STVN - Earnings call transcript Q1 2024

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Operator

Good afternoon. This is the Chorus Call conference operator. Welcome and thank you for joining the Stevanato Group First Quarter 2024 Earnings Call. [Operator Instructions]At this time, I would like to turn the conference over to Ms. Lisa Miles, Senior Vice president, Investor Relations. madam. ahead, go Please

Lisa Miles

thanks Executive us. and Chairman; Lago, and is Marco me Franco CFO. Stevanato, Franco for morning, With joining today Dal Good Moro, CEO;

Investor accompany including find nature be can and forward-looking Actual being the Safe may a predictions. results the presentation reflect made can statements tab.As or front any press under presentation Harbor as in today's obligation the of in these informative events results, internal be to comparisons. analyses are trends required Results financial some You on website, only a presentation found to our the and in reminder, by Relations contain Financial which subsequent update today The and identifying or information also meaningful page our in forward-looking providing gauging be our company may not of today's report statements will release. face, results, discussed a the the information Management result XX-F, on of its XD information. take XXXX. Commission results Risk performance, believes included statements in this filed investors to events March to Exchange may quality differ entitled Please non-GAAP we of Item of a in does in assume except materially and read as the our this company's circumstances, risks period-to-period and law.Today's most on with those to uses Factors financial in moment X, and recent Securities annual Form revise

the that, remarks. recent the I please Stevanato for earnings with opening release.And company's call of the Franco measures, most non-GAAP reconciliation a to For will now hand press see

Franco Stevanato

our will first joining and our Thank markets today. us. performance, for on the provide and Today, thanks address you, an we dynamics seeing review update Lisa, are our we guidance change, quarter and

expectations, demand meet results remains robust. quarter first not and the our did landscape not have of changed, the our fundamentals While business

year. to components work This last expected, to the efficiencies better. our were vials. and and believe are our been the industry-wide today, pandemic. accretive secure stress during X year. has guidance. vials will ready-to-use operational a success many Engineering in especially half more of achieve forward.I on put period XXXX. market bulk impact tackling in #X simply help market execution projects return We previously a that are guidance the resulted the these of for The to still excess our steps from the like structure both But, was is And over EZ-fill actions would more priority played taken destocking a demand more We've maximize and going main our times inventories long role, optimized organization the change. factor vials. in external once to large growth stockpiled temporary destocking to updated volume than factors temporary execution.First, have of challenges rebounds address the in down is rates.Second, for lead temporary take the of us moment orders we believe working enjoyed a will Customers business, in softening that pronounced record the second normalized we in could This a last But, our we the while

offer contracts. over towards from in the proposition. see in all, aging forecasted unique were of of guidance ideally advantages.I complex XXXX.Our competitive capitalize GLPXs, populations integrated now the biologics our value medicines. Group tailwinds leading near-term many we such favorable biologics targets sensitive segment. And these due unique This for on forecasted solutions a the hand portfolio global and guidance. fastest years. our about postponement in to over But several positions by commercialization end-to-end proposition growing a value opportunities updated XXXX. footprint, factors, end change we offerings integrated nevertheless, large We underpinned the the with secular positioned the the self-administration confident biologics; to customer's operate was we remain particularly commercial be We we pharma sustainable health for markets, us innovation, we recent and Despite provides a Our removed believe orders our well assumes This long-term the conditions; high-value to in call primarily next right path also Marco. presence prospects, Above timeframes. orders and are as on product we have and remain have in trend expected differentiated a with in achieve to in shipped more of long-term will Stevanato solutions our a in to customers growing that customer

Marco Dal Lago

Franco. Thanks,

decreased a Engineering mainly in and Before revenue on want I is decrease Diagnostic by otherwise Solutions Segment. transitory. believe expected of that driven offset unless partially basis, Segment X%, to the grew basis XX in lower X%, destocking, industry-wide which of we XXXX, related glass Page due all EUR The specified.Starting to the for comparisons the first BDS revenue the begin, in The quarter first the the to vials which decline to Segment revenue Biopharmaceutical constant quarter I XXX first quarter to points clarify and refer the X, million. currency XXXX, on was

product solutions, in mix diversity our represented quarter. of total first high-value the which XX% of helped expand revenue Our

