Nine month report January - September 2000: Continued good growth momentum but lower margins

Nine month report January - September 2000: Continued good growth momentum but lower margins Total revenues increased by 14% (9%*) to SEK 16,102 M. Operating earnings EBITDA was SEK 3,044 M corresponding to a margin of 18.9%. Earnings per share decreased by 17% to SEK 0.78 and cash earnings per share rose by 13% to SEK 5.85. Earnings per share including non- recurring items increased by 56% to SEK 3.66. Good third quarter growth, +18% (+9%*), but margins lower than previous period, mainly due to higher cost levels affecting the US clinics opera tions. Continued strong expansion, +20% (+12%*), for Gambro Healthcare - especially in Europe. Sales increased by 7% (7%*), for Gambro Renal Products, with a good third quarter, +11% (8%*). Further good development for blood component technology, Gambro BCT. Revenues increased by 14% (7%*), with a significant improvement in the third quarter, +17% (+11%*). Good progress and accelerating investments in the Pathogen Eradication Technology project. Brad Nutter, President Gambro Healthcare, to leave Gambro. *) currency adjusted For further information please contact: Bengt Modéer, Senior Vice President, Corporate Communications, +46-8-613 65 00, +46-70-513 65 33 Lars Granlöf, Senior Vice President, CFO, +46-8-613 65 00 Cindy Lyman or Kerry Schneider, Citigate Dewe Rogerson, New York , tel. +1-212-688 6840 Gambro's financial information is also available on the Internet: www.gambro.com NINE MONTH REPORT JANUARY - SEPTEMBER 2000 For the Group, the third quarter 2000 included a continued growth of 18% (9%*). Margins were lower than previous quarter mainly due to a drug price increase, the elimination of a separate drug reimbursement and increased labor costs affecting the US clinics operations. Also currency effects have had a negative impact on the Group margins. The PET develop ment project has made good progress and been supported by accelerated investments. Operating margin (EBITDA) for the Group was 17.6%. Gambro Healthcare has expanded by 23% (11%*) including an expansion in Europe by 59%. The sales momentum in Gambro Renal Products has continued, especially on markets outside Europe. Revenues increased by 11% (8%*). For Gambro BCT revenues were up 17% (11%*). In total, the first nine months 2000 for the Group have included a revenue growth of 14% (9%*). This includes an expansion in Gambro Healthcare with 20% (12%*). Strategically the pace of US clinics acquisitions has been reduced towards the end of the period. Gambro Renal Products had a continued sales development with revenues growing by 7% (7%*) with a positive development in Europe, strong growth outside Europe as well as for internal sales which are up with more than 40%. For Gambro BCT revenues increased by 14% (7%*) with a strong development at the end of the period. The PET project has had a promising develop ment and has been supported by higher investments. For the Group, mar gins during the period have been negatively affected by the higher cost level in Gambro Healthcare, currency effects as well as by the increased R&D investments in the PET projects. Operating margin (EBITDA) for the Group was 18.9%. *) currency adjusted Key data, present structure (excluding non-recurring items) January - Oct 1999 Full Sept year SEK M 2000 1999 - Sept 1999 2000 Revenues 16,102 14,501 21,344 19,743 Operating earnings b. 3,044 2,748 4,057 3,761 depreciation (EBITDA) % 18.9 18.9 19.0 19.0 Operating earnings (EBIT) 1,297 1,278 1,771 1,752 % 8.1 8.8 8.3 8.9 Earnings after financial 853 950 1,244 1,341 items (EBT) Earnings per share (EPS) SEK 0.78 0.94 1.24 1.40 1) Earnings per share (EPS) SEK 1) 3.66 2.35 5.97 4.66 including non-recurring items Cash earnings per share 5.85 5.20 7.88 7.23 (CEPS) SEK 2) Cash flow from operations 3) 516 1,167 845 1,496 Net debt 7,332 3,851 7,332 4,632 1) After full tax 2) Net income plus depreciation and amortization divided by number of shares 3) Cash flow before acquisitions and taxes THE GROUP On July 1, 2000 Sören Mellstig took up the position as President and CEO of Gambro after having been Executive Vice President of Gambro and responsible for the business area Gambro Renal Products. While Gambro's strategy and direction remain unchanged, additional corporate support and thrust will be given to the business areas to further exploit their global leading positions and inherent growth potential. Also more focus will be given to joint business opportunities between the business areas. Resources will also be allocated to explore business venture opportunities