2017-04-27 22:00:13 CEST

2017-04-27 22:00:13 CEST


REGULATED INFORMATION

English
Össur hf. - Interim report (Q1 and Q3)

Össur Hf: Q1 Results 2017 


Announcement from Össur hf. No. 33/2017

Reykjavík, 27 April 2017

ÖSSUR Q1 RESULTS 2017
Highlights Q1 2017

  * Sales amounted to USD 131 million compared to USD 114 million in Q1 2016,
    corresponding to 17% growth and 7% organic, both measured in local currency.
  * Gross profit amounted to USD 82 million and 62% of sales, compared to USD
    71 million and 63% of sales in Q1 2016.
  * EBITDA amounted to USD 20 million or 16% of sales, compared to USD 19
    million or 16% of sales in Q1 2016, corresponding to a 26% growth measured
    in local currency. Underlying operational margin improvements were
    neutralized by negative impact from changes in foreign exchange rates and
    temporary negative impact from acquisitions.
  * Net profit grew by 13% in USD terms and amounted to USD 10 million or 8% of
    sales, compared to USD 9 million or 8% of sales in Q1 2016.
  * Cash generated by operations amounted to USD 10 million or 7% of sales,
    compared to USD 16 million or 14% of sales in Q1 2016.
  * Dividends of DKK 0.12 per share, corresponding to approximately 15% of the
    Company's net profit in 2016, were paid at the end of March 2017.
  * Registration of the share capital reduction of 5,837,832 shares with a
    nominal value of ISK 1 each was completed on 11 April 2017. The shares were
    removed from trading on Nasdaq Copenhagen on 19 April 2017 and the total
    share capital is afterwards ISK 437,162,725.
  * Össur acquired 6,689,988 of own shares in Q1 2017 for approximately USD 25
    million.

Financial Guidance for 2017

The financial guidance for the full year of 2017 is unchanged:

  * Sales growth LCY in the range of 7-8%
  * Organic sales growth LCY in the range of 4-5%
  * EBITDA margin before special items in the range of 19-20% of sales
  * Capital expenditures around 4% of net sales
  * Effective tax rate around 26%

Jon Sigurdsson, President & CEO, comments:

"We  are pleased to deliver a quarter with solid organic sales growth and stable
profitability,  bearing in mind that the first quarter of the year is seasonally
our  weakest. EMEA and APAC  had strong growth in  both business segments during
the  quarter and  we saw  good performance  in our  prosthetics business  in the
Americas. Our high-end innovative products are driving growth on a global level.
Integration   of  our  recently  acquired  companies,  Touch  Bionics  and  Medi
Prosthetics, is going as planned and we are excited to realize their potential."



 Conference Call
 Össur will host a conference call on Friday 28 April 2017 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. A webcast can be
 followed on the Össur website: www.ossur.com/investors

 

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