Oliver Metzger

Oliver Metzger from ODDO BHF inquired if missed treatments from the flu season have normalized and asked for insight into the financial patterns and bottom-line progress of the new Value-Based Care segment.

Answer

CEO Helen Giza responded that the impact of the flu season on missed treatments and mortality remains elevated by approximately 40-60 basis points over the prior year. Regarding Value-Based Care, she noted that the company is still refining KPIs but highlighted 'member months' as a key metric, suggesting progress is a continuous development rather than having distinct quarterly patterns.

Oliver Metzger from ODDO BHF requested a deeper view on U.S. same market treatment growth, asking if the flu season led to higher mortality or just missed treatments, and inquired about the potential P&L impact if current EUR/USD exchange rates persist.

Answer

CEO Helen Giza stated it was too soon to determine the full mortality impact from the Q1 flu season, as data lags by 6-8 weeks. CFO Martin Fischer explained that if the EUR/USD rate stayed at then-current levels, it would create a 2-3% headwind on full-year revenue and bottom line.

Oliver Metzger from ODDO BHF asked about the expected volume and price mix for the Care Enablement segment in 2025 and sought details on the value-based care business, including its path to profitability and revenue versus medical cost under management.

Answer

CEO Helen Giza confirmed that the Care Enablement segment is expected to see continued volume and pricing momentum in 2025, alongside significant benefits from manufacturing and supply chain efficiencies. For value-based care, she acknowledged it remains a nascent industry and was still negative in 2024, but is seeing real growth. Giza emphasized that booked revenue and margin are currently better indicators than medical costs under management due to volatility, and a more detailed update will be provided at the Capital Markets Day.

Asked about the timing of the expected headset repurchase cycle from the COVID era and the typical time lag between a recovery in the PC market and the headset market.

Answer

The company assumes a 3-year replacement cycle for headsets and is gradually entering the period for replacing COVID-era purchases, which is factored into the guidance. Historically, the headset market lags the PC market recovery by one to two quarters, a pattern that appears to be holding true currently.

Asked for elaboration on the technological synergies between GN Audio and GN Hearing, and for a quantification of the revenue growth impact from inventory reductions in the SteelSeries and Consumer businesses.

Answer

Technological synergies exist in sound processing, standards like Bluetooth LE, partnerships, and components, with details being finalized. The inventory reduction's impact on growth is hard to quantify precisely but has contributed 'a few points,' though the new product portfolio is also a strong growth driver on its own.