MANAGEMENT’S REVIEW – Q2 2022/23
In the first half of the financial year 2022/23, Ambu
continued to progress with its new ZOOM IN strategy,
setting the company up for future success. Above all,
Ambu is committed to delivering sustainable, profitable
growth through innovative solutions, improved efficien-
cies, a dedicated sustainability agenda and an inclusive
and engaged company culture.
well-positioned to drive a successful transformation
toward sustainable profitable growth.
For the newly launched gastroscope solution and fifth-
generation bronchoscope solution, Ambu continues to
execute on its launch plans. In both cases, the company
is building relationships and momentum to drive single-
use transition within customer groups not previously
addressed. Although Ambu has a strong track record in
bronchoscopy, with its range of fourth-generation
bronchoscopes, as well as its success in urology and
ENT within recent years, the GI segment and the
bronchoscopy suite mark new customer groups that are
accustomed to reusable endoscopy. Introducing single-
use solutions within such a landscape requires time and
effort, driven by continuous focus and tangible customer
benefits. Ambu is committed to driving the conversion
towards single-use within both segments and remains
excited about the potential.
Q2 FINANCIAL PERFORMANCE
In Q2 2022/23, Ambu posted organic revenue growth of
4% (8%), driven by the company’s Endoscopy Solutions
and Patient Monitoring businesses.
Across the company, scoping the transformation and
enabling focused execution has been in full focus during
the second quarter. With Ambu’s leading single-use
product portfolio and strong pipeline in all the major
endoscopy segments, the company is well-established to
address substantial unmet customer needs in the future.
Anaesthesia posted a decrease of -11% (12%), driven by
backlog reduction, combined with stock piling due to geo-
political uncertainty, in Q2 last year. Patient Monitoring
posted quarterly growth of 8% (14%). For Patient Moni-
toring and Anaesthesia, combined, Ambu expects the
absolute revenue in Q3 2022/23 to be approximately at
the same level as in Q2. Endoscopy Solutions saw 11%
(3%) growth, the main growth drivers being urology and
ENT (ear, nose and throat), which posted high double-
digits, combined. Both endoscopy segments continued to
experience an increased uptake of orders and entry of
new customers, especially in the U.S. It is a strong
indicator of Ambu’s single-use benefits of availability,
workflow and efficiency resonating with customers.
CAPITAL MARKETS DAY
On 21 March 2023, Ambu hosted a successful Capital
Markets Day at its headquarters in Ballerup, Denmark. It
was an exciting day of diving into the company’s strategic
zoom areas, transformation program and focused
approach for driving efficient execution. Led by CEO Britt
Meelby Jensen, CFO Thomas Frederik Schmidt and
interim CMO Bassel Rifai, Ambu shared updated
dynamics for the single-use endoscopy market, as well
as specified long-term financial targets. These targets
include a 5-year CAGR (2022/23-2027/28) total organic
revenue growth of >10%, driven by Endoscopy Solutions
growing 15-20% and an EBIT margin ambition in 5 years
(2027/28) of ~20%.
ADVANCING HEALTHCARE
Around the world, hospitals are faced with staff short-
ages, leaving the high standards of patient care at risk.
While, in some cases, staff shortages result in lowered
activity levels, Ambu is also seeing clear indications that
health systems are choosing single-use endoscopes to
avoid the arduous, yet inevitable, process of reproces-
sing connected to reusable endoscopy. During Q2
2022/23, this was particularly the case in Europe, where
customers chose the Ambu® aScopeTM 4 Broncho over
reusable alternatives due to staff shortages. With Ambu’s
broad portfolio across the four major endoscopy seg-
ments, the company sees a strong potential to advance
its support of pressured health systems in the future.
Additionally, Ambu’s bronchoscopy portfolio returned to
positive growth this quarter. In the past quarters, the
company has faced high bronchoscopy comparables due
to Covid-19, and it is thus a strong affirmation of dedi-
cated efforts that Ambu captures growth once again
within this segment. From the second half of 2022/23,
Ambu expects to deliver year-on-year growth in pulmo-
nology, driven by an increased revenue contribution from
Ambu® aScope™ 5 Broncho HD and the newly re-
launched Ambu® VivaSight™ 2 DLT.
CAPITAL INCREASE
Ambu initiated a capital raise on 23 March 2023. The
Company completed an accelerated bookbuild offering of
11,577,957 new B-shares and 250,000 existing treasury
B-shares, corresponding to 5.3% of its issued B-shares,
raising gross proceeds of approximately DKK 1.1bn. The
strengthened capital base will increase Ambu’s
Moreover, in dedication to the advancement of health-
care, Ambu donated 110,000 products to Turkey in April
2023. The donation will go to the rebuilding of hospitals
in areas badly impacted by the earthquake that struck
central and southern Turkey in February 2023. Concrete-
ly, Ambu is contributing with resuscitators and face
masks, and Ambu is proud to be supporting this impor-
tant mission of saving lives and improving patient care.
PRODUCT AND LAUNCH UPDATES
In Q2, Ambu strengthened its pulmonology offering with
the approval of additional sizes of Ambu® aScope™ 5
Broncho and the re-launch of Ambu® VivaSight™ 2 DLT.
With the clearance of the two new smaller-sized scopes,
Ambu now supports pulmonologists with a complete
portfolio of high-performance, single-use bronchoscopes
for a wide array of needs in the bronchoscopy suite.
operational flexibility during ongoing global geopolitical
and economic uncertainty. This includes the company’s
ability to invest in the most attractive growth opportunities
and reduce financial leverage. As such, the company is
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Company announcement no. 9 2022/23
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3 May 2023
