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2013-02-06 16:00:00 CET 2013-02-06 16:01:10 CET REGULATED INFORMATION Össur hf. - Financial Statement ReleaseÖssur - Full Year Report 20122012 results in line with guidance - Q4'12 a record quarter in bionics Sales - Sales growth for 2012 was 3% measured in local currency, which is in line with guidance of 2-3%. Total sales amounted to USD 399 million compared to USD 398 million in 2011. Growth remains good across all segments and key markets in Europe, while prosthetics in Americas have been affected by adverse market conditions. Sales growth in prosthetics was 4%, and sales growth for bracing and supports was 3%, both measured in local currency. The fourth quarter was a record quarter in bionic sales, accounting for 17% of prosthetics sales. Profitability - Gross profit margin remains stable. The manufacturing facility in Mexico is contributing as well as other lean initiatives within manufacturing and operations. The slow prosthetic sales in Americas affects the gross profit margin negatively. Gross profit amounted to USD 248 million or 62%, the same ratio as in 2011. EBITDA amounted to USD 70 million corresponding to a margin of 18%, which is in line with guidance of 18-19%. Net profit increased by 9% in 2012, and amounted to USD 38 million, compared to USD 35 million in 2011. Össur's cash flow continues to be strong and cash flow from operations was 18% of sales in 2012, up from 17% in 2011. Through consistent profitability and strong cash flows, Össur has built up a strong balance sheet. The Company is now in a position to return capital to shareholders. The Board of Directors will thus propose a new dividend policy to the shareholders at the Annual General Meeting. Jón Sigurðsson, President & CEO, comments:""This year has been yet another strong year in EMEA while it has been challenging in the US due to adverse market conditions. The fourth quarter was a record quarter in bionic sales and prosthetics sales in EMEA have been very strong during the year. Despite turbulence in the reimbursement systems in the US we experience the acceptance of our high-end solutions. One of our most advanced bionic products, POWER KNEE, was accepted into the reimbursement system in the US as of 1 January 2013. We are pleased to see the continued demand for high-end and quality solutions based on clinical and a health economical outcome". Amputees make history - In 2012 Oscar Pistorius made history when he became the first amputee to participate in the Olympics, competing against able body athletes. Oscar who is often called "Blade Runner",competes on Össur's Flex-Foot Cheetah prosthetic legs. Again at the Paralympics disabled athletes inspired people all around the world and took one step closer to change the perception of what people with disability can accomplish. New products - During the year, 29 products were launched with a healthy mix between bracing and supports and prosthetics. Within bracing and supports, focus has been on further establishing and broadening successful product segments such as the Unloader One, treating knee osteoarthritis, spinal support products and the Rebound Walker. In prosthetics the highlight of the year was SYMBIONIC LEG, the first complete bionic leg. SYMBIONIC LEG has been successful and received positive feedback from users. Other major projects in prosthetics include the Balance line which is primarily for elderly users and people with low activity level. Mexico - This year is the first full year of operation in the Mexico facility which opened in September 2011. The transfer of products previously manufactured in other Össur locations to the Mexico facility has been successful and without any major complications. The facility is well equipped and will continue to strengthen Össur's manufacturing capabilities. Guidance 2013 - Management estimates LCY organic sales growth for 2013 to be in the range of 2-4%. EBITDA margin is estimated to be in the range of 18-19% of sales for the year. Conference call tomorrow 7 February at 12:00 CET/ 11:00 GMT/ 6:00 EST Tomorrow, Thursday 7 February Jón Sigurðsson, President and CEO, and Hjörleifur Pálsson, CFO, will host a conference call presenting and discussing the results of the fourth quarter and the full year of 2012. The conference call will be conducted in English and can be heard on Össur's website: www.ossur.com/investors To participate in the meeting please call one of the following telephone numbers: Europe:+ 44 (0) 1452 555131 or + 46(0)8 506 307 79 The United States: + 1 866 682 8490 Iceland: 800 9300 [HUG#1676045] |
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