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    MOVE   CH0468525222

MEDACTA GROUP SA

(MOVE)
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EQS-Adhoc : Medacta Group SA reports 35.4% growth at constant currency of half-year revenue and revises upward the revenue target for 2021

07/20/2021 | 01:01am EDT
EQS Group-Ad-hoc: Medacta Group SA / Key word(s): Sales Result 
Medacta Group SA reports 35.4% growth at constant currency of half-year revenue and revises upward the revenue target 
for 2021 
20-Jul-2021 / 07:00 CET/CEST 
Release of an ad hoc announcement pursuant to Art. 53 LR 
The issuer is solely responsible for the content of this announcement. 
=---------------------------------------------------------------------------------------------------------------------- 
Press Release - Ad-hoc announcement pursuant to Art. 53 LR 
Medacta Group SA reports 35.4% growth at constant currency of half-year revenue and revises upward the revenue target 
for 2021 
- 1H 2021 revenue increased to Euro 177.5 million, or 35.4% at constant currency (31.7% reported) vs 1H 2020. 
- The growth was driven by significant carry-over and customer acquisition, in addition to faster-than-expected 
normalization of surgery activities, with positive contributions from all business lines and geographies. 
- Innovation continued with 50+ new products registered, including CE-marking of the Knee, Shoulder and Spine 
Applications of the NextAR Augmented Reality Surgical Platform. 
- The positive performance and the business outlook allow to revise upward our revenue target for 2021 within a range 
of Euro 355 million to Euro 375 million at constant currency, compared to the previous range of Euro 333 million to 
Euro 348 million, subject to any unforeseen events, specifically from the Covid-19 pandemic. 
 
CASTEL SAN PIETRO, 20 July 2021 - Medacta Group SA ("Medacta", SIX:MOVE) announces today first semester 2021 
preliminary unaudited revenue. 
Francesco Siccardi, CEO of Medacta, commented: "I am really satisfied with the revenue performance achieved in the 
semester that was driven not only by surgery volumes, but also by the execution of our growth strategy, which continued 
in 2020 despite the challenging conditions, through the launch of new products, the hiring of salesforce and our 
continuous medical education programs. The positive semester performance and the business outlook in the remainder of 
the year allow us to revise upward our revenue guidance for 2021" concluded Francesco Siccardi. 
In the first semester 2021 innovation continued and over 50 new products across all our business lines were registered, 
including entry in new geographies. In June 2021, the first surgeries based on our NextAR Augmented Reality (AR) 
Surgical Platform were performed in Europe, following the CE-marking of the Knee, Shoulder and Spine Applications. 
Also, in May 2021, the NextAR Shoulder Application received FDA clearance, further expanding the U.S. NextAR offering, 
which already included the Knee Application, FDA-cleared in 2020. NextAR enhances our MySolutions Ecosystem, empowering 
our holistic approach to personalized medicine, and has the potential to improve surgical accuracy. Thanks to its 
limited upfront capital investment and reduced cost per case compared to other technologies, the platform enhances 
healthcare system sustainability worldwide. The engineered design has the great advantage of utilizing a single 
platform for all procedures for both joint replacement and spine applications, allowing for a lean logistics and 
hardware management. These are key benefits in particular for US Ambulatory Surgery Centers (ASCs). 
Our Marketing and Medical Education Programs continued, and since June, international travel and congresses have 
restarted. During the semester, the hiring of salesforce continued, as planned, across all geographies. 
In the first semester 2021 we had a positive revenue contribution from all business lines and geographies. 
Revenue from our Hip products increased to Euro 88.4 million, or 30.7% on a constant currency basis; the good momentum 
was generated by the acquisition of new customers through the AMIS strategy supported by the roll-out of new products. 
Revenue from our Knee offerings were Euro 63.4 million, an increase of 38.4% on a constant currency basis, thanks to 
the continuous customer acquisition on personalized solutions and GMK Sphere platform. 
Our Extremities business line reported an increase in revenue of 56.8% on a constant currency basis to Euro 9.1 
million, mainly thanks to the completeness of the Medacta Shoulder System supported by personalized solutions and the 
expansion of the Sports Med product offer. 
Revenue from our Spine offering increased by 39.5% on a constant currency basis to Euro 16.6 million, driven by newly 
launched products, innovative technologies, and salesforce expansion. 
Below we report the first semester 2021 sales break-down by product line: 
(Million Euro)  1H 2021 1H 2020 Reported Growth   Constant Currency Growth 
Hip             88.4    68.9    28.3%             30.7% 
Knee            63.4    47.3    34.0%             38.4% 
Extremities*    9.1     6.1     50.7%             56.8% 
Spine           16.6    12.5    32.1%             39.5% 
TOTAL           177.5   134.8   31.7%             35.4% 
* Extremities include Shoulder and Sportsmed revenue 

In terms of geographic trend, revenue in Europe registered a growth of 29.4% on a constant currency basis to Euro 76.2 million. France, Italy and Belgium, the countries most affected by Covid-19 in the first semester 2020, recorded the strongest growth, followed by the "DACH" (Germany, Austria, and Switzerland).

