bioMérieux (BIM) H1 2024 earnings summary

Executive summary

• H1 2024 organic sales grew 9.9% to €1,902m, driven by strong performance in BIOFIRE, SPOTFIRE, microbiology, and industrial applications, with GO.28 strategic plan execution and high employee engagement.

• Net income rose 33% year-over-year to €215m, with diluted EPS at €1.82 versus €1.36 in H1 2023.

• CEBIT margin improved by 155bps at constant exchange rates, reaching 16.1% of sales, and EBITDA increased 8% to €424m.

• Multiple new product launches and FDA approvals (SPOTFIRE sore throat panels, VITEK REVEAL, VIDAS TBI) supported innovation and future growth.

• CSR targets remain on track, including a 14% reduction in greenhouse gas emissions since 2019.

Financial highlights

• H1 2024 sales reached €1,902m, with 9.9% organic growth and 7.4% reported growth year-over-year.

• Gross profit margin was 55.9% of sales, up 100bps like-for-like, driven by price increases and favorable mix.

• CEBIT was €306m (16.1% of sales), up 20% like-for-like, with a negative €44m FX impact.

• EBITDA reached €424m (22.3% of sales), up 8% year-over-year.

• Free cash flow improved to €50m from €1m in H1 2023; net debt at €286m or 0.3x EBITDA.

Outlook and guidance

• Full-year 2024 organic sales growth guidance raised to 8–10%, with CEBIT expected to grow 12–17% at constant exchange rates.

• Currency headwind for 2024 expected at -€70m.

• CapEx guidance set at 9–10% of sales for 2024.

• Commitment to at least 10% annual EBIT growth for 2025 and beyond.