Carl Zeiss Meditec returns to significant revenue growth in H1 2020/21

Strong increase in operating profit due to low costs

Jena, Germany | 10 May 2021 | Carl Zeiss Meditec AG

Carl Zeiss Meditec generated revenue of €767.4m in the first six months of fiscal year 2020/21 (prior year: €714.9m), an increase of +7.3% (adjusted for currency effects: +10.5%). Earnings before interest and taxes (EBIT) increased to €162.7m (prior year: €102.5m). The EBIT margin was 21.2% (prior year: 14.3%). 

“We are very satisfied with the results for the first six months – all regions contributed to our return to roughly the same growth rate as prior to the COVID-19 pandemic. The impact from the pandemic is gradually fading,” said Dr. Ludwin Monz, President and CEO of Carl Zeiss Meditec AG. 

Strong performance in SBU Ophthalmic Devices

Revenue in the strategic business unit (SBU) Ophthalmic Devices increased by +14.0% in the first six months of fiscal year 2020/21 (adjusted for currency effects: +17.2%) to €590.1m (prior year: €517.7m). Recurring revenue from consumables, implants and services contributed significantly to growth. Revenue in the Microsurgery SBU decreased by -10.1% (adjusted for currency effects: -7.0%) to €177.3m (prior year: €197.2m). Orders received in the SBU Microsurgery were already back on a positive trend.

All reporting regions contribute to growth

Revenue in the EMEA1 region increased by +3.8% (adjusted for currency effects: +5.4%) to €216.7m (prior year: €208.7m). There was a positive trend in the markets of Germany, France and Southern Europe, and the UK. 

The Americas region grew by +3.0% after adjustment for currency effects – in the reporting currency, revenue decreased by -4.1% to €197.2m (prior year: €205.5m). The USA gave a solid performance, while the markets of Latin America lagged behind the prior year. 

In the APAC2 region, revenue increased significantly year-on-year from €300.7m to €353.5m (+17.6%; adjusted for currency effects: +19.2%). Once again, the strongest contributions to growth were generated in China and South Korea, which also benefited from base effects due to the COVID-19 pandemic in the prior year. By contrast, the Japanese and Indian markets continued to lag behind the prior year. 

Operating result up significantly year-on-year

The operating result (earnings before interest and taxes: EBIT) increased to €162.7m in the first six months of fiscal year 2020/21 (prior year: €102.5m). Low selling and marketing expenses, in particular, contributed to this. EBIT also includes positive one-time income of €2.4m from the sale of a property, as already reported in the first quarter of 2020/21. The EBIT margin increased to 21.2% (prior year: 14.3%). Adjusted for special effects, this amounted to 21.4% (prior year: 14.7%). Earnings per share increased to €1.12 (prior year: €0.71). 

Carl Zeiss Meditec anticipates a further normalization of business over the further course of fiscal year 2020/21. This expectation is based on the assumption that there will not be another global deterioration of the pandemic situation. 

Revenue is expected to increase to around €1.6b in fiscal year 2020/21 (prior year: €1,335.5m). The EBIT margin is expected to rise to around 20% in fiscal year 2020/21 (prior year: 13.3%), bolstered to a great extent by the currently low selling and marketing expenses. In the medium term, the Company still expects to achieve an EBIT margin that is sustainably above 18%. 

Revenue by strategic business unit

All figures in €m

6 months
2020/21

6 months
2019/20

Change from
prior year 

Change from
prior year*

Ophthalmic Devices

590.1

517.7

+14.0%

+17.2%

Microsurgery

177.3

197.2

-10.1%

-7.0%

Overall group

767.4

714.9

+7.3%

+10.5%

*adjusted for currency effects

Revenue by region

All figures in €m

6 months
2020/21

6 months
2019/20

Change from
prior year 

Change from
prior year*

EMEA

216.7

208.7

+3.8%

+5.4%

Americas

197.2

205.5

-4.1%

+3.0%

APAC

353.5

300.7

+17.6%

+19.2%

Overall group

767.4

714.9

+7.3%

+10.5%

*adjusted for currency effects

Further information on our publication and the Analyst Conference Call on the results for the first six months of fiscal year 2020/21 can be found at https://www.zeiss.com/meditec-ag/investor-relations/financial-calendar/conference-calls.html

Press Contact

Sebastian Frericks
Director Investor Relations
Carl Zeiss Meditec AG
Phone: +49 3641 220-116
investors .meditec @zeiss .com

Brief Profile

Carl Zeiss Meditec AG (ISIN: DE 0005313704), which is listed on the MDAX and TecDAX of the German stock exchange, is one of the world’s leading medical technology companies. The Company supplies innovative technologies and application-oriented solutions designed to help doctors improve the quality of life of their patients. The Company offers complete solutions, including implants and consumables, to diagnose and treat eye diseases. The Company creates innovative visualization solutions in the field of microsurgery. With 3,290 employees worldwide, the Group generated revenue of €1,335.5m in fiscal year 2019/20 (to 30 September).

The Group’s head office is located in Jena, Germany, and it has subsidiaries in Germany and abroad; more than 50 percent of its employees are based in the USA, Japan, Spain and France. The Center for Application and Research (CARIn) in Bangalore, India and the Carl Zeiss Innovations Center for Research and Development in Shanghai, China, strengthen the Company's presence in these rapidly developing economies. Around 41 percent of Carl Zeiss Meditec AG’s shares are in free float. The remaining approx. 59 percent are held by Carl Zeiss AG, one of the world’s leading groups in the optical and optoelectronic industries.

For further information visit: www.zeiss.com/med

Press Contact

Sebastian Frericks
Director Investor Relations
Carl Zeiss Meditec AG
Phone: +49 3641 220-116
investors .meditec @zeiss .com

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