outside existing business areas, building on external as well as internal technology capabilities. BUSINESS AREAS Gambro Healthcare Third quarter 2000 included a revenue growth of 23% (11% currency adjusted) and revenues rose to SEK 3,313 M (2,745). Expansion in Europe has included acquisitions of clinics and a good underlying organic growth. In the US the new management is focusing on reorganization including decentralization to better leverage on internal capabilities for increased quality and business performance. Thus the pace of acquisition of new clinics has been slowed. In total for the first nine months 2000, revenues rose to SEK 9,325 M (7,985), an increase of 20% (currency adjusted 12%). The European clinics operations expanded by 48% thanks to acquisitions of clinics and a good underlying organic growth. In total the international clinics operations continued to show a good financial performance. A continued positive development is reported from among others Italy, Portugal, Spain and France. As previously announced the US clinics operations have been negatively affected by the price increase in Epogen and the elimination of a separate drug reimbursement. Also labor costs have been high. This has more than offset the positive impact of the increase in Medicare reimbursement introduced at the beginning of the year. In the clinics operation expansion is based on organic growth, establishment of new clinics as well as acquisition of clinics. Acquisitions are made on a strategically selective basis. During the period especially the expansion in Europe has been supported by acquisitions. During the nine-month period Gambro has acquired a total of 14 clinics with about 1,130 patients in Europe, eight clinics with about 820 patients in the US and two clinics in Argentina with about 100 patients. The European clinic acquisitions include five clinics in Spain in the regions of Barcelona and Valencia, one clinic in Italy in the Lazio region and eight clinics in Portugal. The latter includes a major acquisition in July of seven clinics with 630 patients in the Lisbon area. The period has also included several buyouts of minorities in partly owned clinics and the establishment of 22 new own clinics. At the close of the period the total number of patients treated worldwide in 625 clinics owned, operated or managed by Gambro was about 47,000. In the US Gambro owns, operates or manages 503 clinics. The total number of treatments given to patients in clinics consolidated by Gambro was 4,802,000. The corresponding average revenue per treatment (excluding non-dialysis clinics) was SEK 1,922, corresponding to USD 215. Treatment volumes rose by 14%. In July definitive settlement agreements were entered into, resolving all corporate matters covered by investigations into the Medicare billing practices of laboratory services. While admitting no liability, the total settlement amount was USD 53.2 M (SEK 455 M), of which USD 20.3 M (SEK 167 M) was paid in 1999. During the third quarter Medicare billing was discontinued until the billing system is operating entirely at an appropriate quality level. Recorded but unbilled Medicare laboratory revenues for 1998 and 1999 amount to USD 19 M (net after provisions) and for 2000 to USD 31 M. In order to improve the business performance in the US clinics operations, a reorganization has been made including the strengthening and recruitment of new management. In May a new position as President, Gambro Healthcare US, was created and Larry C. Buckelew was recruited for this position. In September he established a new organization in cluding three Division Presidents responsible for the Eastern, Central and Western regions of the US. The reorganization also includes decentralization moves with more responsibilities and support for the individual clinic. Stronger emphasis is given to the quality of care and the development of personnel. A special focus is set on the business performance, which is expected to be stable during the rest of the year. In the ordinary yearly audit review special attention will be given to the goodwill in Gambro Healthcare in view of the present somewhat reduced profitability. Gambro Renal Products Third quarter 2000 has been characterized by a further increased revenue growth of 11% (8% currency adjusted) with revenues rising to SEK 2,076 M (1,916) for same structure. This has included a continued good sales growth on the main European markets as well as on international markets. Internal sales increased for the seventh quarter in a row. The launch of new products has continued. In total for the first nine months 2000, revenues