Earnings call transcript: Gvs Q4 2024 misses revenue expectations

Gvs SpA reported its fourth-quarter 2024 earnings, revealing a slight miss in revenue expectations while achieving notable growth in several key performance areas. The company reported revenues of $106.8 million, falling short of the forecasted $113.05 million. Despite this, Gvs’s stock showed resilience, rising 5.89% to $5.12 in the open market, reflecting investor confidence in the company’s strategic direction and future prospects. According to InvestingPro data, the company maintains impressive gross profit margins of 54.66% and shows strong potential with analysts projecting continued profitability this year. With a market capitalization of $988.29 million, GVS operates with a Financial Health Score of 2.33, indicating fair overall conditions.

Key Takeaways

• Gvs’s revenue for Q4 2024 was $106.8 million, below the forecasted $113.05 million.
• The company’s EBITDA grew nearly 10% to $104 million, with a margin improvement to 24.3%.
• Net income surged 52% to approximately €50 million.
• The company’s stock increased by 5.89% following the earnings announcement.
• New product launches are expected in 2025, with full deployment by 2026.

Company Performance

Gvs demonstrated robust performance in Q4 2024 despite missing revenue expectations. The company’s EBITDA increased by nearly 10% to $104 million, reflecting efficient cost management and improved operational efficiencies. Net income saw a significant rise of 52% to nearly €50 million, indicating strong profitability. The company’s strategic focus on restructuring its Healthcare and Life Science division and operational efficiencies contributed to these results.

Financial Highlights

• Revenue: $106.8 million, a 1.5% increase year-over-year.
• EBITDA: $104 million, up nearly 10% from the previous year.
• EBITDA Margin: 24.3%, an improvement of 190 basis points.
• Net Income: Approximately €50 million, a 52% increase year-over-year.

Earnings vs. Forecast

Gvs’s Q4 2024 earnings report showed a revenue of $106.8 million, which was below the expected $113.05 million. This represents a shortfall of approximately 5.5%. However, the company’s ability to grow EBITDA and net income significantly suggests strong underlying business fundamentals.

Market Reaction

Despite the revenue miss, Gvs’s stock rose by 5.89% in the open market, closing at $5.12. This positive market reaction can be attributed to investor confidence in the company’s strategic initiatives and future growth potential, as outlined in their earnings call.

Outlook & Guidance

Looking forward, Gvs anticipates mid-high single-digit growth for 2025, with a targeted EBITDA margin of 27%. The company expects growth acceleration post-Q2 2025, supported by new product launches and strategic investments in sales and marketing. Gvs also plans to maintain a leverage ratio below 2 times, indicating a strong financial position. InvestingPro data shows analyst targets ranging from $7.03 to $8.12, with the next earnings report expected on May 13, 2025. For deeper insights into GVS’s valuation and growth potential, subscribers can access the comprehensive Pro Research Report, part of the coverage available for over 1,400 stocks.

Executive Commentary

CEO Massimo Cagliarini emphasized the company’s adaptability, stating, "We have always demonstrated in every situation maximum flexibility and adaptability to the change in the environment." He also highlighted the impact of new product launches, saying, "The new product will account for 2% when they are fully deployed."

Risks and Challenges

• Geopolitical uncertainties affecting global markets.
• Potential tariff risks impacting manufacturing costs.
• Challenges in maintaining growth momentum in the Energy and Mobility division, which declined by 4.4%.
• Managing inventory destocking dynamics.
• Adapting to market differences between the US and European markets.

Q&A

During the earnings call, analysts inquired about potential tariff risks and the company’s manufacturing flexibility. Gvs addressed these concerns by highlighting its flexible manufacturing capabilities and strategic positioning. Additionally, discussions on inventory management and the recent Hemonetics acquisition provided further insights into the company’s operational strategies.

Overall, Gvs’s Q4 2024 earnings report reflects a company navigating challenges with strategic foresight, driving investor confidence despite a revenue miss.

Full transcript - Gvs SpA (GVS) Q4 2024:

Conference Moderator: At this time, I would like to turn the conference over to Mr. Massimo Cagliarini, CEO.

Please go ahead, sir.

