Agfa-Gevaert's healthcare IT division Agfa HealthCare posted a slight decline in revenue in the first quarter of 2022, while its radiology solutions unit improved on its recent performance.
Agfa HealthCare produced 55 million euros in revenue in its first quarter, down 0.5% overall and down 5.2% excluding currency effects from the 55 million euros generated in the first quarter of 2021. The unit had adjusted earnings before interest and taxes (EBIT) of 4.4 million euros, down from 6.5 million euros in the same period last year.
Looking ahead, 2022 will be a year of consolidation for Agfa HealthCare as the focus turns towards profitable growth, according to the vendor.
In addition, Agfa's radiology solutions division recorded 101 million euros in revenue for the first quarter, up 2.7% and down 1% excluding currency effects from the 99 million euros reported in the first quarter of 2021.
The revenue performance was a markedly better performance than previous quarters, driven by a pickup in digital radiography revenue, Agfa said. The medical film business was weighed down by the COVID-19 situation, mainly in China; shipments and invoicing were disrupted by lockdowns. The current geopolitical situation also had an impact, and these effects were not fully offset by the price increases for all types of medical film.
Revenue also continues to decline in Agfa's computed radiography business, hampered by the overall market and component shortages and transport issues, according to the company. Agfa said it continued to manage the computed radiography business to maintain healthy profit margins.
Agfa's radiology solutions division had EBIT of 1.5 million euros, down from 2.3 million euros in the first quarter of 2021.