Stevanato Group S.p.A. (NYSE:STVN) Q4 2023 Earnings Conference Call March 7, 2024 8:30 AM ET
Company Participants
Lisa Miles - Senior Vice President of Investor Relations
Franco Stevanato - Executive Chairman
Marco Dal Lago - Chief Financial Officer
Franco Moro - Chief Executive Officer
Conference Call Participants
Patrick Donnelly - Citi
Jacob Johnson - Stephens
Matt Larew - William Blair
Derik de Bruin - Bank of America
Larry Solow - CJS Securities
David Windley - Jefferies
John Sourbeer - UBS
Paul Knight - KeyBanc
Lisa Miles
Good morning and thank you for joining us. With me today is Franco Stevanato, Executive Chairman; Frank Moro, CEO; and Marco Dal Lago, CFO. You can find a presentation to accompany today's results on the Investor Relations page of our website which can be found under the Financial Results tab.
As a reminder, some statements being made today will be forward-looking in nature and are only predictions. Actual events and results may differ materially as a result of risks we face, including those discussed in Item 3D entitled Risk Factors in the company's most recent annual report on Form 20-F filed with the SEC. Please also take a moment to read our Safe Harbor statement included in the front of today's presentation. The company does not assume any obligation to revise or update these forward-looking statements to reflect subsequent events or circumstances, except as required by law.
Today's presentation may contain non-GAAP financial information. Management uses this information in its internal analyses of results and believes this information may be informative to investors in gauging the quality of our financial performance, identifying trends in our results and providing meaningful period-to-period comparisons. For a reconciliation of the non-GAAP measures, please see the company's most recent earnings press release.
And with that, I will now hand the call over to Franco Stevanato for opening remarks.
Franco Stevanato
Thank you, Lisa. 2023 was very positive for us. We closed out another solid year with 10% growth or 11% on a constant currency basis. We continued to successfully execute our near-term objectives of advancing our capacity expansion projects and growing our mix of high-value solutions, while still delivering double-digit growth. At the same time, during 2023, we navigated some macro challenges in a dynamic environment of inflation uncertainty, ongoing supply chain issues and industry-wide curity ongoing supply chain issues and industry white cast fit from favorable secular tailwinds which we expect will continue to drive demand for our high-value solutions. While at the same time, we have been investing heavily in expanding capacity to meet the market demand. We expect that these investments will drive organic growth in the midterm as we efficiently leverage our invested capital to exploit the opportunities in front of us. The fundamentals of our business remain strong.