- Very strong revenue growth of 38 % to EUR 73.4 million in 9M 2021, compared to EUR 53.2 million in 9M 2020
- Overall growth driven by significant double-digit growth rates in all divisions: Systems +65 %, Services +26 % and Products +32 %
- Healthcare sector’s share of revenues rises to 76 % (9M 2020: 75 %)
- EBITDA of EUR 13.5 million, up 51 % year-on-year (9M 2020: EUR 9.0 million); EBITDA margin in relation to revenue improves to 18.5 % (9M 2020: 16.8 %)
- International subsidiaries make growing contribution to total revenues; “Other reporting segment” revenue share at 19 % in 9M 2021 (9M 2020: 11 %)
Würzburg, 10 November 2021. va-Q-tec AG (ISIN DE0006636681 / WKN 663668), a pioneer in highly efficient products and solutions in the thermal insulation (so-called super insulation) and temperature-managed supply chains (so-called TempChain logistics) area, continued to report very positive business growth in the third quarter of 2021. As a consequence, the company is well on the way to achieving its revenue and earnings targets for the full financial year. At the same time, the Management Board is confident that it will be able to continue its profitable growth course in the future.
Overall, revenues in the first nine months of 2021 grew by 38 % to EUR 73.4 million (previous year: EUR 53.2 million). In addition to the healthcare sector’s continuing very high revenue share of 76 % (previous year: 75 %), the significant increase in revenue contributed by the subsidiaries in Singapore, Korea, Switzerland, Japan, Uruguay and the USA of 19 % (previous year: 11 %) deserves particular mention. This performance underscores va-Q-tec’s ongoing expansion and strengthens its position as a reliable partner worldwide. At the same time, profitability also improved further; earnings before interest, taxes, depreciation and amortization (EBITDA) rose by 51 % to reach EUR 13.5 million (previous year: EUR 9.0 million), thereby considerably outpacing the rate of revenue growth. As a consequence, the EBITDA margin, measured as a percentage of revenues, was up by 1.7 percentage points year-on-year to 18.5 % (previous year: 16.8 %).
As far as individual divisions are concerned, the Systems business (thermal packaging) recorded the fastest rate of growth of 65 % to EUR 28.8 million (previous year: EUR 14.4 million). This area benefited particularly from global COVID-19 vaccine campaigns. Examples of relevant products in this context include the va-Q-pal SI, a thermal container for one-way transports that enables temperature-stable transportation of COVID-19 vaccines over a period of many days while not being dependent on external energy supplies. In the Services business (“Serviced Rental” of thermal packaging systems), va-Q-tec recorded revenues of EUR 31.3 million in 9M 2021, representing an increase of 26 % (previous year: EUR 24.8 million). After a coronavirus-induced slowdown in demand, the rental of small thermal boxes for transports “on the last mile” rose sharply again in the third quarter. Rentals of large thermal containers also benefited from an accelerated start-up of new projects. The very positive trend and momentum in the service sector continued at the start of the fourth quarter. In addition to vaccine distribution, va-Q-tec also benefited from a further broadening of its overall customer base. In the Products division (vacuum insulation panels and phase change materials), revenues grew by 32 % year-on-year to EUR 17.0 million (previous year: EUR 12.9 million), driven by strong demand for energy-efficient refrigerators and freezers. In addition, this trend is being bolstered by the new EU energy efficiency labels for refrigerators and freezers, which came into force on 1 March 2021.
Strong demand for products and services in TempChain logistics will continue in the final quarter of 2021 and beyond. Firstly, vaccination rates remain very low in much of the world, with global distribution of COVID-19 vaccines thereby continuing in the future. With potential booster vaccinations and adaptations of the vaccine to mutated virus variants, it is also becoming apparent that this business will stabilize in subsequent years. The development of mRNA vaccines, which has become established in the pharmaceutical industry as a consequence of the COVID-19 pandemic, also offers numerous further potential applications against other diseases such as cancer and malaria, which should give the already very dynamic TempChain business a further boost.
In addition to the TempChain business, demand in other application areas also performed extremely well in 9M 2021: high-tech vacuum insulation panels offer crucial advantages wherever secure and highly efficient insulation solutions are required in the tightest of spaces. In numerous other sectors such as Technics & Industry (e.g. insulation of pipelines), Building (building insulation) and in the Mobility area (e.g. high-tech insulation of electric vehicles), va-Q-tec is valued as a reliable partner. With strategic partnerships such as with Hutchinson in thermal management in the mobility sector and with Uponor in highly energy-efficient and form-flexible pipe insulation, va-Q-tec underscores both its reliability and its growth ambitions in these areas. The innovative va-Q-steel panel solution also deserves particular mention. This newly developed product greatly enhances the efficiency of e.g. fuel cells and high-temperature batteries by means of vacuum insulation at high temperatures. With its high-tech insulation solutions, va-Q-tec is thereby excellently positioned to benefit from the megatrend of climate protection through thermal energy efficiency.
Dr. Joachim Kuhn, CEO of va-Q-tec AG, comments: “We are likely to maintain a high growth dynamic in the short and medium term, as it is being driven not only by a temporary vaccine boom. We are continuing to expand our position as a leader in thermal energy efficiency and high performance thermal packaging for TempChain logistics. This was confirmed just a few days ago impressively once again by being awarded the winner in the category “Manufacturing” at Financial Times’ TechChampion Award. Our products enable us to make a crucial contribution to achieving a climate-neutral economy. Following the review as part of our 20th anniversary of our development and growth from a start-up to a successful high-tech company, our next milestone is to reach the EUR 100 million revenue level. We will achieve almost precisely this level in 2021. This will mark the start of the next chapter in our company’s development and establish a firm foundation for the company’s long-term success.”