Guerbet: 2021 annual results


2021 annual results

> +2.8% at current exchange rates (€732.1m)

> +7.9% at constant exchange rates and at constant perimeter (at constant perimeter1)

> EBITDA margin2 above expectations: 14.4% to €105.1m compared to 14.1% in 2020

> Sharp increase in net income to €32.6m (compared to €18.2m in 2020)

> Sharp drop in net debt to €217.8m thanks to 2021 free cash flow of €38.8m

> Proposed dividend of €0.85 per share

> Continued sales growth

> Preparing for 2023

Villepinte, March 23, 2022 – Guerbet (FR0000032526), ​​world specialist in contrast products and solutions for medical imaging, announces its 2021 consolidated annual results.

Strong activity from Q2 2021

As of December 31, 2021, published revenue amounted to €732.1 million, up 2.8% compared to December 31, 2020 (€712.3 million), including an unfavorable exchange rate effect of 16. €4 million. Excluding currency effects and on a like-for-like basis, 2021 annual revenue was up 7.9% compared to 2020, and at the top of the guidance range communicated during the presentation of the half-year results.

  • In EMEAthe annual increase is in line with the objective, affected by continued pressure on prices but with a strong rebound in volumes.

  • In the Americasthe annual turnover is up by 10.2% on a like-for-like basis (excluding the contribution of the Montreal plant in Canada, sold on July 16, 2020) and excluding the unfavorable exchange rate effect of €9.2 million, mainly attributable to Latin American currencies and the US dollar.

  • In asia region, fourth quarter sales were driven by very good levels of activity in China and South Korea. Full-year 2021 revenue for this region increased by 7.7% like-for-like.

Annual turnover of the Diagnostic Imaging activity (89% of 2021 revenue) increased by 7.5% at constant scope.

  • 2021 MRI revenue increased by 5.4% to €239.9 million.

  • CER’s X-ray turnover amounts to 426.7 million euros. This 8.7% gain can be attributed to the remarkable performance of Xenetix® in the second half of 2021.

In Interventional Imagingsales continued their strong growth in fiscal year 2021, increasing by +11.4% like-for-like to €81.9 million.

EBITDA growth, continued prudent cost structure management

In millions of euros
Consolidated accounts (IFRS)












% of sales




Operating result




% of sales




Net revenue




% of income




Net debt




* Includes the impact of the April 2021 IFRIC final decision on employee benefits

The 2021 consolidated financial statements show an EBITDA of €105.1 million compared to €100.7 million in 2020, an increase of 4.3%. The EBITDA margin stood at 14.4% above the operating profitability target range announced with the 2021 half-year results. Throughout the year, the Group was able to find a balance between:

  • maintain part of the cost savings achieved in 2020,

  • make the necessary commercial efforts to cope with the recovery in demand in 2021, and

  • the commercial and structural expenses incurred for the establishment of Go-Direct in China and the preparation of the launch of new products scheduled for 2023.

As of December 31, 2021, operating income amounted to €38.7 million, compared to €41.9 million in 2020. It includes a provision of just under €6 million for the continuation of the creation of a new subsidiary for operations in China and the closure of a joint subsidiary. service center in Saint-Louis, USA. This project is part of the strategy to optimize the Group’s operational structure.

Net income amounted to €32.6 million in 2021 compared to €18.2 million in 2020. As a reminder, the 2020 net income included the impairment of the assets of the Canadian subsidiary for €4.4 million following the sale of the Montreal production site. In 2021, it includes a deferred tax asset effect in the United States, of just over €5.4 million, and a favorable tax effect in France, representing €4.2 million.

Solid financial structure, proposed dividend of €0.85/share

As of December 31, 2021, shareholders’ equity amounted to €405 million. Free cash flow was again high, at €38.8 million, reducing the Group’s net financial debt to €217.8 million, compared to €256.6 million at the end of 2020. The net debt/EBITDA ratio was at 2.07 at the end of 2021, compared to 2.55 in 2020.

Given the good financial performance achieved in 2021 and the favorable outlook for the Group, the Board of Directors will propose a dividend of €0.85 per share at the General Meeting of May 20, 2022.


Growth engines

New commercial, marketing and operational investments intended to prepare the growth of the activity and to accelerate the implementation of the strategy will be made in 2022.

With Accurate Medical Therapeutics, Guerbet expands its portfolio by adding 20 models, bringing the total to 38 products, and by launching a new range of two-diameter Axessio™ guides. A first phase of evaluation began in the United States in Q4 2021, paving the way for a commercial launch in certain markets from Q2 2022. SeQure® is the only reflux control microcatheter enabling fluid barrier technology for flow-directed embolization.

