Cicor Reports Strong YTD Sales Growth of 25%, Outlook Remains Positive

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Cicor Technologies Ltd. continued on its growth path in the third quarter of 2023. Quarterly sales increased by 22.4% to 95.3 million compared to the third quarter of the previous year (YTD: CHF 294.5 million, increase of 25.0%). Sales growth was driven by accelerated organic growth (11.7%) and acquisitions. The outlook for the fourth quarter remains positive, supported by a Q3 order intake of CHF 108 million resulting in a book-to-bill ratio of 1.13.

Cicor has further strengthened its position as one of the leading development and manufacturing partners for sophisticated electronics in the strategic target markets of medical technology, industrial as well as aerospace and defence in Europe. Robust customer demand especially in the medical and aerospace & defence markets combined with new customer wins supported Cicor's growth in the third quarter of 2023. Cicor is additionally benefiting from continued market growth driven by the trends of reshoring, customers seeking alternatives to manufacturing in China and increased outsourcing of electronics development and manufacturing.

Cicor continues to pursue its strategy of accelerated growth through both acquisitions and organic growth. The recently announced strategic partnership with the French Clayens Group has the potential to generate additional business for Cicor for smart drug delivery devices and other medical and industrial applications.

Based on the positive Q3 revenue and order intake progression, Cicor reconfirms its 2023 guidance to achieve annual sales of CHF 380 to 410 million and an operating result at EBITDA level of CHF 40 to 45 million.