IBA reports solid Full Year 2024 results
Read the entire full year 2024 results press release
Louvain-la-Neuve, Belgium, 20 March 2025 - IBA (Ion Beam Applications S.A), the world leader in particle accelerator technology, today announces its consolidated results for the 2024 financial year.
- Record-high revenue and return to profitability in 2024 driven by well-executed backlog conversion
- Net sales rose 7% to €498.2 million1, with Other Accelerators increasing by 18%
- Gross margin improvement to 33.3% vs. 28.8% in 2023, driven by higher share of Other Accelerators and margin improvement in Proton Therapy
- REBIT at €17.3 million, up 170% (FY 2023: €6.4 million) mostly from well-executed backlog conversion, especially in Other Accelerators (+€11 million REBIT YoY), including continued investments in future growth and R&D innovation
- Net result of €9.3 million compared to a net loss of €9.1 million in 2023
| (EUR Million) | FY 20241 | FY 20231 | % change |
| Total net sales | 498.2 | 466.7 | 7% |
| Proton Therapy* | 242.1 | 239.6 | 1% |
| Other Accelerators | 194.2 | 164.7 | 18% |
| Dosimetry* | 65.9 | 65.9 | 0% |
| Intercompany elimination | -4.0 | -3.6 | |
| Gross profit | 166.0 | 134.4 | 23% |
| Gross margin | 33.3% | 28.8% | |
| REBITDA | 32.0 | 19.3 | 66% |
| REBITDA margin | 6.4% | 4.1% | |
| REBIT | 17.3 | 6.4 | 170% |
| REBIT margin | 3.5% | 1.4% | |
| Profit before tax | 14.9 | -0.0 | |
| Pretax profit margin | 3.0% | -0.1% | |
| Net result | 9.3 | -9.1 | |
| Net margin | 1.9% | -2.0% |
* Including intercompany
- Sustained growth in equipment order intake (+11% YoY) with a strong year from Other Accelerators (+43%). Proton Therapy order intake gained momentum in Q4 (5 accelerator systems sold in 2024)
- Backlog stable at all-time high with €1.5 billion, providing significant visibility for the future
- Strong balance sheet reflected in €33.5 million net cash position at year-end and access to €60 million undrawn credit lines
- Continued investment in future value creation, in particular PanTera securing an over-subscribed Series A round valuing the company at approximately €280 million post money. This funding round aims to accelerate global Actinium-225 production
- New segment reporting following updated organization structure in three focused entities: IBA Clinical, IBA Technologies and IBA Corporate. New reporting will be applied as of 2025 with 2024 pro-forma available in Section III
- CFO transition: Henri de Romrée, Deputy CEO, appointed interim CFO following the departure of Soumya Chandramouli
- Updated mid-term outlook: 2024-28 revenue CAGR of 5-7% with c.10% REBIT margin by 2028; and 2025 guidance: REBIT of at least EUR 25 million supported by improved performance predictability linked to high backlog and growing recurring services revenue
- A Capital Markets Day will be held on 7 April to provide detailed insights into the growth drivers of each business unit and lay out a roadmap to achieving our financial targets
Olivier Legrain, Chief Executive Officer of IBA, commented: “We are pleased to report improved topline growth and a return to profitability in 2024. IBA successfully delivered its objective of accelerating backlog conversion across all business units, particularly in the Other Accelerators business.
IBA is at an inflection point and enters 2025 in a position of significant strength with a healthy balance sheet, all time high backlog and highly active pipeline. The building blocks for long-term profitability and sustainable value creation for all our stakeholders are now in place and enable IBA to share a 1-year guidance and an updated mid-term outlook.”
***
IBA’s management team will host a hybrid event in English (conference call and webcast) to present the full year results, followed by a Q&A session.
The conference call will be held on Thursday, 20 March 2025 at 2:30pm CET / 1:30pm GMT / 9:30am ET / 6:30am PT as a Teams webinar and can be accessed online on .
If you would like to join by phone only, please dial (Phone conference ID 393 230 94#)
Belgium:
UK: 0
NL:
LU: 2
US:
FR: 51
The presentation will be available on website and on shortly before the call.
To ensure a timely connection, it is recommended that users register at least 10 minutes prior to the scheduled webcast.
Financial calendar
Business Update Q1 2025 22 May 2025
Half Year Results 2025 28 August 2025
Business Update Q3 2025 20 November 2025
About IBA
IBA (Ion Beam Applications S.A.) is the world leader in particle accelerator technology. The company is the leading supplier of equipment and services in the fields of proton therapy, considered as the most advanced form of radiation therapy available today, as well as industrial sterilization, radiopharmaceuticals and dosimetry. The company, based in Louvain-la-Neuve, Belgium, employs approximately 2,100 people worldwide. IBA is a certified B Corporation (B Corp) 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:
For further information, please contact:
IBA
| Investor relations Thomas Pevenage 890 | Corporate Communication Olivier Lechien 890 |
For media and investor enquiries:
ICR Healthcare
Amber Fennell, Angela Gray, Lucy Featherstone
+44 (0) 20 3709 5700
1 Following a review into revenue recognition treatment of third-party equipment under IFRS15, revenue is now recognized at the full sales price of third-party equipment. As a result of this change, there is an increase in both reported revenue and cost of goods, with a decrease in gross margin (with overall gross profit remaining the same). FY24 numbers reflect this new method of reporting and FY23 numbers have been restated. More information can be found in the Appendix.
Attachment
