DGAP-News: MeVis announces preliminary business figures for 2010
ID: 363254
Results
MeVis announces preliminary business figures for 2010
09.03.2011 / 10:38
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Non-cash charges have one-time negative effect on company's earnings
- Corporate sales rise 4 percent to approximately EUR 14.4 million
(previous year: around EUR 13.9 million) due to higher maintenance
revenues
- Group EBIT of roughly EUR -6.0 million (previous year: approximately
EUR 1.6 million) impacted by EUR 6.3 million in one-time, non-cash
charges
Bremen, March 8, 2011 - MeVis Medical Solutions AG [ISIN: DE000A0LBFE4], a
leading software company in the field of image-based medicine, has today
announced its preliminary figures for the 2010 fiscal year. According to
the company, business developed as expected during the first three quarters
as well as in the final quarter of the past fiscal year. Group revenue grew
slightly to around EUR 14.4 million (previous year: about EUR 13.9). A drop
in the company's licensing business due to declining sales was compensated
for by an increase in maintenance revenues of about 48 percent to roughly
EUR 4.7 million (previous year: about EUR 3.2 million), a development which
now accounts for one third of total revenue (previous year: around 23
percent).
Sales in the Digital Mammography business segment were up approximately 8%
to reach approximately EUR 10.8 million in 2010, representing
three-quarters of total turnover (previous year: around EUR 10 million).
This increase was driven by the disproportionately high increase in
maintenance revenues to approximately 39 percent of segment revenues. In
2010, revenues in the Other Diagnostics segment decreased by approximately
7 percent and came to approximately EUR 3.6 million (previous year: around
EUR 3.8 million).
The one-time non-cash charges which have had a negative effect on Group
EBIT are linked to other operating expenses and impairment losses on
intangible assets. While the company managed to further reduce adjusted
operating expenses due to the cost-cutting measures it introduced in 2009,
an additional provision worth approximately EUR 0.8 million increased
expenses to about EUR 3.8 million (previous year: around EUR 3.3 million).
The provision was recognized due to an obligation to provide a grant to one
of the company's research partners. Dr. Robert Hannemann, MeVis Medical
Solutions AG's CFO since October 1, 2010, says 'In previous years, this
obligation was listed under 'Financial Obligations' in our financial
statements. The Executive Board has now decided to account for this
obligation on the balance sheet due to the result of our current risk
assessment.'
The impairment charge of approximately EUR 5.5 million was on the
intangible assets associated with the company's pulmonary CT business,
which was acquired in 2008. This impairment charge included about EUR 4.3
million for the complete write-off of goodwill and some EUR 1.2 million for
the amortized costs of the software, licenses and customer base obtained
during the transaction.
'Because the market was in the past not as receptive as we would have
liked, the Executive Board has opted to adjust the balance sheet
accordingly,' explains Dr. Carl J.G. Evertsz, CEO of MeVis Medical
Solutions AG. 'However, we remain confident about the market potential for
our pulmonary product,'he concludes.
The final business figures will be available in the audited consolidated
financial statement and group management report, which will be released
together with the 2011 forecast on April 19, 2011.
The Group's financial reports are available for download at:
http://www.mevis.de/mms/en/Financial_Reports.html
End of Corporate News
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09.03.2011 Dissemination of a Corporate News, transmitted by DGAP - a
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The issuer is solely responsible for the content of this announcement.
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Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: MeVis Medical Solutions AG
Universitätsallee 29
28359 Bremen
Deutschland
Phone: +49 421 224 95 0
Fax: +49 421 224 95 11
E-mail: ir@mevis.de
Internet: http://www.mevis.de
ISIN: DE000A0LBFE4
WKN: A0LBFE
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, München, Stuttgart
End of News DGAP News-Service
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News-ID 363254
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