Massimo Cagliarini, CEO: Thank you very much, sir. Good morning and welcome everybody to the full year twenty twenty four result presentation. So another year is gone and let’s see a quick highlight of the number. A growing revenue of 1.5% and that brings us to nearly four thirty million dollars and a very nice growing EBITDA of nearly 10% to $104,000,000 with the margin that goes up 24.3%, so with an additional 190 bps versus the previous year. And what I love more is a very nice net income that grew 52% versus the previous year, bringing our net to nearly EUR 50,000,000.

So there is a nice result in this area. And this bring the margin to 11.1% versus the previous year of EUR 7.4. And percent. And of course, with a so strong cash generation, the net financial position decreased to 2.1% in terms of leverage, but with it so strong cash generation, it’s been easy to return under our safety margin that we classify at 2.5%. So some more detail on this number.

As you can see on the left side of the graph, the growth have been grow by Healthcare and Life Science and Safety, respectively with 19.1%. Energy and Mobility is suffering the period with the meaning of 4.4, but in reality Energy and Mobility is accounting less and less in the world group and moreover after the last acquisition that we made in January of the Blood division, Transclusion Medicine, let me be correct. So as I mentioned, adjusted EBITDA from EUR 299,000,000 with a growth of nearly 10% and the margin from EUR 22,000,000 up to EUR 24,300,000.0. Percent. Confirming that we are good in industrial reorganization and we are doing the right move and the right activity to keep growing our EBITDA versus our target of 27%.

And what I love more in the right side, a very nice graph of our net financial position. I would say that is impressive because if you look at it in 2022, we were at three seventy five million with a leverage of 4,400,000.0 and today we are 2,100,000.0 with a total of $219,000,000. So this was a quick presentation, then we enter in another detail and I will leave the speech to Guido.

Guido, Executive: Thank you, Maximo. Now please comment the variance analysis of the sales, on the year end sales as massive already anticipated organic growth has been 1.5% and has been mostly driven by pricing, the 6,000,000, 6 point 2 million contribution by pricing and a small contribution by volume. This has been partially offset by negative FX, million of negative FX. This is linked to a mix of currency, not on the U. S.

Dollar, but mostly on Chinese Yuan, Brazilian reais, Japanese Yen and Korean. Moving to next slide, we see the contribution by each single division. Healthcare and Life Science reported 1% organic growth in the year and the best contributor is the Air and Gas division plus 13.4%. The growth in Air and Gas has been consistent across the different quarter. Laboratory segment reported 1% growth, while the Liquids posted a small decrease of zero point zero.

Moving to Energy and Mobility, the organic performance was minus 4.4% and it has been linked to the weaker automotive sales in particular linked to thermic engine vehicles in Western Europe in particular. Moving then to Health and Safety, nine point one percent organic growth. Again, this division was in a very consistent growth across the different quarter and we expect this to continue in 2025. And now I leave the floor to Mark to comment about EBITDA.

Marco, Financial Executive: Thanks, Guido. Hello, everybody. Okay. EBITDA went up from last year $95,000,000 to 104,000,000 in 2024. So the EBITDA margin went up by 9,000,000.

In Q4, the EBITDA was equal to the EBITDA in Q3, so around EUR 26,000,000. EBITDA margin in the full year is equal to EUR 24.3, so we improved by around EUR 2 hundred bps versus the previous year. It’s the second year in a row that we have improved by around 200 bps. In 2022, the EBITDA was 79 in absolute terms and it was 20.4 as a margin of the revenues. So in two years time, we have improved EBITDA margin by three ninety bps.

The increase in 2023 and 2024 was mainly driven by pricing. In 2024, as a matter of fact, we improved pricing by 1.5% and we expect the same trend also in 2025. Then you see a slight mix, positive mix impact has generated the strong improvement, the strong overall improvement of the EBITDA. As already said by Massimo, we are continuously reducing variable costs, so we are continuously improving our plant’s efficiencies. These efficiencies are offset by the investments on the organization, on the staff people and the sales and marketing people to support the launch of new products.

Let’s go now to the adjusted net income. Marcin already said plus 52% year over year from 31.4 percent to 47.7%, But if we adjust that KPI, take into consideration the FX impact generated by the intercompany loans in U. S. Dollars, you see you have anyway a strong improvement from 39.5% to 44.8%. Forty four point eight % translated as a percentage of revenues gives you 10.4%.