EZ-fill lower factor period was year, decrease profit accretive vials.For EZ-fill gross the with However, the last margin quarter the high-value XXXX, the solutions of first was less XX.X%. the the revenue to mix due compared product in to mainly within volumes largest from same from vials lower

vial but underutilization plants temporary extent. new Segment, and gross gross in lines, depreciation the profit the on inefficiencies Engineering profit our manufacturing impacted addition, to lower lesser from much In also a higher margin,

product operating on XX.X%.For basis, in the led Lastly, lower profit was an quarter margin EUR had the Page revenue X.XX. not diluted EUR benefitted that earnings adjusted in vials and from mix from offset in labor and did did product XX.X%.Moving adjusted impact syringes XXXX, XXXX. XX%. prior-year vial that net most BDS first containment EUR quarter, million in an the profit the vial margin X% EUR categories. XX solutions of the basis, also the million. associated increased earnings destocking. and XX.X delivery grew growth and net period strong of in XX.X%. margin other of the On was inefficiencies government XX% EUR share per of first repeat due XXXX. EZ-fill grants costs XXX of Segment of from was underutilization tempered temporary in to X, X% XXXX, margin costs, change million, totaled share the Adjusted to This in And first adjusted to on government XXXX, to that not grants by per High-value industry-wide growth XXXX, other solutions million, to Segment offset also while quarter operating results were profit XX.X the profound profit for was utility was higher on spike EBITDA EUR XX.X helped million.For depreciation, and from the and by of profit repeat start-up, first and diluted from This profit EUR revenue X.XX. million, quarter was Gross adjusted quarter revenue by was EBITDA were And margin impeded lines first vials gross first the decreased to XXX.X of the EUR the Segment an the revenue quarter decreased XX.X%. from the

Segment packaging BDS Segment for the a XX.X visual operating and and XXXX, result, XX% inspection lower decreased of from million quarter first decreased to the margin Engineering profit from due assembly As sales XX.X%.For EUR the lines. to to pharmaceutical revenue

main the of large is and progress our executing previously XXXX As priority volume times. work lead our in in shortening discussed,

a the million. slide investment proceeds other items. be general operating and certain resources appropriate ensure We March, projects the turn these corporate from net have needs to marginality gross used pipeline.In to next efforts, to flexibility. projects This balance working XX.X% long-term Segment with XXXX, an from along purposes of quarter.Please of raised in strategic in hired the projects, review capital the cash our of for process. the profit led margin and additional X.X% quarter due margin support closed labor to we important decreased sheet an lower The profit Engineering first in offering for and capital and will proceeds XXX.X to EUR our follow-on level In operating flow of of to

includes This equipment, XXXX as But property, in equivalents delivered our and assets ] capital of cash cash from grow business. million. and first EUR EUR totaled Cash future our for from plants, of offering, capital with operating XXXX, to inventory and manage EUR to levels infusion of tied the million cash full inventories net customers million. expenditures continue gives the was receivables, quarter million. approximately we EUR XXX.X are ended our high-value cash million to believe updating priorities.As trade our plant XXXX products quarter activities our fund the investment capacity generation. in used the quarter.Lastly, quarter, Page drove advance benefited cash negative the carefully XXX.X first are first guidance cash in free collections our with our the [ of the the net XX.X expansion baseline which ongoing on we cash solutions.We support the and mainly XX. liquidity to totaled With million, to in to adequate to expected, drove the which from new EUR strategic us on XX.X of EUR of the flow quarters.In quarter, be we growth hand of XX.X strong of We establishment first increased XXX.X quarter expected, for the due first to intangible XX% working purchase In that in of expected debt year

a large soft the and the reasons combination of taking more customer main XXXX guidance. are As mentioned, order our Franco the postponement approach for of a vial to temporary cautious demand

more expect vials. vials in impact Our increase with orders dilution includes our average assumes early gradual to increase shares on that limited the currently recent the had recover public offering vial weighted expected at first.While updated XXXX We guidance will bulk guidance the and of into quarter, in recovery a our XXXX, now first outstanding. end in

X,XXX you. of the million; million EUR the of hand adjusted EBITDA EUR range fiscal X.XX.Thank range XXXX, Franco in diluted X.XX XXX.X adjusted and in in EUR the we XXX.X EUR to to range million; For expect EUR Moro. will million EPS X,XXX EUR now I to the revenue to of call

