2022 management report: Revenue growth of 4% despite difficult conditions

The pfmmedical Group achieved revenue growth of around 4% in the 2022 financial year – despite many unforeseen circumstances that had a negative impact on revenue growth. For example, the war in Ukraine was not expected and people didn’t expect the coronavirus pandemic to have the influence it did.

Despite the difficult conditions, the medical focus fields that steer business operations generated total revenue of EUR 131.7 million (previous year: EUR 127.1 million). Considering the business lost during the year with Convatec products (e.g. urine meters, suction catheters), this was a solid performance. The listed company Convatec stated in May 2022 that it would be withdrawing from the manufacture of the affected product lines and would be completely halting production within a few months.

The medical focus field of surgery showed particularly impressive growth – not only in Germany, but also in China and the US. Other medical focus fields also supported the positive growth in international markets. Only the Surgery ICA division, within the medical focus field of surgery, showed negative growth. This was partly due to the procurement crisis for semiconductors due to supply chain disruption, which meant that our subsidiary pfm medical hico gmbh didn’t experience the expected level of growth, but also the above mentioned discontinuation of a line of business at our partner Convatec, which resulted in the loss of part of our portfolio in this division.

Solid growth globally and implementation of our strategy

As a global company, international business is traditionally very important to pfmmedical. The pfmmedical group serves over 100 markets with 12 sites in eight countries. The proportion of international business in total operations was 51.9% in 2022 (previous year: 48.8%). The proportion of products manufactured internally was increased further this year and came to 55.6% (previous year: 54.4%). This enabled pfmmedical to continue to pursue its strategy of ongoing internationalisation and higher value creation.

Investments to strengthen revenue growth

Investments in intangible assets and property, plant and equipment came to EUR 1,695 thousand in 2022 and focussed on technical facilities and office equipment. Non-current financial assets came to EUR 1,537 thousand. Here, the focus was on newly acquired companies or start-ups in Brazil and the US, as well as in key target countries. There were also special costs of over EUR 1 million for the restructuring of the manufacturing business pfm medical mepro gmbh.

The lower costs for travel, vehicles and advertising resulting from the coronavirus pandemic started to rise again in 2022 as the situation began to normalise but are still within expected parameters. Staffing costs also increased as a result of the increased number of employees.

Prospects

Further revenue growth is expected for this financial year. The impact of the war in Ukraine on the global economy and the business performance of pfmmedical remains to be seen. However, the specific impacts are currently categorised as limited. The EBIT for this financial year is expected to exceed that of 2022.

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Short profile pfmmedical

pfmmedical is one of the leading German providers of special solutions in the healthcare sector. The Cologne-based family-owned company was founded in 1971, and has 680 employees at twelve international locations. The medical product provider holds 380 granted property rights in over 120 patent families worldwide and distributes a broad portfolio in more than 100 markets.

Its products span the following four medical focus fields: Surgery (e.g. drainage systems and titanised mesh implants), infusion (e.g. mobile electronic infusion pumps and implantable port catheters), histotechnology (e.g. blades and laboratory equipment) and cardiovascular technology (e.g. implantable occlusion devices for the interventional treatment of congenital heart disease and special catheters).

pfmmedical combines products and services to a comprehensive package of solutions. For instance, the company provides training and advice to users such as medical practitioners, nursing staff, patients and their families to support optimal therapy outcomes in both inpatient and outpatient healthcare. When developing innovative solutions in close cooperation with leading medical practitioners and specialist partners, pfmmedical invariably focuses on improving the quality of life of both users and patients.

Press Contact

pfm medical ag 
Martina Welters
Wankelstraße 60               
50996 Köln          
Tel.: +49 (0)2236 9641-370 
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