UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F | ☐ | REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF | | --- | --- | | | 1934 | | OR | | | ☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | | | For the fiscal year ended December 31, 2023 | | OR | | | ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | | OR | | | ☐ | SHELL COMPANY REPORT PURSUANT TO S ...

Revenue Performance - Solid revenue growth of 10% in FY 2023, with an 11% increase on a constant currency basis[12] - Q4 2023 revenue of €87 million, representing a 30% decrease from Q4 2022, while total company revenue increased approximately 24% excluding Covid-19[21] - Reported revenue for Q4 2023 was €320.6 million, up from €292.1 million in Q4 2022, representing a growth of 9.1%[64] - FY 2024 guidance projects revenue between €1.180 billion and €1.210 billion, implying a growth rate of 9% to 12%[29] Profitability Metrics - Adjusted EBITDA of €86.7 million in Q4 2023, a 6% year-over-year increase, with an adjusted EBITDA margin of 27%[20] - Adjusted EBITDA for the year ended December 31, 2023, was €291.5 million, an increase of 13.3% from €257.3 million in 2022[66] - Net profit for Q4 2023 was €45.2 million, a 6% decrease year-over-year, translating to €0.17 diluted EPS[22] - The adjusted operating profit margin for the year ended December 31, 2023, was 19.6%, compared to 20.2% in 2022[66] Capital Expenditures and Investments - Capital expenditures are expected to be 25% to 28% of 2024 revenue, based on the revenue guidance midpoint[30] - The company made additions to Property, Plants, and Equipment totaling €89.6 million in Q4 2023, a decrease of 10.3% from €99.9 million in Q4 2022[77] - Total CAPEX for the year 2023 was €453.3 million, an increase of 49.8% from €302.6 million in 2022[77] - The company recorded €12.0 million in start-up costs for new plants in 2023, primarily related to labor costs for training personnel[68] Future Outlook - The company anticipates a stronger second half of 2024 compared to the first half, with BDS segment growth expected to be low double digits[30] - The company is on track to launch commercial production of new products in late 2024, with significant revenue expected from 2025 onwards[47] - The company expects a net profit range of €155.0 million to €166.6 million for 2024, with diluted EPS projected between €0.58 and €0.63[83] Financial Position - Total backlog at year-end 2023 was approximately €945 million, heavily weighted towards biologics[44] - Capital employed increased to €1,457.1 million as of December 31, 2023, compared to €949.9 million in 2022[72] - The net (debt)/net cash position as of December 31, 2023, was €(324.4) million, a decline from €46.0 million in 2022[74] - Cash Flow from Operating Activities for the year 2023 was €105.2 million, slightly up from €103.3 million in 2022[80] Segment Performance - HVS segment accounted for 37% of total revenue in Q4 2023, with a target of 40% to 45% by 2027[14] - The company expects HVS share of revenue to reach 40% to 45% by 2027, with an adjusted EBITDA margin target of 30% in the same year[50] Other Financial Metrics - Free Cash Flow for Q4 2023 was negative at €(76.0) million, compared to negative €(8.2) million in Q4 2022[80] - Interest paid decreased to €3.1 million in 2023 from €3.5 million in 2022[80] - The purchase of intangible assets increased to €5.1 million in Q4 2023 from €0.3 million in Q4 2022[80] - The company reported a significant increase in additions to intangible assets for the year, totaling €8.7 million compared to €8.1 million in 2022[77]

Stevanato Group S.p.A. (NYSE:STVN) Q4 2023 Earnings Conference Call March 7, 2024 8:30 AM ET Company Participants Lisa Miles - Senior Vice President of Investor Relations Franco Stevanato - Executive Chairman Marco Dal Lago - Chief Financial Officer Franco Moro - Chief Executive Officer Conference Call Participants Patrick Donnelly - Citi Jacob Johnson - Stephens Matt Larew - William Blair Derik de Bruin - Bank of America Larry Solow - CJS Securities David Windley - Jefferies John Sourbeer - UBS Paul Knight ...

The next question is from Jacob Johnson of Stephens. Please go ahead. Yes, you're right in term of what we deliver during Market Day, and yes, we are engaged with important blockbuster coming to the market in the short and to have a bigger volume in the future. There is no changes in this perspective. I wanted to stress the fact that we are talking about biologics in term of kind of molecules that come into the market. And the needs for biologics are perfectly matching our value proposition in a high-value ...

This presentation may include forward-looking statements. The words "expect," "reiterating," "durable," "continue," "shifting," "expand," "believe," "continued," "assumes," "continuing," "rising," "well positioned," "strong," "increase," "benefitting," "raising," "creating," "expected," and similar expressions (or their negative) identify certain of these forward-looking statements. These forward-looking statements are statements regarding the Company's intentions, beliefs or current expectations concerning ...

Stevanato Group S.p.A. (NYSE:STVN) Q2 2023 Earnings Conference Call July 28, 2023 8:30 AM ET Lisa Miles - Senior Vice President, Investor Relations Franco Stevanato - Executive Chairman Franco Moro - Chief Executive Officer Marco Dal Lago - Chief Financial Officer Patrick Donnelly - Citi Paul Knight - KeyBanc David Windley - Jefferies Derik de Bruin - Bank of America Drew Ranieri - Morgan Stanley Matt Larew - William Blair Good afternoon. This is a Chorus Call conference operator. Welcome and thank you for ...

