RODENSTOCK announces financial results for 2022
Rodenstock Group has announced its results for the financial year 2022. Driven by what it describes as continuously growing demand for its B.I.G. Vision® product portfolio of biometric progressive lenses as well as the successful launch of its new B.I.G. NormTM lens range in 2022, the group increased consolidated pro-forma net sales to 505 million euros (previous year 486 million euros on a like-for-like basis). Rodenstock’s B.I.G. Vision® strategy remains at the core of the group’s ambition to lead the paradigm shift in individual lenses and continue its transformation to become a leading lenses Med-Tech company. With its patented DNEye® technology, the company has further expanded its international business and its offering of individual biometric lenses in 2022.
The acquisition of Indo Optical, which closed in September 2022, and the sale of its eyewear business to De Rigo, which was announced in December 2022, enable Rodenstock to fully focus on commercial effectiveness, global expansion and further lenses innovations over the coming years. The legal transfer of the eyewear business to De Rigo is expected to be completed in the second quarter of 2023.Overall, fiscal year 2022 was impacted by the deterioration of the macro-economic environment following the invasion of Ukraine by Russia, leading to further disruption of international supply chains, rising inflation levels as well as substantial uncertainty among businesses and consumers. Rodenstock took decisive action and exited the Russian market swiftly by transferring the ownership of its Russian business to local management. Despite a slow-down in sales growth in the second half of 2022, Rodenstock Group generated recurring EBITDA of 118 million euros in 2022 down -4% compared to previous year on a like-for like basis, considering the transfer of the Russian business during the year and the deconsolidation of the eyewear business.
Marcus Desimoni, CEO of the Rodenstock Group, said: “Despite substantial market headwinds, we have successfully continued to execute on our B.I.G. Vision® strategy and expanded our global lenses business. I would like to thank the entire team for their hard work and commitment over the past year. Strategic milestones such as the acquisition of Indo Optical and the sale of the eyewear business have provided the basis for further profitable growth in the coming years”. Dr. Mani Herold, CFO of the Rodenstock Group who joined on April 1st, added: “2022 was marked by important strategic decisions for group. I am thrilled to be part of Rodenstock as we are entering the next phase of our transformation into a leading Med-Tech company and to support our worldwide organization in delivering strong growth whilst focusing on superior financial performance and operational excellence”.