The following is a summary of the Carl Zeiss Meditec AG (CZMWF) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Carl Zeiss Meditec AG reported a slight revenue decline to €947 million, a 2.8% drop in reported terms, impacted by destocking of refractive consumables, affecting the company by approximately €40 million.

• EBIT dropped from €144 million the previous year to €108 million, a decrease of around 25%, and EBIT margin fell to 11.4% from 14.8%.

• Net income decreased by 26% from €113 million in the prior year to €84 million, with earnings per share at €0.94.

• For the fiscal year 2023/2024, the company expects revenue to be between €2.1 billion and €2.15 billion (between €2.2 billion to €2.25 billion with D.O.R.C), and targets stable EBIT.

Business Progress:

• Carl Zeiss Meditec AG has closed its acquisition of D.O.R.C., expanding its ophthalmic surgery capabilities; the contribution expected from D.O.R.C is around €100 million for the remainder of the fiscal year.

• The company aims to fully integrate D.O.R.C within two years, focusing on synergies and value creation.

• Plans are in place to continue expanding surgical centers and boosting presence in the retina since the acquisition of D.O.R.C.

• Recent stagnation in equipment business, particularly in North America, is showing signs of recovery, particularly in Ophthalmology.

• New products launched include ARTEVO, a new operation microscope for Ophthalmology.

• The company will re-enter the U.S market soon with the CIRRUS 6000 product and the Lucia hydrophobic monofocal lens intended primarily for retina surgery.

• Order entries have shown signs of a potential recovery, giving confidence for future quarters.

• The planned launch of VisuMax 800 in 2025 is expected to further solidify the company's market position in China.

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