Elos Medtech – effects of final acquisition analysis relating to Onyx Medical
Elos Medtech acquired the North American company Onyx Medical LLC in April 2015. The comparison of the final acquisition analysis with the preliminary acquisition analysis has required a revaluation of primarily intangible assets, such as customer relationships and goodwill, resulting in a total increase of about SEK 40 M. The effect of this is an increase of approximately SEK 0.8 M in the amortisation cost for previously reported quarters in 2015. Furthermore, a nonrecurring cost of approximately SEK 3 M has arisen for changes in inventory, which has impacted earnings for 2015, implying a total earnings impact on previously reported quarters of about SEK 1.9 M each for the second and third quarters. This has also required a revision of the contingent consideration, causing an increase of some SEK 40 M to a maximum amount of approximately SEK 116 M.
Onyx Medical is continuing to perform strongly with a positive outlook for 2016.
Further information regarding the final acquisition analysis will be presented in the fourth-quarter and year-end report, which will be published on 25 February 2016 and in the 2015 Annual Report, which will be published at the end of March/beginning of April, 2016.
Elos Medtech is one of Europe's leading development and production partners for medical technology products and components, such as dental and orthopaedic implants and instruments. The operations are conducted at facilities in Sweden, Denmark, China and the US. Customers are internationally active medical technology companies.
Elos Medtech Group has sales of approximately SEK 550 M and about 520 employees. The Group has been traded on Nasdaq Stockholm since 1989. The Elos Medtech B share is classified as a Health Care company on the Small Cap list.
Lidköping, 29 January 2016
Elos Medtech AB (publ)
For further information, please contact Johannes Lind-Widestam, President and CEO,
tel: +46 510 48 43 65 or +46 70 541 72 22.
For further information, visit www.elosmedtech.com
The information in this press release is such that Elos Medtech AB is obligated to publish in accordance with the Securities Market Act and/or the Financial Instruments Trading Act.
The information was issued for publication on 29 January 2016, at 8:00 a.m. (CET).
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