Puchheim, November 10, 2021 – STEMMER IMAGING AG (ISIN DE000A2G9MZ9 / GSIN A2G9MZ)
today publishes its figures for the first nine months of the current fiscal year and the third quarter of 2021.
STEMMER IMAGING AG has once again presented exceedingly positive figures and has been able to continue the growth trend of previous quarters.
Order intake for the first nine months reached a record EUR 121.2 million, up 49.1% year-on-year and 39.2% year-on-year in 2019. For the third quarter, order intake amounted to EUR 38.4 million. This represents an increase of 36.7% year-on-year and an increase of 19.6% compared to the third quarter 2019. The book-to-bill ratio remained strong at 1.1 despite the significant increase in revenue in the third quarter.
Revenue in the first nine months reached EUR 99.5 million, up 28.6% year-on-year. Compared to 2019, revenue increased by 12.2%. For the third quarter, revenue of EUR 34.8 million were up 38.3% year-on-year, benefiting from the dynamic market situation. Despite the tense global supply situation, the revenue level increased by a further 5.5% compared to the second quarter of the current year. In the end markets segments, there was above-average growth in the Sports & Entertainment and Electronic segments over the first three quarters, as well as a positive development in the Transport & Logistics, Factory Automation and Automotive segments, both in comparison with the same period of the previous year and in comparison with 2019.
The industry association VDMA reports market growth in machine vision of 7% in Germany and 2% in Europe for the first nine months of 2021. According to the VDMA, order intake rose by 21% in Germany and by 0% in Europe. STEMMER IMAGING was thus significantly above the VDMA industry figures in terms of both revenue and order intake.
The operating result (EBITDA) increased by 208.4% to EUR 12.5 million in the first nine months of the current fiscal year (9M 2020: EUR 4.0 million). The EBITDA margin for the first three quarters amounted to 12.5% (9M 2020: 5.2%) and is thus within the target corridor of the mid-term guidance of 12-14% on average in the period until 2024. The increase in earnings is mainly due to the particularly strong sales expansion and the significant improvement in the gross margin with simultaneously adjusted cost levels.
The operating cash flow in the first nine months of 2021 was EUR 7.99 million. The higher figure than in the previous year (9M 2020: EUR 7.4 million) is influenced in particular by the increase in working capital due to the strong growth.
The globally strained supply situation continued in the third quarter of 2021 and, with the ongoing shortage of raw materials and intermediate products, continues to counteract even stronger growth. Measures in procurement and warehousing as well as order processing were able to partially offset these effects. Cost increases due to the delivery situation were successfully cushioned in the nine-month period or countered with price increases.
Based on the current figures and estimates for the fourth quarter of 2021, the company expects to achieve its 2021 revenue and earnings guidance, which was raised in August, at the upper end of the range of EUR 123-131 million for revenue and at least at the upper end of the forecast range of EUR 12.2-15.4 million for EBITDA. The signs are positive that the full-year earnings forecast will be exceeded. From the company view however, there is not yet sufficient stability to raise the EBITDA forecast and there are still countervailing risks due to the aforementioned supply bottlenecks and the resulting potential expenses.
Arne Dehn, CEO of STEMMER IMAGING AG:
“The 2021 fiscal year has developed extremely positively for STEMMER IMAGING so far, despite the difficult global supply situation. We can present excellent figures for both revenue and earnings for the first nine months and look forward to a record year 2021. Thus, the announced growth based on our strategic roadmap, which we further specified at our Capital Markets Day in October, is already clearly evident this year. ”
STEMMER IMAGING AG’s quarterly report as of September 30, 2021 is available for download at www.stemmer-imaging.com in the Investors section.
About STEMMER IMAGING:
STEMMER IMAGING is a leading international machine vision technology provider. With staff located across Europe, Latin America and Asia, the company provides state-of-the-art machine vision solutions, extensive knowledge and outstanding customer service.
Clients value STEMMER IMAGING as a trusted advisor, positioned to deliver tailored solutions. These include components that can be pre-configured where needed, sub-systems designed to reduce time and effort when integrating vertical applications, and customer-specific solutions delivering a competitive advantage to predominantly OEMs – all powered by renowned knowledge and leading software tools including the company’s machine vision library “Common Vision Blox”.
VISION.RIGHT.NOW. symbolises the STEMMER IMAGING mission to make machine vision easy and accessible, empowering customers to deliver world-class solutions.
STEMMER IMAGING AG
Chief Executive Officer
Phone: +49 89 80902-196