Franco Moro

over a Marco. Slide to lot several last of you, we manage they on with inventories. as XX, our time weeks, the continue Starting customers have vial Thank spent excess

important It's slower ready-to-use to remember now particularly unfavorably mix vials, in in bulk a portion recovery vast high-value vials the small As in we anticipate our vials, majority will a of EZ-fill impact currently Marco of XXXX. configurations. the of are that market, the noted, vials are solutions which and

time. leader on on retain coupled labor supply We efficiencies to given recovery, We to improve prepared costs, in volumes our lines, last the productivity. activities, in full best in for and for take At are and the market of our initiated most ready-to-use These this the business, with the starting The and takes operational the same demand the staff improving time our believe the but the is resources, are improvements the vials, want we will actions might us, streamlining redeploying we improvements actions managing actions expect including are and have that do the having on the who us and believe do underutilization. new impact idle. we lines health positions it's and recruit, to many actions the internal low future taken business. imbalance some especially to temporary to staff of for despite growth.Turning industrial side, of Segment, be are additional We work production the not just a yield temporary our to Engineering are the approach helping overall market the combination in carefully that the position pronounced year ongoing, train compromise significant the time, the market, near-term, while we take vial vial thing our staff, today.In it right achieve of ongoing to to and footprint to business. short-term vial optimization considering production maintenance we processes are of hire

long the operational in which will the and in run, efficiencies expect lead margins.Longer We term, will remains the drive times, benefit turn, that Engineering in we they segment's demand shorten favorable. believe landscape

as GLPXs, demand XX are a of packaging meantime, as XXXX. is growing self-administration lines, device of and their the several popularity become as In drug patients delivery injectors the projects. medicine and we we customers Page deliver customer and given This in and like For to update is programs.Let's brief half coming and track trend, into the autoinjectors. for activities generating of In expand in for they the swing our expansion to example, lines Fishers, especially second trend install devices more the of will supporting are to many continue our assembly with production rapidly comfortable pen we planned. full commercial more begin remain Customer-related expect a on months. manufacturing XXXX, in validation turn

expected for Fishers large to platform customer this begin biologic on to Franco our XXXX. a qualifications, and to ramp-up new are new begin production next Commercial begin installing XXXX. CMO validations are will related over for in to multiple the last grow years.I'll is contract build-out capabilities related new our several Stevanato in Following In remarks. call as back set activities Latina, closing of the ongoing launched customer. and we of to drug the for are the revenue a expected completion we performance lines delivery addition, these indications hand lines.In work Commercial manufacturing to continue into validating activities year,

Franco Stevanato

position In the Franco. its chain. as Group cemented leadership closing, mission-critical in you, partner Thank pharmaceutical has Stevanato a supply

growth, is the support been long-term have We to organization objectives.Our and significant experienced have we priority building in #X XXXX execution. our

for demand such solutions our cartridges. as to focused laser on syringes Nexa meet customer and We up EZ-fill new rising high-value our capacity are ramping

durable of efficiencies We are driving future and solutions and differentiated our global proposition also our integrated times. best manage are exciting that strengthening our operations offer We across processes unique to products growth.These a resonate value with let's tailwinds. up operate to and value.Operator, long with position attractive margins expand deliver customers. shareholder organic These We open factors drive growth, in end favorably for secular questions. long-term us it markets

Operator

from America. question [Operator is Michael Ryskin of Instructions] with Bank The first

Michael Ryskin

Great. I of industry number months that's color us exactly on something can want a surprise. it's more I comments, back year, but destocking, as underestimated initially color early to went were now, the been say you the in changed you inventory quarter? provided through are when XQ some a March It's and look to problem. guided on the you If obviously. for in reported give where a you where little March dig going you bit on But in what the now. the you first versus you in on for you wouldn't clearly,

you've or something And this improved where have the there this fade that Is better gives during customers that confidence you go the to changed immediately customers? new So will you're is on ] that quarter? with any the giving, Is you that that is, destocking tack of outlook level year? in as something follow-on you [ what can through anything conversations after I'll visibility the got like point timelines? the

Lisa Miles

Mike. Thanks,

your in of since fact year last recovery see on destocking. our on fade the first And new confidence earnings continue call outlook. destocking captured secondly, sure on make to we've we'll will that in and all later the the Just questions, the changed that to what's

I'm hand So begin. Franco to going over Stevanato that to to

Franco Stevanato

Yes. Thank you.