So this means that we are more or less translating, converting 10% of our revenues into cash. This TBI is a value, the proxy of the ability of our capability of generating cash. So please let’s remember this €45,000,000 I said that our capability of generating cash, because when you look at the net financial position, you see we are going from three twenty nine to two ninety. So we improved our net financial position by around 110. There are two main factors, the conversion of the shoulder loan into equity, the impact is €75,000,000 And then you have the cash that the company is able to generate on a, let’s say, on a steady state around EUR 40,000,000, EUR 40 5 million, partially offset in 2024 by accelerating products for the new plant in China, EUR Eight Point Five Million.

So the EUR 75,000,000 coming from the compression issue, the law, the cash operating cash that we ordinarily generated based on last year RMS €40,000,000.45000000 euros That’s not the coverage that gives you the delta, the change in the improvement of the net financial position. I want to highlight one more thing that Massimo already said. The leverage ratio two years ago was 4.4. So we improved the leverage ratio in twenty four months by 2.3, of which only 0.7 is generated by the conversion ratio. The loan 1.6% came from the improvement of EBITDA and from the cash generated.

And now for the conclusion, I’ll give the floor again to Massimo.

Jean Pierre Andre De Chalendar, Executive: [SPEAKER JEAN PIERRE ANDRE DE CHALENDAR:]

Massimo Cagliarini, CEO: Thank you, Marco. Okay. A quick view on 2025. Of course, we are super busy in integrating the new division of Transcription Medicine. That means a lot of job, regulatory job, a lot of job in the sales to contact all the customer and to creating the power to bring back this business to what was ten years ago.

So nice and very hard job by our new Vice President Luca Butarelli in this area. Finally, we are seeing new product that are coming out in 2025 and this will lay back all day three division. Of course, we were anticipating this two years ago in our industrial plan presentation, but finally, during 2025, we will see this new product hitting the market. Don’t expect too much in 2025 by the new product because the full power will be deployed during 2026. A new organization that we will restructure the S Care and Life Science division will be more oriented toward the sales channel versus the product as we were in the past.

But we will see this in the next slide. Now guidance. So mid high single digit growth for this year and we will see an acceleration after the second quarter because this is the timing that the new division of acquisition medicine will need to pass all the regulatory approval. Adjusted EBITDA, keep moving on and growing again 150 bps to 150 bps because our target is the 27% is there that we want to go and we are moving and working in this direction. Leverage ratio below two times, and so absolutely no problem.

A quick view, yes, this is how we will present the new organization. The reality is, as I mentioned just a few seconds ago, it’s more that we need to be oriented towards the sales channel instead of the product. So in the past, SK Life Science had three subdivision, Liquid, Air and Gas and Labs. Now this is changed to MedTech that principally are B2B type of sales or industrial sales, let me say, Transfusion Medicine, to the blood bank, hospital and distributors and Life Science that is through all through distributors. So as you can see, it’s again more focusing on the sales channel to improve our contact with the market.

I believe that this was the last slide. So we are now open to the Q and A section. Thank you.

Conference Moderator: Thank you. We will now begin the question and answer session. To enter the queue for questions, please click on the Q and A icon on the left The first question is from Anna Rotani of Berenberg.

Anna Rotani, Analyst, Berenberg: Hi, good morning, Massimo, Marco Guido. Thanks for the presentation. I would have three questions. First one, if we can have a clarification on the sales guidance for 2025. This mid- to high single digit growth, I assume that it factors in the contribution from Hemonetics business, which should come progressively over the year.

And then from an organic perspective, what are the assumptions? Is this only assuming the pricing? So that’s the first question. Second one, Massimo, you mentioned the contribution from new product launches. If we can maybe deep dive a little bit on this, if you could provide some examples and maybe if you can help us quantify the impact on 2025 and 2026 maybe?

And then the last question, given that the significant deleverage, if you have any thoughts on capital allocation, can we maybe start talking about dividends for next year? Thank you very much.

Massimo Cagliarini, CEO: Thank you, Anna.

Marco, Financial Executive: The question for you, Marcin. Yes.

Massimo Cagliarini, CEO: So the first one is that you’re talking about

Marco, Financial Executive: the CICE twenty five, the contribution from the Monetics, yes, and the organic growth.

