The current estimate is €62m of revenue loss from the cyber attack. The good news for investors is that Eurofins had insurance in place…:
Revenues increased 24.3% year-on-year to EUR 2,168m in H1 2019 vs. EUR 1,743m in H1 2018.
Due to the lack of comparability of the revenues for the month of June as a result of the June 2nd cyber-attack, like for like organic growth10 for Q2 and H1 2019 unfortunately cannot be determined. Organic growth in the period January to May 2019 was over 4.5% (5.5% excluding Boston Heart Diagnostics, “BHD”), in line with the Group’s annual objective. In July 2019, organic growth was above those year-to-date May 2019 values, confirming the good recovery of the business after the cyber-attack.
The exact revenues and profits that were lost during the month of June will unfortunately never be known exactly. As can be judged today, estimates based on extrapolation of year-to-date May 2019 growth figures, or taking into account July growth, lead to a range of values with an average impact of EUR 62m on revenues and EUR 51.5m on EBITAS4 and EBITDA3. Those numbers are of course only estimates. The net financial impact (after insurance compensation) is expected to be much lower, as business interruption insurance coverage for this criminal cyber-attack has been confirmed. Eurofins insurance coverage exceeds the estimates mentioned above but efforts to determine and agree on exact damages will be on-going for a while.