Record revenue for Carl Zeiss Meditec in fiscal year 2020/21

Jena, Germany | Carl Zeiss Meditec AG

Carl Zeiss Meditec generated revenue of approximately €1,647m in fiscal year 2020/21 (prior year: €1,336m), corresponding to growth of +23.3% (adjusted for currency effects: +26.5%). Orders received increased even more significantly to approximately €1,731m (+29.1%, adjusted for currency effects: +32.6%). Earnings before interest and taxes (EBIT) increased disproportionately to approximately €374m (prior year: €178m). The EBIT margin was 22.7% (prior year: 13.3%).

Dr. Ludwin Monz, President and CEO of Carl Zeiss Meditec AG: “We remain on a clear growth trajectory; the economic effects of the pandemic are largely behind us. At the same time, we presented a number of major innovations to our customers at the end of the fiscal year - for example, in cataract surgery and digitization."

Revenue in the strategic business unit (SBU) Ophthalmic Devices increased by +26.8% in fiscal year 2020/21 (adjusted for currency effects: +29.8%), to €1,256m (prior year: €991m). In particular the business with recurring revenue from consumables, implants and services made a significant contribution to this growth. The recovery of revenue continued in the strategic business unit Microsurgery; there was an acceleration in the second half of the fiscal year in particular. Revenue increased by +13.4% (adjusted for currency effects: +17.1%) to €391m (prior year: €345m).

Revenue in the EMEA¹ region increased by +19.4% (adjusted for currency effects: +21.2%), to €433m (prior year: €362m). Once again, there was a positive trend in the markets of Germany, France and Southern Europe, and the UK.

Revenue in the Americas region increased by another +16.9% to €449m (prior year: €384m) due to the further acceleration of the U.S. business – adjusted for currency effects, revenue increased by +23.9%.

Once again, the APAC² region made the strongest contribution to growth. Revenue increased by 29.9% (adjusted for currency effects: +31.6%) to €765m (prior year: €589m). China and South Korea had the highest growth rates.

The operating result (earnings before interest and taxes: EBIT) increased disproportionately in fiscal year 2020/21, to €374m (prior year: €178m). This was driven in particular by a favorable product mix and a high proportion of recurring revenue, as well as low selling and marketing expenses. The EBIT margin increased to 22.7% (prior year: 13.3%). Adjusted for special effects, this resulted in an increase to 23.0% (prior year: 13.8%). Earnings per share increased to €2.64 (prior year: €1.37).

A number of major innovations in ophthalmology were launched at the end of the fiscal year. The product range for cataract surgery was completed by a device for surgical lens extraction (ZEISS QUATERA 700) and a new intraocular lens (ZEISS CT LUCIA 621). A new generation of the femtosecond laser ZEISS VISUMAX 800 was launched for refractive laser surgery, which corrects ametropia in the eye. Products were also launched for digitization in ophthalmology.

Due to the positive development of business and the high volume of orders, the Company is looking ahead to fiscal year 2021/22 with some optimism. Revenue is expected to grow at least to the same extent as the market. The EBIT margin in fiscal year 2021/22 is expected to be between 19-21%. In the medium term, the EBIT margin is expected to settle at a level sustainably above 20%, with the growing proportion of recurring revenue making a positive contribution. At the same time, there continues to be a need for significant strategic investments in research & development and sales & marketing.