- Growth of quarterly revenue from continuing operations by
+50.5%
- Quarterly adjusted EBITDA1 at EUR 936 thousand (27.4%
of consolidated revenue)
- Quarterly operating profit of EUR 653 thousand
- Quarterly net profit of EUR 664 thousand (19.4% of
consolidated revenue)
- Confirmation of MEMSCAP profile shift: a solid model of
profitable growth
Regulatory News:
MEMSCAP (Euronext Paris: MEMS), leading provider of
high-accuracy, high-stability pressure sensor solutions for the
aerospace and medical markets using MEMS technology (Micro Electro
Mechanical Systems), today announced its earnings for the second
quarter of 2023 ending June 30, 2023.
Analysis of consolidated revenue
Consolidated revenue from continuing operations (non-audited)
for the second quarter of 2023 was EUR 3,421 thousand compared to
EUR 2,273 thousand for the second quarter of 2022, thus a growth of
50.5%.
Over the second quarter of 2023, the distribution of
consolidated revenue from continuing operations by market segment
is as follows:
Market segments / Revenue (In
thousands of euros) – Non-audited
Q1 2022
Q2 2022
Q2 2022 (%)
Q1 2023
Q2 2023
Q2 2023 (%)
Aerospace
1,680
1,811
80%
2,389
2,126
62%
Medical
574
438
19%
681
1,028
30%
Optical communications
--
--
--
558
240
7%
Others (Royalties from licensed
trademarks)
28
24
1%
40
27
1%
Total revenue from continuing
operations
2,282
2,273
100%
3,668
3,421
100%
(Any apparent discrepancies in totals are due to rounding.)
Consolidated sales for the second quarter of 2023 were marked by
strong growth in the medical business, with a revenue increase of
2.3 times compared to the second quarter of 2022. The aerospace
segment, the Group's largest market, also maintained its high level
of activity, up 17.3% compared to the second quarter of 2022.
The optical communications business benefited from a
particularly high order backlog. However, due to the ongoing
modernization of certain industrial equipment by the Group's
subcontractor (the company that acquired MEMSCAP's industrial site
in 2022), the delivery volumes have been restricted for this
quarter compared to received orders. Nevertheless, the optical
communications business, through the implementation of a fabless
organization, continued to play a crucial role in enhancing the
Group's profitability.
Analysis of consolidated income statement
MEMSCAP’s consolidated earnings for the second quarter of 2023
are given within the following table:
In thousands of euros –
Non-audited
Q1 2022
Q2 2022
Q1 2023
Q2 2023
Revenue from continuing
operations
2,282
2,273
3,668
3,421
Cost of revenue
(1,441)
(1,400)
(2,146)
(1,884)
Gross margin
841
873
1,522
1,536
% of revenue
36.8%
38.4%
41.5%
44.9%
Operating expenses*
(810)
(875)
(1,017)
(883)
Operating profit /
(loss)
31
(2)
505
653
Financial profit / (loss)
(80)
175
(1)
24
Income tax expense
0
(38)
(34)
(13)
Net profit / (loss) from
continuing operations
(49)
135
470
664
Profit / (loss) after tax from
discontinued operations
(394)
(263)
--
--
Net profit / (loss)
(443)
(128)
470
664
* Net of research & development grants. (Any apparent
discrepancies in totals are due to rounding.)
The gross margin rate, representing 44.9% of consolidated
revenue compared to 38.4% in the second quarter of 2022, increased
by 6.5 percentage points and continued to benefit from the growth
in sales volumes and the favourable evolution of the product mix
during the quarter. The gross margin thus amounted to EUR 1,536
thousand compared to EUR 873 thousand for the second quarter of
2022.
Operating expenses, net of research and development grants,
amounted to EUR 883 thousand compared to an amount of EUR 875
thousand for the second quarter of 2022.
For the second quarter of 2023, the Group posted an operating
profit from continuing operations of EUR 653 thousand compared to
an operating loss of EUR 2 thousand for the second quarter of 2022.
The tax expense recognized over the second quarters of 2022 and
2023 corresponded to the change in deferred tax assets. This tax
expense is a non-cash item.
Net profit after tax from continuing operations thus amounted to
EUR 664 thousand in the second quarter of 2023 compared to a net
profit of EUR 135 thousand in the second quarter of 2022.
The Group therefore reported a net profit of EUR 664 thousand in
the second quarter of 2023 (19.4% of consolidated revenue) compared
to a net loss of EUR 128 thousand in the second quarter of 2022
including discontinued operations.
Perspectives
Recording a quarterly adjusted EBITDA1 of EUR 936 thousand in
the second quarter of 2023, representing 27.4% of the consolidated
revenue (compared to EUR 445 thousand in the second quarter of
2022), and a quarterly net profit of EUR 664 thousand, MEMSCAP
demonstrates the successful launch of its 4G plan.
With a recognized expertise and driven by promising and
high-visibility markets, MEMSCAP reaffirms its trajectory through
2026, focused on achieving an average annual hyper-growth rate of
20%. 4G stands for consistent growth, competitive
growth, profitable growth, and responsible
growth.
1 Adjusted EBITDA means operating profit before depreciation,
amortisation, and share-based payment charge (IFRS 2) and including
foreign exchange gains/losses related
to ordinary activities.
Individual shareholder webinar: Wednesday, July 26, 2023 –
5:00 p.m. Thank you for registering and sending your questions
in advance using the following link:
https://memscap.com/fr/visio/
Half-year 2023 revenue and earnings: August 31, 2023.
About MEMSCAP
MEMSCAP is a leading provider MEMS based pressure sensors,
best-in-class in term of precision and stability (very low drift)
for two market segments: aerospace and medical. MEMSCAP also
provides variable optical attenuators (VOA) for the optical
communications market.
For more information, visit our website at: www.memscap.com
MEMSCAP is listed on Euronext Paris (Euronext Paris - Memscap -
ISIN code: FR0010298620 - Ticker symbol: MEMS)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230725126614/en/
Yann Cousinet Chief Financial Officer Ph.: +33 (0) 4 76 92 85 00
yann.cousinet@memscap.com
Memscap (EU:MEMS)
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