Sartorius, a German life science group, has revised its 2023 outlook following a decline in sales and earnings for the first nine months of this year.
Sales Forecast Revised
The company now anticipates a sales decrease of approximately 17%, compared to their earlier forecast of a decline in the low to mid-teens percentage range.
Earnings Estimates Adjusted
Sartorius has also adjusted its estimates for the underlying earnings before interest, taxes, depreciation, and amortization (EBITDA) margin. It now expects the margin to be slightly above 28%, compared to its previous forecast of around 30%.
Future Outlook
Despite the current challenges, Sartorius remains optimistic about next year and plans to issue a quantitative guidance alongside the 2023 full-year results in January. During this time, the company will also update its midterm targets.
Decline in Revenue and EBITDA Margin
According to preliminary results, consolidated revenue fell by approximately 16% to 2.5 million euros ($2.6 million) in constant currencies during the first nine months of this year. The underlying EBITDA margin dropped to EUR733 million, primarily due to volume and product mix effects, compared to EUR1.05 billion in the same period last year.
Sartorius will release its official nine-month results on October 19.
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