Tecan Group AG (TECN.SW), a Swiss provider of laboratory instruments and solutions with a focus on life science research and clinical diagnostics companies, on Tuesday reported a decline in net profit for the first half, mainly due to a fall in sales, negative foreign exchange effects, and the translation of US dollar-denominated assets into Swiss francs.
In addition, a higher effective tax rate, primarily related to the Swiss tax reform, also contributed to the year-on-year decline in net profit.
For the six-month period to June 30, the company posted a net profit of CHF 17.923 million, less than CHF 22.460 million in the same period last year. Net profit per share was CHF 1.41, compared with CHF 1.75 per share a year ago.
Excluding items, earnings were CHF 33.7 million, compared with CHF 36.5 million last year. Adjusted income per share was CHF 2.66, less than CHF 2.86 per share in 2024.
Profit before taxes stood at CHF 23.127 million as against the prior year's CHF 28.234 million. Operating profit was CHF 23.143 million, down from CHF 25.974 million a year ago.
Sales moved down to CHF 439.475 million from CHF 467.157 million in 2024. The Partnering Business generated sales of CHF 253.8 million, less than CHF 279.6 million a year ago.
Tecan also announced the launch of a share buyback program, reflecting its confidence in the Group's long term growth prospects and strong financial position. With this, Tecan aims to repurchase up to CHF 120 million of shares. This currently corresponds to around 770,218 shares, or around 6.01% of the share capital. The repurchased shares will be used for general business purposes, including treasury purposes and the financing of potential acquisitions.
The repurchase is expected to begin on August 13, 2025, and be completed no later than August 12, 2027.
Looking ahead, for fiscal 2025, the Group continues to expect sales in local currencies to be within a range from a low single-digit percentage decline to low single-digit percentage growth.
Tecan reiterates its outlook for an adjusted EBITDA margin of 17.5% to 18.5% of sales for the full year.
Further, the Group said: "Should the higher reciprocal tariff levels announced on July 31, 2025, remain in effect from August 7, 2025, through year-end and no more favorable trade agreement is reached, the estimated gross impact on EBITDA for 2025 would be in the low teens of million Swiss francs. Tecan has already initiated a number of mitigation measures, which are expected to absorb an annualized negative impact in the low to mid-single-digit million Swiss franc range..."
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