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

Acceleration of growth in both strategic business units with good contributions from all reporting regions

Jena | 6 August 2021 | Carl ZEISS Meditec AG

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.”

All strategic business units contribute to growth

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).

High growth rates in all reporting regions

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.

Significant increase in operating result year-on-year

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.  

Revenue by strategic business unit

All figures in €m

9 months 2020/21

9 months 2019/20

Change from prior year

Change from prior year (currency-adjusted)

Ophthalmic Devices

923.4

709.1

+30.2

+33.9

Microsurgery

274.8

258.7

+6.2

+10.4

Consolidated

1,198.2

967.9

+23.8

+27.6%

Revenue by region

All figures in €m

9 months 2020/21

9 months 2019/20

Change from prior year

Change from prior year (currency-adjusted)

EMEA

317.3

268.8

+18.0

+19.8

Americas

305.9

272.3

+12.3

+21.0

APAC

575.0

426.8

+34.7

+36.7

Consolidated

1,198.2

967.9

+23.8

+27.6%

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

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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