amounted to SEK 6,181 M (5,882). This represents an increase of 7% for present structure (currency adjusted 7%). Sales have continued to develop favorably on the main markets in Europe. This includes good sales on important markets such as Italy, France, Germany and Portugal. Also sales on main international markets in Asia and the Americas have increased substantially. Thus good sales development has been reported for important markets such as Japan, Korea and Taiwan. Internal sales grew by 41%. Major product categories, including both equipment and dispos ables, had a good development. The strong demand for monitors, both the Gambro AK series and the Hospal Integra series, as well as for synthetic dialyzers has continued. Overall Gambro Renal Products has developed according to the plans and directions established in the change program initiated early last year. This program includes both short-term efforts to improve efficiency and reduce costs as well as investments in new products, production capacity, etc. Also sales and marketing efforts have been strengthened. The good growth in sales volumes during the period is mainly attributable to efforts within the framework of this change program. Increased sales and marketing activities have resulted in a good sales growth supported by extended manufacturing capacity. Also manufacturing has proceeded with high efficiency and a good capacity utilization. The development of new products is a major component in the change program and considerable investments have been made in new products. Efforts include new, innovative and platform based product families, new generations of existing products and the phase-out of overlapping products. The new product generations form a base for a more efficient production, procurement and logistics structure. During this year and the next significant launches of new products have been and will be made. A new monitor for hemodialysis was recently presented at the American Society of Nephrologists meeting in October 2000 and it was very well received. The monitor has earlier received FDA clearance for sale in the US and is presently under marketing trials. A new generation of synthetic dialyzers is presently in clinical trials and will be introduced on the market next year. Gambro BCT Revenues during the quarter rose to SEK 388 M (330), representing an increase of 17% (currency adjusted 11%). US sales were particularly strong and sales increases continued in the major markets of the UK, France, Spain, and Canada, as well as Australia, Korea, China and Taiwan. Sales performance in Japan, while improved, continues to not meet expectations. On the whole, sales growth has been lower than previous years, mainly due to a generally lower growth in the platelet collection market and slow adoption of universal leukoreduction. In total for the nine month period, revenues for Gambro BCT were SEK 1,113 M (978) representing an increase of 14% (7% currency adjusted). This has included a good sales development on major markets in Europe as well as in the US. Gambro BCT continues to develop a leadership position within the Blood Banking Technology market through automated blood collection, leukoreduction, pathogen eradication technology and electronic business solutions. The Trima Automated Collection System is growing in market recognition, with a strong system and disposable sales during the third quarter. Third quarter disposable set sales increased by 63% over the previous quarter. Significantly, sales of the red blood cell, platelet, plasma disposable sets increased by 64% over second quarter, indicating the conversion of whole blood donors to automated blood collection is gaining acceptance. An important factor in this growth is the combination of an innovative account management process introduced earlier in the year, and the automation capabilities offered by the Trima system. Gambro BCT's worldwide field-based sales and implementation consultants work closely with blood centers and hospitals to develop solutions to the complex problems they face. Demand for blood products is increasing, while the number of eligible donors continues to decrease, resulting in critical shortages of blood components. Increasingly, throughout the world, leukoreduction of all blood products is becoming the standard of patient care. More and stricter regulations are affecting blood center productivity. Utilizing the automation offered by the Trima system, in conjunction with Gambro BCT's consultative support, blood centers can collect more leukoreduced blood components - red blood cells, platelets and plasma - from