JENA (dpa-AFX) - Carl Zeiss Meditec AG (CZMWF.PK), a medical technology company, reported that its adjusted earnings before interest and taxes (EBIT) for the fiscal year 2023/24 dropped to 245.9 million euros from the prior year's 362.9 million euros.
Earnings per share also declined to 2.01 euros from 3.25 euros in the previous year.
Earnings before interest and taxes or EBIT declined to 194.5 million euros from last year's 348.1 million euros. The decline was mainly due to the weak revenue performance and a significantly less favorable product mix compared to the previous year, primarily as a result of the reduction in inventories of surgical consumables in the Chinese distribution channel and the weaker than expected demand for refractive treatments in China in the peak season summer months.
Annual revenues was 2.07 billion euros, representing a decline of 1.1%. When adjusted for currency and acquisition effects, the decline was 4.8%.
For fiscal year 2024/25, the company continues to expect a challenging global macroeconomic environment and does not anticipate a rapid recovery in the investment climate for equipment or any decrease in the pressure on consumer spending for elective procedures - although the underlying long-term development trends for the market already described remain fundamentally positive. Moderate growth in revenue, which includes the additional contribution from the full-year consolidation of DORC, is expected for the 2024/25 fiscal year.
In the 2024/25 fiscal year, EBITA and the EBITA margin are expected stable to slightly higher.
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