Providing more details on its H1 2020/21 performance after an initial announcement at the end of April, Carl Zeiss Meditec confirmed a 7.3 percent year-on-year hike in total revenues to €767.4 million. On a constant currency basis, sales increased by 10.5 percent.
The growth in revenues was driven by the Ophtalmic Devices’ business unit where sales increased by 17.2 percent in constant currencies as compared to H1 2019/20, reaching €590.1 million thanks to a significant contribution from consumables, implants and services. The Opthalmic Devices’ division accounts for about 80 percent of the company’s business. Sales in the smaller Microsurgery business unit declined by 7.0 percent year-on-year and on a comparable basis to €177.3 million.
In constant currencies, revenues in Europe and Asia-Pacific respectively grew by 5.4 percent and 19.2 percent as compared to H1 2019/20, with particularly dynamic trends in China and South Korea. The APAC region accounts for roughly half of Carl Zeiss Meditec’s revenues. Comparable sales in the Americas region went down by 4.1 percent year-on-year, as declines in Latin America more than offset a solid performance in the U.S.
Adding to the positive effect of the sales’ growth, lower costs allowed the company to increase its adjusted EBIT margin from 14.3 percent in H1 2019/20 to 21.4 percent this year.
Ludwin Monz, president and CEO of Carl Zeiss Meditec, commented that the impact of the Covid-19 crisis was gradually fading. The company anticipates a further normalization of its activity in the current fiscal year, provided that the pandemic situation remains stable. Total revenues are expected to increase by roughly 20 percent as compared to the previous year, reaching €1.6 billion. Based on the ongoing limitation of selling and marketing expenses, annual EBIT margin is expected to rise to 20 percent this year, or more than 6 percentage points higher than in 2019/20.