Ortivus adjusts Q4 forecast
Ortivus’ previous expectation about a positive result for the fourth quarter 2006 will not be met. Sales were lower than expected, mainly due to the deferral of several deliveries to 2007.
The resource demand for development of CoroNet has been higher than planned. The commitment and efforts for MobiMed ePR (electronic patient record) continue, especially related to the national program in the UK. Revenue related to this program has been delayed and is not expected until 2007.
All in all, the operational profit, excluding restructuring costs for the German subsidiary, will be substantially lower than for 2005.
The previously communicated restructuring of the German subsidiary will be finalized according to plan in Q1 2007. Due to the changed market conditions in Germany, a substantial write-down of the book value for the German subsidiary will impact the 2006 result.
Due to the current market situation, Ortivus will from 2006 further sharpen the application of the accounting directives related to capitalization of intangible assets and deferred taxes.
Ortivus will present the Q4 report on February 23, 2007.
Danderyd, February 2 2007
Ortivus AB (publ)
The Board of Directors
For more information:
Mikael Strindlund, CEO, telephone: +46 (0)8 446 4503, mobile +46 (0)70 269 53 03, E-mail: email@example.com
Per Bourn, CFO, telephone: +46 (0)8 446 4502, mobile +46 (0)733 33 99 90, E-mail: firstname.lastname@example.org
Also visit: www.ortivus.com