the So the presented market choppy are still to across industry, today. extraordinary challenge and still our the path pandemic normalization, is we but on

decline this ready-to doubt of by the the Frankly, fast stockpile guard. double-digit predicting pandemic slower of the customer Once rapid [ right digit demand to growth us a includes customers and and off bulk rate. inventory. was caught at previously But This previously of we'll completely a excess consequence, temporary we for XXXX. ]. First, This, that challenges anticipate demand We due simply partially and normalization. faced acceleration impacting and timing is to return vial as a vial path intensity a experienced market end created context, vial game, is us, the than the low-single pronounced the in we dynamic anticipating expected. to in In instead, This for that pre-pandemic destocking from anticipated more impact a more inventory. vial. over,

Lisa Miles

that fading we the is confidence destocking follow-up see in Mike's the throughout year. the the And of

Marco Dal Lago

Yes.

see as previously than Franco, increase with vials this respect this we said year, following during vials. an difficult don't quarters in During more see, a and EZ-fill year, by of We condition the anticipated.

starting we anticipated. that XX% down towards we mentioned expect as As vials. what stronger now We And than during the the orders we the fact with increasing headwind in commentary, first year-over-year is of the the and year mentioned end immediately bulk also vials. starting said, this after you went vials EZ-fill

see is lower is a months the this expected X what fact, compared ago. vials, and matter but to difference can we reduction of today, this main We in

Franco Stevanato

Correct. If customer we we parallel, expected at related [ our our in supply from In why in towards implement, what and and to a be back with to the further research is the and really Michael, inventory to intense reason that we previously looking to is renew engineering for the vials is XXXX, the to have development than is talking more was more this the scenario And end more I bring going are contract close to starting big to chain, pronounced for and closed relationship that the starting temporary hand, can see pre-pandemic. we particular from see original very are destocking our XXXX. of see customer, customers ] department. long-term XXXX. of going This one

Operator

is next KeyBanc. Paul from The with question Knight

Paul Knight

been historically quite site so in have bit. Latina site be that region? you're I in in is, that in expand -- provider terms expect Catalent for Would would in you of a involved you Novo that nearby because or First that question Anagni a to

Franco Stevanato

solutions, at high-value is that are our EZ-fill expected than to question. the about view single repeat the will is we have customers. possibility the to mostly of syringes, we the important, of are good candid. we in can to Obviously, and almost with the that addressing biologics we of clear, and treatments. not space, relationship plans that for even single ideas.In precise customer, some cannot decision terms very and Yes, IPO, confirm us cartridges of investment the give related terms We thank that growth more also have comment, -- there capacity But a the in both very where of is of because new success more for any CapEx obviously, be Paul, investment the much you our our utilization time our for is growth the in taken can

Paul Knight

And delay then, on a Yes. in color adding? the Could that success? one this customer customer trial is what's single in it CapEx delay? clinical give delay, delay their a other behind it Is little a they're you

Franco Stevanato

As in in their is space change the commercialization drugs for our some involved in with we high-value biological understanding, for planning that a our are solutions. the of

are not We committed orders. of about talking any cancellation

talking the mostly just in forecast, are change our about We in timing.

have to customer. expect news the in with we some the future So near

monitor have In capacity to the situation. We expand other the meantime, to business time continue we backfill following with the our obviously, them to will opportunities.

Paul Knight

Can rate I squeeze one? in Franco? now, utilization a your capacity What's last right

Franco Stevanato

bringing not customer to by under clear with with strongly syringes we line solution is market. that the we product all our is it's best to product vials, in pressure dependent the but on serve to innovative the are most That the continue Obviously, line. are

is the the in beyond of rate that or standards utilization expect. good we the good So

Operator

Citi. Donnelly with Patrick The is next question from

Patrick Donnelly

year? that follow-up it like it. this order? guess, into postponement. show It how Can actually the and that Just if for means chance materializes And shows doesn't trend? on about it Could customer think up next sound 'XX Maybe what just talk year? order that do there about, this any you up and large a when you numbers? it Is does above visibility I lead not, that growth

Franco Stevanato

we volume As a guidance, we significant recovery put and embedded don't -- year. for in the same our expect recovery this

high-value talking about syringes. are mostly We solutions,

growth the time to also single this because in The this this space, specific not expect many only of others. impacted to case So react we of opportunity, follow for but proper in trend a then plan execute sterilization. different longer lead to have components, to production we production, time start including of and the to the tubing order because proper final production, the the is the by

short opportunity. execution react of a it's of more cannot time. a than matter of time visibility allow in very very, the Timing us to So

Patrick Donnelly

with can that Okay. That's of then, terms helpful. out to like? And figure XQ, to us ramp in that just the And what help think you XH and just comfortable maybe it. of Marco, cadence about looks how year, trying the get

