DGAP-News: MeVis' profitability increased in 2011
(firmenpresse) - DGAP-News: MeVis Medical Solutions AG / Key word(s): Final Results
MeVis' profitability increased in 2011
24.04.2012 / 17:30
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MeVis Medical Solutions sees slight fall in sales and substantial reduction
in costs
- Consolidated sales declined slightly by 4 % to EUR 13.7 m (previous
year: EUR 14.3 m)
- Maintenance business grew by 20 % to EUR 5.5 m (previous year:
EUR 4.6 m); new licensing business fell by 16 % to EUR 7.6 m (previous
year: EUR 9.0 m)
- One-time effects with no impact on liquidity led to a negative EBIT
(earnings before interest and tax) of EUR -1.6 m (previous year:
EUR -5.4 m)
- EBIT before extraordinary items stood at EUR 1.2 m (EBIT margin: 9 %),
significantly above the previous year's performance (EUR 0.7 m, 5 %)
- Net financial results stood at EUR -1.3 m due to impairments on
investment in Dutch company Medis
- Consolidated net profit stood at EUR -4.1 m (previous year: EUR -8.4 m)
- Stable cash flow from operating activities of EUR 5.1 m (previous year:
EUR 5.0 m)
- Liquidity fell just EUR 0.7 m to EUR 7.5 m despite purchase price
payment of EUR 3.0 m
Bremen, April 24, 2012 - MeVis Medical Solutions AG [ISIN: DE000A0LBFE4], a
leading software provider for the medical imaging market, has released the
final results for its 2011 fiscal year. According to the company's figures,
consolidated sales fell slightly, by 4 % to EUR 13.7 m. Contributing 3
percentage points, a weak dollar was a significant factor in this decline
in sales.
Sales of new licenses fell by 16 % to EUR 7.6 m during the fiscal year, due
primarily to market saturation in digital mammography and breast
examinations using magnetic resonance imaging. Revenues from maintenance
contracts continued to do well and grew throughout the Group by 20 %.
Coming to EUR 5.5 m, this figure represented 41 % of total net
sales(previous year: 32 %).
Reporting a 2 % decline in segment sales to EUR 10.5 m, Digital Mammography
was once again the top performer at the company in the last fiscal year.
This strength is due above all to another significant increase in
maintenance revenues, which accounted for 45 % of the segment's sales
during the reporting period (previous year: 38 %). The segment's net profit
came to EUR 5.6 m (previous year: EUR 5.4 m).
License sales for newer products in the Other Diagnostics segment continued
to disappoint. The segment's revenue fell by 10 % to EUR 3.2 m, and this
fall is largely due to a decline in MRT products' sales for breast
examinations. Maintenance revenues have substantially increased in this
segment as well: Standing at EUR 0.8 m, they now account for 24 % of the
segment's total sales (previous year: 15 %).
We cut expenses substantially in 2011, reducing personnel costs by
EUR 1.2 m to EUR 9.2 m. This figure contains a provision for remuneration
to be paid to the former Chairman of the Executive Board - minus this sum,
personnel cost reduction would come to EUR 1.5 m.
Depreciation and amortization came to EUR 3.6 m, remaining at last year's
level. Reacting to the revaluation of Visia applications developed since
2008, we recognized a one-off impairment loss of EUR 2.5 m.
Adjusted for both of these exceptional items, earnings before interest and
taxes came to EUR 1.2 m, which represented an improvement of EUR 0.5 m
despite the fall in net sales.
The company's financial result was impacted by an impairment of our 41 %
stake in the Dutch company Medis, worth EUR 0.9 m. The impairment was based
on a revised estimate of what future developments would bring, and the
value of the financial result was reduced to EUR -1.3 m. As a result,
pre-tax earnings in the fiscal year just ended came to EUR -2.9 m (adjusted
for exceptional items: EUR 0.8 m) and a consolidated net result for the
period of EUR -4.1 m (previous year: EUR -8.4 m), which corresponds to
earnings per share of EUR -2.38.
The structure of the consolidated balance sheet has changed little. The
equity ratio stood at 64 %, the same figure as last year.
Dr. Robert Hannemann, CFO at MeVis Medical Solutions AG, said, 'We believe
that the current fiscal year will see stable sales progress and a slight
increase in EBIT before exceptional items. We want to achieve this slight
growth in EBIT with sustainable cuts to our present operating expenses and
lower personnel expenses. In addition, the closure of our US subsidiary
will show its impact on our finances in the second half of the year.'
Marcus Kirchhoff, Chairman of the Executive Board and CEO of MeVis Medical
Solutions AG, added: 'We expect fiscal year 2013 to see an improvement in
our sales and earnings structure. Our aim is to achieve this sales growth
by broadening the business relationships we have with our existing
industrial customers and by establishing new sales channels.' The company
intends to unveil its new strategic focus at the annual general meeting on
June 12, 2012.
On the balance sheet date, cash and cash equivalents had fallen to EUR 7.5
m (previous year: EUR 8.2 m). Taking into account the operative cash flow
and outstanding balance for the acquisition of 49 % of the shares of MBS KG
totaling up to EUR 4.0 m, which is due as partial payments until 2015, we
continue to believe that adequate liquidity is available in the current
fiscal year.
Due to the current developments and market conditions, the Executive Board
will provide further details about its business forecast during the course
of the current fiscal year.
The financial reports of the company can be downloaded at
http://www.mevis.de/mms/Finanzberichte.html
End of Corporate News
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24.04.2012 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
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Language: English
Company: MeVis Medical Solutions AG
Universitätsallee 29
28359 Bremen
Germany
Phone: +49 421 224 95 0
Fax: +49 421 224 95 11
E-mail: ir(at)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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166400 24.04.2012
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