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.

• CEBIT/EBIT margin improved by 155bps at constant exchange rates, reaching 16.1% of sales, and net income rose 33% year-over-year to €215m.

• GO.28 strategic plan execution is underway, targeting 7% annual organic sales growth, at least 10% organic EBIT growth, and 20% EBIT margin by 2028, with strong employee engagement and CSR progress.

• New product launches (SPOTFIRE sore throat panels, VITEK REVEAL, VIDAS TBI) and FDA approvals are expected to drive future growth.

• Lumed acquisition and strategic investment in SpinChip Diagnostics (20% stake) complement the point-of-care offering.

Financial highlights

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

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

• CEBIT/EBIT was €306m (16.1% margin), up 20% organically; reported EBIT up 5% due to €44m negative FX impact.

• Net income rose 33% year-over-year to €215m; diluted EPS increased to €1.82.

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

Outlook and guidance

• Full-year 2024 organic sales growth guidance raised to 8–10%; CEBIT/EBIT growth guidance increased to 12–17% organically.

• Negative FX impact for 2024 expected to reach €70m.

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

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