Massimo Cagliarini, CEO: I know that nobody will be very happy because I will not enter into number and detail about our mid high single digit growth for next year. But we want to be prudent. We have a lot of potential in the Ionetics business, the Solution Medicine, as we have interesting potential also on organic and more specific on the new product depending when they will leave the market, how the market will appreciate that and will react to this. So we can have really a lot of variation on our growth on next year. So we really give you today just the real bottom number that we guarantee us a lot of prudence and more important to be the number quarter by quarter.

So I know that I don’t have exactly answered your question, but I hope you understand our position and how we want to publish the number. So the impact of the new product for next year in reality will be marginal or again, you know better than me, when you launch a new product, the market can react slowly and then accelerated by the time or it can be an immense success from the first day and then you, of course, you will have a different impact in 2025. But I just give you this number. Historically, the new product account for 2% when they are fully deployed. So in 2026, we are expecting an impact of 2% by the new product launch.

In 2025, I really don’t want to give you any number because I prefer to consider this marginal again to be in the prudent side. Yes, absolutely, yes, returning to dividend or returning to dividend or any buyback, for sure that would be something to be considerate at the end of this year. And thank you, and I hope I answered all your questions.

Anna Rotani, Analyst, Berenberg: Yes. Thank you very much, Marcio.

Conference Moderator: The next question is from Emmanuel Gala, CEO of Equita.

Jean Pierre Andre De Chalendar, Executive: Good morning, everybody. Two questions from my side. The first one is a follow-up on the guidance and specifically on the EBITDA guidance. Basically, considering the relative impact of the recent acquisition, it seems to me that you are expecting a very strong margin expansion for the organic perimeter. Basically in 2025, it should be close to 27%.

So can you better elaborate on this and maybe providing some visibility on the key initiative to reach this guidance? And the second one is on the Healthcare and Life Science. Basically, we have seen some more, let’s say, supportive indication about business outlook in 2025 from leading companies in this sector. I was wondering if you are, let’s say, seeing any sort of change in order pattern from your client or if demand is staying at this level? Thank you.

Marco, Financial Executive: Okay. So I will answer to your first question, Manuel. Okay. You are right that in 2025, Borea, the acquisition could be slightly dilutive, which means that like for like, as already said by Massimo, into 2025, our target is 27% adjusted in the market. So which means improving the current last year EBITDA margin by around $250,000,000 How?

There are two main factors. First factor of passing, we have improved we have increased passing in 2024 versus the previous year. The impact was around EUR6 million, 1 point 5 percent of our revenues. We expect the same impact next year. The second crucial point is Puerto Rico, because we have just closed the plant at the January.

There are just a bunch of people there, 13 people if I’m not wrong and we are moving the production to Mexico, so we are not losing a single euro, our production and revenues. Euro impact of the reduced fees cost gives you another EUR 5,000,000, EUR 6 million and so the two elements I have just mentioned gives you the explanation of the year on year expected EBITDA improvement. I hope I was clear. If not, Manu, please tell me.

Jean Pierre Andre De Chalendar, Executive: No, very clear.

Massimo Cagliarini, CEO: Thank you. So Life Science, it’s slowly going back to its normality. But again, with the geopolitical mass that we have right now, it will be absolutely prudent also because life science is a global market. A lot of things are produced outside U. S.

And not in U. S. So the geopolitical situation might affect this market drastically. So I will just be prudent on any type of forecast for this year. But in terms of consumption, in terms of marketing, it’s slowly returning to normality.

Conference Moderator: The next question is from Alessandro Torpe of Mediobanca.

Alessandro Torpe, Analyst, Mediobanca: Yes, hi. Good morning to everybody. Let’s say I have four questions, okay, but they are brief. So the first one is on, let’s say, you already mentioned, let’s say, your last call, the Life Chias for for the year now with this kind of broader return to non mileage or moderate growth. But can you also comment a little bit on the other two divisions?

So the Air and Safety, your expectation for this year because you mentioned a good order momentum for this division? And secondly, also the energy mobility with, let’s say, burdened by, let’s say, the automotive performance. So if you can elaborate a little bit more on the your expectation for digital to these two divisions? That’s the first question. Thanks.

Massimo Cagliarini, CEO: Okay. Safety, we’ll keep going at the double digit growth. This is our vision. And Energy Mobility, the factor will be to maintain the position where we could live with that. So try to defend the result that we have reached in 2024 and maintain the same number.

