Stevanato Group has announced its financial results for the third quarter of 2024.
Third Quarter 2024 Highlights
- Revenue for the third quarter of 2024 increased 2 percent to EUR 277.9 million, compared with the same period last year, and high-value solutions represented 36 percent of total revenue.
- For the third quarter, diluted earnings per share were EUR 0.11 and adjusted diluted earnings per share were EUR 0.12.
- Adjusted EBITDA margin for the third quarter was 22.9 percent.
- The Company is maintaining its fiscal year 2024 revenue guidance and continues to expect revenue in the range of EUR 1,090 million to EUR 1,110 million. The Company is lowering its adjusted EBITDA guidance to a range of EUR 257 million to EUR 263 million, and its adjusted diluted EPS guidance to a range of EUR 0.47 to EUR 0.49.
Third Quarter 2024 Results
For the third quarter of 2024, revenue increased 2 percent (3 percent on a constant currency basis) compared with the same period last year, to EUR 277.9 million, driven by a 6 percent increase in the Biopharmaceutical and Diagnostic Solutions (BDS) Segment, which offset a 15 percent decline in the Engineering Segment.
Revenue from high-value solutions increased to 36 percent of total revenue in the third quarter of 2024, compared with 32 percent for the same period last year, driven primarily by increased customer demand for high-performance syringes, and to a lesser extent, other products. As expected, lower revenue from EZ-fill® vials unfavourably impacted the mix within high-value solutions for the third quarter of 2024.
Gross profit margin for the third quarter of 2024 decreased to 26.8 percent, compared with 30.5 percent for the same period last year, primarily due to (i) the effects of vial destocking, including underutilization of vial lines, as well as lower revenue from more accretive EZ-fill® vials, (ii) the ongoing temporary inefficiencies related to the start-up of the Company’s new U.S. manufacturing facility as well as higher costs as the Company increases its validation activities, and (iii) higher costs in the Engineering Segment as the Company advances its business optimization plan.
For the third quarter of 2024, operating profit margin decreased to 14.8 percent, compared with 18.8 percent for the same period last year, driven primarily by the reduction in gross profit.
The full report is available here.