Guerbet reports 11.2% revenue decline for first nine months of 2020
Villepinte, France – Guerbet, a specialist in contrast agents for medical imaging, announced on October 22, 2020, that its revenue for the first nine months of 2020 was €536 million, an 11.2% decrease compared to the same period last year.
Guerbet, a global specialist in contrast agents and solutions for medical imaging, reported its revenue for the first nine months of fiscal year 2020. The reported revenue stood at €536.0 million as of September 30, 2020, marking an 11.2% decrease from the same period in the previous year. At constant exchange rates (CER), revenue totaled €548.3 million, a decline of 9.1%.
While the second quarter saw a significant downturn, the third quarter showed signs of activity recovery. On a CER basis, revenue for the third quarter decreased by 10.7% to €181.3 million, indicating an improvement compared to the prior quarter. Guerbet stated that this performance is in line with its expectations for the end of 2020.
The COVID-19 pandemic continued to impact the Diagnostic Imaging segment, with revenue falling by 13.3% (11.1% CER) to €462.5 million. MRI sales saw a notable decrease of 18.3% (17.2% CER). Revenue for CT/Cath Lab declined by 10.6%. In contrast, Interventional Imaging revenue remained stable at €53.6 million, primarily driven by Lipiodol® products.
The company anticipates that revenue for the second half of the year will be largely comparable to the first half. Guerbet expects its EBITDA for the full year 2020 to be around 14% of revenue. Additionally, the company is confident in its ability to reduce structural costs for the long term, which is expected to have a favorable impact on profitability once business returns to normal.