Successful start to FY 2020/21 for Carl Zeiss Meditec

Jena, Germany | 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. EEarnings 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.”

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.

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.

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.