Croma-Pharma reports 27% revenue growth in 2022 and targets further revenue growth in 2023 and thereafter
Vienna (ots/PRNewswire)
- Company reports strong financial results for 2022 with 27% revenue growth in 2022 and significantly increased margins
- Growth driven by launch of Letybo® and its catalytic effect on the existing portfolio as well as strong market growth
- Continued market share gains, strategic mid-term revenue growth at a CAGR of 30% and further improvement of operating margins targeted
Croma-Pharma GmbH (Croma) today announced its 2022 financial results. 2022 was shaped by strong year-on-year revenue growth of 27% (total reported revenue rose from €95.8 million in 2021 to €121.2 million in 2022) which is believed to be the beginning of a period of rapid revenue growth fuelled by the future launch of new products, international expansion and strong overall market growth. The 2022 results were also driven by the launch of the new product Letybo®, a botulinum toxin, in 11 core European markets as well as by strong performance of the company's direct and indirect international business. The company's EBITDA[1] amounted to €18.4 million in 2022, a significant increase compared to the previous financial year. While 2021 had still been marked by the impact of the Covid pandemic, in 2022, Croma's strict cost control measures and the increasing benefits of economies of scale started to take effect and allowed a positive free cash flow.
For the medium term, Croma's management targets a strategic revenue growth at a CAGR[2] of 30% and a further significant improvement in EBITDA. Supporting factors include significant new product launches, its newly created position as a go-to partner for healthcare professionals offering highly differentiated solutions, continued strong growth in the global market for aesthetic medicine and the benefits of further effects of scale. The addition of Letybo® to Croma's portfolio and its catalytic growth effect on the overall portfolio enables Croma to address new customer segments such as medical chains and clinics. Following the launch of Letybo® in 11 core European markets in 2022, Croma aims to introduce Letybo® in additional 12 European markets after receiving regulatory approval in 2023. Further geographic expansion with Croma's product portfolio and intercontinental growth are planned from 2024.
The strategic mid-term targets for Croma's business development is confirmed by the encouraging financial results in the first quarter of 2023, which show further strong growth in both revenue (+18%) and EBITDA (+13%).
Andreas Prinz, CEO of Croma-Pharma, says "2022 was a successful year for Croma, with strong growth in demand for minimally invasive aesthetics around the globe. As a company, we are on a sustainable growth path. The launch of Letybo® in 2022 marked a turning point for Croma, making us a full-service provider with one of the most comprehensive portfolios in the industry and laying the foundation for a major growth step. We are proud to be well positioned to target strong revenue growth, and a true inflection in profitability as the significant investments we incurred over the last few years are beginning to show their profit generation potential."
[1] EBITDA is defined as (i) profit/loss before taxes, less finance income, plus finance costs, less (ii) depreciation.
[2] CAGR is defined as compound annual growth rate.
About Croma
Croma is a global player in the minimally invasive aesthetics market and a leading European manufacturer of premium quality hyaluronic acid syringes. The company offers a comprehensive and innovative aesthetics portfolio including botulinum toxin, fillers, lifting threads and biostimulators complemented by its own skincare brand. Founded in 1976 by a pharmacist couple, Croma-Pharma GmbH is a family company headquartered in Austria where it also operates its manufacturing plant. With 550 employees, 13 subsidiaries in Europe and Brazil, two joint ventures and 60 exclusive export partners, it distributes its products in 80 markets globally, including the US, Canada, China, Australia and New Zealand. It also operates as a contract manufacturer in orthopaedics and ophthalmology. For more information please visit croma.at.
Contact
Uschi Mayer
External Communications
CROMA-PHARMA GmbH
Cromazeile 2 I A-2100 Leobendorf, Austria
Mobil: +43 676 84 68 68 966
E-mail: uschi.mayer@croma.at
Web: croma.at
FORWARD-LOOKING STATEMENTS
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