Elos Medtech - Year-end report, 1 January – 31 December 2015
• Net sales amounted to SEK 503.7 M (380.9), up 26.4%, of which organic growth accounted for minus 1.1%*. The unit in Tianjin had a negative impact on growth and the remaining units contributed with a positive growth of 4.9%*.
• Order bookings were SEK 472.6 M (418.1), up 8.0%*. Onyx Medical continued to contribute positively to order bookings. The lower demand in Tianjin had a negative impact on the year, this unit’s current workload indicates a return to normal levels.
• Operating profit,prior non-recurring items, totalled SEK 38.7 M (36.5). The strong trend for Onyx Medical continued. As feared, the slowdown at the unit in Tianjin had a negative impact on profit. Operating profit after non-recurring items corresponding to SEK 8.2 M (3.4), was SEK 30.5 M (33.1).
• Profit after net financial items was SEK 22.5 M (31.8). Net financial items were negatively impacted by exchange-rate differences of SEK 0.4 M (pos: 3.3).
• Profit after tax was SEK 16.1 M (23.4), or SEK 2.66 (3.87) per share.
• Cash flow after investments was a negative SEK 144.9 M (pos: 31.6), of which corporate acquisitions accounted for a negative SEK 160.4 M.
• The Board of Directors proposes payment of a dividend of SEK 1.00 per share.
• The acquisition of the North American company Onyx Medical LLC, based in Memphis, TN, in the US, was finalised on 23 April 2015. Onyx is an important strategic acquisition and operations have contributed strongly to the earnings for the year.
* Adjusted for exchange-rate fluctuations.
President and CEO, Johannes Lind-Widestam, comments:
“Global demand for medical technology products was favourable during 2015. Demand rose steadily, with the exception of some emerging markets, for which certain stagnation was noticeable.
In three of the Group´s market segments, a continued stable business trend was noted compared with 2014, and growth in these markets was significantly faster than the market as a whole. Sales in the Dental Implant Systems market segment grew by 6.7%, Trauma & Spine by 238% – mainly due to the acquisition of Onyx Medical – and Diagnostics by 23.8%. Sales of our own products, primarily in market segment Dental Implant Systems, showed strong growth.
For the Group´s fourth market segment – Medical Devices – sales declined 10.7% in 2015. The decline was solely an effect of lower-than-planned deliveries in the second half of the year to Novo Nordisk in Tianjin, China. During the early part of 2016, however, the production workload in China returned to normal volumes and it is our expectation that the current situation will be consolidated during the rest of the year.
We continue to take a positive view of the expansion occurring at Microplast in Skara. The move to the newly built part of the production facility started at year-end. Formal inauguration will occur in connection with the Annual General Meeting in April. The positive trend of increased order bookings and higher production activity was strengthened in the fourth quarter and continued into 2016.
Onyx Medical had a very positive business trend and its growth reached 18% on an annual basis. Integration work has proceeded as planned and it is gratifying that Onyx’s customers in North America have already started to place orders with our other production units.
Growth for Elos Medtech’s own products was 37% during the year and accounted for 9% of the Group’s total sales. During 2015, we broadened our product offering within the Accurate range, which has been well received by the market. To manage continued rapid expansion of own products, we have continued to strengthen our sales organisation.”
For further information, contact:
Johannes Lind-Widestam, President and CEO, 46 (0)705-41 72 22, e-mail: johannes.lind-widestam@elosmedtech.com
Ulrica Ehn, CFO, 46 (0)510-48 43 67, 46 (0)702-72 11 61, e-mail: ulrica.ehn@elosmedtech.com
The information in this Year-end report is such that Elos Medtech AB (publ) 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 25 February 2016 at 08:00 a.m. (CET)
For additional information about the Elos Medtech Group, visit www.elosmedtech.com
Tags: