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Elos Medtech - Year-end Report, 1 January - 31 December, 2021

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October - December 2021

  • Net sales for the fourth quarter amounted to SEK 184.2 (154.8) million, an increase of 19.0 percent compared to the same quarter last year. Net sales in local currencies increased by 17.7 percent.
  • Operating profit was SEK 25.3 (18.9) million, corresponding to an operating margin of 13.7 (12.2) percent.
  • Profit after financial items amounted to SEK 24.8 (13.3) million. Net financial items were positively affected by exchange rate differences of SEK 1.2 (-3.5) million and totaled SEK -0.5 (-5.6) million.
  • Profit after tax amounted to SEK 19.5 (11.1) million.
  • Cash flow from operating activities was SEK 33.4 (24.5) million, amounting to SEK 5.5 (0.1) million after investments.
  • Earnings per share amounted to SEK 2.42 (1.38).

January - December 2021

  • Net sales for the year amounted to SEK 723.6 (580.0) million, an increase of 24.8 percent compared to the previous year. Net sales in local currencies increased by 28.2 percent.
  • Operating profit for the year was SEK 101.1 (63.6) million, corresponding to an operating margin of 14.0 (11.0) percent.
  • Operating profit includes a charge of SEK 15.6 million related to transaction costs in connection with the completion of the offer from new majority owner.
  • Profit after financial items amounted to SEK 98.0 (43.2) million. Net financial items were positively affected by exchange rate differences of SEK 4.2 (-5.2) million and amounted to SEK -3.1 (-20.4) million.
  • Profit after tax amounted to SEK 75.6 (36.0) million.
  • Cash flow from operating activities was SEK 105.0 (125.6) million, amounting to SEK 19.6 (69.3) million after investments.
  • Earnings per share amounted to SEK 9.37 (4.47).

Dividend

  • The Board of Directors proposes that no dividend be paid for the 2021 financial year and that retained earnings be carried forward.

CEO JAN WAHLSTRÖM COMMENTS ON Q4

In the fourth quarter, the Group’s sales growth was 19 percent. We achieved this in a period when the pandemic was still rampant in society and challenged us and our customers in various ways. Profitability for the quarter is above our long-term target of 13 percent. Earnings were influenced by a positive product mix during the quarter and a lean organization with focus on continuous improvements.

We saw new challenges in the latter part of the year. The dynamics in the entire American labor market are particularly challenging, both in terms of recruiting and retaining staff. We have full focus on this situation, both locally and from the Group. We see this as one of our most important priorities in 2022 and therefore we are now adding a reinforcement through the recruitment of an HR Director for the Group from the first quarter to support investments in personnel. The pandemic has also meant a relatively high sickness absence in all of our operations and we have noted increased costs in the supply chain, for example. Of course, we continue to monitor the global development.

We have increased our investment pace within production and our work within automation and improved efficiency continues. Our focus is to ensure that we meet our customers’ growth needs and to provide even better service to our customers.

I am proud of the journey we have made during the past several years and the results we achieved in 2021. The foundation of our success is all our committed and dedicated employees to whom I would like to express my great appreciation. With a strong and good majority shareholder, a competent and motivated organization and a growing market, the company has a strong platform to continue to build on.

For further information, contact:

Jan Wahlström, President and CEO, +46 70-212 18 89, e-mail: jan.wahlstrom@elosmedtech.com
Ewa Linsäter, Group CFO, +46 76-633 32 33, e-mail: ewa.linsater@elosmedtech.com

This information is information that Elos Medtech AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above on February 24, 2022, at 08.00 (CET).

For additional information about the Elos Medtech Group, visit www.elosmedtech.com

Tags:

Year-End Report Medical Devices Elos Medtech medical technology

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