Evotec SE(US:EVO)2023-08-28 16:00Revenue Performance - Group revenues increased by 14% to €383.8 million in H1 2023, compared to €336.9 million in H1 2022, with like-for-like revenue growth also at 14%[4] - Total EVT Execute revenues rose by 2% to €356.6 million, while EVT Innovate revenues surged by 66% to €129.7 million in H1 2023[4] - Evotec reported a revenue of €383.835 million for the first half of 2023, an increase of 13.9% compared to €336.875 million in the same period of 2022[66] - Total revenues for the first half of 2023 amounted to €383,835k, representing a 14% increase compared to €336,875k in the same period of 2022[78][80] - Service fees and FTE-based research payments contributed €359,971k to total revenues, with a breakdown of €207,641k from Execute and €115,430k from Innovate[78] Financial Guidance - The company confirmed full-year 2023 revenue guidance of €750 – 790 million, with adjusted EBITDA guidance of €60 – 80 million[5] EBITDA and Profitability - Adjusted Group EBITDA for H1 2023 totaled €26.1 million, down from €33.6 million in H1 2022, impacted by a cyber-incident[4] - The company's Adjusted EBITDA for the first half of 2023 was €26.099 million, down from €33.636 million in the first half of 2022, reflecting a decrease of 22.4%[60] - Just – Evotec Biologics contributed an EBITDA of €8.5 million in H1 2023, with Q2 2023 showing a significant recovery to €20.0 million[26] - Net income for the first half of 2023 was a loss of €28.828 million, an improvement from a loss of €101.179 million in the same period of 2022[66] - The company’s total comprehensive income (loss) for the first half of 2023 was a loss of €18,478k, compared to a loss of €107,900k in the first half of 2022, reflecting a 82.9% improvement[69] Expenses and Costs - SG&A expenses increased by 31% to €88.2 million in H1 2023, driven by headcount growth to support business expansion[21] - Adjusted Group EBITDA for H1 2023 was €26.1 million, down from €33.6 million in H1 2022, impacted by a cyber-attack and higher management costs[25] - Cash flow from operating activities was €(5.2) million in H1 2023, a significant decline from €240.6 million in H1 2022, which was boosted by a $200 million upfront payment from BMS[32] Assets and Liabilities - Total assets increased by €44.0 million to €2,301.2 million as of 30 June 2023, with trade and other receivables rising by €30.7 million[37][38] - The company’s total financial assets as of June 30, 2023, were €1,008,060k, with cash and cash equivalents amounting to €459,752k[91] - The Group's total financial liabilities were €1,002,249k as of June 30, 2023, with loans and borrowings at €348,377k[92] - Total stockholders' equity decreased by 1% to €1,174.3 million as of 30 June 2023, with an equity ratio of 51.0%[46] Research and Development - Unpartnered R&D expenses are expected to be in the range of €60 – 70 million for FY 2023, consistent with €70 million in 2022[6] - Significant collaborations include a new agreement with Janssen for oncology therapies, with potential payments exceeding US$350 million over three years[12] - A milestone payment of €2 million was received from Bayer for the first patient dosed in a Phase I study of a kidney disease program[13] - R&D tax credits resulted in other operating income of €20.1 million in H1 2023, slightly up from €19.3 million in H1 2022[23] Cash Flow and Financing - Cash and cash equivalents increased to €459.752 million as of June 30, 2023, compared to €415.155 million at the end of 2022, representing a growth of 10.7%[64] - The company experienced a net cash inflow from financing activities of €10,480k in the first half of 2023, compared to a net outflow of €45,805k in the same period of 2022[68] - The company secured an unsecured loan facility of €150 million from the European Investment Bank to support R&D activities and the construction of a new production facility in Toulouse, France[74] Workforce and Growth - The workforce grew by 2.3% to 5,067 employees as of 30 June 2023, reflecting a net increase of 115 employees in the first half of the year[47] Market Performance - The company’s share price increased by 35% from the end of 2022 to June 30, 2023, significantly outperforming both the TecDAX and MDAX indices by more than 20%[62]