INTERIM REPORT FOR  
Q2 2022/23 AND  
THE HALF-YEAR  
Ambu A/S, Baltorpbakken 13, DK-2750 Ballerup  
Registration no. 63644919  
3 May 2023  
1
Company announcement no. 9 2022/23  
|
 
INTERIM REPORT FOR Q2 2022/23 AND THE HALF-YEAR  
Ambu posts 4% organic revenue growth for the second  
quarter of 2022/23, in line with expectations. The quarter  
was driven by continued strong growth in urology and  
FINANCIAL HIGHLIGHTS FOR THE QUARTER  
ENT, offset by pulmonology and Anaesthesia.  
Last year’s comparative figures are presented in brackets.  
Financial guidance is maintained for the fiscal year  
2022/23, with organic revenue growth at 5-8% and EBIT  
margin before special items at 3-5%.  
●
Revenue for Q2 increased organically by 4% (8%) to DKK 1,189m (DKK 1,122m), with reported  
growth of 6% (12%). Organic growth for the half-year was 4% (3%), with reported growth of 8% (7%).  
●
Revenue in North America increased organically by 8% (11%), while revenue growth in Europe was  
-1% (7%). Rest of World posted organic growth of 7% (-1%). Organic growth rates for the half-year  
were: North America 7% (14%), Europe -4% (-6%) and Rest of World 7% (-1%).  
“In the second quarter, Ambu delivers 4% organic revenue growth  
and 3.9% EBIT margin, in line with our expectations. We delivered a  
slightly positive cash flow and strengthened our capital base through  
an equity raise of around 5% of the total share capital. This has  
enabled us to reduce leverage faster than planned, strengthening our  
position in an uncertain global environment, as well as allowing us to  
consider relevant growth opportunities. Furthermore, execution of our  
transformation program remains on track, and we have strengthened  
our offering in pulmonology with the approval of additional sizes of  
Ambu® aScope™ 5 Broncho and the re-launch of Ambu® VivaSight™  
2 DLT. With the progress this quarter, we remain well-positioned to  
address customer needs, for the better of health systems and  
patients worldwide.”  
●
●
Endoscopy Solutions revenue increased organically by 11% (3%) and by 7% (0%) for the half-year.  
In line with expectations, pulmonology posted -3% organic growth, mainly due to increased revenue  
from Omicron last year, however, bronchoscopy sales saw slightly positive growth, offset by lower  
revenue pertaining to the recall of Ambu® VivaSight™ 2 DLT. Endoscopy Solutions excluding  
pulmonology increased by 36%, driven by high double-digit growth in urology and ENT, combined.  
Anaesthesia sales declined by 11% (12%), due to reduction of backlog, combined with stock piling  
driven by geopolitical uncertainty, in Q2 last year. Contrarily, Patient Monitoring posted organic  
growth of 8% (14%). For the half-year, the combined organic growth of Anaesthesia and Patient  
Monitoring was 1% (6%).  
●
●
Gross margin for the quarter was 55.8% (57.7%), while the gross margin for the half-year was 57.1%  
(59.5%). The declining gross margin is driven by production costs, offset by product mix.  
EBIT before special items for the quarter was DKK 46m (DKK 47m), with an EBIT margin before  
special items of 3.9% (4.2%). EBIT for the half-year ended at DKK 114m (DKK 87m), with an EBIT  
margin of 4.9% (4.0%). The improved EBIT margin of 0.9% percentage points was driven by a  
reduced OPEX ratio of 3% percentage points and scale on EBIT margin from reported growth, partly  
offset by the gross margin decrease of 2.4% percentage points.  
BRITT MEELBY JENSEN  
Chief Executive Officer  
●
Free cash flow before acquisitions totaled DKK 21m (DKK -136m) for the quarter and DKK  
-153m for the half-year, up DKK 145m compared to the same period last year. The improvement was  
driven by working capital and lower investments.  
●
The FY 2022/23 financial guidance stated on 15 November 2022 is maintained:  
−
−
Organic revenue growth: 5-8%  
EBIT margin before special items: 3-5%  
2
Company announcement no. 9 2022/23  
|
3 May 2023  
 
Q2 2022/23 CONFERENCE CALL  
PRODUCT AND PIPELINE UPDATES  
A conference call is scheduled for 3 May 2023, at 09:00-10:00  
(CEST). The conference is broadcast live via  
Ambu.com/webcastQ22023.  
•
On 23 March 2023, Ambu re-launched its unique one-lung ventilation solution, the Ambu®  
VivaSightTM 2 DLT (double lumen tube). The solution re-enters the market with improved  
performance.  
To ask questions during the Q&A session, please register prior to  
the call via Ambu.com//conferencecallQ22023register.  
•
On 28 March 2023, Ambu obtained European regulatory clearance (CE mark) of two new  
smaller-sized fifth-generation bronchoscopes. The company hereby has a complete fifth-  
generation bronchoscope portfolio for a wide array of patient needs in the bronchoscopy suite.  
Upon registration, you will receive dedicated dial-in details via e-mail  
to access the call, including a passcode, a unique PIN, dial-in numbers  
and a calendar invitation.  
OTHER HIGHLIGHTS FROM Q2  
After the conference, the presentation can be downloaded from  
Ambu.com/presentations.  
•
Ambu presented updated market potential assumptions:  
−
−
−
−
Number of procedures Ambu covers today: ~1.7m procedures  
Number of procedures with marketed solutions and near-term pipeline: ~23m procedures  
Current value of the total single-use endoscopy market: DKK ~5bn  
Expected value of the total single-use endoscopy market in five years: DKK 15-20bn  
•
•
•
From 23 March to 24 March 2023, Ambu strengthened its share capital base by selling  
11,577,957 new B-shares and 250,000 existing treasury B-shares, corresponding to 5.3%  
of its B-share capital and approximately DKK 1.1bn.  
In April 2023, Ambu donated 110,000+ products (including resuscitators and face masks) to  
Turkey to support in the rebuilding of hospitals after the devastating earthquakes in February  
2023.  
On 1 May 2023, Henrik Birk took on the role of Chief Operations Officer at Ambu. As an  
integral part of Ambu’s Executive Leadership Team, Henrik will drive execution and strategic  
direction across areas such as Manufacturing, Supply Chain, QA/RA and Procurement.  
LONG-TERM FINANCIAL TARGETS  
•
Ambu specified its long-term financial targets at its Capital Markets Day on 21 March:  
−
−
−
5-year organic revenue CAGR (2022/23-2027/28): >10%  
.
.
Endoscopy Solutions revenue growth: 15-20%  
Anaesthesia and Patient Monitoring revenue growth (combined): 2-4%  
EBIT margin before special items:  
.
.
2-year target: >10%  
5-year target: ~20% (2027/28)  
Financial leverage: Less than 2.5x  
3
Company announcement no. 9 2022/23  
|
3 May 2023  
 
FINANCIAL HIGHLIGHTS  
Q2  
Q2  
YTD  
YTD  
FY  
Q2  
Q2  
YTD  
YTD  
FY  
2022/23 2021/22 2022/23 2021/22 2021/22  
2022/23 2021/22 2022/23 2021/22 2021/22  
DKKm  
DKKm  
Income statement  
Revenue  
Gross profit  
EBITDA before special items  
Depreciation, amortisation and impairment  
EBIT before special items  
Special items  
EBIT  
Net financials  
Profit before tax  
Net profit for the period  
Cash flow  
Cash flow from operating activities (CFFO)  
1,189  
664  
125  
-79  
46  
0
46  
-27  
19  
15  
1,122  
647  
125  
-78  
47  
0
47  
135  
182  
175  
2,321  
1,326  
270  
-156  
114  
0
114  
-67  
47  
2,153  
1,281  
227  
-140  
87  
0
87  
120  
207  
195  
4,444  
2,554  
423  
-301  
122  
-148  
-26  
135  
109  
93  
99  
5
1
-23  
95  
Cash flow from investing activities  
before acquisitions* (CFFI)  
Free cash flow before acquisitions* (FCF)  
Acquisitions*  
-78  
21  
0
-141  
-136  
0
-154  
-153  
0
-275  
-298  
0
-553  
-458  
-5  
CFFO, % of revenue  
CFFI, % of revenue  
FCF, % of revenue  
8
-6  
2
0
-12  
-12  
0
-7  
-7  
-1  
-13  
-14  
2
-12  
-10  
37  
Balance sheet  
Assets  
Net working capital  
Equity  
Net interest-bearing debt  
Invested capital  
6,937  
1,108  
5,212  
733  
6,557  
1,038  
4,162  
1,417  
5,579  
6,937  
1,108  
5,212  
733  
6,557  
1,038  
4,162  
1,417  
5,579  
7,215  
1,022  
4,261  
1,658  
5,919  
Key figures and ratios  
Organic growth, %  
Gross margin, %  
4
55.8  
52  
10.5  
3.9  
10.5  
3.9  
21  
8
57.7  
53  
11.1  
4.2  
11.1  
4.2  
4
4
57.1  
52  
11.6  
4.9  
11.6  
4.9  
21  
3
59.5  
55  
10.5  
4.0  
10.5  
4.0  
6
4
57.5  
55  
9.5  
2.7  
7.3  
-0.6  
15  
OPEX ratio, %  
5,945  
5,945  
EBITDA margin before special items, %  
EBIT margin before special items, %  
EBITDA margin, %  
EBIT margin, %  
Tax rate, %  
Share-related ratios (in DKK)  
Market price per share  
Earnings per share (EPS)  
103  
0.06  
0.06  
100  
0.69  
0.69  
103  
0.15  
0.15  
100  
0.77  
0.77  
66  
0.37  
0.37  
Diluted earnings per share (EPS-D)  
Return on equity, %  
-1  
6
-1  
6
2
NIBD/EBITDA before special items  
Equity ratio, %  
Net working capital, % of revenue  
Return on invested capital (ROIC), %  
Average number of employees  
1.6  
75  
24  
3.3  
63  
25  
1.6  
75  
24  
3.3  
63  
25  
3.9  
59  
23  
*'Acquisitions' refers to 'Acquisitions of enterprises and technology' as defined in the Annual  
Report 2021/22.  
2
3
2
3
2
4,290  
5,098  
4,350  
4,912  
4,849  
Key figures and ratio definitions are consistent with the ones applied in the Annual Report  
2021/22.  
4
Company announcement no. 9 2022/23  
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3 May 2023  
 
