Q1 21 level, although those are mainly radiopharma systems. Industrial Solutions is foreseen to accelerate in H2. As expected, net cash decreased following the building of inventory for the 10 PT systems to be installed in Spain.Management mentions an active pipeline in all business lines and expects FY24 to be again strongly H2 weighted.We believe that Better-than-expected FY23 results andIBA- 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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