Guerbet: 2021 annual results

Guerbet, a global specialist in contrast agents and solutions for medical imaging, is announcing its consolidated annual results for 2021.

2021 annual results

  • Revenue at the top of the guidance

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

> +7.9% at constant exchange rates and like for like basis (on like-for-like basis1)

  • Satisfactory financial performance

> EBITDA margin2 above expectations: 14.4% at €105.1m versus 14.1% in 2020

> Net income up significantly to €32.6m (compared with €18.2m in 2020)

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

> Proposed dividend of €0.85 per share

  • 2022 objectives:

> Further sales growth

  • Progressive ramp-up in China (Go-Direct)
  • Accurate Medical Therapeutic product portfolio extension

> Prepare 2023

  • Gadopiclenol
  • Commercial launch of Artificial Intelligence solutions

Villepinte, March 23, 2022 – Guerbet (FR0000032526), a global specialist in contrast agents and solutions for medical imaging, is announcing its consolidated annual results for 2021.

Strong activity starting Q2 2021

As of December 31, 2021, reported sales came to €732.1 million, up 2.8% from December 31, 2020 (€712.3 million), including an unfavorable forex impact of €16.4 million. Excluding forex effects and on a like-for-like basis, 2021 annual revenue was up 7.9% from 2020, and at the top range of the guidance communicated during the first half results presentation.

  • In EMEA, the annual increase was on target, affected by continuous price pressure but with a strong rebound in volumes.
  • In the Americas, annual sales were up 10.2% on a like-for-like basis (excluding the contribution of the Montreal plant in Canada, which was sold on July 16, 2020) and excluding the unfavorable forex effect of €9.2 million, mainly attributable to Latin American currencies and the US dollar.
  • In the Asia region, Q4 sales were driven by very strong levels of business in China and South Korea. This region’s FY 2021 revenue increased by 7.7% on a like-for-like basis.

Annual turnover of the Diagnostic Imagery business (89% of 2021 sales) grew by 7.5% on a like-for-like basis.

  • MRI revenue for 2021 was up 5.4% at €239.9 million.
  • X-Ray revenue at CER totaled €426.7 million. This 8.7% gain can be attributed to the remarkable performance of Xenetix® in the second half of 2021.

In Interventional Imaging, sales continued their strong growth over the 2021 fiscal year, rising +11.4% like for like to €81.9 million.

Growth in EBITDA, continued careful management of the cost structure

In millions of euros
Consolidated financial statements (IFRS)
Revenue 712.3 712.3 732.1
EBITDA 100.7 100.7 105.1
% of revenue 14.1% 14.1% 14.4%
Operating income 41.3 41.9 38.7
% of revenue 5.8% 5.9% 5.3%
Net income 17.7 18.2 32.6
% of revenue 2.5% 2.6% 4.5%
Net debt 256.6 256.6 217.8

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

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

  • maintaining some of the cost savings achieved in 2020,
  • making the sales efforts needed to handle the recovery in demand in 2021, and
  • the business and structural expenses incurred for the establishment of Go-Direct in China and preparations for the launch of new products planned in 2023.

As of December 31, 2021, operating income totaled €38.7 million, compared with €41.9 million in 2020. This includes a provision of just under €6 million for the ongoing creation of a new subsidiary for operations in China and the closure of a shared services center in Saint-Louis, USA. This project is part of the strategy of optimizing the Group’s operational structure.

Net income came to €32.6 million in 2021, compared with €18.2 million in 2020. As a reminder, 2020 net income included the impairment of the Canadian subsidiary’s assets 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, totaling 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 totaled €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 stood at 2.07 at the end of 2021, compared to 2.55 in 2020.

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


Growth drivers

New business, marketing and operational investments designed to prepare for the growth of the business and accelerate the implementation of the strategy will be made in 2022.

  • Continuation of the external growth strategy
  • Launch of the new line of guidewires and microcatheters for interventional imaging and embolization

With Accurate Medical Therapeutics, Guerbet is expanding its portfolio by adding 20 models, taking the total to 38 products, and by launching a new range of Axessio™ guidewires with two diameters. An initial evaluation phase began in the United States in Q4 2021, paving the way for a commercial launch in some markets from Q2 2022. SeQure® is the only reflux control microcatheter enabling fluid barrier technology for flow directed embolization.

  • Go-Direct in China in 2022

As announced, the Group has taken a position for “direct” sales in China, one of the world’s leading diagnostic imaging markets. The final recruitments are in progress and the distributor’s available inventory will soon be sold, allowing Guerbet to benefit from direct sales for almost all its diagnostic imaging range from the second half of 2022.

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

  • Diagnostic imaging new products

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

After applying for approval of gadopiclenol with the EMA and the FDA in January 2022, the Group confirms its aim to market this product from early 2023.

  • Climate change commitment

Guerbet continues to roll out its ambitious Corporate Social Responsibility (CSR) strategy. Ranked #1 amongst healthcare companies for the 3rd time in a row and #10 at country level in France by Gaïa-Index, EthiFinance’s subsidiary and one of the most respected players in CSR rating companies, Guerbet announces its commitment to fight against global warming.

Guerbet’s objectives in terms of CO2 tons equivalent emission reduction will cover its direct emissions (scope 1 and 2) as well as its indirect ones (scope 3). They are consistent with the “Well Below 2°C” target as per the SBT definition. For the company, it implies prior to 2032:

  • A reduction by 27,5 % (base 2021) of its direct emissions (scope 1 et 2),
  • A reduction by 13,75 % (base 2021) of its indirect emissions (scope 3).

Update relating to the armed conflict between Russia and Ukraine

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

Target of further revenue growth

For 2022, the Group anticipates renewed growth in revenue, with a like-for-like basis increase between 2% and 4%.

Given the inflationary environment, Guerbet aims to deliver an EBITDA margin at least unchanged from 2021, excluding extraordinary expenses related to the optimization of the Group’s operating structure and changes in the sales model in China.

Upcoming events:

Reporting of Q1 2022 revenue
April 21, 2022, after trading

About Guerbet

At Guerbet, we build lasting relationships so that we enable people to live better. That is our purpose. We are a global leader in medical imaging, offering a comprehensive range of pharmaceutical products, medical devices, and digital and AI solutions for diagnostic and interventional imaging. As pioneers in contrast products for 95 years, with more than 2,600 employees worldwide, we continuously innovate and devote 8%-10% of our revenue to research and development in five centers in France, Israel, and the United States. Guerbet (GBT) is listed on Euronext Paris (segment B – mid caps) and generated €732 million in revenue in 2021. For more information, please 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 current and future strategy of the Group and the economic environment in which the Group operates. They involve known and unknown risks, uncertainties, and other factors that may result in a significant difference between the Group’s actual performance and results and those presented explicitly or implicitly by these forward-looking statements.

These forward-looking statements are valid only as of the date of this press release, and the Group expressly disclaims any obligation or commitment to publish an update or revision of 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 for illustrative 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 are generally beyond the Group’s control.

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

For more information about Guerbet, please visit


Guerbet Actifin

Jérôme Estampes
Chief Financial Officer
+33 (0)1 45 91 50 00

Financial Communications
Benjamin Lehari
+33 (0)1 56 88 11 25

Jennifer Jullia
+33 (0)1 56 88 11 19

1On a like-for-like basis and at constant exchange rates

2 EBITDA: Operating income + net amortization, depreciation, and provisions.


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