Stevanato Group has announced its financial results for the second quarter of 2024.
Second Quarter 2024 highlights
- Revenue for the second quarter of 2024 increased 2 percent to EUR 259.6 million, compared with the same period last year, and high-value solutions represented 40 percent of total revenue.
- For the second quarter, diluted earnings per share were EUR 0.08 and adjusted diluted earnings per share were EUR 0.09.
- Adjusted EBITDA margin for the second quarter was 20.8 percent.
- The Company is updating its fiscal year 2024 guidance to reflect a revised outlook primarily in the Engineering Segment. The Company now expects revenue in the range of EUR 1,090 million to EUR 1,110 million, adjusted EBITDA in the range of EUR 264 million to EUR 272 million, and adjusted diluted EPS between EUR 0.48 and EUR 0.50.
Second Quarter 2024 results
For the second quarter of 2024, revenue increased 2 percent (2 percent on a constant currency basis), compared with the same period last year, to EUR 259.6 million, driven by a 9 percent increase in the Biopharmaceutical and Diagnostic Solutions (BDS) Segment, which offset a 26 percent decline in the Engineering Segment.
Revenue from high-value solutions increased to 40 percent of total revenue in the second quarter of 2024, compared with 33 percent for the same period last year, driven primarily by strong demand in high-performance syringes. As expected, lower revenue from EZ-fill® vials unfavourably impacted the mix within high-value solutions in the second quarter of 2024.
Gross profit margin for the second quarter of 2024 decreased to 26 percent, compared with 30.9 percent for the same period last year, primarily due to (i) higher-than-expected costs in the Engineering Segment due to ongoing project delays, (ii) customers’ vial destocking resulting in lower revenue from more accretive EZ-fill® vials and the underutilization of vial lines, and (iii) the expected temporary inefficiencies related to the start-up of the Company’s new manufacturing facilities in Italy and the United States.
For the second quarter of 2024, operating profit margin decreased to 10.8 percent, compared with 17.6 percent for the same period last year, driven primarily by lower gross profit.
The full report is available here.