Stevanato Group(STVN)2024-03-07 21:00Revenue 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]