Successful start to FY 2020/21 for Carl Zeiss Meditec

Revenue in first three months back to prior-year level; increase in operating profit due to lower costs

Jena, Germany | 8 February 2021 | Carl Zeiss Meditec AG

Carl Zeiss Meditec generated revenue of €368.9m in the first three months of fiscal year 2020/21 (prior year: €369.7m), corresponding to a decline of just -0.2% (adjusted for currency effects: +2.6%) compared with the year-ago period, which had not yet been impacted by the COVID-19 pandemic. Earnings before interest and tax (EBIT) increased to €73.4m (prior year: €56.8m). The EBIT margin was 19.9% (prior year: 15.4%).

Dr. Ludwin Monz, President and CEO of Carl Zeiss Meditec AG: “This is a good start to the new fiscal year, particularly in light of the pandemic, which is still ongoing in many markets. Our diversified portfolio has once again proven to be robust. I am particularly pleased with the strong contributions to growth from the Asia/Pacific region and the good cost discipline within the Company, which played a major role in the development of earnings.”

SBU Ophthalmic Devices records sales growth again for the first time since the beginning of the pandemic

Revenue in the Ophthalmic Devices strategic business unit (SBU) increased by 5.2% in the first three months of fiscal year 2020/21 (adjusted for currency effects: +8.2%) to €283.4m (prior year: €269.4m). Recurring revenue from consumables, implants and services made significant contributions to growth. Revenue in the SBU Microsurgery fell by -14.7% (adjusted for currency effects: -12.3%), to €85.5m (prior year: €100.3m). On a currency-adjusted basis, orders received in the SBU Microsurgery were already back to the prior year’s level.

APAC1 region returns to growth – EMEA2 and Americas almost stable

Revenue in in the EMEA region decreased slightly by -1.8% (adjusted for currency effects: +0.1%), to €108.7m (prior year: €110.7m). The trend in the markets of Germany, France and Southern Europe was stable.

The Americas region recorded a mainly currency-related decline in revenue of -6.4% (adjusted for currency effects: -0.2%) to €102.0m (prior year: €109.0m). On a currency-adjusted basis, the USA almost matched the prior year’s level.

Revenue in the APAC region increased again for the first time since the start of the crisis, amounting to €158.2m compared with €150.0m in the same period of the prior year (+5.5%; adjusted for currency effects: +6.6%). Once again, the strongest contributions to growth were generated in China and South Korea. There was only a slight decline in revenue in Japan.

Operating result increased significantly year-on-year

The operating result (earnings before interest and taxes: EBIT) increased to €73.4m in the first three months of fiscal year 2020/21 (prior year: €56.8m). 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. The EBIT margin increased to 19.9% (prior year: 15.4%). Adjusted for special effects, this resulted in an increase to 19.8% (prior year: 15.8%). Earnings per share rose to €0.52 (prior year: €0.43).

Carl Zeiss Meditec expects revenue and EBIT to continue to recover over the further course of fiscal year 2020/21 compared with the prior year, which had been dominated by the COVID-19 pandemic.

Revenue by strategic business unit

All figures in €m

3 months 2020/21

3 months 2019/20

Change from prior year

Change from prior year (currency-adjusted)

Ophthalmic Devices

283.4

269.4

+5.2%

+8.2%

Microsurgery

85.5

100.3

-14.7%

-12.3%

Consolidated

368.9

369.7

-0.2%

+2.6%

Revenue by region

All figures in €m

3 months 2020/21

3 months 2019/20

Change from prior year

Change from prior year (currency-adjusted)

EMEA

108.7

110.7

-1.8%

+0.1%

Americas

102.0

109.0

-6.4%

-0.2%

APAC

158.2

150.0

+5.5%

+6.6%

Consolidated

368.9

369.7

-0.2%

+2.6%

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

1) Asia/Pacific
2) Europe, Middle East, Africa

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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