MANAGEMENT’S REVIEW – Q2 2022/23  
In the first half of the financial year 2022/23, Ambu  
continued to progress with its new ZOOM IN strategy,  
setting the company up for future success. Above all,  
Ambu is committed to delivering sustainable, profitable  
growth through innovative solutions, improved efficien-  
cies, a dedicated sustainability agenda and an inclusive  
and engaged company culture.  
well-positioned to drive a successful transformation  
toward sustainable profitable growth.  
For the newly launched gastroscope solution and fifth-  
generation bronchoscope solution, Ambu continues to  
execute on its launch plans. In both cases, the company  
is building relationships and momentum to drive single-  
use transition within customer groups not previously  
addressed. Although Ambu has a strong track record in  
bronchoscopy, with its range of fourth-generation  
bronchoscopes, as well as its success in urology and  
ENT within recent years, the GI segment and the  
bronchoscopy suite mark new customer groups that are  
accustomed to reusable endoscopy. Introducing single-  
use solutions within such a landscape requires time and  
effort, driven by continuous focus and tangible customer  
benefits. Ambu is committed to driving the conversion  
towards single-use within both segments and remains  
excited about the potential.  
Q2 FINANCIAL PERFORMANCE  
In Q2 2022/23, Ambu posted organic revenue growth of  
4% (8%), driven by the company’s Endoscopy Solutions  
and Patient Monitoring businesses.  
Across the company, scoping the transformation and  
enabling focused execution has been in full focus during  
the second quarter. With Ambu’s leading single-use  
product portfolio and strong pipeline in all the major  
endoscopy segments, the company is well-established to  
address substantial unmet customer needs in the future.  
Anaesthesia posted a decrease of -11% (12%), driven by  
backlog reduction, combined with stock piling due to geo-  
political uncertainty, in Q2 last year. Patient Monitoring  
posted quarterly growth of 8% (14%). For Patient Moni-  
toring and Anaesthesia, combined, Ambu expects the  
absolute revenue in Q3 2022/23 to be approximately at  
the same level as in Q2. Endoscopy Solutions saw 11%  
(3%) growth, the main growth drivers being urology and  
ENT (ear, nose and throat), which posted high double-  
digits, combined. Both endoscopy segments continued to  
experience an increased uptake of orders and entry of  
new customers, especially in the U.S. It is a strong  
indicator of Ambu’s single-use benefits of availability,  
workflow and efficiency resonating with customers.  
CAPITAL MARKETS DAY  
On 21 March 2023, Ambu hosted a successful Capital  
Markets Day at its headquarters in Ballerup, Denmark. It  
was an exciting day of diving into the company’s strategic  
zoom areas, transformation program and focused  
approach for driving efficient execution. Led by CEO Britt  
Meelby Jensen, CFO Thomas Frederik Schmidt and  
interim CMO Bassel Rifai, Ambu shared updated  
dynamics for the single-use endoscopy market, as well  
as specified long-term financial targets. These targets  
include a 5-year CAGR (2022/23-2027/28) total organic  
revenue growth of >10%, driven by Endoscopy Solutions  
growing 15-20% and an EBIT margin ambition in 5 years  
(2027/28) of ~20%.  
ADVANCING HEALTHCARE  
Around the world, hospitals are faced with staff short-  
ages, leaving the high standards of patient care at risk.  
While, in some cases, staff shortages result in lowered  
activity levels, Ambu is also seeing clear indications that  
health systems are choosing single-use endoscopes to  
avoid the arduous, yet inevitable, process of reproces-  
sing connected to reusable endoscopy. During Q2  
2022/23, this was particularly the case in Europe, where  
customers chose the Ambu® aScopeTM 4 Broncho over  
reusable alternatives due to staff shortages. With Ambu’s  
broad portfolio across the four major endoscopy seg-  
ments, the company sees a strong potential to advance  
its support of pressured health systems in the future.  
Additionally, Ambu’s bronchoscopy portfolio returned to  
positive growth this quarter. In the past quarters, the  
company has faced high bronchoscopy comparables due  
to Covid-19, and it is thus a strong affirmation of dedi-  
cated efforts that Ambu captures growth once again  
within this segment. From the second half of 2022/23,  
Ambu expects to deliver year-on-year growth in pulmo-  
nology, driven by an increased revenue contribution from  
Ambu® aScope™ 5 Broncho HD and the newly re-  
launched Ambu® VivaSight™ 2 DLT.  
CAPITAL INCREASE  
Ambu initiated a capital raise on 23 March 2023. The  
Company completed an accelerated bookbuild offering of  
11,577,957 new B-shares and 250,000 existing treasury  
B-shares, corresponding to 5.3% of its issued B-shares,  
raising gross proceeds of approximately DKK 1.1bn. The  
strengthened capital base will increase Ambu’s  
Moreover, in dedication to the advancement of health-  
care, Ambu donated 110,000 products to Turkey in April  
2023. The donation will go to the rebuilding of hospitals  
in areas badly impacted by the earthquake that struck  
central and southern Turkey in February 2023. Concrete-  
ly, Ambu is contributing with resuscitators and face  
masks, and Ambu is proud to be supporting this impor-  
tant mission of saving lives and improving patient care.  
PRODUCT AND LAUNCH UPDATES  
In Q2, Ambu strengthened its pulmonology offering with  
the approval of additional sizes of Ambu® aScope™ 5  
Broncho and the re-launch of Ambu® VivaSight™ 2 DLT.  
With the clearance of the two new smaller-sized scopes,  
Ambu now supports pulmonologists with a complete  
portfolio of high-performance, single-use bronchoscopes  
for a wide array of needs in the bronchoscopy suite.  
operational flexibility during ongoing global geopolitical  
and economic uncertainty. This includes the company’s  
ability to invest in the most attractive growth opportunities  
and reduce financial leverage. As such, the company is  
5
Company announcement no. 9 2022/23  
|
3 May 2023  
 
Q2 2022/23 PERFORMANCE HIGHLIGHTS  
Q2  
2022/23  
Q2  
2021/22  
Organic  
growth  
Reported  
growth  
YTD  
2022/23  
YTD  
2021/22  
Organic  
growth  
Reported  
growth  
DKKm  
Fx  
Fx  
Endoscopy Solutions  
Anaesthesia  
663  
264  
588  
294  
11%  
-11%  
8%  
2%  
1%  
1%  
2%  
13%  
-10%  
9%  
1,280  
537  
1,153  
539  
7%  
-4%  
7%  
4%  
4%  
4%  
2%  
4%  
11%  
0%  
9%  
8%  
Patient Monitoring  
Total  
262  
240  
504  
461  
1,189  
1,122  
4%  
6%  
2,321  
2,153  
Q2 2022/23 – SHARE OF REVENUE  
BY BUSINESS AREAS  
Q2 2022/23 – ORGANIC GROWTH AND  
SHARE OF REVENUE BY REGIONS  
22%  
56%  
North America  
Europe  
8%  
-1%  
organic growth  
organic growth  
Rest of World  
22%  
49% of revenue  
40% of revenue  
7%  
organic growth  
11% of revenue  
Endoscopy Solutions  
Patient Monitoring  
Anaesthesia  
6
Company announcement no. 9 2022/23  
|
3 May 2023  
 
STRATEGY UPDATE  
Provide innovative solutions  
for true customer needs  
Excel in execution across  
the value chain  
•
Pulmonology portfolio strengthened:  
o
•
Cash flow improvement, with positive  
cash flow of DKK 21m in Q2, driven by  
inventory reduction of DKK 136m versus  
the full-year 2021/22.  
Re-launch of Ambu® VivaSightTM 2 DLT.  
o
CE mark of two smaller sizes of Ambu®  
aScopeTM 5 Broncho HD, completing  
the company’s fifth-generation  
bronchoscope portfolio.  
•
•
Pricing initiatives ongoing.  
Streamlining initiated: Focusing  
geographical presence and addressing  
low-margin products.  
•
GI pipeline expanded:  
Larger-version aScope® GastroTM  
o
.
Bring people together in  
one shared culture  
Take leaps towards a  
sustainable future  
•
Leadership capabilities aligned to  
strategic priorities:  
•
2025-targets for circular products and  
packaging.  
o
Re-structuring of Ambu’s Executive  
Leadership Team.  
•
Plan for approaching net-zero  
emissions, including defining long-term  
roadmap.  
o
New Chief Operations Officer, Henrik  
Birk, effective 1 May 2023.  
7
Company announcement no. 9 2022/23  
Company announcement no. 9 2022/23  
|
3 May 2023  
3 May 2023  
7
|
 
