1st quarter 2018 revenue

18.04.2018 07:00

1st quarter 2018 revenue

€196.5 million at constant exchange rates: -3.2%


Villepinte, April 18, 2018 - Guerbet (FR0000032526 GBT), a global specialist in contrast agents and solutions for medical imaging, is reporting revenue of €183.2 million for the 1st quarter 2018, down 9.8% at current exchange rates and down 3.2% at constant exchange rates compared with the 1st quarter 2017. 

The change in activity in the first quarter 2018 can be explained in particular by: 

  • a negative currency effect of €13.3 million, compared with a positive currency effect of €5.8 million over the same period in 2017
  • an unfavorable base effect compared with the first quarter 2017, a period of 10.5% growth
  • an effect from destocking of Optiray® at the end of the previous financial year.

These negative effects were partially offset by sales of Dotarem®, which grew strongly outside Europe.

Consolidated Group revenue (IFRS)

In Europe, a downward impact on revenue stemmed from a currency effect of €1.3 million (Switzerland and Turkey). The main reason for the 8.9% decline at constant exchange rates was the pressure on the price of Dotarem caused by the arrival of a generic in this region in 2017. 

In Other Markets, the unfavorable currency effect amounted to €12.0 million (USA, Brazil, Argentina, Korea). At constant exchange rates, sales were up 1.7%, despite a significant decrease due to Optiray that is mainly explained by a high first quarter 2017 and by destocking at the end of last year. This is visible above all in China and in Latin America and should not impact the second quarter.

At constant exchange rates, Diagnostic Imaging activity fell 7.0%, while Interventional Imaging increased 19.5%:

  • The MRI segment generated €65.0 million in revenue, down 2.3% compared with the same period last year. Despite the generic, Dotarem sales continued to increase but this growth was more than offset by the gradual withdrawal of Optimark®
  • On the CT/Cath Lab segment, revenue totaled €87.8 million, down 10.3%. This movement was mainly due to Optiray. Beyond the 2017 Q1 base effect and the destocking at the end of last year, a change of distributor in China, beginning of 2018, impacted the product with a lower selling price but with no associated marketing expense which, as a consequence, reduces the revenue but is neutral in margin
  • Revenue in the Imaging Solutions and Services (ISS) segment was €19.6 million compared with €20.9 million in 2017, a decrease of -6.2%. This is the consequence of the expected launch of a new equipment in the US market that will be executed in the second quarter with a sales recovery
  • In Interventional Imaging, steady sales of Lipiodol® and Patent Blue V enabled this activity to generate €14.7 million in revenue.

Besides, still at constant exchange rates, €9.4 million in revenue have been generated with third parties, an increase of €3.9 million compared to the first quarter 2017 which is a one-off catch up. These sales were mainly done with industrial companies in the USA.

For the full 2018 financial year, Guerbet is confident in the financial objectives presented in the GEAR 2023 strategic plan.

Upcoming events:
Publication of 1st half revenue 
July 26, 2018, after trading