JENA, Germany—Carl Zeiss Meditec AG (ISIN: DE 0005313704) reported revenue of approximately €947.2 million in the first six months of fiscal year 2023/24 compared with prior year's €974.5 million, a decrease in revenue of 2.8 percent. Earnings before interest and taxes (EBIT) declined to approximately €108.2 million (compared with prior year’s €143.9 million). The EBIT margin was 11.4 percent (compared with prior year’s 14.8 percent). Dr. Markus Weber, president and CEO of Carl Zeiss Meditec AG, commented, "As expected, the first six months were characterized by the reduction in stocks in the Chinese distribution channel, which we were able to complete as planned in March.

"We also had to contend with currency headwinds and a certain reluctance to invest in the devices business, particularly in the North American market. We expect to see our growth accelerate again in the second half of 2023/24—thanks to the cost-control measures we have taken, we should also be able to achieve the necessary recovery in our operating result to reach our annual targets. I am very glad that we were able to successfully complete the acquisition of D.O.R.C. in the first week of April. Together, as a team, we will convince our ophthalmology customers with new innovative workflows for greater efficiency and quality. The integration work is already in full swing."

Revenue in the ophthalmology strategic business unit (SBU) decreased by 5.7 percent in the first six months of fiscal year 2023/24 to €700.6 million (compared with prior year’s €742.6 million). The microsurgery strategic business unit generated revenue of €246.5 million (compared with prior year’s €231.9 million), corresponding to growth of 6.3 percent. The business unit benefited from the accelerated processing of the existing order backlog, the company said.

Revenue in the EMEA region increased by 17.1 percent to €289.4 million (compared with prior year’s €247.2 million) while revenue in the Americas region decreased significantly by 20.0 percent from €270.7 million to €216.6 million. In North America, in particular, demand in the devices business was below expectations, the company said. The APAC region noted a slight decline in revenue of 3.4 percent.

Following the successful completion of the reduction in stocks of consumables in the Chinese distribution channel, the company management said that it expects gross profit and EBIT to recover over the remainder of the financial year and is providing a quantified forecast for the second half of 2023/24 for the first time. The full-year forecast anticipates revenue on a comparable basis of €2,100 million to €2,150 million.

In addition, the first-time consolidation of the acquisition of D.O.R.C. BV, which took place on April 3, 2024, is expected to contribute around €100 million in revenue in the second half of 2023/24, the company said. Including D.O.R.C., the revenue forecast is around €2,200 million to €2,250 million.