2016-04-27 22:00:51 CEST

2016-04-27 22:00:51 CEST


REGULATED INFORMATION

English
Össur hf. - Quarterly report

Ossur Hf : Q1 Results 2016 


Announcement from Össur hf. No. 42/2016
Reykjavík, 27 April 2016

Highlights Q1 2016

  * Sales amounted to USD 114 million compared to USD 114 million in Q1 2015,
    corresponding to 3% growth measured in local currency.
  * Gross profit amounted to USD 71 million and 63% of sales, compared to USD
    71 million and 63% of sales in Q1 2015.
  * EBITDA amounted to USD 19 million or 16% of sales, compared to USD 21
    million or 18% of sales in Q1 2015.
  * Net profit amounted to USD 9 million or 8% of sales, compared to USD 9
    million or 8% of sales in Q1 2015.
  * Cash generated by operations amounted to USD 16 million or 14% of sales,
    compared to USD 7 million or 6% of sales in Q1 2015.
  * Dividends of DKK 0.12 per share, corresponding to approximately 16% of the
    Company's net profit in 2015, were paid at the end of March 2016.
  * Registration of the share capital reduction of 3,292,688 shares with a
    nominal value of ISK 1 each was completed on 21 March 2016.
  * On 11 April 2016 Össur acquired Touch Bionics for USD 39 million (cash and
    debt free basis).
  * Össur acquired 1,915,432 of own shares in Q1 2016 for USD 6.4 million. The
    acquisition of Touch Bionics will not affect Össur's share buyback program.



Financial Guidance for 2016

The  financial guidance for the full year of 2016 is unchanged. Sales growth LCY
has been added to the guidance following the acquisition of Touch Bionics.

  * Sales growth LCY in the range of 7-9%
  * 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 3-4% of sales
  * Effective tax rate around 26%



Jon Sigurdsson, President & CEO, comments:

"The sales growth in the quarter is in line with expectations. The first quarter
of  the year is  seasonally our weakest  quarter. Americas had  strong growth in
both  business segments where  our newly launched  Pro-Flex(®) was well received
and  contributed to the growth. We experienced  a temporary slowdown in EMEA but
expect  to be back on track for the  remainder of the year. Our product pipeline
is  strong and newly launched  products have been performing  well. In April, we
entered the upper limb prosthetics market with the acquisition of Touch Bionics,
which  is  a  leader  in  the  field.  With  this acquisition we can now offer a
complete bionic portfolio to our customers."

You can find all announcements from Össur on our website:
http://www.ossur.com/corporate/


 Conference Call

 Össur will host a conference call on Thursday 28 April 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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