IBA SA : IBA Reports Full Year Results for 2014

IBA Reports Full Year Results for 2014

• REBIT margin increased to 10.4% as IBA reports record year-end Proton Therapy equipment and service backlog
• Board recommends dividend of EUR 0.17 per share

  
Louvain-La-Neuve, Belgium, 26 March 2015 - IBA (Ion Beam Applications S.A., EURONEXT), the world's leading provider of proton therapy solutions for the treatment of cancer, today announces its consolidated annual results for the 2014 financial year.

REBITDA: Recurring earnings before interest, taxes, depreciation and amortization
REBIT: Recurring earnings before interest and taxes

2014 Business Highlights

• Strong order book in 2014 in both compact and multi-room configurations, with six new proton therapy orders, four Proteus^®ONE* and two Proteus^®PLUS systems, representing more than 50% of the total global proton therapy market in 2014
• Record year-end backlog of EUR 256.2 million, up 39% (2013: EUR 183.8 million)
• Strong expansion into the emerging markets with four PT systems sold in Asia in 2014
• 27 ongoing Proton Therapy service and maintenance contracts signed in total, representing a backlog of EUR 468 million of revenue over the next 10-15 years
• FDA and CE mark approval for Compact Gantry Beam Line with first patient treated with Proteus^®ONE at the Willis-Knighton Cancer Center, Shreveport, USA
• First patient treatment in September 2014 with IBA's Proton Therapy Specific Cone Beam CT (CBCT) completed at Penn Medicine's Roberts Proton Therapy Center, USA
• Strong growth for the Other Accelerators division, with significant gains in emerging markets
• Unexpectedly low H2 revenues recognized in Dosimetry on new multi-year orders in emerging countries, but record backlog of EUR 16.8 million at the end of 2014, up 39% vs 2013
• Strategic global collaboration signed with Philips Healthcare in sales, marketing and research and development (R&D) for imaging and therapy solutions in oncology

Financial Highlights

• Proton Therapy and Other Accelerators revenue growth of 6.6% to EUR 177.7 million
• Total revenue of EUR 220.6 million up 3.8% compared to full year 2013, impacted by low backlog conversion rate of Dosimetry
• REBIT margin of 10.4% up 24.9% compared to full year 2013 (8.6%)
• Net profit of EUR 24.3 million, strongly improved versus full year 2013 (EUR 6.1 million excluding the impacts of the recycling of the Currency Translation Adjustment results
• Completion of sale of PharmaLogic in Montreal; positive impact of EUR 3.7 million
• Equity growing to EUR 107.5 million through strong profit
• Board recommendation of gross dividend of EUR 0.17 per share in 2015Net financial position changed from a EUR 18.1 million net debt at end of 2013 to a net cash position of EUR 5.3 million at year-end 2014
• Guidance for 2015 upgraded

Olivier Legrain, Chief Executive Officer of IBA, commented: "2014 was a transformational year for IBA that saw the Company benefit from increasing global adoption and acceptance of proton therapy as the most advanced and precise treatment option for radiation therapy patients. IBA has continued to maintain its strong leadership in the field, securing more than 50% of all proton therapy orders in 2014. Our investments in proton therapy developments, such as Proteus^®ONE, precision delivery in Pencil Beam Scanning and imaging in CBCT are key differentiators for our customers. IBA remains at the forefront of technological advances in radiation therapy and is increasingly seeking to enhance its position in new innovations such as adaptive and carbon therapy.
"Asia and the emerging markets are increasingly strong markets for IBA, with four of our system sales coming from that region in 2014. IBA started 2015 with a strong order book, a record backlog and a very healthy pipeline. With sales and interest in our proton therapy systems growing globally and the increasing affordability and availability of finance for these systems, we are confident of continuing our strong progress in the coming year and beyond."

Conference Call Information:
This conference call will be held on 26 March 2015 at 15:00 CET / 14:00 GMT / 10:00 EDT and can be accessed online at: http://arkadinemea-events.adobeconnect.com/iba. If you would like to participate in the Q&A, please dial (PIN code 26496158#):
Belgium: +32 2 404 03 05
UK: +44 20 7750 9926
NL: +31 20 713 34 88
LU: +352 2786 01 66
US: +1 914 885 07 79
FR: +33 1 72 04 00 33

The presentation will be available on the IBA website shortly after the call.

Financial calendar
General Assembly 2015 : May 13, 2015
First quarter business update : May 13, 2015
Half Year results : August 27, 2015
Third quarter business update : November 17, 2015

About IBA

IBA (Ion Beam Applications S.A.) is a global medical technology company focused on bringing integrated and innovative solutions for the diagnosis and treatment of cancer. The Company is the worldwide technology leader in the field of proton therapy, the most advanced form of radiation therapy available today. IBA's proton therapy solutions are flexible and adaptable, allowing customers to choose from universal full-scale proton therapy centers as well as compact, single room systems. In addition, IBA also has a radiation dosimetry business and develops particle accelerators for the medical world and industry.

Headquartered in Belgium and employing about 1100 people worldwide, IBA has installed systems across the world, from Europe and the US and to the emerging markets. IBA is listed on the pan-European stock exchange EURONEXT. (IBA: Reuters IBAB.BR and Bloomberg IBAB.BB) and more information can be found at: www.iba-worldwide.com

* Proteus^®ONE is the brand name of a new configuration of the Proteus® 235.