English

Ossur Hf : Q4&FY Results 2015

Report this content

Announcement from Össur hf. No. 07/2016

 

Highlights Full Year 2015

  • Sales growth was 5% measured in local currency and sales amounted to USD 483 million.
  • Bracing and supports sales growth was 5% and 5% organic, both measured in local currency.
  • Prosthetics sales growth was 6% and 4% organic, both measure in local currency.
  • Gross profit amounted to USD 303 million or 63% of sales, compared to USD 323 million or 63% of sales in 2014.
  • EBITDA amounted to USD 97 million or 20% of sales. Adjusted EBITDA amounted to USD 99 million or 20% of sales compared to USD 104 million or 20% of sales in 2014.
  • Net profit amounted to USD 51 million or 11% of sales compared to USD 59 million or 12% of sales in 2014.
  • USD strengthening has had a significant negative impact on reported sales and profits when comparing to prior year results.
  • Cash generated by operations amounted to USD 84 million or 17% of sales compared to USD 98 million or 19% of sales in 2014.
  • The Board of Directors will propose to the Annual General Meeting in 2016 that the Company pays a cash dividend of DKK 0.12 per share for 2015, equivalent to 16% of net earnings in 2015.
  • The Board of Directors will also propose to the Annual General Meeting to reduce the share capital by cancelling 1.892.688 of the Company's own shares.

Highlights Q4 2015

  • Sales amounted to USD 125 million compared to USD 129 million in Q4 2014, corresponding to 5% growth measured in local currency.
  • EBITDA amounted to USD 25 million or 20% of sales, compared to USD 26 million or 20% of sales in Q4 2014.
  • Net profit amounted to USD 13 million or 10% of sales, compared to USD 15 million or 12% of sales in Q4 2014.
  • Cash generated by operations amounted to USD 31 million or 25% of sales, compared to USD 29 million or 23% of sales in Q4 2014.
  • In November 2015, Össur purchased 2,465,000 of own shares (approximately 0.6% of the Company's total share capital) on NASDAQ Copenhagen at price of DKK 22.2 per share. The total purchase price was DKK 55 million (USD 8 million).
  • A safe harbor share buyback program was launched in December of 2015. The Company may purchase up to 5,000,000 shares, corresponding to 1.1% of the then current share capital, under the program.

Financial Guidance for 2016

The financial guidance for the full year of 2016 is as follows:

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

Jon Sigurdsson, President & CEO, comments:

"We closed the year with strong operational results and with good profitability despite adverse currency fluctuations negatively impacting our operating results. Sales grew in all regions and both business segments. Prosthetics growth was good on top of an excellent year in 2014. Bracing and supports sales were driven by growth of high end innovative products. At our Capital Markets Day in Copenhagen we proudly demonstrated innovation that allows users of Össur bionic devices to control movement of the device with their thoughts. Although the commercialization of this technology is out in the future, we are very excited to be in the lead in developing this technology."

Conference Call

Össur will host a conference call on Wednesday 3th February 2016 at 9:00 CET/ 8:00 GMT/ 3:00 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#1983243

Subscribe

Documents & Links