Alessandro Torpe, Analyst, Mediobanca: Okay, thanks. And then coming back to your comment on the old blood business and the older ramp up in terms of, let’s say, sales contribution. Can you give us or simply confirm your expectation in terms of sales, but also EBITDA? Remember, not only cost synergies, you mentioned this. So if you can just, let’s say, confirm what is your view on this whole blood contribution at full speed at the regime in the coming years?

Thanks.

Massimo Cagliarini, CEO: So, okay. The first part is we are expecting an acceleration on from the second quarter on and this because there are regulatory rules to be respected. So the customer to register GBS into their database etcetera, etcetera. In term of EBITDA for the current year, you can take the official number that we gave before and then Mark when we look can give you the detail, my expectation are much more stronger. But again, I would say absolutely proud, prudent on this side.

And for the future, my expectation is that Transfusion Medicine will be absolutely aligned in terms of EBITDA margin with the rest of the group of 27%. But if you want to give some more detail?

Marco, Financial Executive: Yes, we already said that in 2025, the EBITDA margin is just for the acquisition is largely dilutive, the EBITDA margin is around 10%. But just for the current year because the ramp up is expected in the second half of the year. Next year, the increase in sales, due to the efficiencies up and running, we are closer to our, let’s say, normal group profitability.

Alessandro Torpe, Analyst, Mediobanca: Okay, okay. Thanks. And then the third question is related to, let’s say, all the tariff risk announcement postponements that we are reading in this day. Do you have any thoughts, okay, you would like to share with us regarding any kind of plan B, flexibility, okay, you may apply in case of tariff going to take effect? Thanks.

Massimo Cagliarini, CEO: It’s a super complex situation and more for the industrial product, because if, for example, you produce in Mexico, but all the component are from different origins or are U. S. Origins, you may have a specific treatment. If you re export the product, so you import in The United States and then re exporting is again another picture. And there is still a lot of far, still a lot of uncertainty.

So it’s absolutely very difficult today to have a clear prediction on what will happen and where we will go. The third thing is we have seven plants in The United States. They are all flexible. So for us, we convert some of this production to existing production that we are doing outside U. S.

Is very easy and very quick. So we are flexible, we stare at the window, we see where the geopolitical will go and we will adapt as we have done in the past very quickly to the new situation. I believe that and everybody can recognize this to us, we have always demonstrated in every situation maximum flexibility and adaptability to the change in the environment and this is giving us a great advantage versus the penetration.

Alessandro Torpe, Analyst, Mediobanca: Okay. And sorry, a follow-up on this. Is it fair to say that the Macquilladora, let’s say, regime maybe could not protect totally, but should give you some kind of protection or marginal protection in case of tariff adoption?

Marco, Financial Executive: On a Masimo is very on a medium long term. So Masimo will give you a short, we’ll see that the company is very flexible more flexible than our competitors are. So on a medium long term, we are not concerned about a different tariff scenario. It’s different if we are referring to a very short term because before moving production, we need a stable and certain scenario, not just to give an example, if tomorrow there is a new announcement, we do not immediately move the production because maybe the week after the announcement is better. So we are able so on a near term, it’s not a concern for us.

But we need a stable scenario. Then, of course, if the scenario is decent, why we are not concerned because we can increase pricing and because we have we have trend all around the world. But we will not react a week after a new announcement of it. And that I’m sure it was clear. So on a venture standard, we might have a negative impact.

But on

Jean Pierre Andre De Chalendar, Executive: a short term

Massimo Cagliarini, CEO: And anyway, if you consider the competitors environment where we are, majority of them are, so Sartorius or Medeco, they are European. They are exactly in the same page where we are. And so again, we are the window we are looking, but we are not particularly stressed because we have different fee plan to be adopted.

Alessandro Torpe, Analyst, Mediobanca: Okay. Okay. Thanks for the answer. And then the last one, let’s say, just some quick comments on items like expectation for CapEx for this year, working capital on sales trend? And lastly, I remember, like, some negotiation also on the debt side of conditions.

So if you can also give us an indication of net financial charges for this year? Thanks.

Marco, Financial Executive: Okay. Our, we said, average net generation will be down, we said below two. The assumption behind is tablets 7% of turnover. Working capital stable, like for like, but we will strongly reduce the stock we got from the Monetics. We got around $30,000,000 stock, we will be reduced by at least by 40,000,000 debt stock.