Revenue in North America increased to Euro 52.5 million, or 44.3% on a constant currency basis, thanks to our customer acquisition, salesforce expansion and increased activity level in ASCs. Revenue in Asia Pacific grew by 33.6% on a constant currency basis to Euro 43.0 million, mainly driven by the attainment of new customers through the expansion of our salesforce in 2020.

Revenue in RoW were Euro 5.7 million, an increase of 49.4% on a constant currency basis, thanks to restart of purchases from stocking distributors and the creation of new distributors in the Middle East and Eastern Europe.

Below we report the first semester 2021 sales break-down by geographic area:

(Million Euro)         1H 2021    1H 2020    Reported Growth         Constant Currency Growth 
Europe                 76.2       59.3       28.5%                   29.4% 
North America          52.5       39.7       32.5%                   44.3% 
Asia Pacific           43.0       31.9       35.1%                   33.6% 
RoW*                   5.7        4.0        43.7%                   49.4% 
TOTAL                  177.5      134.8      31.7%                   35.4% 
* RoW includes all other geographic locations, including Middle East. 

These preliminary sales figures are unaudited for the periods ending June 30 of 2021 and are therefore subject to change. The Company expects to announce its 2021 Half-Year Results on September 10, 2021.

2021 Outlook Our strong customer acquisition, together with the progressive normalization of surgery activities benefiting from vaccinations, resulted in a stronger than expected revenue performance in the first semester 2021. The second semester 2021 growth is expected to normalize as the second semester of 2020 comparative period already benefited from previous pent-up demand in certain geographic areas. The positive first semester performance and the business outlook in the remainder of the year allow us to revise upward our revenue target for 2021 within a range of Euro 355 million to Euro 375 million at constant currency, compared to the previous range of Euro 333 million to Euro 348 million, subject to any unforeseen events, specifically from the Covid-19 pandemic. We confirm our target of an adjusted EBITDA margin largely in line with 2020.

Sustainability Report 2020 Today the Sustainability Report 2020 has been published. The document provides an overview of all initiatives taken in our four materiality areas: Innovative Solutions, Caring for People, Caring for the Environment, and Caring for the Community, in addition to targets set for 2021. Among such goals, we intend to further strengthen our qualification process regarding legal and environmentally responsible sourcing throughout our supply chain, to adopt a succession plan for key employees and key roles within the Group, to use 100% certificated renewable energy in our manufacturing plants, to begin the installation of photovoltaic panels on our buildings in Switzerland and resume support of international humanitarian initiatives as soon as the pandemic conditions will allow for it. The Sustainability Report 2020 is available at https://www.medacta.com/EN/sustainability. Webcast Today at 3:00 pm (CEST) Medacta Group SA will present its preliminary unaudited top-line figures during a webcast today at 3:00 pm (CEST). The results call will be headed by Francesco Siccardi (CEO) and Corrado Farsetta (CFO). The conference will be held in English.

Live-Link: https://www.webcast-eqs.com/medacta20210720

For participants to the conference call (slides only): https://www.webcast-eqs.com/medacta20210720/no-audio

Dial-in numbers for conference call function only: CH: +41 445806522 DE: +49 69201744220 UK: +44 2030092470 USA: +1 8774230830

PIN: 49559340#

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July 20, 2021 01:00 ET (05:00 GMT)

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Financials
Sales 2021 348 M 408 M 408 M
Net income 2021 56,0 M 65,7 M 65,7 M
Net Debt 2021 83,5 M 97,9 M 97,9 M
P/E ratio 2021 49,7x
Yield 2021 0,54%
Capitalization 2 783 M 3 270 M 3 263 M
EV / Sales 2021 8,24x
EV / Sales 2022 7,15x
Nbr of Employees 1 246
Free-Float 30,5%
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Number of Analysts 4
Last Close Price 139,16 €
Average target price 107,02 €
Spread / Average Target -23,1%
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Managers and Directors
Francesco Siccardi Chief Executive Officer
Corrado Farsetta Chief Financial Officer
Alberto Siccardi Executive Chairman
Victor Waldemar Balli Lead Independent Non-Executive Director
Philippe A. Weber Independent Non-Executive Director
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