BUSINESS Marcolin Reports Rise in Net Sales, Margins for 2022 By Staff Wednesday, March 29, 2023 12:27 AM LONGARONE and MILAN, Italy—On March 28, 2023, the board of directors of Marcolin Group presented the draft of the Group’s separate and consolidated financial statements for the year ended Dec. 31, 2022, which will be subject to approval by the Shareholders' Meeting in April. In 2022, Marcolin's net sales amounted to €547.4 million (about $593.4 million USD), up 20.1 percent compared to the previous year at current exchange rates (+ 13.2 percent at constant exchange rates). Compared to 2021, Marcolin has improved its performance in all geographical areas and seen significant growth in the high potential market of Asia (+ 47 percent at current exchange rates and + 33 percent at constant exchange rates), while EMEA (+ 18 percent at current exchange rates and + 17 percent at constant exchange rates) and Americas (+ 17 percent at current exchange rates and + 4 percent at constant exchange rates) are confirmed as the company’s main geographical areas, together accounting for approximately 90 percent of revenue. Adjusted EBITDA reached €61.0 million (about $66.2 million USD), an increase of 21.7 percent compared to €50.1 million (about $54.3 million USD) in the previous year. The trend in the adjusted EBITDA margin was also positive, reaching 11.1 percent of net sales. Fabrizio Curci. Marcolin Group said that several factors contributed to these results, including the consolidation of brands in the portfolio, the implementation of a digital transformation process based on the Group’s relationship with customers and the continued push toward production and procurement efficiency. Marcolin Group’s net financial position amounted to €137.4 million (about $149.0 million USD), an improvement of €10.7 million (about $11.6 million USD) compared to the previous year. This is due to the liquidity generated by both operating results and a regulated control of working capital in all components (trade receivables, trade payables and inventory levels). In 2022, Marcolin also gave further impetus to its commitment to sustainability and ESG issues through corporate governance development actions including obtaining the ISO 13485 certification, which regulates quality management systems in the medical device sector internationally. Fabrizio Curci, CEO and general manager of Marcolin, said, “Last year confirmed how Marcolin is a high-performance and sound company capable of tackling a complex historical period with vision and far-sightedness while consolidating its leadership position among the reference players at global level in a sector that, today more than ever, is experiencing a moment of great dynamism and change. "The 2022 results provide a drive for the company's divisions to elevate our expectations even higher: the year ahead of us is just as challenging, but full of important events, in which we will have to prove once again that we are a modern, agile company, capable of reading economic trends and supporting a sector in which Italy acts as a leader," Curci said.