EQS Group-Ad-hoc: Sensirion Holding AG / Key word(s): Annual Results
Ramp-ups of new product families and COVID-19-related demand for sensors for ventilators resulted in strong full-year 2020 2020 proved to be very multi-faceted for Sensirion. Based on the ramp-ups of the new product families of carbon dioxide (CO2) and particulate matter (PM2.5) sensors and strong market diversification, demand for Sensirion's sensor solutions was robust. At the same time, Sensirion recorded a one-time COVID-19-related strong increase in demand for sensors for ventilators. Consolidated revenue amounted to CHF 253.7 million and the gross margin reached 57.6% resulting in a high adjusted EBITDA margin of 27.1%. In the mid and long term, Sensirion is confident about the coming years as the new product families will support further growth. Key Figures
For Sensirion Holding AG, a pure-play sensor company offering environmental and flow sensor solutions, the coronavirus year 2020 proved to be very multi-faceted: despite many COVID-19-related restrictions and challenges, additional opportunities opened for Sensirion. On the one hand, demand for Sensirion's sensor solutions was very robust, which can be attributed to the successful ramp-ups of Sensirion's new product families (CO2, PM2.5) and a continued strong market diversification. On the other hand, Sensirion recorded a COVID-19-related strong increase in demand for sensors for ventilators. This enabled Sensirion to raise its outlook for 2020 twice, in June and in December. Sensirion is also confident about the coming years: the new product families in the environmental area and numerous ongoing projects will support further growth. In addition, Sensirion has been able to set the course for new business areas in recent months that should contribute to the company's longer-term growth after a few years of development. Strong revenue and profitability growth Sales growth in all markets, the medical sector benefits from a strong one-time effect In 2020, the medical market was strongly influenced by the COVID-19 pandemic. Revenue grew by 219.7% to CHF 112.3 million. This increase is primarily a result of higher sales of gas flow sensors for ventilators, resulting in revenue of CHF 77.0 million (previous year CHF 7.0 million). Shortly after the pandemic outbreak in spring, the demand for sensors for ventilators multiplied within weeks. A dedicated task force worked at full stretch to increase production capacity more than tenfold in record time. The peak in sensor shipments for ventilators occurred in the second and third quarters. Sensirion expects demand to normalize during the first quarter of 2021. In the broadly diversified industrial market, revenue amounted to CHF 71.2 million (+1.2% compared to the previous year). In this market, too, newly launched products in the field of environmental sensors were able to compensate for a pandemic-related decline in demand in specific market areas. In the household appliances market, Sensirion primarily benefited from growth in CO2 and PM2.5 sensing. In contrast, sales in the gas meter market, which saw COVID-19-related factory closures by Sensirion's customers in the second quarter, declined. In the highly fragmented consumer market, Sensirion increased sales by 5.3% to CHF 14.9 million. The growth is attributable to new projects with humidity sensors and robust business with the established portfolio. In Asia in particular, important customers launched new products using Sensirion's humidity sensor. Strategic progress in the environmental sensor sector In addition to the CO2 and PM2.5 sensor families already mentioned, Sensirion successfully started the production of a novel formaldehyde sensor at the end of the year. Formaldehyde is an organic gas that often outgases indoors from building materials and furniture and can be carcinogenic even at low concentrations. Sensirion's new sensor shows lower cross-sensitivity to other gases that are often found indoors. It is the first sensor that is based on the electrochemical sensor technology Sensirion acquired in summer 2019. This sensor was developed and brought to production readiness within a record-breaking 15 months to meet an important lead customer's timeline. The broad launch is planned for spring 2021. In addition, Sensirion launched a first environmental combo module in 2020 that enables measurement of particulate matter, humidity, and temperature as well as VOC and NO2 levels, all in the same housing. Customers have already launched initial product designs using this combo sensor. Based on the numerous ongoing projects and the response to the new product families in all markets, Sensirion is confident for the coming years. Securing longer-term growth potential with technology acquisitions In February 2021, Sensirion finalized the acquisition of the Dutch micro gas chromatography company Qmicro in Enschede, the Netherlands. During the past years, the founder-managed