Tecan Group Ag Stock Earnings Reports

Tecan delivered H1 2025 revenue of CHF 439.5m and adjusted EBITDA of CHF 65.7m (15% margin), broadly in line with expectations. Order entry improved sequentially (Q2 mid-single-digit growth in local currencies) and book-to-bill moved above 1, supporting a constructive H2 outlook. Life Sciences returned to growth in local currencies driven by consumables and clinical diagnostics; Partnering Business revenue declined but order entry strengthened in Q2. Gross margin improved by 180bps to 36.2% thanks to better mix, price increases and efficiency gains; adjusted EBITDA margin was resilient despite lower volumes. Management confirmed full-year guidance: sales in local currencies between a low single-digit decline and a low single-digit growth, and adjusted EBITDA margin guidance of 17.5–18.5% (like‑for‑like vs. March assumptions). Key risks: higher U.S. reciprocal tariffs (could reduce 2025 EBITDA by a low‑teens of CHF in H2 before mitigations), FX weakness versus CHF (roughly -80 to -100bps headwind to margin if current USD/CHF holds) and uncertainty in U.S. academic/government funding and China demand. Mitigations include inventory timing, local U.S. consumables manufacturing, selective pricing, sourcing changes and other operational actions. Balance sheet and shareholder returns: H1 operating cash flow was strong (CHF 60m), net liquidity CHF 140.3m, and a CHF 120m share buyback program was launched (up to ~6% of share capital); management says buyback will not constrain organic investment or M&A.