Carl Zeiss Meditec achieves further growth in first quarter of 2021/22

Revenue up by around 11% year-on-year in first three months 2021/22, orders received grow by 24%

Jena, Germany | 11 February 2022 | Carl Zeiss Meditec AG

Carl Zeiss Meditec generated revenue of €410.2m in the first three months of fiscal year 2021/22 (prior year: €368.9m), corresponding to an increase of 11.2% (adjusted for currency effects: +10.5%) compared with the same period of the prior year. Orders received increased at a much higher rate than revenue, rising 24.0% to €498.3m. (prior year: €401.7m). Earnings before interest and tax (EBIT) increased slightly to €74.4m (prior year: €73.4m, including one-time extraordinary income of €2.4m). The EBIT margin was 18.1% (prior year: 19.9%). The adjusted EBIT margin was 18.6% (prior year: 19.8%).

Dr. Markus Weber, President and CEO of Carl Zeiss Meditec AG since 1 January 2022: “As in fiscal year 2020/21, we are still dealing with a challenging environment: the pandemic is not yet entirely behind us – the global supply chains, especially, remain very strained. I am therefore all the more delighted with the continued strong demand for our solutions – orders received were at a record high at the start of the year.

Contributions to growth from all strategic business units and regions

Revenue in the Ophthalmic Devices strategic business unit (SBU) increased by 9.7% in the first three months of fiscal year 2021/22 (adjusted for currency effects: +9.1%), to €310.9m (prior year: €283.4m). Recurring revenue from consumables, implants and services once again made significant contributions to growth. Orders received in the Ophthalmic Devices SBU increased disproportionately to revenue. Revenue in the Microsurgery SBU increased by 16.1% (adjusted for currency effects: +15.2%) to €99.3m (prior year: €85.5m). Orders received in the Microsurgery SBU likewise increased at a much higher rate than revenue.

Revenue in the EMEA1  region increased by 5.0% (adjusted for currency effects: +5.9%) to €114.1m (prior year: €108.7m). Orders received in the core European markets exhibited a positive trend.

The Americas region recorded a revenue increase of 12.3% (adjusted for currency effects: +8.4%) to €114.5m (prior year: €102.0m). The USA and the countries of South America both contributed to this.

In the APAC2  region, revenue increased to €181.5m, compared with €158.2m in the prior year (+14.8%; adjusted for currency effects: +15.1%). The strongest contributions to growth came from China and India. Japan recorded a strong order intake.

Slight increase in operating result year-on-year

The operating result (earnings before interest and taxes: EBIT) increased slightly in the first three months of fiscal year 2021/22, to €74.4m (prior year: €73.4m). The growth in revenue with a solid share of recurring revenue had a positive effect on this. Planned investments in Sales & Marketing and Research & Development had a curbing effect. EBIT in the prior year also included positive extraordinary income of €2.4m from the sale of a property. The EBIT margin decreased to 18.1% (prior year: 19.9%). Adjusted for special effects, the EBIT margin was 18.6% (prior year: 19.8%). Earnings per share declined to €0.42 (prior year: €0.52). Negative results from currency hedges contributed to this.

The Company’s outlook for fiscal year 2021/22 remains unchanged: Revenue is expected to grow at least to the same extent as the market. One uncertainty is posed by the continued strain in the global supply chains. The new products launched at the end of the fiscal year under review in the Ophthalmic Devices SBU, which included the VISUMAX® 800 and the QUATERA® 700, were met with a good level of interest; initial orders and installations were made in the first quarter of fiscal year 2021/22. Due, among other things, to still pending approval processes, however, the Management Board does not expect these new products to make any significant contribution to revenue in the current fiscal year.

The EBIT margin is expected to be between 19-21% in fiscal year 2021/22. In the medium term, the EBIT margin is expected to increase to a level sustainably above 20%. The rising proportions of recurring revenue are making a positive contribution to this. Conversely, planned strategic investments in Research & Development and Sales & Marketing remain high.

1 Europe, Middle East, Africa
2 Asia/Pacific

Revenue by strategic business unit

All figures in €m

3 months 2021/22

3 months 2020/21

Change from prior year

Change from prior year (adjusted for currency effects)

Ophthalmic Devices

310.9

283.4

+9.7%

+9.1%

Microsurgery

99.3

85.5

+16.1%

+15.2%

Consolidated

410.2

368.9

+11.2%

+10.5%

Revenue by region

All figures in €m

3 months 2021/22

3 months 2020/21

Change from prior year

Change from prior year (adjusted for currency effects)

EMEA

114.1

108.7

+5.0%

+5.9%

Americas

114.5

102.0

+12.3%

+8.4%

APAC

181.5

158.2

+14.8%

+15.1%

Consolidated

410.2

368.9

+11.2%

+10.5%

Further information on our publication and the Analyst Conference Call on the results for the first three months of fiscal year 2021/22 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

www.zeiss.com/press

Brief Profile

Carl Zeiss Meditec AG (ISIN: DE 0005313704), which is listed on the TecDAX and MDax 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 approximately 3,531 employees worldwide, the Group generated revenue of €1,646.8m in fiscal year 2020/21 (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

www.zeiss.com/press

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