fewer donors. Implementation support includes providing guidelines for regulatory compliance and process control. Therapeutic Specialties Gambro BCT continues to maintain worldwide market leadership in therapeutic apheresis and cell therapy. Sales of the Spectra Apheresis System and disposable sets for collection of blood components and therapeutic applications continue to be strong. Disposable unit growth for the company in this market has been very strong, with a 13% increase year to date in European markets, and an overall 6% year to date increase worldwide. The company's strategy is to deliver a broad range of cellular and plasma therapies and services for the treatment of cancer, congenital and immune disorders, through innovation in cell collections, ex vivo cell manipulation and graft engineering. Pathogen Eradication Technology (PET) Key partner selection is critical for successful development, manufacturing and distribution of PET products into the world's blood banking market. In July, Gambro BCT entered into a research agreement with Sanquin, the blood authority in the Netherlands. Sanquin will vali date inactivation performance and the quality of proteins and cells. Sanquin is an innovative blood organization managing blood collection and plasma fractionation processes. Their expertise in the plasma fractionation business has led them to develop expertise in testing and validating viral inactivation processes. Gambro BCT Vice President of R&D, Frank Corbin, is now focusing specifically on the PET technology. Mr. Corbin has successfully lead development and business programs in Gambro for over 25 years in both the dialysis, cardiovascular and blood component technology businesses. Also joining the PET team is Bill Duffel Jr. Ph.D., Vice President of Regulatory Affairs. Dr. Duffel's experience leading global clinical trials and regulatory submissions for Cyberonics Inc. and other large pharmaceutical companies strengths the skills in the PET management team. Gambro is committed to building a strong management team capable of delivering PET products to the global blood market. Gambro BCT will release new PET information at the American Association of Blood Bank (AABB) meeting in Washington DC. This scientific meeting will include four oral presentation and one written poster on the PET technology. This information will be available on the Gambro BCT website in November, www.gambrobct.com. On August 21, David Perez was appointed President of Gambro BCT. He has held leadership and management positions in companies providing blood banking services and products, physician practice management and home therapy services. Before joining Gambro BCT, Perez was Vice President Operations of UroTherapies Western Operations with responsibility for sales, operations and service. David Perez has been a member of the Gambro BCT business management council, and Vice President U.S. Sales and Global Marketing, playing a key role in helping the company continue its global leadership in therapeutic apheresis and expand into the worldwide blood bank technology marketplace. THE RESTRUCTURING PROGRAM The restructuring program initiated mid January 1999 has proceeded according to plan. As of September 30, 2000 about 975 employees had left the group through cutbacks, reorganization and divestitures of operations. Approximately SEK 755 M (of which 36% is non-cash) has been used of the provision of SEK 1,100 M that was made during the fourth quarter 1998. During the year SEK 163 M has been utilized, of which SEK 64 M during the third quarter. INVESTMENTS Group investments during the period amounted to SEK 1,106 M (1,120) net. Third quarter investments amounted to SEK 507 M (409) net. ACQUISITIONS Group acquisitions during the period amounted to SEK 1,034 M (721). Third quarter acquisitions amounted to SEK 215 M (146). Acquisitions included 24 clinics with some 2,050 patients in the US and RoW. During the first quarter 2000 Gambro also participated in the HemaSure rights issue with about USD 8.9 M (SEK 77 M). Several buyouts of minorities in partly owned clinics have also been performed. FINANCIAL POSITION Net debt (loans and accruals for pension less cash and short-term investments) amounted to SEK 7,332 M at the close of the period, which represents an increse of SEK 2,700 M for the nine month period. The increase is explained by cash flow from operations SEK 814 M, acquisitions SEK -1,034 M, taxes paid SEK -1,231 M, dividend paid SEK - 379 M, currency effects SEK -600 M and other SEK -270 M. The increase of SEK 1,746 M in the quarter is exlained by cash flow from operations SEK -29 