As announced, the Group has positioned itself on “direct” sales in China, one of the world’s leading markets for diagnostic imaging. The latest recruitments are underway and the distributor’s available stock will soon be used up, allowing Guerbet to benefit from direct sales on almost all of its diagnostic imaging range from the second half of 2022.

This will enable the Group to strengthen its penetration in a market with annual growth of 9% and to double its turnover in China over three to four years.

The Group is also preparing for the upcoming launch of artificial intelligence solutions, scheduled for 2023.

After requesting the approval of gadopiclenol from the EMA and the FDA in January 2022, the Group confirms its objective of marketing this product from the beginning of 2023.

Guerbet continues to deploy its ambitious Corporate Social Responsibility (CSR) strategy. Ranked #1 Among Healthcare Companies for 3rd number 10 at country level in France by Gaïa-Index, a subsidiary of EthiFinance and one of the most respected CSR rating companies, Guerbet announces its commitment to the fight against global warming.

Guerbet’s CO targets2 the reduction in tonnes equivalent emissions will cover its direct emissions (scope 1 and 2) as well as its indirect emissions (scope 3). They are consistent with the objective “Well below 2°C” according to the SBT definition. For the company, this implies before 2032:

  • A 27.5% reduction (2021 base) of its direct emissions (scope 1 and 2),

  • A reduction of 13.75% (base 2021) of its indirect emissions (scope 3).

Update on the armed conflict between Russia and Ukraine

The Group is very little exposed to the conflict between Russia and Ukraine because it has no physical presence in these two countries. However, it suffers from the inflation caused by the conflict, in particular on the prices of raw materials. The impact on the Group’s financial performance is difficult to assess at present, the economic environment being particularly volatile. Guerbet’s priority remains the safety of patients and employees and the uninterrupted supply of its products.

Objective of additional revenue growth

For 2022, the Group anticipates further growth in its turnover, with growth at constant scope of between 2% and 4%.

Given the inflationary environment, Guerbet aims to deliver an EBITDA margin at least unchanged from 2021, excluding exceptional charges related to the optimization of the Group’s operational structure and the evolution of the business model in China.

Events to come:

Q1 2022 revenue reporting
April 21, 2022, after market close

About Guerbet

At Guerbet, we build lasting relationships to enable people to live better. This is our goal. We are a global leader in medical imaging, offering a full range of pharmaceuticals, medical devices, and digital and AI solutions for diagnostic and interventional imaging. Pioneers in contrast products for 95 years, with more than 2,600 employees worldwide, we are constantly innovating and devote 8 to 10% of our turnover to research and development in five centers in France, Israel and in the USA. Guerbet (GBT) is listed on Euronext Paris (segment B – mid caps) and generated revenue of €732 million in 2021. For more information, visit

Forward-looking statements

Certain information contained in this press release does not reflect historical data but constitutes forward-looking statements. These forward-looking statements are based on estimates, forecasts and assumptions, including, but not limited to, assumptions about the Group’s current and future strategy and the economic environment in which the Group operates. They involve known and unknown risks, uncertainties and other factors that could cause the Group’s actual performance and results to differ materially from those expressed or implied by such forward-looking statements.

These forward-looking statements speak only as of the date of this press release, and the Group expressly disclaims any obligation or undertaking to update or revise the forward-looking statements contained in this press release to reflect changes in their underlying assumptions. , events, conditions or circumstances. The forward-looking statements contained in this press release are provided for informational purposes only. Forward-looking statements and information are not guarantees of future performance and are subject to risks and uncertainties that are difficult to predict and generally beyond the control of the Group.

These risks and uncertainties include, but are not limited to, uncertainties inherent in research and development, future clinical data and analyzes (including after marketing authorization is granted), decisions of regulatory authorities (such as the U.S. Food and Drug Administration or the European Medicines Agency) regarding whether and when to approve any drug, process, or biologic application filed for these product candidates, as well as their decisions regarding the labeling and other factors that may affect the availability or commercial potential of these product candidates. A detailed description of the risks and uncertainties related to the Group’s activities is provided in chapter 4.9 “Risk factors” of the Group’s Universal Registration Document filed with the AMF under number D-21-0360 on April 27, 2021, available at the Group’s website (

For more information about Guerbet, go to


Jerome Prints
Financial director
+33 (0)1 45 91 50 00

Financial communication
Benjamin Lehari
+33 (0)1 56 88 11 25
[email protected]

Jennifer Julia
+33 (0)1 56 88 11 19
[email protected]

1 At constant scope and exchange rates

2 EBITDA: operating profit + net allowances for depreciation and provisions.


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