Guerbet Reports 2025 Full-Year Results, Facing Challenges

Guerbet, a global specialist in contrast agents and solutions for medical imaging, has released its consolidated financial statements for the fiscal year 2025. The company reported revenue of €786.4 million, a decrease of 3.5% year-on-year at constant exchange rates and on a like-for-like basis. This decline is primarily attributed to reduced activity in France and impacts from the situation at the company's Raleigh, North Carolina site.

The company recorded a net loss of €112.7 million for 2025. This figure includes a non-recurring impairment charge of €86 million related to the ongoing issues at the Raleigh facility. The restated EBITDA margin stood at 12.0%, aligning with the upper end of its previously communicated adjusted range. Free cash flow remained positive at €19.2 million.

Guerbet indicated that the revenue shortfall was driven by two main factors: a contraction in its French operations and delivery delays linked to the Raleigh site's operations, particularly affecting fourth-quarter results. While sales in the EMEA region decreased by 2.5%, excluding France, the region saw 7.6% growth. Revenue in the Americas and Asia experienced declines of 3.8% and 4.8% respectively.

Diagnostic imaging revenue fell by 5.3%, impacting both MRI and X-ray segments. Conversely, revenue from interventional radiology increased by 9.7%, supported by strong performance in Lipiodol®. Looking ahead, Guerbet anticipates significant negative impacts on its revenue, profitability, cash generation, and indebtedness in 2026 due to the Raleigh situation. The company identified a probable risk of covenant breach on June 30, 2026, and consequently, no dividend will be distributed for the 2025 fiscal year. Guerbet is continuing its transformation plan, but future prospects face considerable uncertainty.