SUSTAINABILITY HIGHLIGHTS  
ENVIRONMENTAL SUSTAINABILITY HIGHLIGHTS  
Ambu has made significant progress within sustainability in the last few  
years and has, as a result, been recognised as a market leader. The  
company believes that sustainability is a true source of competitive  
advantage and is committed to advancing the agenda by taking leaps  
towards a sustainable future.  
H1  
H1  
Change  
(%)  
Journey towards net-zero emissions  
2022/23 2021/22  
Recycled waste  
44%  
0.27  
41%  
0.28  
8%  
-3%  
In line with the company’s new ZOOM IN strategy, Ambu’s sustainability  
agenda is centred on two main areas: 1) Circular products and packaging  
and 2) Approaching net-zero emissions.  
Waste per tonne finished goods  
CO2e** per tonnes finished goods  
Renewable energy share  
1.95  
1.64  
19%  
-26%  
13.09  
17.74  
CIRCULAR PRODUCTS AND PACKAGING  
Ambu is dedicated to sustainable endoscopy by designing products and  
packaging that facilitate recycling through the use of sustainable materials.  
** Including scope 1 and 2  
This includes three clear and ambitious targets by 2025:  
Focus on waste management  
•
•
•
Bioplastics in all endoscopes  
Bioplastics in primary packaging of high-volume products*  
Recycling offering in all major markets  
Waste management remains a focus area across Ambu’s manufacturing sites and offices. In the  
first half of 2022/23, compared to the same period the year before, the company continued to  
reduce waste, resulting in an 8% increase of recycled waste and a decrease of 3% in waste per  
tonne finished goods. Waste management initiatives cover, among others, recycling and con-  
verting food waste into biogas and fertilizers, as well as recycling materials (runners) from  
injection moulding processes at manufacturing sites. Lastly, Ambu continued to increase compe-  
tency levels within the area of waste management, most recently via a LEAN Six Sigma forum  
focused on eliminating waste, held at Ambu’s manufacturing site in Xiamen, China.  
By introducing bioplastics in its entire fleet of endoscopes, Ambu will be  
the first company to take this big step. Together with using bioplastics in its  
primary packaging of high-volume products and engaging in take-back  
programs in all major markets, Ambu shows great commitment to paving  
the way toward sustainable endoscopy. Furthermore, the company has  
more initiatives in pipeline as it continues the journey towards a more  
sustainable future.  
Renewable energy share  
In Q2 2022/23, Ambu’s renewable energy share was mainly driven by two factors. Firstly, the  
increase of non-renewable energy use in Ambu’s new factory in Mexico resulted in a renewable  
energy share decrease of 26%, which is expected at this early stage of production ramp-up.  
NET-ZERO EMISSIONS  
Ambu is committed to operating responsibly and approaching net-zero  
emissions in collaboration with suppliers and other partners.  
Secondly, the renewable energy share was driven by a reduction of electricity consumption in  
Xiamen, which, in turn, lowered the number of renewable energy certificates purchased. Today,  
Ambu buys renewable energy certificates corresponding to actual energy use, and the reduced  
electricity consumption thus affected the overall renewable energy share, and as a result, also  
Ambu’s use of carbon emission per tonne of finished goods, which increased by 19%.  
The company is defining a long-term roadmap for achieving this goal and  
will present it by the end of the financial year 2022/23. This plan will  
include factors pertaining to extending the use of renewable materials and  
recycling products and packaging, as well as approaching 100%  
renewable energy in collaboration with partners.  
8
Company announcement no. 9 2022/23  
Company announcement no. 9 2022/23  
|
3 May 2023  
3 May 2023  
8
|
* Specifically, bioplastics in primary packaging of high-volume products centres on protective parts  
 
BUSINESS PERFORMANCE – ENDOSCOPY SOLUTIONS  
Last year’s comparative figures are stated in brackets.  
Q2  
2022/23  
Q2  
2021/22  
Organic  
growth  
Reported  
growth  
YTD  
2022/23  
YTD  
2021/22  
Organic  
growth  
Fx  
Reported  
growth  
DKKm  
North America  
Europe  
Fx  
5%  
-1%  
6%  
2%  
335  
265  
63  
272  
267  
49  
18%  
0%  
23%  
-1%  
29%  
13%  
664  
502  
527  
537  
16%  
-6%  
22%  
7%  
10%  
-1%  
6%  
26%  
-7%  
28%  
11%  
Rest of World  
Revenue  
23%  
11%  
114  
89  
663  
588  
1,280  
1,153  
4%  
Endoscopy Solutions sales for the quarter were up, with  
organic growth of 11% (3%), while reported growth was  
13% (7%), with revenue of DKK 663m. For the half-year,  
the organic growth in Endoscopy Solutions came to 7%  
(0%), with reported growth of 11% (4%).  
its fifth-generation bronchoscopy solution and Ambu®  
VivaSight™ 2 DLT.  
uniquely strong pulmonology portfolio to customers.  
Today, Ambu’s fifth-generation bronchoscopy solution  
has demonstrated ‘on par’ and even superior perfor-  
mance to reusable bronchoscopes. Moreover, with a  
complete fifth-generation bronchoscope portfolio –  
combined with the company’s world-leading Ambu®  
aScope™ 4 Broncho, Ambu® VivaSight™ 2 DLT and  
Ambu’s upcoming video laryngoscope 2.0 – Ambu is  
strongly positioned to expand its leadership position in  
pulmonology.  
ZOOMING IN ON PULMONOLOGY  
In Q2 2022/23, Ambu strengthened its offering in pulmo-  
nology with the approval of additional sizes of Ambu®  
aScope™ 5 Broncho and the re-launch of Ambu®  
VivaSight™ 2 DLT.  
Endoscopy Solutions accounted for 56% (53%) of  
Ambu’s total revenue in Q2. Q2 organic Endoscopy  
Solutions growth was 18% (15%) in North America, 0%  
(-6%) in Europe and 23% (0%) in Rest of World.  
Specifically, on 23 March 2023, Ambu re-launched  
Ambu® VivaSightTM 2 DLT after a thorough root cause  
analysis of the product’s bronchial or tracheal cuff. The  
solution was voluntarily recalled in Q3 2021/22 and has  
now re-entered the market with the issue fully resolved  
and at Ambu’s signatory high quality. Another positive  
contributor to Ambu’s pulmonology portfolio was the  
announcement, on 28 March 2023, of European  
regulatory clearance (CE mark) of two smaller sizes  
of the company’s fifth-generation bronchoscope  
solution, Ambu® aScope™ 5 Broncho HD. The clear-  
ance of the two smaller-sized scopes means that Ambu  
now supports pulmonologists with a complete portfolio of  
high-performing, single-use bronchoscopes for a wide  
array of patient needs in the bronchoscopy suite.  
Lastly, within bronchoscopy, the second quarter featured  
another new study that points to the value of single-  
use bronchoscopes. According to the study1 published  
in “Journal of Infection Prevention” in February 2023,  
reusable bronchoscopes can spread infections at a rate  
of 8.69%. In the study, several strategies for reducing the  
risk of cross-contamination are recommended, including  
adopting single-use bronchoscopes and treating all  
therapeutic bronchoscopes as critical devices. As such,  
single-use bronchoscopes – due to their inherent sterility  
– continue to prove their role as a key driver in elimina-  
ting cross-contamination and increasing patient safety.  
DRIVERS OF THE QUARTER  
Endoscopy Solutions excluding pulmonology posted  
strong results for the first quarter of 2022/23, with 36%  
growth. The biggest growth drivers were urology and  
ENT, due to an increased pace in uptake of orders and  
new customers, especially in the U.S.  
In line with expectations, the pulmonology business  
partly offset the strong organic growth in urology and  
ENT. Concretely, pulmonology posted -3%, due to  
increased revenue in Q2 last year related to Omicron, in-  
creased competition in the U.S., the recall of Ambu®  
VivaSight™ 2 DLT and an early flu season. However, for  
bronchoscopy, Ambu saw slightly positive revenue  
growth and expects to deliver year-on-year growth in  
pulmonology from the second half of 2022/23, driven by  
DRIVING POTENTIALS IN GI  
In Q2 2022/23, Ambu announced an expansion of its GI  
(gastroenterology) pipeline. The new development is a  
With these recent updates, as well as important projects  
in pipeline, Ambu’s is looking into a future of bringing a  
1
Travis, Russell & Kovaleva (2023): "Cross-contamination on Reusable Flexible Bronchoscopes:  
A Literature Review and Meta-Analysis”, Journal of Infection Prevention.  
9
Company announcement no. 9 2022/23  
|
3 May 2023  
 
