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Stemmer Imaging (S9I) investor relations material
Stemmer Imaging Q2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q1 2024 revenue declined due to weak demand across all end markets, but bookings rebounded after a downturn in 2H 2023, with positive signals in medical, logistics, recycling, and sports entertainment sectors.
Strategic focus on expanding the opportunity pipeline, customer wins, and efficiency improvements led to structural cost reductions.
Gross margin increased, and EBITDA margin recovered to 15%, with cash generation of €9.4M and working capital below 15%.
H1 2024 revenue was €58.3m, down 25.6% year-over-year, but order intake improved sequentially, reaching €35.2m in Q2 2024.
Book-to-bill ratio of 1.2 in H1 2024 signals a positive revenue trend for coming quarters.
Financial highlights
Q1 2024 order intake was €33.1M (down 8.3% YoY), revenues €27.5M (down 31.9% YoY), and gross profit €11.0M (down 30.6% YoY).
H1 2024 revenue: €58.3m (H1 2023: €78.4m); Q2 2024 revenue: €30.8m (Q2 2023: €38.0m).
EBITDA: €9.1m (H1 2023: €14.2m); EBIT: €7.2m (H1 2023: €12.2m); net income: €5.1m (H1 2023: €8.8m).
Operating cash flow after taxes: €15.5m (H1 2023: €8.3m), supported by working capital reduction.
Dividend of €2.70 per share paid in May 2024, totaling €17.55m.
Outlook and guidance
2024 revenue guidance maintained at €140–157m; EBITDA forecast at €24–31m, excluding special charges from MiddleGround Capital transaction.
Full-year guidance reaffirmed, with expectations of a strong catch-up effect in the second half of 2024.
Recovery in demand and deliveries forecasted for Q3 and Q4 2024, with full potential expected to develop in 2025.
Forecast assumes continued demand, order backlog processing, and economic improvement by late Q3.
Uncertainty remains regarding international capital market distortions and their impact on recovery.
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