News

T&W Medical improved operations and results in 2022/23

T&W Medical, the holding company for the Tøpholm and Westermann families’ ownership of WS Audiology, T&W Holding, UNEEGTM medical and T&W Engineering, among others, generated continued progress in underlying operations and delivered improved results in 2022/23 as expected despite continued volatility in financial markets.

In 2022/23, T&W Medical consolidated revenue increased by 5% to DKK 18,371 million based on continued progress in the leading global hearing aid company WS Audiology, which is the Group’s largest subsidiary with 12,500 employees developing, manufacturing and selling hearing aids and solutions through own sales channels and independent distributors globally.

The Group’s companies increased total investments in research and development by 10% to DKK 1,468 million. These investments made up 8% of revenue and strengthen the power of innovation while creating the foundation for continued growth and progress in the companies.

“We are satisfied that the companies in the T&W Medical Group delivered on expectations and generated continued progress in underlying operations even though developments in financial markets were challenging. The innovation work and investments in development of healthcare technology and products continued with an unwavering focus on creating better lives for people around the world,” says Lars Nørgaard, CEO of T&W Medical.

Operating profit (EBITDA) increased by 13% to DKK 3,384 million corresponding to an EBITDA margin of 18.4%. The positive development was driven by revenue growth, scale benefits and cost savings from transformation projects as well as lower normalisations in WS Audiology.

Net financial expenses decreased by 50% to DKK 1,165 million on the back of higher interest income and positive exchange rate adjustments related to the ownership of WS Audiology, which more than outweighed a significant increase in interest expenses. In total, the Group realised a loss before tax of DKK 92 million against a loss of DKK 1,820 million in 2021/22. The progress was driven by the positive development in WS Audiology, lower net financial expenses and positive underlying investment results in T&W Holding, which invests in listed and unlisted companies, private equity, properties, infrastructure projects and alternative assets, among other things.

“We improved the Group’s result significantly in another financial year marked by great volatility in interest levels and exchange rates. The unrest in financial markets impacted our investment activities, which still delivered reasonable returns contributing to the development activities across the Group,” says Lars Nørgaard.

In the 2023/24 financial year, T&W Medical will continue to invest in research and development, clinical trials, organisational development and commercialisation across the Group companies.

For additional information, please contact
CEO Lars Nørgaard, telephone +45 44 35 58 06