larger version of Ambu’s gastroscope, including a  
larger working channel and improved suction perfor-  
mance, which will give customers the ability to address  
patient needs in the intensive care unit, as well as the  
endoscopy unit, hereby expanding the addressable  
market.  
Ambu will apply a focused approach, based on high  
customer needs, e.g., well-defined, specific procedures.  
Gastroenterology is a large endoscopy segment with  
great single-use potential, and based on Ambu’s  
customer relationships, its near-term product pipeline, as  
well as its proven track record in other segments, Ambu  
is well-positioned to lead and drive single-use market  
adoption in GI.  
For the Ambu® aScope™ Duodeno solution, Ambu  
remains committed to the potential of the single-use  
duodenoscope market. The company has limited focus  
on the Duodeno 1.5 product to centre its efforts on the  
development of Ambu® aScope™ Duodeno 2. The  
ERCP segment is a high-complexity segment, and Ambu  
is dedicated to developing a version 2 that meets the  
high-performance procedural demands for customers.  
STATUS OF NEW LAUNCHES  
During Q2, Ambu continued the global launches of its  
fifth-generation bronchoscope solution, Ambu®  
aScope™ 5 Broncho and Ambu® aBox™ 2, and its  
gastroscope solution, Ambu® aScope™ Gastro and  
Ambu® aBox™ 2. Both solutions are introduced to  
customers across the U.S., Europe and Australia – and  
in March 2023, the gastroscope solution was success-  
fully launched in Japan as well.  
For both solutions, customer feedback continues to be  
positive, and the company saw a steady ramp-up of re-  
buying customers during Q2. However, as the segments  
of gastroscopy and the bronchoscopy suite represent  
new customer groups for Ambu, the necessary time and  
effort is being put into building relationships to drive the  
uptake. Never-the-less, Ambu expects both solutions to  
contribute with a more meaningful revenue from the  
second half of the financial year 2022/23 and onwards.  
10  
Company announcement no. 9 2022/23  
|
3 May 2023  
 
BUSINESS PERFORMANCE – ANAESTHESIA  
Last year’s comparative figures are stated in brackets.  
Q2  
2022/23  
Q2  
2021/22  
Organic  
growth  
Reported  
growth  
YTD  
2022/23  
YTD  
2021/22  
Organic  
growth  
Fx  
Reported  
growth  
DKKm  
North America  
Europe  
Fx  
2%  
-1%  
3%  
1%  
168  
63  
185  
67  
-11%  
-5%  
-9%  
-6%  
350  
124  
63  
345  
123  
71  
-4%  
1%  
5%  
0%  
3%  
4%  
1%  
1%  
Rest of World  
Revenue  
33  
42  
-24%  
-11%  
-21%  
-10%  
-14%  
-4%  
-11%  
0%  
264  
294  
537  
539  
Anaesthesia revenue declined organically by -11% (12%)  
in Q2, with reported growth of -10% (19%). With revenue  
of DKK 264m, Anaesthesia accounted for 22% (26%) of  
Ambu’s total revenue in the quarter.  
For the half-year, organic growth was -4% (3%), and  
reported growth was 0% (8%).  
For Anaesthesia in Q2, sales declined -11% (6%) in  
North America, by -5% (38%) in Europe and by 24%  
(5%) in Rest of World.  
DRIVERS OF THE QUARTER  
Across the North American and European regions, Ambu  
saw a decline in revenue in Anaesthesia. This was pri-  
marily due to backlog reduction, combined with stock  
piling driven by geopolitical uncertainty, in Q2 last year.  
Additionally, Europe faced hospital staff shortages,  
impacting the quarter. For the Rest of World region,  
Ambu was impacted by phasing in the company’s  
distributor markets.  
11  
Company announcement no. 9 2022/23  
|
3 May 2023  
 
BUSINESS PERFORMANCE – PATIENT MONITORING  
Last year’s comparative figures are stated in brackets.  
Q2  
2022/23  
Q2  
2021/22  
Organic  
growth  
Reported  
growth  
YTD  
2022/23  
YTD  
2021/22  
Organic  
growth  
Fx  
Reported  
growth  
DKKm  
North America  
Europe  
Fx  
8%  
-1%  
2%  
1%  
83  
145  
34  
66  
148  
26  
18%  
-1%  
29%  
8%  
26%  
-2%  
31%  
9%  
157  
287  
60  
132  
283  
46  
10%  
2%  
9%  
-1%  
4%  
2%  
19%  
1%  
Rest of World  
Revenue  
26%  
7%  
30%  
9%  
262  
240  
504  
461  
Organic growth in Patient Monitoring was 8% (14%) in  
Q2, with reported growth of 9% (17%). With revenue of  
DKK 262m, Patient Monitoring accounted for 22% (21%)  
of Ambu’s total revenue in the quarter.  
For the half-year, organic growth was 7% (10%), and  
reported growth was 9% (13%).  
Patient Monitoring sales in Q2 increased by 18% (6%) in  
North America, declined -1% (24%) in Europe and  
increased by 29% (-13%) in Rest of World.  
DRIVERS OF THE QUARTER  
Revenue growth in Patient Monitoring was mainly driven  
by strong cardiology sales. For the regions, different  
drivers impacted performance. Europe faced increased  
revenue due to last year’s reduction of backorders and  
Omicron recovery, and sales were furthermore impacted  
by staff shortages, especially in Germany, resulting in  
fewer-than-normal elective procedures. Contrarily, Rest  
of World and North America were driven by post-Covid-  
19 recovery, as well as a reduction of backlog orders,  
resulting in positive results.  
12  
Company announcement no. 9 2022/23  
|
3 May 2023  
 
FINANCIAL RESULTS  
INCOME STATEMENT  
REVENUE  
Q2  
22/23  
Q2  
21/22  
Change  
in value  
Change  
%
YTD  
2022/23  
YTD  
2021/22  
Change  
in value  
Change  
%
Revenue for Q2 was DKK 1,189m (DKK 1,122m),  
reflecting a reported growth of 6% (12%) and a 4% (8%)  
underlying organic growth.  
DKKm  
Revenue  
1,189  
-525  
664  
1,122  
-475  
647  
67  
-50  
17  
-
6%  
11%  
3%  
-
2,321  
-995  
2,153  
-872  
168  
-123  
45  
8%  
14%  
4%  
-
Revenue year-to-date was DKK 2,321m (DKK 2,153m),  
equivalent to reported growth of 8% (7%) and organic  
growth of 4% (3%).  
Production costs  
Gross profit  
GROSS PROFIT  
Gross profit in Q2 was up 3% to DKK 664m (DKK 647m),  
while the gross margin declined by 1.9 percentage points  
to 55.8% (57.7%). The decline in gross margin is driven  
by production costs.  
1,326  
57.1  
1,281  
59.5  
Gross margin, %  
55.8  
57.7  
-
Production costs in Q2 increased by DKK 50m, or 11%,  
compared to last year. The inflationary effect on Ambu’s  
input prices, paired with the overheads from scaling-up  
the factory in Mexico, had a negative effect of more than  
3 percentage points in the quarter, however offset by  
product mix.  
Selling and  
distribution costs  
-394  
-69  
-407  
-65  
13  
-4  
-3%  
6%  
-780  
-138  
-813  
-129  
33  
-9  
-4%  
7%  
Development  
costs  
The average exchange rates in Q2 changed relative to  
last year as follows: USD/DKK by 5%, MYR/DKK by 0%,  
CNY/DKK by -3% and GBP/DKK by -5%. The combined  
exchange rate impact on the reported revenue growth for  
Q2 was 2 percentage points.  
Mgmt. and  
administrative  
costs  
-155  
-128  
-27  
21%  
-294  
-252  
-42  
17%  
Total OPEX  
EBIT  
-618  
46  
-600  
47  
-18  
-1  
-
3%  
-2%  
-
-1,212  
114  
-1,194  
87  
-18  
27  
-
2%  
31%  
-
For the year-to-date, gross profit was DKK 1,326m (DKK  
1,281m), while the gross margin declined by 2.4  
percentage points to 57.1% (59.5%).  
EBIT margin, %  
3.9  
4.2  
4.9  
4.0  
13  
Company announcement no. 9 2022/23  
|
3 May 2023  
 
