- Published on 10 May 2023
Bright, and brighter still grow 2023 forecasts for the hearing aid industry, WSA now posting news of revenue growth and an adjusted outlook to reflect "positive momentum".
WS Audiology grew revenue by 9% to EUR 633 million in the second quarter of the fiscal year 2022/23, said the company announcing this May 9 its Q2 2022/23 results (January 1 – March 31, 2023).
The group attributes its optimism to continued strong growth in US Managed Care, market share gain in a key account in the US, and strong growth in its Asia-Pacific territories, including Japan and recovery in China.
Its reported EBITDA of EUR 122 million was flat compared to EUR 121 million in Q2 last year (margin 19.3%), with profitability impacted by one-off effects, mix effects and freight cost.
In the first six months of the fiscal year, WSA reported revenue grew by 7% (5% organic growth) to EUR 1,240 million and delivered stable reported EBITDA of EUR 243 million compared to last year (margin of 20%).
Hence, WSA adjusts its outlook for the fiscal year 2022/23 to reflect the positive momentum in the first six months. The outlook for organic growth is increased to 5-8% (prev. low single-digit organic growth). The outlook for the reported EBITDA margin at 1-2%-pts increase vs. FY21/22 is maintained.
WS Audiology CEO, Eric Bernard, said:“We are pleased with the strong revenue performance in Q2 which was driven by Americas and APAC including Japan and a strong recovery in China. We upgrade our guidance for the fiscal year 2022/23 to reflect the positive momentum we have seen in the first six months. The outlook for organic growth is increased to 5-8% while we reiterate our expectations of increasing the reported EBITDA margin by 1-2 percentage-points.”
This positive WSA news comes hot on the heels of other upbeat forecasts from Demant and GN, and Amplifon.