Sensirion Holding AG: New product ramp-ups and COVID-19-related ventilator demand led to strong first half-year 2020
EQS Group-Ad-hoc: Sensirion Holding AG / Key word(s): Quarter Results
New product ramp-ups and COVID-19-related ventilator demand led to strong first half-year 2020 Sensirion looks back on a special first half of 2020 which was marked by three major factors: first, ramp-ups of various new projects of the recently launched product families of particulate matter (PM2.5) and carbon dioxide (CO2) sensors turned out better than expected. Second, the existing business with humidity, gas and liquid flow sensors showed some slowdown in the automotive sector after a strong first quarter, while the other markets industrial, medical and consumer proved to be quite robust until mid-year. Third, COVID-19 led to a one-time effect in the form of increased global demand for gas flow sensors for ventilators. Consolidated revenue amounted to CHF 113.7 million, the gross margin was stable at 54.7%, and the adjusted EBITDA margin reached 19.7%. In the mid and long term, growth prospects remain strong due to existing market trends, as well as the strong technology base and product pipeline. Key Figures
Sensirion Holding AG, a pure-play sensor company offering environmental and flow sensor solutions, looks back on a special first half of 2020 which was marked by three major factors: first, ramp-ups of various new projects of the recently launched product families of particulate matter (PM2.5) and carbon dioxide (CO2) sensors turned out better than expected despite the COVID-19 pandemic. Second, the existing business with humidity, gas and liquid flow sensors showed some slowdown in the automotive sector after a strong first quarter, while the other markets (industrial, medical and consumer) proved to be quite robust until mid-year. Third, COVID-19 led to a one-time effect in the form of increased global demand for gas flow sensors for ventilators, which has been a major challenge for Sensirion in recent months. As a result, Sensirion increased its outlook for the full year 2020 in mid-June. It is difficult to make an assessment for the second half of the year due to the continuing low visibility in all markets. In the mid and long term, growth prospects remain strong due to existing market trends, as well as the strong technology base and product pipeline. Revenue growth because of new products and gas flow sensors for ventilators Growth in industrial, stable automotive, one-time effect in medical market At CHF 36.8 million, revenue in the industrial market was 5.4% higher than in the first half of 2019. New business with CO2 sensors and PM2.5 sensors for applications in household appliances were the main drivers of the sales increase. Revenue in the gas meter market, which saw COVID-19-related factory closures by Sensirion's customers, declined. In contrast, the general demand in the industrial market has so far proven to be relatively robust against COVID-19 influences. Sensirion assumes, however, that part of the demand in the first half of the year served to build up inventories in uncertain times. In the consumer market, Sensirion generated CHF 8.6 million revenue (+27.4% compared to the same period last year). This growth is attributable to new projects with humidity sensors and a robust ongoing business with the established portfolio. Especially in Asia, major customers launched new products based on the humidity sensor. New production site in Debrecen, Hungary Mid-term growth potential confirmed by successful expansion of product portfolios Energy efficiency, safety, health and increased comfort will continue to be the fundamental growth drivers for the use of increased sensor technology in the future. Sensirion's strategic priorities are aligned with these: Sensirion wants to drive forward its market and technology leadership in existing markets, expand its portfolio, and develop new technologies for future growth. The ramp-ups of the PM2.5 and CO2 sensors show that Sensirion is on the right track with the implementation. Despite COVID-19-related restrictions in recent months, all strategic development projects are running as planned. Therefore, Sensirion confirms the strong mid- and long-term growth prospects, which are additionally supported by Sensirion's broad diversification by markets and regions. Outlook until year-end Please register for the conference call with the following link. Documentation Condensed Consolidated Financial Statements
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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: | 1120103 |
End of Announcement | EQS Group News Service |
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1120103 19-Aug-2020 CET/CEST