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WS Audiology delivered 7% organic revenue growth and improved EBITDA by 14% in the fiscal year 2022/23

5 Dec 2023

Press release

WS Audiology today announced results for the fiscal year 2022/23 (October 1, 2022 – September 30, 2023) in line with expectations.

Highlights fiscal year 2022/23

· WSA delivered organic revenue growth of 7% (5% reported) to EUR 2,465 million driven by progress in all regions.

· Reported EBITDA increased by 14% to EUR 480 million with a reported EBITDA margin of 19.5% – an increase of +1.5%-points vs. last year.

· The results were in line with the upward revised guidance.

· WSA successfully launched the Signia Integrated Xperience platform with very positive reception in all markets. Signia IX addresses the primary unmet need for people with hearing loss: conversations in noise.

· WSA’s employee engagement score increased to 7.9, consistently improving since the merger in 2019 and on track to achieve a score in the top 25 percentile of the healthcare industry sector by 2028.

Highlights Q4 2022/23

· WSA delivered organic revenue growth of 9% to EUR 613 million (2% reported) driven by strong growth in APAC, US online, US managed care and Americas retail, UK, Germany and smaller EMEA markets.

· Strong year-end finish in France supported by the launch of Signia IX.

· Reported EBITDA was EUR 126 million.

WS Audiology CEO, Eric Bernard, commented:

We delivered strong organic growth and significantly improved profitability in line with our upward revised guidance. We launched a unique breakthrough technology, Signia IX, which was very well received in all markets, and we now have a state-of-the-art manufacturing and distribution center in Mexico, a key asset for our multi-brand, multi-channel ecosystem to win in the US.

The strong results are important as we move forward and build our business with a continued focus on growth, efficiency and profitability, combined with the ambition to expand our reach and deliver wonderful sound for all.”

Fiscal year 2023/24 outlook

For the fiscal year 2023/24 WSA expects 6-10% organic revenue growth driven by core markets (US, France, Germany) supported by the launch of Signia IX and continued growth in fast growing markets, US Managed Care and online.

The reported EBITDA margin is expected to increase by 1-2%-pts. vs. FY 2022/23 supported by revenue growth and cost improvement initiatives.

WSA’s Annual Report 2022/23 and integrated sustainability report can be found here.