M, acquisitions SEK -215 M, taxes paid SEK -824 M, currency effect SEK -465 M and other SEK -213 M. Average net debt during the period amounted to some SEK 5,800 M, resulting in an average interest rate of 8.3% (adjusted for interest not attributable to items in the net debt). Earnings from associated companies, SEK -38 M, mainly refer to shareholdings in HemaSure and MacGREGOR. A dividend from the shareholding in ABB Ltd. (disposed of in the second quarter) of SEK 10 M was included in the first quarter. During the period a tax dispute in the US has been settled, resulting in an interest charge on the payment of USD 2.5 M (SEK 23 M), which is included in the financial net. The equity/assets ratio at the close of the period was 60%. PERSONNEL The total number of employees in the Gambro group increased by 817 during the period. By the end of the period the total number of employees was 18,103. OTHER Brad Nutter, President of Gambro Healthcare, has decided to leave his position for personal reasons effective November 1, 2000. Temporarily, Sören Mellstig, President and CEO of Gambro, will replace Nutter as President of Gambro Healthcare. This means that Larry C. Buckelew, President Gambro Healthcare US, Terry Gilpin, President Gambro Healthcare International, and Kevin Smith, CFO, will report direct to him. Stockholm, October 26, 2000 Sören Mellstig President and CEO This report has not been subject to examination by the Company's auditors. For further information please contact: Bengt Modéer, Senior Vice President, Corporate Communications, +46-8-613 65 00, +46-70-513 65 33 Lars Granlöf, Senior Vice President, CFO, +46-8-613 65 00 Cindy Lyman or Kerry Schneider, Citigate Dewe Rogerson, New York , +1- 212-688 6840 Gambro's financial information is also available on the Internet: www.gambro.com Coming report etc.: Year end report 2000: February 15, 2001 Annual General Meeting: March 21, 2001 Revenues by business area January - Change in % Full Sept 1) year SEK M 2000 1999 Nomina Curren 1999 l cy adj. Gambro Healthcare 9,325 7,763 20 12 10,608 Gambro Renal Products 6,181 5,753 7 7 7,870 Intra-Group -517 -344 49 41 -503 Total, Renal Care 14,989 13,172 14 9 17,975 Gambro BCT 1,113 978 14 7 1,359 Total, present 16,102 14,150 14 9 19,334 structure Major divestitures - 351 409 Total 16,102 14,501 11 19,743 1) For present structure Revenues by market January - Change in % Sept 1) SEK M 2000 1999 Nomina Curren l cy adj. Europe 4,510 4,351 4 7 Americas 10,387 8,801 18 9 Asia, Pacific, RoW 1,205 998 21 16 Total, present 16,102 14,150 14 9 structure Major divestitures - 351 Total 16,102 14,501 11 1) For present structure GAMBRO GROUP INCOME STATEMENT January - Oct 1999 Full September year SEK M 2000 1999 - Sept 1999 2000 Revenues 16,102 14,501 21,344 19,743 Operating expenses 1), 2) -14,740 - -19,767 -17,439 12,412 Operating earnings (EBIT) 1,362 2,089 1,577 2,304 Financial items, net -444 -328 -527 -411 Earnings after financial 918 1,761 1,050 1,893 items (EBT) Taxes 387 -899 1,070 -216 Minority interest -45 -52 -65 -72 Net income 1,260 810 2,055 1,605 1) Earnings before 3,109 3,558 3,864 4,313 depreciation and amortization (EBITDA) 2) Of which, non- recurring items result from 628 966 493 831 divestitures provision for -563 -155 -687 -279 repayment of lab. billing 65 811 -194 552 amortization, goodwill -747 -647 -991 -891 depreciation, other -1,000 -823 -1,295 -1,118 assets QUARTERLY DATA PER SEGMENT Present structure 2000 1999 SEK M Q 1 Q 2 Q 3 Tota Q 1 Q 2 Q 3 Q 4 Tota l l Revenues Gambro Renal 1,97 2,12 2,07 6,18 1,92 2,04 1,91 2,17 8,06 Products 6 9 6 1 2 5 6 7 0 Gambro 2,94 3,06 3,31 9,32 2,51 2,72 2,74 2,84 10,8 Healthcare 8 4 3 5 4 6 5 3 28 Gambro BCT 352 373 388 1,11 310 338 330 378 1,35 3 6 Intra-group -162 -166 -189 -517 -92 -119 -134 -156 -501 Total Revenues 5,11 5,40 5,58 16,1 4,65 4,99 4,85 5,24 19,7 4 0 8 02 4 0 7 2 43 Operating earnings - before depr. (EBITDA) Products (GRP + 452 517 468 1,43 BCT) 7 Healthcare 538 527 543 1,60 8 Non recurring - 651) - 651) items Other -5 302) -26 -12) Total operating earnings 985 1,13 985 3,10 878 1,91 766 755 4,31 - before depr. 9 9 4 3 (EBITDA) Do margin % 19.3 21.1 17.6 19.3 18.9 38.4 15.8 14.4 21.8 Do excl non 19.3 19.9 17.6 18.9 18.9 19.0 19.0 19.3 19.0 recurring % Operating earnings - after depr. (EBIT) Products (GRP + 275 333 284 892 BCT) Healthcare 168 144 130 442 Non recurring - 651) - 651) items Other -11 252) -51 - 372) Total operating earnings 432 567 363 1,36 406 1,40 274 215 2,30 - after depr. 2 9 4 (EBIT) Do margin % 8.4 10.5 6.5 8.5 8.7 28.2 5.6 4.1 11.7 Do Excl non 8.4 9.3 6.5 8.1 8.7 8.9 8.8 9.0 8.9 recurring % Financial net