Stratec SE (SBS.DE), a German maker of analyzer and automation systems for In-Vitro-Diagnostic, on Thursday registered a decline in net profit for the full year, due to a fall in sales and increased expenses.
The company said: "This subdued overall sales performance is due in particular to additional laboratory capacities created during the Covid-19 pandemic and thus to the low level of dynamism currently apparent for molecular diagnostics instrumentation solutions. Customer order behavior was additionally held back by high volumes of stock on hand at customers."
For the 12-month period, Stratec reported a net income of 13.067 million euros or 1.07 euros per share, that dipped from 29.223 million euros or 2.40 euros per share, reported last year.
Earnings before taxes or EBT stood at 18.229 million euros as against 39.088 million euros in 2022.
Net financial expenses surged to 4.158 million euros, from last year's 2.052 million euros.
Earnings before interest and taxes or EBIT were at 22.387 million euros, compared with previous year's 41.140 million euros.
Other operating income and expenses stood at negative 2.119 million euros, wider than negative 1.224 million euros in 2022.
Research and development expenses increased to 8.740 million euros from 6.873 million euros a year ago.
Cost of sales was 197.066 million euros, up from last year's 195.135 million euros.
Sales dropped to 261.911 million euros from 274.625 million euros in the previous year.
For the full year, Stratec will a pay a dividend of 0.55 euro per share, lesser than previous year's 0.97 euro per share.
Looking ahead, the company said that the latest order forecasts received from customers, among other factors, indicate a significant revival in the sales and earnings performance from the second quarter.
However, for the full year, the company expects sales on a constant-currency basis to remain stable or to grow slightly compared with the previous year, with adjusted EBIT margin of around 10 percent to 12 percent.
For the full-year 2023, the company recorded an adjusted EBIT margin of 10.3 percent.
The company has budgeted it annual investments in property, plant, and equipment, and in intangible assets corresponding to a total of 6 percent to 8 percent of sales against last year's 6.7 percent.
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