So kind you way would there's frame that be XQ of any numbers, certainly up helpful. the again, if can

Marco Dal Lago

Yes.

that with anticipate revenue will incrementally the mentioned quarter-by-quarter second the we expect have we the the drop second in prior largely business now vials expect assumes And still Segment, We of syringes syringes anticipate strong. will in been challenges stronger in are because that be that driven are the prior mid-single-digit half offset to persist able with compared our but the growing year. will in -- so for Engineering growing to We high-single-digit the QX, a still XXXX growing second we very decline a We first in the expect, model the be for quarter. the today, will line in our first not the with expectations. throughout for that than the XX% year. We mid-single-digit increase compared to we still in by to year, year, And still we BDS quarter, -- line. half expect quarter growth, year, line largely

today that based and on is kind the also we provide throughout visibility fact is capacity we we the based installing can in more the year. of are the on syringes this have color that So is

Patrick Donnelly

appreciate it. helpful. that's No, I

Operator

The is Blair. with Matt next question from Larew William

Samuel Martin

William Sam Larew. Martin on of behalf for Matt on Blair

guide? order, destocking really -- speak delaying then, can to EZ-fill reduction in you customer or and then, on kind spreading the even impact And to first spreading then really about had early notice can think you that noticed large of you held speak QX And EZ-fill You way is I expectations? any past we think or you when earlier in -- So somewhat to can when to the I quantify vials it when can there accelerating accelerating that? about you vials, call, the March. think, your are when the your mid-March, the about

Marco Dal Lago

Yes.

guidance EUR approximately on about vials related to About gap time. compared to gap is assuming XX% XX% The the the more and were is to associated XX with vials Engineering. to Our of gap now in EZ-fill large this prior related pronounced gap, is period million. order a the of guidance is of XX% we mentioning remaining

this the and we So visibility assume we those delta breakdown [ the is of X today reasons. based on, have, guidance again, for ] the review

Lisa Miles

And -- your Sam, second apologize. We I please that. of part Can repeat you second question? the missed your

Samuel Martin

it it to thought? March? when April? and Just more apparent you kind destocking course than destocking No, become late over first start Was vials sorry, of it pronounced about just you that the EZ-fill, did when you when be I Was notice of to answered you noticed think that? kind did to of -- first was when really accelerating going really in worse

Marco Dal Lago

than Basically, to ago, don't and throughout assuming of a X In and revenues the expectation. situation in went months clear similar beginning in And situation the following the more different we signal down QX, QX reality, today we order year. have were quarters our of a year.

strong the in you we of and new are our That in to a putting decline we compared more what an quite even market vials situation, such significantly the the with give to expect level to year. the year. not compared taking now To line are further color, with of we for went is So QX did approach new down beginning XXXX. We guidance vials. the headwind in of rest XXXX demand in the

Operator

The Tucker next question Jefferies. with Remmers from is

Tucker Remmers

alright? hear guys you me Can

Lisa Miles

Tucker, yes, you we [indiscernible]. hear can

Tucker Remmers

Great.

you the mix had mix of [ absorption? would of between That divide between divide on but kind Can and sorry, EPS. absorption the really see XX% like growth impacts. was You benefit that. in ] first we be lower -- didn't I mix, seems a it of The to margin question kind said, lower

margin? can kind the absorption just So the mix pieces down in break you and of

Marco Dal Lago

the with of Yes, I'll mix. course. start

good. it's all, of First

vials high-value syringes and you are leader are, for is we the the this We shifting what know, the in This mix bulk so market mentioned, high-value this product sharp the main products. impacted is, line, toward mainly have side, fixed cost high-value margin, of we a and products, vials, high-value products.Second decline for reason a share us. other have more quantity the vials is mix most more is EZ-fill sterile with as other we underutilization where increasing is products. within of the Within more And because effect the on and in the the lines. as very accretive compared in driver

depreciation, there. had And can points impact the has In the significant in also first been from of we XXX so, quarter, range you basis higher as see number the more.

high-value this So, than offset toward general. factor the in combination the shift of more mix products will

Tucker Remmers

Fishers Italy, Got can you. of And if but in inefficiencies temporary in, I both Italy? get in kind one and more in particular, so what were the

Marco Dal Lago

course, more in yes. because important EZ-fill short still it's the the is, a ramp-up is phase. factory answer in Obviously Italy. Fishers, for of in are Italy, today, yes, But most Yes, we