We are on track with our plans. And so we expect to have a commercial sales from Latina in the last quarter of this year. And validation activity in Fishers, Indiana under completion in the last part of the year to have a first revenue generation in the first half of '24. In China, we remain a strategic target for us in terms of market, and we decided to pause the investment for a while, and we still expect to take Tim Daley Dave Windley Thank you for the question. In the second part of the year, we expect ...

Financial Performance and Market Position - The backlog as of December 31, 2022, was approximately €957.0 million, an increase from €880.0 million as of December 31, 2021, indicating potential future revenue growth [61]. - The company’s estimates of its addressable market may be based on assumptions that could prove inaccurate, potentially limiting revenue opportunities [60]. - 44.26% of revenues in 2022 derived from the top ten customers, with no individual customer representing more than 10.0% of revenues [88]. - The company is pursuing strategies to expand global market position and increase investments in R&D to address unmet market needs [85]. - The company plans to expand its global market position in drug containment solutions and drug delivery systems, with a focus on increasing investments in research and development [92]. Operational Risks and Challenges - The company faces significant risks related to technological obsolescence and competition, which could adversely affect its market position and financial performance [48]. - Significant interruptions in operations could harm the company's financial condition and results of operations [51]. - The company must continuously develop new products and enhance existing ones to remain competitive in a rapidly changing market [55]. - The company faces intense competition from both smaller specialized companies and large multinationals, which may impact future sales and earnings [82]. - The company may experience increased costs and operational disruptions if acceptable supplier alternatives are not found [73]. Supply Chain and Production - The company is highly dependent on maintaining relationships with suppliers and service providers, which is critical for its operational success [51]. - Significant reliance on suppliers for high-quality materials and energy supply, with potential adverse effects on gross margins if terms change [68]. - The company increased production capacity to support COVID-19 vaccination efforts, providing glass vials and syringes for approximately 90% of currently marketed vaccine programs [76]. - The company is establishing new manufacturing plants for EZ-Fill® products in Indiana (U.S.), Zhangjiagang (China), and Latina (Italy), with a strong emphasis on biologics and vaccines [92]. Regulatory and Compliance Risks - The company is subject to a variety of laws and regulations, including health and safety, environmental protection, and the handling of hazardous substances, which could significantly affect its operations if regulatory controls were to increase [120]. - The potential restriction or ban on the use of ethylene oxide, a key sterilizing agent, could require the company to identify new sterilizing agents, negatively impacting its financial condition and results of operations [120]. - The company is exposed to regulatory risks related to anti-corruption and trade control laws, which could result in civil and criminal penalties if compliance is not maintained [133]. - The company faces increased scrutiny from Italian tax authorities, which may lead to tax audits and significant liabilities [152]. Economic and Geopolitical Factors - The company faces macro-economic risks, particularly in Italy, where high sovereign debt and political instability could adversely affect business operations [115]. - The ongoing conflict between Russia and Ukraine has led to increased operational costs and potential disruptions, particularly affecting gas and electricity prices [113]. - The deterioration of sovereign debt in several countries has exacerbated the global economic crisis, particularly affecting the Eurozone, which could materially impact the company's business and financial condition [118]. Intellectual Property and Legal Risks - The company may face challenges in maintaining and enforcing its patent rights, which could limit its competitive position in the market [186]. - The company may incur substantial costs and delays due to third-party patent infringement claims, affecting its product development and commercialization efforts [197]. - The company faces potential legal challenges regarding patent validity, which could result in loss of patent protection and allow competitors to commercialize its technology without compensation [202]. - The company relies on external law firms for patent maintenance, and failure to comply with patent agency requirements could lead to reduced protection or loss of patents [204]. Shareholder and Corporate Governance - The concentrated voting power of Stevanato Holding S.r.l. allows it to control significant corporate decisions, which may not align with the interests of other shareholders [223]. - Future sales of a substantial number of shares could negatively impact the market price of the company's ordinary shares [226]. - The company is incorporated under Italian law, which may result in different shareholder rights compared to typical U.S. corporations [229]. - The company has historically paid dividends over the last three years, but future declarations are uncertain and depend on the Board's review of financial performance and strategy [232]. Cybersecurity and Data Privacy - Cybersecurity risks could lead to reputational damage and regulatory penalties, impacting business operations [164]. - The company faces significant operational costs and potential fines due to compliance with data privacy and security regulations, which could adversely affect its financial condition and results of operations [174]. Employee and Operational Structure - The company employs approximately 5,260 employees as of December 31, 2022, with 51% based in Italy and 10% in both Mexico and Germany [147]. - The obligations of being a public company increase legal and financial compliance costs, which may divert management's attention from growth strategies [240].

Stevanato Group S.p.A. (NYSE:STVN) Q4 2022 Earnings Conference Call March 2, 2023 8:30 AM ET Company Participants Lisa Miles - SVP Investor Relations Franco Stevanato - Executive Chairman Franco Moro - Chief Executive Officer Marco Dal Lago - Chief Financial Officer Conference Call Participants Paul Knight - KeyBanc Capital Markets Patrick Donnelly - Citi Derik De Bruin - Bank of America Tim Daley - Wells Fargo John Sourbeer - UBS David Windley - Jefferies Madeline Mollman - William Blair Drew Ranieri - Mor ...

Exhibit 99.1 For the fourth quarter of 2022, gross profit margin increased 290 basis points to 34.3% driven by higher revenue, the mix shift to high value solutions, better leverage of fixed costs, and the recovery of inflationary costs, while operating profit margin of 21.6% included a benefit of €3.0 million related to a joint development project. Full Year 2022 Results Revenue for fiscal 2022 increased 17% to €983.7 million (approximately 13% on a constant currency basis), compared with the same period l ...