Net financial charges expected with today’s year over year on average 3.3% of the financial debt, which means EUR 3,000,000 less than last year, which means EUR 13,000,000.

Alessandro Torpe, Analyst, Mediobanca: Okay. Thanks for the answer. Thanks.

Conference Moderator: The next question is from Christian Interacker of Goldman Sachs.

Christian Interacker, Analyst, Goldman Sachs: Yes, good morning Massimo, Marco Guido. Thanks for the opportunity. I just wanted to come back on the bridge comment about mix. If you could perhaps elaborate on what was driving that and welcome some comment there and then I’ll come back to the second question.

Massimo Cagliarini, CEO: Sorry, maybe on the mix. As we mentioned before, we don’t want to disclose too much on to the mix because we’ll have no sense due to the actual complex situation in one side geopolitical, in the other side an acquisition just done. So trying to give a perfect number will just be punitive to us. So I believe that the high single digit is a very prudent figure and it would be composed one part by organic and one part of course by the globe. We don’t want to disclose more in terms of mix.

I hope you understand.

Christian Interacker, Analyst, Goldman Sachs: Sorry, Massimo. Maybe I wasn’t clear. What I was referring to is in your EBITDA bridge, the contribution to margin from mix rather than the guidance growth mix, if you will, but I can understand that. Thank you.

Marco, Financial Executive: Okay. So it’s the last part of the mix. So We just said that Ramesh went up mainly thanks to pricing. And this volume is more or less zero compared to the Precilia. Previous year.

I said million of volume mix on the EBITDA. Why? Because you know that the mix in million is, let’s say, not such a big figure. The mix is not usually having a strong negative or positive impact because our profitability by division tends to be more or less constant. But okay, on top of that, I can tell you that we, as you know, Health and Safety sales went up.

We improved around 10% year over year. So the increase of the wage of the Health and Safety gave us a slightly positive mix. That’s the story. So mix is generated by health care safety going up.

Christian Interacker, Analyst, Goldman Sachs: That’s clear. Thank you. And maybe just coming back to, we’ve obviously entered a new year, I appreciate pretty volatile demand backdrop still. But obviously inventory sort of destocking has been an issue for the market for some time. Where do you think customers are with this as we move through 2025?

Do we think we’re in a sort of more normal environment for sell in, sell out dynamics? And then also at the third quarter results, you talked about a distinction in growth between U. S. And European liquid filtration markets. Any comment on how that’s evolved?

Appreciate that. Maybe two questions.

Marco, Financial Executive: Two questions. So the first question is where we are with the inventory destocking?

Massimo Cagliarini, CEO: The destocking is already gone. I mean, it’s every customer have already absorbed, they overstock that they made in 2020. But the truth is that everyone pay a lot of attention to the stock. So everyone is very lean. Everyone, but towards the end of the year, want to reduce their stock to increase to improve the working capital.

And so in net this year, the real drive is due to the fact that in Europe, mostly we are still under the MBBR registration. So it’s not a real moving market in term of new product, new project, etcetera. It’s still a little bit slow. On the other side, in U. S, there are a lot of new opportunity.

So the two markets are moving at two different speed. So that’s why and of course, now we have the tariffs and all these geopolitical pressure. So that of course is all influencing the decision of the company to invest new project or new venture. So I hope I answered your question.

Alessandro Torpe, Analyst, Mediobanca: And can you repeat

Marco, Financial Executive: the third question, Christian?

Jean Pierre Andre De Chalendar, Executive: Yes, I

Christian Interacker, Analyst, Goldman Sachs: think the second part was covered. It was more about the growth relative growth dynamics for healthcare liquids that were called out between Europe and The U. S.

Marco, Financial Executive: In the

Christian Interacker, Analyst, Goldman Sachs: fourth quarter and whether that’s changed.

Marco, Financial Executive: Sounds good. Thanks.

Christian Interacker, Analyst, Goldman Sachs: Thanks for clarifying.

Conference Moderator: Gentlemen, there are no more questions registered at this time.

Massimo Cagliarini, CEO: Thank you very much to everybody to participate at our conference and see you at the first quarter presentation conference. Thank you very much.

Marco, Financial Executive: Thank you. Bye. Thank you. Bye.

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