Stevanato Group reported third-quarter 2024 revenue of €277.9 million, marking a 2% increase year-over-year, or 3% on a constant currency basis. The Biopharmaceutical and Diagnostic Solutions (BDS) segment drove this growth with a 6% increase to €233.0 million, while the Engineering segment experienced a 15% decline to €44.8 million.
High-value solutions (HVS) continued to be a strong performer, growing 17% and representing 36% of total revenue, up from 32% in the prior year. However, gross profit margin decreased to 26.8% from 30.5% in Q3 2023, primarily due to vial destocking, underutilization of vial lines, and inefficiencies related to the ramp-up of the new Fishers facility, alongside higher costs in the Engineering segment.
The company maintained its full-year 2024 revenue guidance of €1,090 million to €1,110 million but lowered its adjusted EBITDA guidance to €257 million to €263 million and adjusted diluted EPS to €0.47 to €0.49. This adjustment reflects increased costs associated with the Engineering segment's optimization plan and higher validation activities in the U.S. The company ended the quarter with €78.0 million in cash and cash equivalents and net debt of €284.3 million.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.