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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Stemmer Imaging
Stemmer Imaging (S9I) investor relations material
Stemmer Imaging has been acquired
Stemmer Imaging Q2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2024 earnings summary13 Aug, 2024
Executive summary
Revenue declined significantly in Q1 and H1 2024 due to weak demand across all end markets, with no single root cause, but order intake improved sequentially and bookings rebounded after a downturn in 2H 2023.
Gross margin remained strong, with resilience in medical, logistics, recycling, sports, and entertainment sectors, and strong design-in wins supporting future projections.
Strategic focus on value-added solutions, efficiency improvements, and cost reductions led to structural savings and maintained gross margin resilience.
Acquisition of Phase 1 Technology Corp. in the U.S. completed in May 2024, strengthening North American presence and supplier relationships.
Entered investment agreement with MiddleGround Capital in July 2024, with a voluntary public takeover offer at €48.00 per share announced.
Financial highlights
Q1 2024 revenue was €27.5m (down from €40.4m in Q1 2023); H1 2024 revenue was €58.3m (H1 2023: €78.4m); Q2 2024 revenue was €30.8m (Q2 2023: €38.0m).
Order intake reached €33.1m in Q1 2024 and €35.2m in Q2 2024; book-to-bill ratio was 1.2 in H1 2024.
Gross margin improved to 39.9% in Q1 2024 (Q1 2023: 39.1%) and 40.0% in H1 2024 (H1 2023: 39.6%).
EBITDA was €4.1m in Q1 2024 (14.9% margin), €9.1m in H1 2024 (15.6% margin), both below prior year levels.
Operating cash flow was strong at €9.4m in Q1 2024 and €15.5m in H1 2024, with net cash position at €44.7m and cash and cash equivalents at €30.3m as of 30 June 2024.
Outlook and guidance
Full-year 2024 revenue guidance maintained at €140–157m, with EBITDA forecast at €24–31m, excluding special charges from the MiddleGround Capital transaction.
Guidance assumes continued demand, order backlog processing, and economic improvement by late Q3, with a catch-up effect expected in the second half of 2024.
Anticipates stepwise recovery in demand and billings, with full potential development expected in 2025; upside from North American expansion not included in current prognosis.
Uncertainty remains regarding international capital market distortions and their impact on recovery.
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Frequently asked questions
Stemmer Imaging AG is a Germany-based company specializing in machine vision technology. The company provides a broad array of products and services, including cameras, lenses, illumination products, and machine vision systems, as well as customized solutions like cables and protective housings for cameras. Additionally, Stemmer Imaging develops its own imaging software known as Common Vision Blox. These technologies find applications across various sectors including industrial automation, automotive, packaging, food, pharmaceutical, medical engineering, and traffic technology, ensuring quality control and operational efficiency. The company also offers customer support services like feasibility studies, customized advice, and training. The company is headquartered in Puchheim, Germany, and its shares are listed on the Frankfurt Stock Exchange.