Ion Beam Applications SA

Hello and welcome to IBA's half-year 2024 results conference call. All participants are currently in listening only mode. The question and answer session will follow the formal presentation. I will now hand over to Olivier Legrand, Chief Executive Officer of IBA.

Good afternoon and thank you for joining us on today's call where we're going to talk about the H1 results. I'm joined today by Henri, our Deputy CEO, and Soumya Chandramouli, CFO. Before we start, I would like to draw, as usual, your attention to the company disclaimer on a forward-looking statement. Here is an overview of our call today. I will start with a summary of IDA's performance and progress in the first half of 2024. as well as the performance of the proton therapy and dosimetry businesses. Henri will then share an update on other accelerators, including Pantera. Soumya will then provide commentary on the financials. Before finally, I will talk you through the outlook and then open the line for questions. It is snapshot of our three financials. I'm pleased to report that the group revenue increased by about 22% to €216.5 million, driven by accelerated backlog conversion and growth in services. The group EBIT was €0.04 million, which is a strong improvement on the same period last year. Group order intake was strong at €113.9 million, with a particularly strong first half for other accelerators. Despite the acceleration in converting the backlog, overall group equipment and service backlog remains quite high at 1.4 billion euros. Our balance sheet continues to be healthy with 60.2 million gross cash and 21.7 million net cash, position at the period ends, providing us with stability and the flexibility we need to operate. This slide will be familiar and show you the key statistic. To pull out here is the completion of our B Corp recertification, which has seen our score increase to 114 points, placing us in the top tier globally. of these four sustainability streams and will provide updates on significant milestones as they arise. I now hand over to Soumya who will give you some context on top line financial from the first half. Soumya.

Thank you Olivier. Hello everyone. So the next few slides outline some important figures for the half-year 2024 results. We'll start with revenue, and as you can see, we achieved double-digit revenue growth for the second time in a row, driven by accelerated backlog conversion. Other accelerators on their side had an exited first half with a 70% increase in revenue. Proton therapy also saw growth, while dosimetry had a slightly more challenging H1 that we'll discuss a little bit later. Next, let's take a look at order intake. Order intake for the first half is quite encouraging, albeit a slight decrease on last year. It's worth noting that Dysimetry had had an all-time record in terms of order intake in H1 2023, while this year it was other accelerators that is a top performer. And finally, Proton did show a modest first half, but post-period we announced a deal for two Proteus One solutions with UPenn, bringing us to a total of three rooms sold to date. Now, moving on to backlog, the overall group backlog remains high, as Olivier said, at Euro 1.4 billion. And you can see here the breakdown across the business and how it compares to previous years. We have been pleased at the rate of conversion in H1, particularly in proton therapy and other accelerators. And we continue to remain committed to keeping up this good pace of backlog conversion over the second half and beyond. And let's take a look at the key figures for H1. I'll pick out just a few things here. Rebit reached break-even, reflecting improved gross margin, and that was really thanks to strong backlog conversion, but also continued growth in our service revenues. We're also reporting a net loss now of €10.3 million, which represents an improvement from last year. Quite a strong one, actually. And along with the positive net cash position, we maintain Euro 60 million in a broad short-term credit lines as of the period end. And I'll hand back to Olivier as we look into each of the business areas.