BASTIDE : Acceleration in growth in the third quarter, to 6% - Outlook confirmed

Caissargues, May 12, 2022

Group Bastide reported a solid third quarter performance with revenue up 6.1% to €118.5 million, picking up speed from previous quarters.

This performance was mainly due to contributions totaling €10.9 million from companies acquired over the last year. Like-for-like revenue¹ fell by 3.8%, due to the gradual return to normal sales of personal protective equipment (PPE) in the “Homecare” business after the very strong demand recorded during the health crisis. More technical business activities, such as Respiratory, Nutrition?Perfusion-Stomatherapy, continued to grow and contributed the most to revenue at over 54%.

The quarterly performance accelerated nine-month revenue by 2.5% to €341.5 million (down 3.3% on an organic basis).

Breakdown of nine-month revenue by business

Home Support: Revenue for the first nine months of the year fell by 11.8% to€155.6 million (down 13.8% on an organic basis). This change is solely attributable to the drop in PPE sales after the health crisis (down 81.6%). Excluding PPE, the business grew by 9.5%.

• In communities, the Group recorded revenue of €70.5 million, down 16.3% (down 16.5% on an organic basis). Excluding the impact of PPE sales, revenue was up 11.9%, reflecting the good momentum and resilience of this business sector, including with private establishments.
• In stores/online, revenue fell by 7.8% to €85.1 million (down 11.3% on an organic basis). Excluding PPE, revenue increased by 7.5%. The Group continues to develop its in-store business and accelerated its e-commerce roll-out, notably with the contribution of Distrimed, acquired at the end of 2021.

The “Respiratory” business posted revenue of €98.3 million, up 18.2% (up 10.6% on an organic basis). This dynamic performance was driven by major market share gains, which more than offset the impact of the significant price cut in France for the treatment of sleep apnea. The Group also recorded solid organic growth in Spain and the United Kingdom and benefited from the first contribution to revenue from the Canadian company Medpro, acquired in February 2022 for €1.5 million.

The “Nutrition-Perfusion-Stomatherapy” business reported revenue of €87.6 million, up 19.4%, including 6.4% on an organic basis. All segments of this business grew organically, at a consistent rate between 5% and 8%. This positive trend confirms the Group's market share gains in this area.

2021-2022 outlook confirmed

The Group is pursuing its business plan and confirms its target of a minimum annual revenue of €460 million with an operating margin before non-recurring items of at least 8.3%.

The demanding comparison base for the “Homecare” business, linked to the surge in activity recorded during the health crisis, will begin to recede, which should allow a gradual return to organic growth at Group level in the coming quarters.

Groupe Bastide also confirms its growth strategy focused on the priority development of high technical expertise and high recurrence businesses, both in France and abroad. External growth opportunities continue to be actively explored with a view to strengthening the Group's positions.

NEXT MEETING: 2021-2022 revenue on Wednesday August 31, after the close of trading

¹ Organic growth calculated at constant exchange rates and on a like-for-like basis, restating 2020-2021 for the contribution of companies acquired within the last 12 months

The resumption of trading will take place on May 13, 2022, at the opening of the markets. Trading in the company's shares was suspended today to safeguard fair information for all investors.

About Groupe Bastide Le Confort Médical

Created in 1977 by Guy Bastide, Groupe Bastide is a leading European provider of home healthcare services. Present in 6 countries, Bastide develops a permanent quality approach and is committed to providing medical devices and associated services that best meet patients' needs in key health areas: diabetes, nutrition, infusion, respiratory care, stomatherapy and urology. Bastide is listed on Euronext Paris (ISIN: FR0000035370, Reuters BATD.PA, - Bloomberg BLC: FP).

Source Actusnews