5-Year Overview H1 2019 - 2023
(in CHF million)
Free Cash Flow
H1 Net Sales by Region in %
Highlights H1 2023
Local-currency sales growth
In local currency terms, sales increased in a challenging business environment.
Product portfolio MDR certified
By H1 2023, nearly all sales came from EU Medical Device Regulation (MDR) certified products.
CHF, free cash flow
Free cash flow was strong thanks to improved net working capital.
CHF, reduction of inventories
Inventories went down as backlogs were reduced and warehouse management was optimized.
In the first half (H1) of 2023, the COLTENE Group achieved a pleasing business performance in a challenging environment. Net sales were CHF 131.4 million. At constant exchange rates, this corresponds to an impressive 1.7% increase year-on-year, up from a strong H1 2022 still riding the economic recovery after pandemic lockdowns were lifted. In reporting currency terms, however, net sales were down 2.6% from a year earlier (CHF 134.9 million). Operating profit (EBIT) for H1 2023 was CHF 14.4 million (H1 2022: CHF 16.7 million). The EBIT margin was 11.0% (H1 2022: 12.4%) and net profit was CHF 10.0 million (H1 2022: CHF 12.1 million). Actions taken to optimize net working capital were highly effective, delivering a strong positive boost to free cash flow, which rose to CHF 16.7 million (H1 2022: CHF 7.8 million).
The backlogs affecting instrument reprocessing equipment as a result of supply chain bottlenecks were successfully reduced. At the same time, however, the state of the global economy weighed on demand. Despite these challenges, sales in this product group were up, year-on-year. By contrast, endodontic file sales were prevented by delays in the certification process caused by the notified body TÜV Süd. The certifications have now been issued, allowing our endodontic files to reach markets with effect from H2 2023. In the core regions, some sales suffered in H1 2023 as retailers reduced their existing inventories of Dental Preservation and Efficient Treatment products. The greatest impact on sales, however, came from negative exchange rate effects driven by the euro (EUR), US (USD), and Canadian (CAD) currencies. These effects reduced reported net sales by 4.3% and impacted all four regions.
At constant exchange rates, sales by product group saw year-on-year changes as follows: Dental Preservation – 5.5%, Efficient Treatment + 0.3%, and Infection Control + 10.6%.
On behalf of the Board of Directors and Group Management, we would like to thank our employees for their hard work, dedication, and commitment. We also wish to thank our valued customers, business partners, and shareholders for the confidence they place in the COLTENE Group.
Chairman of the Board of Directors
Download the Full Half-Year Report 2023
Release of Annual Report and media and analyst conference on 2023 financial year
Annual General Meeting 2024
Release of Half-Year Report and media and analyst conference on 2024 half-year results