Freight costs are recognised in the income statement at  
the point in time when the transported products are sold  
to the customer.  
OPERATING EXPENDITURES (OPEX)  
OPEX in Q2 totalled DKK 618m (DKK 600m),  
representing an increase of 3%, due to appreciating  
currencies against DKK. The OPEX ratio was 52%  
(53%).  
MANAGEMENT AND  
ADMINISTRATIVE COSTS  
Management and administrative costs for Q2 were DKK  
155m (DKK 128m), corresponding to 13% (11%) of  
revenue. The increase was driven by one-time severance  
costs in Q2 2022/23 and an overall modest increase of IT  
costs and general expenses.  
DEVELOPMENT COSTS  
Development costs in Q2 totalled DKK 69m (DKK 65m).  
Year-to-date, OPEX totalled DKK 1,212m (DKK 1,194m),  
corresponding to 52% (55%) of revenue.  
Year-to-date, development costs totalled DKK 138m  
(DKK 129m). Adjusted for depreciation, amortisation and  
impairment losses, development costs were reduced by  
DKK 8m, which, together with investments, reflect the  
lower level of innovation activities. Development costs  
corresponded to 6% (6%) of revenue.  
Year-to-date, costs totalled DKK 294m (DKK 252m),  
corresponding to 13% (12%) of revenue.  
TOTAL OPEX IN DKKM AND RELATIVE TO REVENUE  
(%)  
SPECIAL ITEMS  
Year-to-date, special items was DKK 0m (DKK 0m).  
56%  
750  
600  
450  
300  
150  
0
60%  
50%  
40%  
30%  
20%  
10%  
0%  
53%  
52%  
52%  
52%  
EBIT  
Operating profit (EBIT) was DKK 46m (DKK 47m) in Q2,  
with an EBIT margin of 3.9% (4.2%). EBIT was DKK  
114m (DKK 87m) for the year-to-date, with an EBIT  
margin of 4.9% (4.0%).  
YTD  
2022/23  
YTD  
2021/22  
Change  
in value  
DKKm  
Development  
costs  
138  
129  
9
651  
Q4  
The improved EBIT margin of 0.9% percentage points  
was driven by a reduced OPEX ratio of 3% percentage  
points and scale on EBIT margin from reported growth  
but offset by the gross margin decrease of 2.4% percen-  
tage points. The impact of foreign exchange rates on the  
EBIT margin was slightly negative for the quarter and  
negligible for the year-to-date.  
618  
Q2  
600  
Q2  
594  
Q1  
587  
Q3  
÷ Depreciation  
and  
amortisation  
-83  
0
-65  
-1  
-18  
1
21/22 21/22 21/22 22/23 22/23  
÷ Impairment  
EBIT BEFORE SPECIAL ITEMS (DKKM)  
AND RELATIVE TO REVENUE (MARGIN, %)  
OPEX ratio, %  
= Development  
costs affecting  
EBITDA  
55  
63  
-8  
6.0%  
SELLING AND DISTRIBUTION COSTS  
80  
4.2%  
3.9%  
46  
Selling and distribution costs in Q2 were DKK 394m  
(DKK 407m), down by DKK -13m from the prior-year  
period, or -3% in reported currencies. Selling and  
distribution costs corresponded to 33% (36%) of revenue  
in Q2.  
70  
60  
50  
40  
30  
20  
10  
0
5%  
3%  
1%  
-1%  
-3%  
3.7%  
68  
+ Investments  
112  
213  
-101  
47  
= Cash flow –  
Innovation  
42  
167  
276  
-109  
Year-to-date costs were DKK 780m (DKK 813m),  
corresponding to 34% (38%) of revenue.  
-0.6%  
-7  
Q4  
-10  
The decrease in Q2 and year-to-date is due to lower  
sales and marketing costs, slightly offset by a modest  
increase in distribution costs.  
Q2  
Q3  
Q1  
Q2  
22/23  
21/22 21/22 21/22 22/23  
EBIT margin before special items, %  
14  
Company announcement no. 9 2022/23  
|
3 May 2023  
 
DEPRECIATION, AMORTISATION  
AND IMPAIRMENT  
Depreciation, amortisation and impairment (DA) for Q2  
represented an expense of DKK 79m (DKK 78m),  
corresponding to 7% (7%) of revenue.  
CASH FLOW STATEMENT  
YTD  
2022/23  
YTD  
2021/22  
Change  
in value  
Q2  
2022/23  
Q2  
2021/22  
Change  
in value  
DKKm  
Year to date, DA represented an expense of DKK 156m  
(DKK 140m), corresponding to 7% (7%) of revenue.  
Cash flow from operating activities (CFFO)  
99  
5
94  
63  
1
-23  
24  
Cash flow from investing activities before  
acquisitions (CFFI)  
The increase in value is driven by amortisations from  
completed development projects.  
-78  
-141  
-154  
-275  
121  
Free cash flow before acquisitions (FCF)  
Acquisitions of enterprises and technology  
Cash flow from financing activities (CFFF)  
Changes in cash  
21  
0
-136  
0
157  
0
-153  
0
-298  
0
145  
0
EBITDA  
EBITDA was DKK 125m (DKK 125m), with an EBITDA  
margin of 10.5% (11.1%).  
36  
57  
107  
-29  
-71  
86  
148  
-5  
346  
48  
-198  
-53  
NET FINANCIALS  
Cash flow in % of revenue:  
Net financials amounted to an expense of DKK 67m  
(income of DKK 120m) for the year-to-date. Adjusted for  
last year’s fair value adjustment of contingent conside-  
ration totalling DKK 137m, the increase from last year  
was DKK 50m.  
Cash flow from operating activities (CFFO)  
Investments (CFFI)  
8
-6  
2
0
-
-
-
0
-1  
-
-
-
-12  
-12  
-7  
-7  
-13  
-14  
Free cash flow before acquisitions (FCF)  
The increase is driven by DKK 27m increased foreign  
exchange losses, mainly from intercompany receivables  
denominated in USD, and an increase in interest  
expenses from banks of DKK 23m, compared to last  
year.  
CFFO AND CFFI  
Cash flow from financing activities (CFFF) amounted to  
DKK 36m (DKK 107m) for the quarter and DKK 148m  
(DKK 346m) for the year-to-date. The capital base was  
strengthened in March 2023 by DKK 1,077m, and DKK  
1,140m was subsequently used in reducing borrowings.  
Cash flow from operating activities (CFFO) for Q2 was up  
DKK 94m to DKK 99m (DKK 5m) from last year. The  
improvement compared to last year was driven by  
working capital as Q2 was up DKK 109m at DKK 14m  
(DKK -95m), slightly offset by increased interest paid.  
TAX ON PROFIT  
Tax on profit for Q2 was a net expense of DKK 4m (DKK  
7m) and DKK 10m (DKK 12m) for the year-to-date,  
corresponding to an average effective tax rate on profit of  
21% (6%) year-to-date.  
FREE CASH FLOW BEFORE ACQUISITIONS (DKKM)  
AND CFFO AND CFFI RELATIVE TO REVENUE (%)  
CFFO for the year-to-date was DKK 1m (DKK -23m).  
Cash flow from investing activities (CFFI) for Q2 was  
DKK -78m (DKK -141m).  
200  
150  
100  
50  
15%  
10%  
5%  
NET PROFIT  
CFFI for the year-to-date was DKK -154m (DKK -275m),  
primarily driven by innovation activities of DKK -112m  
(DKK -213m) and investments into production capacities.  
Net profit for Q2 was DKK 15m (DKK 175m) and DKK  
37m (DKK 195m) for the year-to-date, equivalent to 2%  
(9%) of revenue.  
7
21  
0
0%  
-50  
-5%  
-10%  
-15%  
-136  
Q2  
-100  
-150  
-200  
FREE CASH FLOW  
-167  
Q4  
-174  
Q1  
DILUTED EARNINGS PER SHARE  
Diluted earnings per share (EPS-D) for Q2 were DKK  
0.06 (DKK 0.69) and DKK 0.15 (DKK 0.77) for the year-  
to-date.  
Free cash flow (FCF) for Q2 before acquisitions totalled  
DKK 21m (DKK -136m), and FCF for the year-to-date  
was DKK -153m, up DKK 145m compared to the same  
period last year. The improvement was driven by lower  
investments into innovation and working capital.  
Q3  
Q2  
21/22 21/22 21/22 22/23 22/23  
CFFO, % of revenue  
CFFI, % of revenue  
15  
Company announcement no. 9 2022/23  
|
3 May 2023  
 
BALANCE SHEET  
BALANCE SHEET CONDENSED BY MAIN ITEMS  
INVENTORIES  
Inventories were DKK 1,086m, down DKK 136m from FY  
2021/22, equivalent to 24% of revenue over 12 months.  
Q2  
2022/23  
FY  
2021/22  
Change  
in value  
Change  
%
DKKm  
Non-current assets  
Inventories  
4,817  
1,086  
671  
4,911  
1,222  
747  
-94  
-136  
-76  
-2%  
-11%  
-10%  
22%  
-3%  
INVENTORIES IN DKKM AND RELATIVE TO  
REVENUE ON A 12-MONTH BASIS (%)  
Trade receivables  
Other current assets  
Cash and cash equivalents  
Total assets  
181  
148  
33  
27%  
27%  
1,400  
1,300  
1,200  
1,100  
1,000  
900  
28%  
26%  
24%  
22%  
20%  
26%  
182  
187  
-5  
6,937  
5,212  
915  
7,215  
4,261  
1,845  
1,061  
48  
-278  
951  
-930  
-288  
-11  
-4%  
24%  
24%  
Equity  
22%  
-50%  
-27%  
-23%  
-4%  
Interest-bearing debt  
Trade and other payables  
Other liabilities  
1,222  
Q4  
1,209  
Q1  
1,121  
Q3  
773  
1,086  
Q2  
991  
Q2  
37  
800  
Total equity and liabilities  
6,937  
7,215  
-278  
21/22 21/22 21/22 22/23 22/23  
Inventories Inventories, % of revenue  
At the end of Q2, total assets were DKK 6,937m, down  
DKK 278m from FY 2021/22, and invested capital was  
DKK 5,945m.  
NET WORKING CAPITAL (DKKM) AND NET  
WORKING CAPITAL RELATIVE TO REVENUE (%)  
TRADE RECEIVABLES  
1,200  
1,150  
1,100  
1,050  
1,000  
950  
26%  
25%  
24%  
23%  
22%  
21%  
20%  
25%  
25%  
Trade receivables totalled DKK 671m at the end of Q2,  
against DKK 747m at the end of FY 2021/22. Calculated  
at fixed exchange rates on a 12-month basis, the avera-  
ge number of days of outstanding sales was 53 (60), due  
to a strong cash collection towards the end of Q2. The  
financial risk on trade receivables is unchanged from Q4.  
NON-CURRENT ASSETS  
24%  
1,108  
Q2  
At the end of Q2, non-current assets were DKK 4,817m,  
constituting a DKK -94m change from FY 2021/22, driven  
by DKK -117m in currency translations and DKK -156m  
(DKK -140m) in amortisation and depreciation, partly  
offset by total investments of DKK 154m (DKK 275m).  
23%  
23%  
1,144  
Q1  
1,038  
Q2  
1,022  
Q4  
996  
Q3  
TRADE PAYABLES AND OTHER PAYABLES  
Trade payables and other payables totalled DKK 773m,  
down DKK 288m from FY 2021/22. The reduction was  
driven by settled liabilities pertaining to the cost reduction  
program, paid-out bonuses and an overall reduced level  
of spending across inventories, capital expenditures and  
OPEX.  
900  
NET WORKING CAPITAL  
Net working capital (NWC) at the end of Q2 was  
DKK 1,108m, up DKK 86m since FY 2021/22. NWC  
corresponded to 24% of 12 months’ revenue.  
21/22 21/22 21/22 22/23 22/23  
NWC NWC, % of revenue  
16  
Company announcement no. 9 2022/23  
|
3 May 2023  
 
