Össur hf. - Financial Statement Release

Ossur hf.: Q1 Results 2015

Q1 2015 Highlights

  * Sales amounted to USD 114 million compared to USD 121 million in Q1 2014,
    corresponding to local currency growth of 5% and 4% organic growth.

  * Bracing and supports sales growth was 3% and 3% organic, both measured in
    local currency.

  * Prosthetics sales growth was 9% and 6% organic, both measured in local
    currency.

  * Gross profit amounted to USD 71 million and 63% of sales, compared to USD
    76 million and 63% of sales in Q1 2014.

  * EBITDA increased by 3% and amounted to USD 21 million or 18% of sales,
    compared to USD 20 million or 17% of sales in Q1 2014. EBITDA grew by 12% in
    local currency.

  * Net profit decreased by 21% and amounted to USD 9 million or 8% of sales,
    compared to USD 11 million or 9% of sales in Q1 2014.

  * USD strengthening has had a significant impact on reported sales and
    profits, negatively impacting sales by USD 13 million and EBITDA by USD 2
    million.

  * Cash generation in the first quarter of the year is seasonally weak and cash
    generated by operations amounted to USD 7 million or 6% of sales, compared
    to USD 12 million or 10% of sales in Q1 2014.

  * Dividends of USD 7.5 million (DKK 0.12 per share), corresponding to
    approximately 14% of the Company's net profit in 2014, were paid at the end
    of March 2015.

  * Registration of the share capital reduction of the Company of 7,456,755
    shares with a nominal value of ISK 1 each was completed on 15 April 2015.


Financial Guidance for 2015

The financial guidance for the full year of 2015 is reiterated as follows:

  * Total sales growth LCY in the range of 4-6%.

  * Organic sales growth LCY in the range of 3-5%.

  * EBITDA margin in the range of 20-21% of sales.

  * Capital expenditures in the range of 2.5-3.5% of sales.

  * Effective tax rate around 26%.





Jón Sigurðsson, President & CEO, comments:"The  results of this  quarter are in  line with our  expectations. We delivered
strong  operational results  with good  profitability, despite  adverse currency
fluctuations  and the  first quarter  being seasonally  weak for us. Prosthetics
sales  growth was excellent across  all of our major  markets and product lines.
Sales  growth  in  bracing  and  supports  was  in  line  with expectations. Our
continued  focus on selling high-end  innovative products is contributing nicely
to improved product mix and increased profitability."



Conference Call

Össur  will host a  conference call on  Thursday 30(th) April 2015 at 10:00 CET/
8:00 GMT/ 4:00 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

  

[HUG#1916872]

Viðhengi:

Q1 2015 Investor Presentation.pdf

Q1 2015 Company Announcement.pdf