2016-07-21 22:00:40 CEST

2016-07-21 22:00:40 CEST


REGULATED INFORMATION

English
Össur hf. - Financial Statement Release

Ossur Hf : Q2 Results 2016 


Announcement from Össur hf. No. 71/2016
Reykjavík, 21 July 2016


ÖSSUR Q2 RESULTS 2016

Highlights Q2 2016

  * Sales amounted to USD 139 million compared to USD 127 million in Q2 2015,
    corresponding to local currency growth of 10% and 5% organic growth.
  * Gross profit amounted to USD 89 million or 64% of sales, compared to USD 80
    million or 63% of sales in Q2 2015.
  * EBITDA amounted to USD 25 million or 18% of sales.  Adjusted for one-time
    expenses, EBITDA amounted to USD 30 million or 22% of sales compared to USD
    28 million or 22% of sales in Q2 2015.
  * Net profit amounted to USD 15 million or 10% of sales, compared to USD 16
    million or 12% of sales in Q2 2015. Net profit is impacted by one-time costs
    of USD 4.6 million. Net profit adjusted for one-time expenses grew 10% and
    amounted to 13% of sales.
  * Cash generated by operations amounted to USD 16 million or 12% of sales,
    compared to USD 23 million or 18% of sales in Q2 2015.
  * The financial statements for Q2 2016 include the financials of the recently
    acquired Touch Bionics.
  * Össur acquired 5,325,004 of own shares in Q2 2016 for approximately USD
    20.8 million.



Financial Guidance for 2016

The financial guidance for the full year of 2016 is unchanged except for capital
expenditures.

  * Sales growth LCY in the range of 7-9%
  * Organic sales growth LCY in the range of 3-5%
  * Adjusted EBITDA margin in the range of 20-21% of sales
  * Capital expenditures 5% of sales (previously 3-4%)
  * Effective tax rate around 26%



Jon Sigurdsson, President & CEO, comments:

"We  are pleased to deliver  a quarter with strong  operational results and good
profitability  on top of an excellent comparable quarter last year. Americas had
an  overall  strong  quarter  with  excellent  prosthetics  sales  growth. As we
expected,  EMEA had  a good  quarter after  experiencing a  soft Q1. Bracing and
supports  sales were once again driven by growth of high end innovative products
and  prosthetics sales by bionic products as well as newly launched products. In
April  we acquired Touch Bionics,  a leader in the  upper limb bionic prosthetic
market.  For the first time we can now  offer a complete bionic portfolio to our
customers."


 Conference Call

 Össur will host a conference call on Friday 22 July 2016 at 9:00 CET/ 7:00
 GMT/ 3:00 EDT.
 To participate in the call please dial: Europe: + 45 3544 5580, +44 (0)
 203 364 5374 or +46 (0) 8 505 564 74,
 The United States: + 1 855 753 2230, Iceland: +354 800 7417



 

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