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February 12, 2025
12:23 
Carl Zeiss Meditec AG Q1 2024/25: Key Takeaways
Carl Zeiss Meditec Q1 2024/25 Financial Results: A Mixed Start with Positive Future Prospects
Sebastian Frericks, Head of Investor Relations at Carl Zeiss Meditec AG, presents the Q1 2024/25 financial results and discusses revenue growth, market challenges, and future strategies.
At the start of the fiscal year, Carl Zeiss Meditec recorded a 3% revenue growth, primarily driven by the DOCTER OPTICS (DO) acquisition. However, underlying organic momentum remained negative, as anticipated. The company had previously guided for this decline in December, signalling a temporary headwind due to specific market conditions.
Revenue & Market Trends: Challenges and Opportunities
Despite a negative investment climate in China, with hospitals delaying purchases while awaiting stimulus measures, Carl Zeiss Meditec has shown resilience. Last year’s strong post-pandemic delivery phase also meant that this quarter faced a challenging comparison base, but the company has navigated these challenges with determination.
Another key issue was the price decline in intraocular lenses (IOLs) due to China’s Volume-Based Procurement (VBP) regulations, impacting pricing power in this segment. Despite these headwinds, the company’s order backlog grew by nearly €100 million, reaching €382 million in Q1, signalling stronger demand for future quarters.
Notably, the company reported its first consistent order turnaround in 12–18 months, boosting confidence that organic performance has bottomed out and is set for an upturn.
Profitability & Margin Trends
Due to the weak organic performance and product mix effects, particularly lower sales of high-margin surgical microscopes, Carl Zeiss Meditec’s EBITDA declined at the start of the fiscal year. However, the ophthalmology division grew by 7%, primarily driven by the DO acquisition. This strategic growth, despite the decline, demonstrates the company’s forward-thinking approach.
Similarly, the microsurgery division faced a 7.8% organic decline, mainly because of tough comparisons against a strong prior-year period driven by backlog clearance. However, the company is ramping up sales for the next-gen KINEVO neurosurgical microscope, expected to drive recovery in the coming quarters.
Regional Performance Analysis
Americas & EMEA
Moderate growth but largely impacted by acquisition effects.
Asia-Pacific
Continued decline due to China’s weak investment climate, but signs of stabilization in surgical procedures were observed.
Key Product Launch: VISUMAX 800 Approval in China
One of the biggest developments in Q1 2024/25 was the early approval of VISUMAX 800 in China. This latest-generation femtosecond laser system revolutionizes laser vision correction by enabling a lenticular cut in 6–8 seconds, significantly enhancing safety, automation, and patient comfort.
With the Chinese market highly receptive to this innovation, customer demand is expected to be strong, boosting Carl Zeiss Meditec’s top-line growth. Additionally, VISUMAX 800 will launch in the US market in 2024, presenting another revenue catalyst.
Financial Strategy & Cost Management
A notable success this quarter was Carl Zeiss Meditec’s cost discipline, which reduced underlying operating expenses below €200 million for the first time in two years. R&D costs were adjusted, prioritizing high-impact strategic projects while optimizing resources to strengthen margin recovery.
Outlook for Fiscal 2024/25: Stabilization & Growth
Carl Zeiss Meditec maintains a conservative full-year outlook, citing geopolitical risks and macroeconomic uncertainties in China. However, stabilization signs in surgical procedure volumes suggest the market may have reached its lowest point.
Key growth drivers moving forward:
- ✅ Stronger order backlog supporting future revenue momentum
- ✅ VISUMAX 800 launch in China & US driving market expansion
- ✅ KINEVO 900S rollout in neurosurgery boosting high-margin sales
- ✅ Potential public stimulus measures in China as a wildcard for upside
From a mid-term perspective (3–5 years), Carl Zeiss Meditec aims for EBITDA margin recovery to 16–20%, depending on market recovery and product adoption.
Final Thoughts & Investor Takeaways
Carl Zeiss Meditec’s Q1 2024/25 results highlight a transitional phase—while short-term challenges persist, strategic investments in innovation and operational efficiency position the company for stronger performance ahead.
With rebounding order growth, cost optimization, and high-impact product launches, Carl Zeiss Meditec is set to restore profitability and accelerate revenue momentum.
Watch the full presentation for exclusive insights from Sebastian Frericks, Head of Investor Relations at Carl Zeiss Meditec AG!
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