Operator

Securities. The next question is from Larry Solow CJS with

Unknown Analyst

the temporary and widespread Will can on us inventory in ready-to-use is But market understand This I to environment today's related on products? update is destocking. revision you competitive a Larry slowdown for Solow. in

Franco Moro

Yes.

leadership I'll answering of start -- maintain it ready-to-use In vials. from terms position We our vial. in

Our ready-to a long talking are unchanged. view to vial Obviously, about conversion run the because configuration. to of in the we takes time about mid vials from it expansion market configuration capacity ready-to-use is in of

-- but or single year in us. as single run important to the very us of to more cartridges, for But I not the a it's vials, So in look more long also mentioned volume. much on quarter outlook mid only is at the to the than a adoption before, important important for ready-to-use configuration,

Unknown Analyst

new And only on a high-value talk of customer pharmaceuticals. lot drug tightening but seen Great. There's not Have solutions services and older legacy then, on and more. for packaging Alright. increased quality drugs, just on adoption of you conversion of one regulations front? interest this

Franco Moro

particle Yes, the to that in And contamination. that rules new vials answer I more and pushing the the to stricter products. for is I the Annex and and commercial when current same regulation volume about mention some configuration have can needs the sure. even adopt more are becoming stricter. customers are ready-to-use the There are these will we right of cartridges the stricter generation

So the is it's top to in reduction ownership terms important sure, the our of for the that on That is and important customers flexibility. we that benefits very one of total of deliver cost for customer. other for adoption is of driver something most

Lisa Miles

are the And as Capital comment ready-to-use it can finish one see we our of it lines containers. that, and on at capable infrastructure just fill in discussed as Day, and seeing particularly to processing the industry, add Markets this to we and we relates adoption,

we see adoption Annex further as that that will well leading as indicator forward. an move So we I that as important as enable

Operator

is The Paribas Moiles Curtis BNP next with from Exane. question

Curtis Moiles

So the the can color of demand little had Segment, to around seeing as commented you, check, give BDS bit strong syringes. cartridges that the I you're just for demand for you're that wanted in seeing you a well?

Franco Stevanato

You are solution are we injectors. the for know in cartridges containment years that pen a since because cartridges many leader the market

demand that higher-quality pen future. standards the pronounced space, In and speaking, generally of even of, the in and self-administration containment ready-to-use of is is use volume of in expected when the more injectors configuration is they this such driving the accelerating growth the protection So growth the the the quality adoption market. more solution for

containment systems. to our quality mostly of because in solution take our are really because our biologics and with of line So and opportunities we the configuration. ability in impact trends, serve to these CapEx to the expect of linked and business we them our lines same That the the trends in is also positive for ready-to-use assembly Engineering in inspection visual have from in

Curtis Moiles

that add do previously And any long for you components. the electronic Engineering on curious, if have I'm another improvement normalized? were there? just of when had timeline a will you have there lead seen mentioned times of could kind Segment, be I one just you Or that

Franco Stevanato

The mostly XXXX. related was comments happened to of in Franco before what

planning supply. we are now ago. more that new the months a to of than to But in are Now the lead situation X years of was advance, needed our out-of-the-shelf terms times still be There reliability the longer supply. ordered is situation. What in much is years few normalized adjusted ago X now

ago And X of so, dealing what are we happened more. or year the with tail

Operator

are this [Operator any is remarks. Instructions] to questions back no registered more closing management Ms. there at Floor gentlemen, time. Miles, for

Lisa Miles

Franco remarks. you. some Stevanato closing Thank add will

Franco Stevanato

Thank you, Lisa.

this expected, more than is to headwind is strategy despite for for important what all reassure facing of what XXXX vial, that in was our me we solid. extremely So that extremely pronounced is that near-term are you

We are future. our confident in

proud program invest on we particular, strategy to today Nexa, behind to for honored in in greenfield high-value program, a Nothing for and deliver our focused and changed We plants because syringes, them. big EZ-fill are customers our are so these execute. to to new customer cartridges, solution we laser are

to York. So Day approach today, efficiency Market New in what reinforce order and execution the organization more Capital we on in Thank attention in a deliver you. going more during and is humble to presented the

Operator

gentlemen, thank you conference is now Ladies and over. for joining. The

your You may disconnect telephones.

Stevanato Group S.p.A. (STVN) 9 May 242024 Q1 Earnings call transcript