company with 16 employees very successfully developed a compact and highly efficient micro gas chromatography analyzer for the continuous analysis of gas compositions for environmental monitoring and for applications in the gas market. The acquisition will allow Sensirion to expand its portfolio of gas sensor solutions to the high-precision sector, offering customers the full range from low-cost components to high-precision analyzers. The acquired business will continue to operate under the same management and the current brand as a new Sensirion business unit. Sensirion also invested in two promising start-ups in Switzerland: Lumiphase develops new optical, CMOS-compatible photonic technology using new materials. With the investment in Lumiphase, Sensirion secured the exclusive rights to these materials for potential sensor applications in its markets. MaxWell Biosystems, a Zurich-based ETH start-up, develops single-use sensing chips for cell characterization in drug development. By investing in MaxWell Biosystems, Sensirion is securing greater insight into this exciting new sensing area. Both investments support Sensirion's longer-term technology pipeline. Change in accounting standard to Swiss GAAP FER Outlook Assuming unchanged foreign currency exchange rates, Sensirion expects full-year 2021 consolidated revenue of CHF 226-245 million (FY 2020 CHF 253.7 million), of which approximately CHF 15 million (FY 2020 CHF 70 million) still comes from the COVID-19-driven ventilator sensor business. This represents a decline of 3-11% compared to 2020. Adjusted for the one-off ventilator business, a strong sales growth of 15-25% results. Sensirion expects the gross margin to remain stable at 52-55% and the EBITDA margin at 18-22%. Based on progress in key R&D projects, Sensirion also confirms its medium-term annual sales growth target of 10-15%. Sensirion will discuss its growth strategy in more detail at its Capital Markets Day on 25 March 2021. Please register for the conference call with the following link
Investor Relations
Sensirion Holding AG (SIX Swiss Exchange: SENS), headquartered in Stäfa, Switzerland, is a leading manufacturer of digital microsensors and systems. The product range includes gas and liquid flow sensors, differential pressure sensors and environmental sensors for the measurement of humidity and temperature, volatile organic compounds (VOC), carbon dioxide (CO2), and particulate matter (PM2.5). An international network with sales offices in China, Europe, Japan, South Korea, Taiwan, and the US supplies international customers with standard and custom sensor system solutions for a vast range of applications. Sensirion sensors can commonly be found in the automotive, medical, industrial, and consumer end markets. For further information, visit www.sensirion.com. Disclaimer Certain statements in this document are forward-looking statements, including, but not limited to, those using words such as "believe", "assume", "expect", and other similar expressions. Such forward-looking statements are based on assumptions and expectations and, by their nature, involve known and unknown risks, uncertainties, and other factors that could cause actual results, performance, or achievements to differ materially from those expressed or implied by the forward-looking statements. Such factors include, but are not limited to, future global economic conditions, changed market conditions, competition from other companies, effects and risks of new technologies, costs of compliance with applicable laws, regulations, and standards, diverse political, legal, economic and other conditions affecting markets in which Sensirion operates, and other factors beyond the control of Sensirion. In view of these uncertainties, you should not place undue reliance on forward-looking statements. Sensirion disclaims any intention or obligation to update any forward-looking statements, or to adapt them to future events or developments. Certain financial data included in this document consists of "non-IFRS financial measures". These non-IFRS financial measures may not be comparable to similarly titled measures presented by other companies, nor should they be construed as an alternative to other financial measures determined in accordance with IFRS. As a result, you are cautioned not to place undue reliance on any non-IFRS financial measures and ratios included herein. This document is not an offer to sell, or a solicitation of offers to purchase, any securities. End of ad hoc announcement |
Language: | English |
Company: | Sensirion Holding AG |
Laubisrütistrasse 50 | |
8712 Stäfa | |
Switzerland | |
Phone: | +41 44 306 40 00 |
Fax: | +41 44 306 49 06 |
Internet: | www.sensirion.com |
ISIN: | CH0406705126 |
Valor: | A2JGBW |
Listed: | Regulated Unofficial Market in Berlin, Frankfurt, Munich, Stuttgart; SIX Swiss Exchange |
EQS News ID: | 1175721 |
End of Announcement | EQS Group News Service |
|
1175721 16-March-2021 CET/CEST