STRENGTHEN CAPITAL BASE  
On 21 March, in connection with its Capital Market Day,  
Ambu announced it was looking to strengthen its capital  
base to counter macro-economic uncertainties.  
EQUITY  
At the end of March 2023, equity totalled DKK 5,212m,  
up DKK 951m, or 22%, from FY 2021/22, corresponding  
to an equity ratio of 75% of total assets. The share  
capital was DKK 135m, distributed on 269.3m shares.  
An accelerated book-building offering was completed on  
24 March.  
Gross proceeds of DKK 1.1bn was raised in total by  
issuing 11,577,957 new B-shares and the sale of  
250,000 treasury B-shares at a price of DKK 93. Net  
proceeds, less transaction costs of DKK 23m, amounted  
to DKK 1,077m.  
Equity increased in Q2 by DKK 1,077m from net  
proceeds of capital raising through a directed issue of  
new B-shares and selling existing treasury shares.  
At the end of Q2 2022/23, Ambu employees had  
exercised a total of 315,000 stock options in Ambu A/S at  
a total of DKK 14m.  
Total credit lines in Q2 were DKK 1,800m, unchanged  
since FY 2021/22, of which credit lines for DKK 340m  
were utilised.  
In accordance with the remuneration policy, the first  
performance stock unit program granted in FY 2017/18  
was vested, and 47,000 shares were transferred to the  
employees.  
At the end of Q2, Ambu had unutilised capital resources  
of approximately DKK 1.7bn.  
NIBD AND LEVERAGE  
Net interest-bearing debt (NIBD) was DKK 733m by the  
end of Q2, down by DKK 925m from FY 2021/22. The  
decrease was driven by the capital raise with net pro-  
ceeds of DKK 1,077m, slightly offset by the negative free  
cash flow for the year of DKK -153m.  
Consequently, Ambu’s holding of Class B treasury  
shares has since FY 2021/22 been reduced by 612,000  
shares to 3,030,000 by end of Q2, corresponding to  
1.1% (1.4%) of the total share capital.  
At the Annual General Meeting held on 14 December  
2022, a proposal not to distribute dividend was adopted,  
and ordinary dividend to the shareholders will conse-  
quently be DKK 0m (DKK 75m).  
NIBD (DKKM), EBITDA BEFORE SPECIAL ITEMS  
(DKKM) AND NIBD/EBITDA BEFORE SPECIAL ITEMS  
2,000  
1,500  
1,000  
500  
5.0  
4.0  
3.0  
2.0  
1.0  
0.0  
OTHER COMPREHENSIVE INCOME  
3.9  
3.9  
Other comprehensive income included a translation  
adjustment arising from the translation of subsidiaries in  
foreign currency for the year-to-date of DKK -188m (DKK  
84m). The reduction was driven by the depreciating  
USD/DKK since FY 2021/22.  
3.5  
3.3  
1,817  
1.6  
1,658  
1,417 1,423  
125  
733  
125  
77  
145  
119  
0
Q2  
Q3  
Q4  
Q1  
Q2  
21/22 21/22 21/22 22/23 22/23  
NIBD  
EBITDA b.s.i.  
NIBD/EBITDA b.s.i.  
17  
Company announcement no. 9 2022/23  
|
3 May 2023  
 
FINANCIAL OUTLOOK  
LONG-TERM FINANCIAL TARGETS  
Organic revenue growth  
The outlook for the 2022/23 financial year as announced in the Annual Report on 15  
November 2022 is maintained as of 3 May 2023. The outlook for organic revenue growth  
is 5-8%, and the outlook for EBIT margin before special items is 3-5%.  
5-year CAGR (2022/23-2027/28)  
Total organic revenue growth  
Endoscopy Solutions  
>10%  
15-20%  
2-4%  
LOCAL CURRENCIES  
3 May 2023  
7 Feb 2023  
15 Nov 2022  
Anaesthesia and Patient Monitoring*  
Organic growth  
EBIT margin  
5-8%  
5-8%  
5-8%  
EBIT margin  
5-year target (2027/28)  
~20%  
>10% within next 2 years  
Potential trade-offs with  
growth investments  
DANISH KRONER  
7 Feb 2023  
3-5%  
3 May 2023  
15 Nov 2022  
EBIT margin  
before special items  
3-5%  
3-5%  
* Margin expansion initiatives may drive lower growth short-term  
EXCHANGE RATE ASSUMPTIONS FOR 2022/23  
3 May 2023  
697  
7 Feb 2023  
696  
15 Nov 2022  
USD/DKK  
MYR/DKK  
CNY/DKK  
GBP/DKK  
722  
156  
103  
850  
FINANCIAL CALENDAR  
2022/23  
156  
160  
100  
101  
31 August  
Earnings release Q3 2022/23  
End of financial year 2022/23  
847  
845  
30 September  
Deadline for the inclusion of specific items on the  
agenda for the Annual General Meeting 2023  
31 October  
FORWARD-LOOKING STATEMENTS  
Forward-looking statements, in particular relating to future sales, operating income and  
other key financials, are subject to risks and uncertainties. Various factors, many of  
which lie outside of Ambu’s control, may cause the realised results to differ materially  
from the expectations presented in this earnings release. Such factors include, but are  
not confined to, changes in market conditions and the competitive situation, changes in  
demand and purchasing patterns, fluctuations in foreign exchange and interest rates,  
as well as general economic, political and commercial conditions.  
2023/24  
8 November  
13 December  
Annual Report 2022/23  
Annual General Meeting 2023  
18  
Company announcement no. 9 2022/23  
|
3 May 2023  
 
