Lumibird, a well-known French optoelectronics company, increased its lidar production capacity by 16% year-on-year and was boosted by strong market demand

On July 24, Lumibird, a well-known French optoelectronics company, released its latest semi-annual report. In the first half of the year, Lumibird's revenues were 97.2 million euros, up 16 percent from the same period last year. Of this, the Optoelectronics division contributed 45.9 million euros and the remaining 51.3 million euros came from its medical division. In the second quarter (Q2) ended June 30, Lumibird's quarterly sales reached 56.3 million euros, an increase of 22% year-on-year.

(Photo credit: Lumibird)

Shares in the Lanne-based company, which is listed on the Paris Stock exchange, rose by around 5% after the latest figures were released. Recent investments in production capacity for products such as lidar in regions such as France, Sweden and Slovenia are part of the reason for its recent strong performance, according to analysts.

Lumibird's management stated that once the planned acquisition of Convergent Photonics is completed, the company should be close to achieving its annual turnover target of EUR 250 million. The deal is still subject to regulatory approval in Italy and the United States, and Lumibird is said to have more acquisitions in the pipeline. "If these acquisitions are completed in 2023, the group's annual turnover (including the contribution of the acquired businesses in a 12-month period) could reach up to 250 million euros," the company said in its financial statements. Although the planned transaction may reduce the company's overall profitability in the short term.

Lidar and laser rangefinder are the main business requirements

In the first half of 2023, sales in Lumibird's opto-electronics division grew 21% year-over-year (taking into account currency), and the company's "defense and space" business grew 63%.

"This good performance was partly due to the laser rangefinder business developed in Sweden since May 2022, which contributed €6.5 million in revenue to this segment (cumulative revenue of €16.7 million)," Lumibird said. Delivery of several satellite constellation deployments is said to be underway.

Sales of Lumibird lidar products also grew strongly, up 29% in the first half of the year, driven by increased production capacity in Lannion, France, and continued strong market demand.

At the same time, the company's industrial and scientific businesses, which were held back early this year by the move to a new site in Villejust, on the outskirts of the French capital, have returned to a steady return to growth.

Lumibird's medical division, which targets ophthalmic diagnostic and therapeutic applications, recorded half-year sales of €51.3 million, up 14% on the previous year at constant exchange rates. Driven by new products for cataract and glaucoma interventions, its therapeutic applications account for about three-quarters of the total.

Sales in the US were hit by delayed deliveries

The strong performance of the Lumibird laser rangefinder and lidar business was highlighted across the company's different segments, with the Photonics division reporting a 45% increase in sales in Europe, led by France and Sweden. However, sales in the United States were adversely affected by foreign exchange rates and delayed deliveries from certain industrial customers.

Source: OFweek