Carl Zeiss Meditec records significant increase in revenue and raises annual targets

Carl Zeiss Meditec generated revenue of €1,198.2m in the first nine months of fiscal year 2020/21 (prior year: €967.9m), growing by +23.8% (adjusted for currency effects: +27.6%). Earnings before interest and taxes (EBIT) increased overproportionally, to €282.8m (prior year: €111.9m). The EBIT margin was 23.6% (prior year: 11.6%).

Dr. Ludwin Monz, President and CEO of Carl Zeiss Meditec AG: “Our business is making an increasingly perceptible recovery from the effects of the COVID-19 pandemic. In addition to the renewed strong growth in recurring revenue, we also achieved further progress in our equipment business.”

Revenue in the strategic business unit (SBU) Ophthalmic Devices increased by +30.2% in the first nine months of fiscal year 2020/21 (adjusted for currency effects: +33.9%), to €923.4m (prior year: €709.1m). 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 third quarter in particular. Revenue increased by +6.2% in the first nine months (adjusted for currency effects: +10.4%), to €274.8m (prior year: €258.7m).

Revenue in the EMEA¹ region increased by +18.0% (adjusted for currency effects: +19.8%), to €317.3m (prior year: €268.8m). 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 a further +12.3%, to €305.9m, due to the further acceleration in the US business (prior year: €272.3m) – adjusted for currency effects, revenue increased by +21.0%.

Once again, the APAC² region made the strongest contribution to growth. Revenue increased by 34.7% (adjusted for currency effects: +36.7%) to €575.0m (prior year: €426.8m). China and South Korea had the highest growth rates.

The operating result (earnings before interest and taxes: EBIT) increased disproportionately in the first nine months of fiscal year 2020/21, to €282.8m (prior year: €111.9m). 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 23.6% (prior year: 11.6%). Adjusted for special effects, this resulted in an increase to 23.9% (prior year: 12.1%). Earnings per share increased to €2.04 (prior year: €0.77).

Due to the positive development of business, the Company has raised its targets for the currentfiscal year 2020/21. Revenue is expected to exceed the previous target of around €1.6bn (prior year: €1,335.5bn). The EBIT margin is expected to significantly exceed the previous target of around 20% in fiscal year 2020/21 (prior year: 13.3%), bolstered to a great extent by the current low selling and marketing expenses.  

Further information on our publication and the Analyst Conference Call on the results for the first nine months of fiscal year 2020/21 can be found at https://www.zeiss.de/meditec-ag/investor-relations/finanzkalender/telefonkonferenzen.html

^{1) Europe/Middle East/Africa
2) Asia/Pacific}