QUARTERLY RESULTS  
Q2  
Q1  
Q4  
Q3  
Q2  
Q1  
Q2  
Q1  
Q4  
Q3  
Q2  
Q1  
DKKm  
2022/23 2022/23 2021/22 2021/22 2021/22 2021/22  
DKKm  
2022/23 2022/23 2021/22 2021/22 2021/22 2021/22  
Revenue by products:  
Pulmonology  
Endoscopy Solutions excl. pulmonology  
Endoscopy Solutions  
Anaesthesia  
Organic growth, products, %:  
Pulmonology  
Endoscopy Solutions excl. pulmonology  
Endoscopy Solutions  
Anaesthesia  
Patient Monitoring  
Organic growth  
Exchange rate effects  
Reported revenue growth  
378  
285  
663  
264  
262  
346  
271  
617  
273  
242  
351  
258  
609  
285  
269  
323  
239  
562  
302  
264  
380  
208  
588  
294  
240  
393  
172  
565  
245  
221  
-3  
36  
11  
-11  
8
4
2
6
-17  
47  
3
4
6
4
6
10  
-15  
44  
3
0
10  
4
-25  
83  
0
14  
20  
8
-17  
89  
3
12  
14  
8
-23  
143  
-2  
-6  
7
-1  
3
2
Patient Monitoring  
Revenue  
Production costs  
Gross profit  
1,189  
-525  
664  
1,132  
-470  
662  
1,163  
-519  
644  
1,128  
-499  
629  
1,122  
-475  
647  
1,031  
-397  
634  
9
13  
8
16  
4
12  
Organic growth, markets, %:  
North America  
Europe  
Rest of World  
Organic growth  
Selling and distribution costs  
Development costs  
Management and administrative costs  
-394  
-69  
-155  
-386  
-69  
-139  
-432  
-80  
-139  
-389  
-72  
-126  
-407  
-65  
-128  
-406  
-64  
-124  
8
-1  
7
9
-4  
14  
4
2
16  
-20  
4
16  
4
-4  
8
11  
7
-1  
8
18  
-16  
0
4
-1  
Operating profit (EBIT)  
before special items  
46  
68  
-7  
42  
47  
40  
Cash flow, DKKm:  
Cash flow from operating activities  
Cash flow from investing activities  
Free cash flow before acquisitions*  
99  
-78  
21  
-98  
-76  
-174  
-28  
-139  
-167  
146  
-139  
7
5
-141  
-136  
-28  
-134  
-162  
Special items  
Operating profit (EBIT)  
0
46  
0
68  
-135  
-142  
-13  
29  
0
47  
0
40  
Financial income  
Financial expenses  
Profit before tax (PBT)  
-1  
-26  
19  
1
-41  
28  
20  
-10  
-132  
12  
-7  
34  
137  
-2  
182  
0
-15  
25  
Cash flow, % of revenue:  
Cash flow from operating activities  
Cash flow from investing activities  
Free cash flow before acquisitions*  
8
-6  
2
-9  
-6  
-15  
-2  
-12  
-14  
13  
-12  
1
0
-12  
-12  
-3  
-13  
-16  
Tax on profit for the period  
-4  
-6  
2
-6  
-7  
-5  
Net profit for the period  
15  
22  
-130  
28  
175  
20  
Balance sheet:  
Assets  
Net working capital  
Equity  
Net interest-bearing debt  
Invested capital  
Key figures and ratios:  
Gross margin, %  
Operating Expenditures (OPEX)  
OPEX ratio, %  
EBITDA before special items  
EBITDA margin before special items, %  
EBIT margin before special items, %  
NIBD/EBITDA before special items  
Net working capital, % of revenue  
6,937  
1,108  
5,212  
733  
7,006  
1,144  
4,122  
1,817  
5,939  
7,215  
1,022  
4,261  
1,658  
5,919  
6,921  
996  
4,282  
1,423  
5,705  
6,557  
1,038  
4,162  
1,417  
5,579  
6,327  
911  
3,946  
1,259  
5,205  
55.8  
618  
52  
125  
10.5  
3.9  
58.5  
594  
52  
145  
12.8  
6.0  
55.4  
651  
56  
55.8  
587  
52  
119  
10.5  
3.7  
57.7  
600  
53  
125  
11.1  
4.2  
61.5  
594  
58  
102  
9.9  
3.9  
2.7  
23  
77  
5,945  
6.6  
-0.6  
3.9  
23  
Share-related ratios (in DKK):  
Market price per share  
Earnings per share (EPS)  
1.6  
24  
3.9  
25  
3.5  
23  
3.3  
25  
103  
0.06  
0.06  
89  
0.09  
0.09  
66  
-0.51  
-0.51  
69  
0.11  
0.11  
100  
0.69  
0.69  
173  
0.08  
0.08  
Diluted earnings per share (EPS-D)  
*'Acquisitions' refers to 'Acquisitions of enterprises and technology' as defined in the Annual Report  
2021/22.  
19  
Company announcement no. 9 2022/23  
|
3 May 2023  
 
MANAGEMENT’S STATEMENT
The Board of Directors and the Executive Management have today considered and
approved the interim report of Ambu A/S for the period from 1 October 2022 to 31 March
2023. The interim report has not been audited or reviewed by the company’s independent
auditors.
EXECUTIVE MANAGEMENT  
The interim report is presented in accordance with IAS 34 – Interim Financial Reporting as
adopted by the EU and additional Danish disclosure requirements for the interim reporting
of listed companies.
Britt Meelby Jensen
Chief Executive Officer
Thomas Frederik Schmidt
Chief Financial Officer
We consider the accounting policies applied to be expedient, the Group’s internal controls
relevant to preparing and presenting the interim report to be adequate and the interim
report to give a true and fair view of the Group’s assets, liabilities, results and financial
position at 31 March 2023 and of the results of the Group’s operations and cash flows for
the period from 1 October 2022 to 31 March 2023.
BOARD OF DIRECTORS  
We furthermore consider that the management’s review gives a true and fair view of the
development in the Group’s activities and financial affairs, the profit for the period and the
Group’s financial position as a whole, as well as a description of the most significant risks
and uncertainties to which the Group is subject.
Jørgen Jensen
Chairman
Christian Sagild
Vice Chairman
Henrik Ehlers Wulff
Michael del Prado
Susanne Larsson
Shacey Petrovic
Copenhagen, 3 May 2023
Simon Hesse Hoffmann
Charlotte Elgaard Bjørnhof
Employee-elected member
Thomas Bachgaard Jensen
Jesper Bartroff Frederiksen
Employee-elected member
Employee-elected member
20  
Company announcement no. 9 2022/23  
|
3 May 2023  
 
CONSOLIDATED FINANCIAL STATEMENTS  
INTERIM REPORT Q2 2022/23  
CONTENTS  
Page 22  
Page 23  
Page 24  
Page 25  
Page 26  
Income statement and statement of comprehensive income  
Cash flow statement  
Balance sheet  
Statement of changes in equity  
Notes to the interim report  
Company announcement no. 9 2022/23  
|
3 May 2023  
21  
 
INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME  
INTERIM REPORT Q2 2022/23  
DKKm  
DKKm  
Q2  
Q2  
YTD  
YTD  
FY  
Q2  
Q2  
YTD  
YTD  
FY  
2022/23 2021/22 2022/23 2021/22 2021/22  
2022/23 2021/22 2022/23 2021/22 2021/22  
Income statement  
Note  
Statement of comprehensive income  
Net profit for the period  
Revenue  
Production costs  
Gross profit  
4
1,189
-525
664
1,122
-475
647
2,321
-995
1,326
2,153
-872
1,281
4,444
-1,890
2,554
15
175
37
195
93
Other comprehensive income:  
Items which are moved to the income  
statement under certain conditions:  
Translation adj. in foreign subsidiaries  
Other comprehensive income after tax  
Selling and distribution costs  
Development costs  
Management and administrative costs  
Operating profit (EBIT) b. s. i.  
-394
-69
-155
46
-407
-65
-128
47
-780
-138
-294
114
-813
-129
-252
87
-1,634
-281
-517
122
-22
-22
36
36
-188
-188
84
84
273
273
Comprehensive income for the period  
-7
211
-151
279
366
Special items  
0
0
0
0
-148
Operating profit (EBIT)  
46
47
114
87
-26
Financial income  
Financial expenses  
Profit before tax  
-1
-26
19
137
-2
182
0
-67
47
137
-17
207
169
-34
109
Tax on profit for the period  
-4
-7
-10
-12
-16
Net profit for the period  
15
175
37
195
93
Earnings per share in DKK  
Earnings per share (EPS)  
Diluted earnings per share (EPS-D)  
0.06
0.06
0.69
0.69
0.15
0.15
0.77
0.77
0.37
0.37
22  
Company announcement no. 9 2022/23  
|
3 May 2023  
 
CASH FLOW STATEMENT  
INTERIM REPORT Q2 2022/23  
DKKm  
YTD  
YTD  
FY  
2022/23 2021/22 2021/22  
Net profit  
37
195
93
Adjustment for non-cash items:  
Income taxes in the Income statement  
Depreciation, amortisation and impairment losses  
Financial items and share-based payment  
Change in working capital  
Interest paid  
Income tax paid  
Cash flow from operating activities  
10
154
76
-199
-40
-37
1
12
140
-112
-215
-13
16
351
-123
-134
-29
-30
-23
-79
95
Investments in intangible assets  
Investments in tangible assets  
Cash flow from investing activities before acquisitions  
-109
-45
-154
-204
-71
-275
-395
-158
-553
Free cash flow before acquisitions  
-153  
-298  
-458  
Acquisition of technology  
Cash flow from acquisitions  
0
0
0
0
-5
-5
Cash flow from investing activities  
Free cash flow after acquisitions  
-154
-153  
-275
-298  
-558
-463  
Proceeds from borrowings  
Repayment of borrowings  
Repayment in respect of lease liability  
Exercise of options  
Sale of treasury shares  
Dividend paid  
Dividend, treasury shares  
Capital increase  
Cash flow from financing activities  
230
-1,140
-33
435
0
-27
11
0
-75
1
1
825
-125
-52
11
0
-75
1
14
23
0
0
1,054
148
1
586
346
Changes in cash and cash equivalents  
-5
48
123
Cash and cash equivalents, beginning of period  
187
64
64  
Cash and cash equivalents, end of period  
182
112
187
23  
Company announcement no. 9 2022/23  
|
3 May 2023  
 
