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Continued sales and earnings growth in the second quarter

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SECOND QUARTER APRIL–JUNE

  • The Group's net turnover totalled SEK 233.4 million (209.3), an increase of 12 percent.
  • The Group's EBITDA totalled SEK 46.1 million (41.0), an increase of 12 percent.
  • The EBITDA margin was 20 percent (20).
  • Earnings after tax from remaining operations amounted to SEK 16.4 million (19.5).
  • Earnings per share were SEK 1.1 (1.3).
  • Cash flow from operating activities totalled SEK 33.1 million (48.5).

HALF-YEAR JANUARY–JUNE

  • The Group's net turnover totalled SEK 456.0 million (415.0), an increase of 10 percent.
  • The Group's EBITDA totalled SEK 86.6 million (72.5), an increase of 19 percent.
  • The EBITDA margin was 19 percent (17).
  • Earnings after tax from remaining operations amounted to SEK 31.5 million (29.8).
  • Earnings per share were SEK 2.0 (2.1).
  • Cash flow from operating activities totalled SEK 50.4 million (76.3).

CEO’s comments

In the second quarter, the Group continued to deliver growth and good profitability. Overall, sales increased by 12 percent and EBITDA by 12 percent.

The positive performance of the Group is being driven by increased earnings in the MedTech segment.

We note that Abilia, which was severely affected by the pandemic, especially in Norway, has returned to good levels and delivered a strong quarter with sales up nearly 40 percent.

Abilia's products help people with special needs to achieve participation and independence in everyday life. The devices are mainly provided through prescriptions to individuals, but we are also seeing some increase in demand from care organisations. We see that Abilia is well positioned with its digital tools to expand in the field of welfare technology.  

Inpac also contributed to the Group’s improved performance compared to the previous year, and demand for most of the company's packaging solutions is high.

Growth was also partly driven by the acquisition of Multi-Ply, whose post-pandemic recovery continues but has not yet reached the level we are anticipating.

Cardiolex, whose ECG systems met with increased demand last year, delivered sales on the same level. Healthcare costs have risen during the pandemic, which may affect the available capacity for investment. At the same time, we believe that demand for the digital workflows offered by Cardiolex will increase.

The businesses have coped well with the supply chain issues identified during the first quarter and the Group's sales were not, and are not expected to be, impacted to any material extent.

The Specialty Pharma segment delivered lower sales and earnings. The comparison quarter last year was driven by a one-time sale of inventory and some increased demand due to Covid-19.

Development in the Nordic specialty pharma portfolio continued during the quarter, with sales of the top seven products increasing by five percent.

In addition, subsidies for Unimedic Pharma's Melatonin were approved in Sweden and Norway. This is the first registered oral solution containing melatonin in these markets that is subsidised for children and adolescents with ADHD where sleep hygiene measures are inadequate.

During the quarter, MedCap acquired the remaining shares outstanding in Abilia, from one of the founders of the business.

The second quarter confirms that the Group is continuing to develop in a positive direction. Active business development work is being conducted in the Group's companies and I look forward to these efforts achieving further potential.

Anders Dahlberg, CEO

Stockholm 30 July 2021

This disclosure contains information that MedCap AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014) and the Swedish Securities Markets Act (2007:528). The information was submitted for publication, through the agency of the contact person, on 30-07-2021 06:30 CET.

For more information, contact:

Anders Dahlberg, CEO, Mobile 46 704 269 262,  e-mail anders.dahlberg@medcap.se

About MedCap:

MedCap builds successful life sciences companies to improve people's lives. MedCap unites the strengths of a larger the company with the smaller companies' entrepreneurial power, agility, and business acumen. MedCap is publicly listed on NASDAQ Stockholm OMX, with the symbol MCAP. More information is available on the company web site www.medcap.se. 

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