2016-10-26 22:00:51 CEST

2016-10-26 22:00:51 CEST


REGULATED INFORMATION

English
Össur hf. - Financial Statement Release

Ossur Hf : Q3 Results 2016 


Announcement from Össur hf. No. 88/2016
Reykjavík, 26 October 2016

ÖSSUR Q3 RESULTS 2016

Highlights Q3 2016

  * Sales amounted to USD 129 million compared to USD 117 million in Q3 2015,
    corresponding to local currency growth of 11% and 5% organic growth.
  * Gross profit amounted to USD 81 million or 63% of sales, compared to USD 74
    million or 63% of sales in Q3 2015.
  * EBITDA amounted to USD 24 million or 19% of sales compared to USD 25 million
    or 22% of sales in Q3 2015.
  * Net profit amounted to USD 13 million or 10% of sales, compared to USD 14
    million or 12% of sales in Q3 2015.
  * Cash generated by operations amounted to USD 27 million or 21% of sales,
    compared to USD 23 million or 20% of sales in Q3 2015.
  * On September 1, Össur acquired Medi Prosthetics. The income statement for Q3
    2016 therefore includes Medi Prosthetics for the month of September only.
  * Össur acquired 301,621 of own shares in Q3 2016 for approximately USD 1.2
    million.

Financial Guidance for 2016

We  are revising the financial guidance for the full year of 2016. Due to recent
acquisitions  we are upgrading sales growth  measured in local currency from the
range  of 7-9% to the range of 8-10%. Adjusted  EBITDA margin is now expected to
be  approximately 19%. The downwards revision of the EBITDA margin is mainly due
to  adverse currency movements,  specifically the strengthening  of the ISK, and
impact  from the Medi Prosthetics acquisition  which is expected to be temporary
while  the acquired  business is  being integrated  and synergies  realized. The
revised guidance is as follows:

  * Sales growth LCY in the range of 8-10% (previously 7-9%)
  * Organic sales growth LCY in the range of 3-5% (unchanged)
  * Adjusted EBITDA margin around 19% of sales (previously 20-21%)
  * Capital expenditures 5% of sales (unchanged)
  * Effective tax rate around 26% (unchanged)



Jon Sigurdsson, President & CEO, comments:

"The  sales growth  in the  quarter was  good. Prosthetics growth was excellent,
driven  by bionics  and newly  launched products.  In September we acquired Medi
Prosthetics. Medi Prosthetics is a global provider of mechanical limb prosthetic
components.  This acquisition  enables us  to take  another step to complete our
prosthetics  offering and further strengthen our  global market position. Due to
adverse  currency movements, mainly the strengthening  of the ISK, and temporary
impact  from the Medi  Prosthetics acquisition we  have revised our guidance for
the full year."


Conference Call

Össur will host a conference call on Thursday October 27 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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