BALANCE SHEET  
INTERIM REPORT Q2 2022/23  
DKKm  
DKKm  
Assets  
Note 31.03.23 31.03.22 30.09.22  
Equity and liabilities  
Note 31.03.23 31.03.22 30.09.22  
Goodwill  
1,545
454
212
769
506
29
1,531
500
212
681
457
37
1,623
481
212
764
458
27
Share capital  
Other reserves  
Equity  
135
5,077
5,212
129
4,033
4,162
129
4,132
4,261
Acquired technologies, trademarks and customer relations  
Acquired technologies in progress  
Completed development projects  
Development projects in progress  
Rights  
6
Deferred tax  
Provisions  
8
18
39
31
8
19
Intangible assets  
3,515
3,418
3,565
Lease liabilities  
Borrowings  
Non-current liabilities  
493
340
859
476
985
1,531
516
1,250
1,793
Property, plant and equipment  
Right-of-use assets  
1
1
650
567
606
544
686
590
Deferred tax asset  
Total non-current assets  
85
4,817
74
4,642
70
4,911
Provisions  
4
82
358
7
415
866
14
68
371
26
385
864
4
79
600
17
461
1,161
Lease liabilities  
Trade payables  
Income tax  
Other payables  
Current liabilities  
Inventories  
Trade receivables  
Other receivables  
1,086
671
50
991
700
30
1,222
747
36
Income tax receivable  
Prepayments  
Derivative financial instruments  
Cash and cash equivalents  
Total current assets  
45
74
12
9
73
0
23
78
11
Total liabilities  
1,725
6,937
2,395
6,557
2,954
7,215
182
2,120
112
1,915
187
2,304
Total equity and liabilities  
Total assets  
6,937
6,557
7,215
24  
Company announcement no. 9 2022/23  
|
3 May 2023  
 
STATEMENT OF CHANGE IN EQUITY  
INTERIM REPORT Q2 2022/23  
DKKm  
Reserve  
foreign  
currency  
trans-  
Share  
capital  
129
lation Retained Proposed  
adj. earnings dividend  
Total  
4,261
Equity 1 October 2022  
379
3,753
0
Net profit for the period  
Other comprehensive income for the period  
Total comprehensive income  
37
37
-188
-151
-188
-188
0
37
0
Transactions with the owners:  
Share-based payment  
Tax deduction relating to share-based pay  
Exercise of options  
6
5
14
6
5
14
Sale of treasury shares  
23
23
Share capital increase  
Equity 31 March 2023  
6
135
1,048
4,886
1,054
5,212
191
106
0
Equity 1 October 2021  
129
0
3,642
195
75
0
3,952
Net profit for the period  
Other comprehensive income for the period  
Total comprehensive income  
195
84
279
84
84
195
Transactions with the owners:  
Share-based payment  
Tax deduction relating to share-based pay  
Exercise of options  
8
-15
11
8
-15
11
Distributed dividend  
Dividend, treasury shares  
Share capital increase  
-74
-1
-74
0
1
1
1
Equity 31 March 2022  
129
190
3,843
0
4,162
Other reserves are made up of reserve for foreign currency translation adjustment, retained  
earnings and proposed dividend and total DKK 5,077m (31.03.2022: DKK 4,033m).  
25  
Company announcement no. 9 2022/23  
|
3 May 2023  
 
NOTES TO THE INTERIM REPORT  
INTERIM REPORT Q2 2022/23  
Note 3 – Segment information  
Note 1 – Basis of preparation of the interim report  
Ambu is a supplier of medtech products for the global market. Except for the sales of the  
various products, no structural or organisational aspects allow for a division of earnings from  
individual products, as sales channels, customer types and sales organisations are identical for  
all important markets. Furthermore, production processes and internal controls and reporting  
are identical, which means that, with the exception of revenue, everything else is unsegmented.  
Ambu has thus identified one segment.  
The interim report for the period 1 October 2022 to 31 March 2023 is presented in accordance  
with IAS 34 – Interim Financial Reporting as adopted by the EU and additional Danish  
disclosure requirements for the interim reporting of listed companies. The accounting  
principles applied are consistent with the principles applied in the annual report for 2021/22 with  
the exception of separating 'Right-of-use assets' from 'Property, plant and equipment' as  
described in note 2.  
Note 2 – Changes in balance sheet classification  
Note 4 – Revenue  
DKKm  
In connection with the preparation of the interim report, the management has decided to  
present 'Right-of-use assets' separately from 'Property, plant and equipment'. This effect of  
change in presentation of the Company's non-current assets does not affect any key ratios.  
Q2  
Q2  
YTD  
YTD  
FY  
2022/23 2021/22 2022/23 2021/22 2021/22  
Endoscopy solutions  
Anaesthesia  
Patient Monitoring  
663  
264  
262  
588  
294  
240  
1,280  
537  
504  
1,153  
539  
461  
2,324  
1,126  
994  
DKKm  
30.09.22  
30.09.22  
Total revenue by activities  
1,189  
1,122  
2,321  
2,153  
4,444  
Reported  
Restated  
North America  
Europe  
Rest of World  
Total revenue by markets  
586  
473  
130  
523  
482  
117  
1,171  
913  
237  
1,004  
943  
206  
2,140  
1,825  
479  
Land and buildings  
Plant and machinery  
Other fittings and equipment  
Property, plant and equipment in progress  
Property, plant and equipment  
732  
178  
185  
181  
1,276  
-539  
-51  
193  
178  
134  
181  
686  
1,189  
1,122  
2,321  
2,153  
4,444  
-590  
590  
Right-of-use assets  
590  
Note 5 – Risks  
31.03.22  
31.03.22  
For a description of Ambu’s risks, see the ‘Risk management’ section in the annual report for  
2021/22, pages 60-64.  
Reported  
Restated  
Land and buildings  
Plant and machinery  
Other fittings and equipment  
Property, plant and equipment in progress  
Property, plant and equipment  
673  
161  
176  
140  
1,150  
-488  
-56  
185  
161  
120  
140  
606  
-544  
544  
Right-of-use assets  
544  
26  
Company announcement no. 9 2022/23  
|
3 May 2023  
 
NOTES TO THE INTERIM REPORT  
INTERIM REPORT Q2 2022/23  
Note 7 – Contingent liabilities  
Note 6 – Share capital  
Ambu’s ongoing operations and the use of Ambu’s products in hospitals and clinics etc. involve  
the general risk of claims for damages and sanctions against Ambu. The risk is deemed to be  
customary.  
Development in the number of shares:  
Class A shares  
Q2 Q2  
Class B shares Nom. value ('000)  
Q2 Q2 Q2 Q2  
2022/23 2021/22 2022/23 2021/22 2022/23 2021/22  
No. of shares in thousands  
Ambu is involved from time to time in disputes with customers and patients about Ambu’s  
products. Appropriate provisions are made on an ongoing basis, and product liability insurance  
has been taken out. The management believes that the likely outcomes of these disputes can  
be covered by the provisions made and recognised in the balance sheet as at 31 March 2023.  
1 October  
Addition  
31 March  
34,320 34,320 223,396 223,384 128,858 128,852  
0
0
11,578  
12  
5,789  
6
34,320 34,320 234,974 223,396 134,647 128,858  
Capital increases  
Note 8 – Subsequent events  
On 24 March 2023, Ambu concluded its accelerated bookbuild offering to increase the share  
capital by a nominal amount of DKK 5,788,979 through direct issue of 11,577,957 Class B  
shares. The sale price was DKK 93 per share and DKK 91.10 per share net total transaction  
costs of DKK 22.5m. Total net proceeds raised was DKK 1,054m.  
In addition to the matters described in this interim report, the management is not aware of any  
events subsequent to 31 March 2023 which could be expected to have a significant impact on  
the group’s financial position.  
Development in treasury shares:  
Nominal value,  
DKKm  
In % of  
share capital  
No. ('000)  
Q2 Q2  
2022/23 2021/22 2022/23 2021/22 2022/23 2021/22  
Q2  
Q2  
Q2  
Q2  
1 October  
3,642  
-297  
-315  
3,977  
-66  
-269  
3,642  
2.0  
-0.2  
-0.2  
1.6  
2.0  
0.0  
0.0  
2.0  
1.4%  
-0.1%  
-0.1%  
1.2%  
1.5%  
0.0%  
-0.1%  
1.4%  
Disposals, sale of treasury shares  
Disposals, share options  
31 March  
3,030  
On 24 March 2023, Ambu concluded its accelerated bookbuild offering by sale of 250,000  
treasury Class B shares. The sale price was DKK 93 per share and DKK 91.10 per share net  
total transaction costs of DKK 0.5m. Total net proceeds raised was DKK 23m.  
In Q2 2022/23, disposals related to conclusion of employee share programmes (matching  
shares) of 47,336 (64,993) Class B shares and exercise of 314,760 (269,165) share options.  
27  
Company announcement no. 9 2022/23  
|
3 May 2023  
 
ABOUT AMBU  
Since 1937, Ambu has been rethinking solutions, together with healthcare professionals, to save lives  
and improve patient care. Today, millions of patients and healthcare professionals worldwide depend  
on the efficiency, safety and performance of our single-use endoscopy, anaesthesia and patient  
monitoring solutions.  
Headquartered near Copenhagen in Denmark, Ambu employs around 4,500 people in Europe, North  
America, Latin America and Asia Pacific.  
For more information, please visit Ambu.com.  
CONTACT  
Investors  
Thomas Frederik Schmidt  
Chief Financial Officer  
[email protected] | +45 2084 0500  
Nicolai Thomsen  
Director, Investor Relations & Strategic Finance  
[email protected] | +45 2620 8047  
Media  
Tine Bjørn Schmidt  
Head of Corporate Communications  
[email protected] | +45 2264 0697  
Ambu A/S
Baltorpbakken 13
DK-2750 Ballerup, Denmark
Tel.: +45 7225 2000  
CVR no.: 63 64 49 19  
Ambu.com