Stevanato Group S.p.A. has announced its financial results for the third quarter of 2022.
Third Quarter 2022 Highlights
- Third quarter revenue increased 14 percent to EUR 245.3 million, over the same period last year
- Revenue from high value solutions was approximately 30 percent of total revenue
- Reported diluted earnings per share of EUR 0.14 and adjusted diluted earnings per share of EUR 0.14
- Adjusted EBITDA totaled EUR 65.8 million with an adjusted EBITDA margin of 26.8 percent
- Committed backlog increased 21 percent to approximately EUR 1.01 billion, over the same period last year
- The Company is raising its full year 2022 guidance primarily related to favourable currency effects
Full Year 2022 Guidance
The Company is raising its full year guidance primarily as a result of favourable currency translation. The updated guidance also considers the dynamic operating environment including the wind-down of Covid-19 revenue that is being backfilled by new work, the shift to high value solutions, and actions taken to accelerate efficiencies and implement cost management initiatives to help offset inflation. As a result, the Company now expects:
- Revenue in the range of EUR 961 million to EUR 971 million
- Adjusted diluted EPS in the range of EUR 0.52 to EUR 0.54
- Adjusted EBITDA in the range of EUR 254.5 million to EUR 260.0 million
Executive Chairman, Franco Stevanato, concluded, “We believe our integrated end-to-end capabilities and robust portfolio of injectable products are ideally suited to match the demanding requirements of highly sensitive treatments such as GLP-1s. Thanks to the scientific and technological capabilities that we offer through our technology excellence centres, we are supporting our customers in the early-stage development of new molecules, and we are building a robust pipeline of promising opportunities. We believe we are well positioned to capitalize on these opportunities as we continue to drive shareholder value.”
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