Bastide Le Confort Médical (BLC) H1 2025 earnings summary

Executive summary

• Revenue for H1 2024/25 rose 4.0% year-over-year to €275.5M, with organic growth of 8.5%, driven by strong growth in respiratory assistance, diabetes, and technical segments.

• Recurring operating margin reached a record 9.1%, up from 8.3% a year earlier, reflecting effective cost control.

• Net profit was €2.1M–€2.2M, down from the prior year, impacted by higher financial costs and a one-off tax provision.

• Operating free cash flow turned positive at €9.4M, reflecting improved working capital and disciplined investment.

• Bastide completed targeted acquisitions (notably 2CAPSANTE), divested non-strategic assets (CICAPLUS, SODIMED), and secured a €375M syndicated loan in July 2024.

Financial highlights

• Revenue: €275.5M (+4.0% year-over-year); main growth in respiratory, diabetes, and technical segments.

• Recurring operating profit up 14.3% to €25.0M; recurring operating margin at 9.1%.

• Net profit from continuing operations was €2.1M–€2.5M, down year-over-year due to increased financial expenses and tax provision.

• Financial expenses: €16.4M (vs. €13.0M), including €1.8M from refinancing costs.

• Gross margin rose 120 bps to 68.4%, supported by a favorable mix in home healthcare and equipment sales/rentals.

Outlook and guidance

• Full-year revenue target maintained at over €560M, with recurring operating margin expected at or above 9.1%.

• Focus remains on deleveraging, improved leverage, potential asset disposals, and selective acquisitions.

• Regulatory risks monitored, especially regarding 2025 social security funding law and a 5% price cut in sleep apnea treatment from April 2025.