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Ossur Hf : Q3 Results 2015

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Announcement from Össur hf. no: 41/2015

 

Highlights Q3 2015

  • Sales amounted to USD 117 million compared to USD 127 million in Q3 2014. Sales growth in local currency amounted to 3%.
  • Bracing and supports sales growth was 5%, measured in local currency.
  • Prosthetics sales growth was flat, measured in local currency, compared to a strong quarter last year.
  • Gross profit amounted to USD 74 million and 63% of sales, compared to USD 81 million and 64% of sales in Q3 2014.
  • EBITDA amounted to USD 25 million or 22% of sales, compared to USD 29 million or 23% of sales in Q3 2014.
  • Net profit amounted to USD 14 million or 12% of sales, compared to USD 16 million or 13% of sales in Q3 2014.
  • USD strengthening has had a significant impact on reported sales and profits when comparing to prior year results. It has negatively impacted sales by USD 11 million and EBITDA by USD 2 million.
  • Cash generated by operations amounted to USD 23 million or 20% of sales, compared to USD 33 million or 26% of sales in Q3 2014.

 

Financial Guidance for 2015

The financial guidance for the full year of 2015 is unchanged:

  • Total sales growth LCY in the range of 4-6%.
  • Organic sales growth LCY in the range of 3-5%.
  • EBITDA margin in the range of 20-21% of sales.
  • Capital expenditures 3.5-4.5% of sales.
  • Effective tax rate around 26%.

Jón Sigurðsson, President & CEO, comments:

"The results of the quarter are in line with expectations. As in previous quarters there is an adverse impact from currency fluctuations. B&S sales were good in all markets, driven by growth of high end innovative products. Prosthetics growth was flat, however we are comparing to an exceptionally strong quarter last year. At the end of the quarter we proudly announced a technical update to our RHEO KNEE® 3 that entails enhanced features and weatherproof design."

You can find all announcements from Össur on our website: http://www.ossur.com/corporate/

Conference Call

Össur will host a conference call on Friday 23 October 2015 at 10:00 CET/ 8:00 GMT/ 4:00 EDT.

To participate in the call please dial: 
Europe: + 45 3544 5579, +44 (0) 203 364 5374 or +46 (0) 8 505 564 74 
The United States: + 1 855 753 2230 
Iceland: +354 800 7417

HUG#1960981

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