Interest net -111 -105 -169 -385 -128 -95 -84 -101 -408 Other financial 0 -37 -22 -59 -15 0 -6 18 -3 items Financial net -111 -142 -191 -444 -143 -95 -90 -83 -411 Earnings before 321 425 172 918 263 1,31 184 132 1,89 tax (EBT) 4 3 1)Result from divestitures 628 Settlement of lab. review -563 65 2) Operating earnings includes income of SEK 42 M representing the present value of a receivable on the Swedish pension institution SPP as a result of excess returns on pension fund management. Excluding this item and non recurring items the margins are as follows: Q2 Total EBITDA 19.1% 18.6% EBIT 8.5% 7.8% GAMBRO GROUP BALANCE SHEET SEK M Sept 30, Sept 30, Dec 31, 2000 1999 1999 ASSETS Fixed assets Intangible assets 18,561 15,515 16,410 Property, plant and equipment 6,394 5,340 5,515 Shares and participations 368 347 417 Long-term receivables 871 454 668 Total fixed assets 26,194 21,656 23,010 Current assets Inventories 2,485 2,228 2,217 Trade receivables 6,395 5,620 5,940 Other current receivables 2,412 2,308 2,147 Liquid assets 528 589 606 Total current assets 11,820 10,745 10,910 TOTAL ASSETS 38,014 32,401 33,920 SHAREHOLDERS' EQUITY AND LIABILITIES Shareholders' equity 1) 22,574 17,959 19,655 Minority interests 186 132 192 Accruals 2,910 3,411 3,412 Long-term liabilities 5,948 1,628 2,146 Current liabilities 6,396 9,271 8,515 TOTAL SHAREHOLDERS' EQUITY 38,014 32,401 33,920 AND LIABILITIES NET DEBT 7,332 3,851 4,632 1) Total number of shares outstanding 344,653,288 (of which, Series A: 250,574,090, Series B: 94,079,198) STATEMENT OF CHANGES IN FINANCIAL POSITION January - Full September year SEK M 2000 1999 1999 Operating activities Earnings after financial items 853 950 1,341 (excl. non-recurring items) Non-cash items 1) 131 974 1,009 984 1,924 2,350 Taxes paid -1,231 -834 -1,843 -247 1,090 507 Changes in operating capital: 2) Inventories -268 54 -205 Receivables -923 396 -193 Liabilities 543 -1,916 -1,179 Cash flow from operating -895 -376 -1,070 activities Investment activities Capital expenditure -1,184 -1,178 -1,667 Disposals 78 58 138 Acquisitions / divestitures net 3) -406 245 571 Cash flow from investment -1,512 -875 -958 activities Financing activities Change in short term loans -1,044 578 817 Change in long term loans 3,802 446 964 Change in accruals for pensions -25 5 46 Dividend paid -379 -344 -344 Change in financing activities 2,354 685 1,483 Cash flow this period -53 -566 -545 Liquid assets opening balance 606 1,169 1,169 Currency effect in liquid assets -25 -14 -18 Liquid assets closing balance 528 589 606 1) Of which: ? Depreciation/Amortization 1,747 1,469 2,009 ? Translation differences -564 -12 -727 ? Lab. provision -563 -155 -279 ? Tax provision -480 - - ? Other -9 328 6 2) Of which change in -978 -133 -325 operating working capital 3) For previous periods the figures are restated net of acquisitions and divestitures Brad Nutter to leave Gambro Healthcare Stockholm, Sweden, October 26, 2000 - Gambro AB (OM Stockholm Exchange: GAMBaST, GAMBbST), a leading international medical technology and healthcare company, today announced that Brad Nutter, President of Gambro Healthcare, has decided to leave his position as of November 1, 2000. Nutter is leaving for personal reasons. Sören Mellstig, President and CEO of Gambro, will serve as acting President of Gambro Healthcare. This means that Larry C. Buckelew, President Gambro Healthcare US, Terry Gilpin, President Gambro Healthcare International, and Kevin Smith, CFO, will report direct to him. "I do regret that I have to take this step", says Brad Nutter. "However, I am pleased with the progress we have made during the year. A new strategy has been established, a new management structure is in place, a new organization is being set up in the US, and we managed to settle the laboratory issue in a very short time. I am confident that we have established a good base for a future good development for Gambro Healthcare." For further information please contact: Bengt Modéer, Senior Vice President, Corporate Communications, tel. +46- 8-613 65 00, +46-70-513 65 33 Cindy Lyman or Kerry Schneider, Citigate Dewe Rogerson, New York , tel. +1-212-688 6840 ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.bit.se/bitonline/2001/07/12/20010712BIT00130/bit0001.doc http://www.bit.se/bitonline/2001/07/12/20010712BIT00130/bit0001.pdf

About Us

Gambro is a global medical technology and healthcare company with leading positions in renal care - services and products - and blood component technology. The group, with revenue of approximately SEK 18 billion (USD 2.2 billion), has approximately 17,000 employees in some 40 countries.