Össur - Annual Results 2006
Annual highlights
" Sales USD 252.1 million, up by 57% from 2005. " Organic sales growth 9%. " Pro forma sales growth 7%. " EBITDA USD 47.9 million, excluding one-time restructuring cost, up by 47% from 2005. " EBITDA margin 19.0%, excluding one-time restructuring cost, declining from 20.2% for 2005. " Net profit excluding one-time restructuring cost USD 9.7 million, down from USD 15.6 million in 2005. Net profit excluding one-time restructuring cost and amortization of intangible assets relating to acquisitions USD 17.0 million, down from 17.9 million in 2005 or by 5%. " Exchange rate differences negative by USD 5.6 million. " Cash earnings per diluted share 6.27 US cents, decreasing from 6.34 US cents in 2005 or by 1%. " Earnings per diluted share 1.13 US cents, decreasing from 3.52 US cents in 2005 or by 68%. Fourth quarter highlights " Sales USD 63.8 million, up by 29% from Q4 2005. " Organic sales growth 12%. " Pro forma sales growth 10%. " EBITDA USD 11.1 million, excluding one-time restructuring cost, up by 25% from Q4 2005. " EBITDA margin 17.3%, excluding one-time restructuring cost, declining from 17.9% for Q4 2005. " Net profit excluding one-time restructuring cost and amortization of intangible assets relating to acquisitions USD 1.6 million, down from USD 5.2 million in 2005. " Exchange rate differences negative by USD 1.8 million. " Cash earnings per diluted share 0.38 US cents, decreasing from 1.85 US cents in 2005 or by 79%. " Earnings per diluted share -0.96 US cents, decreasing from 0.81 US cents in 2005. Note: 2005 comparison numbers have been adjusted by excluding one-time unusual revenues, inventory step-up and restructuring cost relating to acquisitions in the third quarter of 2005. Prior to this adjustment, profitability growth rates are significantly higher and comparison more favorable. Jon Sigurdsson, President & CEO, comments: "Last year was characterized by transformation and record growth. We have seen Ossur transform from being a prosthetics company into a leading player in both the prosthetics and bracing and support markets. We completed four major acquisitions and a number of smaller ones in the last 18 months while at the same time maintaining double digit organic growth in our prosthetics business. In December we acquired the Gibaud Group in France and became one of the largest players in bracing and support in Europe. Bracing and support now accounts for over half of our sales. With Gibaud, we also entered a new product segment, phlebology. While restructuring and integration following the acquisitions were a major focus area during the year, we also introduced new breakthrough and state of the art Bionic products which have received deserved attention and recognition among industry players and users alike. It was challenging to maintain profitability during the transformation period and the results for the year are satisfactory. We are confident that we have built a foundation for future growth and profitability which will allow us to achieve Ossur's ambitious goals for the future."