DGAP-News: STRATEC reports further growth
(firmenpresse) - DGAP-News: STRATEC Biomedical AG / Key word(s): Quarter
Results/Interim Report
STRATEC reports further growth
24.07.2012 / 07:45
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STRATEC reports further growth
- Sales of EUR 55.0 million* in Q1-Q2/2012
(+13.3%; Q1-Q2/2011: EUR 48.5 million)
- EBIT margin of 17.1%* in Q1-Q2/2012 (Q1-Q2/2011: 18.7%)
- Consolidated net income of EUR 7.4 million in Q1-Q2/2012
(+5.6%; Q1-Q2/2011: EUR 7.0 million)
- Earnings per share of EUR 0.63 in Q1-Q2/2012
(+5.0%; Q1-Q2/2011: EUR 0.60)
- Company forecast confirmed
Birkenfeld, July 24, 2012
STRATEC Biomedical AG (Frankfurt: SBS; Prime Standard, TecDAX) today
announced its results for the period from January 1, 2012 to June 30, 2012
upon the publication of its Interim Report as of June 30, 2012.
Key figures (EUR 000s) 01.01.- 01.01.- Change* adjusted for a one-off item in the first quarter of 2012 due to an
06.30.2012 06.30.2011
Sales 58,242 48,515 +20.0%
Adjusted sales* 54,974 48,515 +13.3%
Overall performance 60,870 54,800 +11.1%
EBITDA 11,443 10,750 +6.5%
EBIT 9,423 9,078 +3.8%
EBIT margin (%)* 17.1 18.7 - -
Consolidated net income 7,352 6,964 +5.6%
Earnings per share (EUR) 0.63 0.60 +5.0%
earnings-neutral transfer of unfinished services and prepayments received
of EUR 3.3 million due to the impairment of a development project.
Unadjusted sales amount to EUR 58.2 million and the resultant EBIT margin
amounts to 16.2%.
Financial performance
STRATEC continued the positive sales performance seen in the first three
months in the second quarter of 2012. The year-on-year growth of 13.3% in
sales for the first six months to EUR 55.0 million was largely driven by
rising supply volumes for systems already established in the market.
Moderate growth was reported for systems launched onto the market over the
past 24 months. On an adjusted basis, the company's second-quarter sales
were 15.0% up on the equivalent figure for the first three months of 2012.
The adjusted EBIT margin for the first six months amounted to 17.1%. At
17.3%, the EBIT margin for the second quarter showed a slightly positive
development compared with the first three months of the current year,
although several factors continued to impede any more substantial margin
growth. In particular, the significant expansion in the company's
non-capitalized development resources in connection with customer
agreements led to a shift in the sales / development work ratio. Given
forthcoming market launches, logistics and manufacturing processes are
being prepared for the serial production of additional systems.
Furthermore, despite nominal growth, the company has for the first time
seen a slight decline in percentage terms in the share of sales generated
with maintenance and spare parts. Our customers attribute this development
to a temporary dip in testing volumes due to lower numbers of visits to the
doctor, particularly in the USA.
At EUR 7.4 million, consolidated net income for the first half was 5.6%
higher than the previous year's figure, and corresponds to earnings per
share of EUR 0.63 (previous year: EUR 0.60). At EUR 0.34, earnings per
share for the second quarter were EUR 0.04 higher than the figure for the
first quarter of 2012.
Project development
Further new market launches are expected in the current and following
financial years, as are follow-up launches and system approvals in various
regions. Several additional new projects are currently in negotiation, and
have reached advanced stages in some cases.
One major analyzer system replacing an existing system at a customer is
currently being optimized in terms of its supply and production in order to
satisfy growing demand for this system.
Other developments
All of the resolutions at the company's Annual General Meeting on May 16,
2012 were approved, including the resolution to distribute a 10% higher
dividend of EUR 0.55 per share. The dividend was distributed the day after
the Annual General Meeting.
The conversion in accounting from the total cost method to the cost of
sales method, which is more widespread internationally and is expected to
help in comparing the company's performance with that of other players, is
to be implemented in the course of the 2012 financial year. In this
respect, the current interim report has for the first time been prepared
applying both methods in parallel to facilitate comparison of the two
approaches.
Development in staff totals
Including temporary employees, the STRATEC Group had a total of 524
employees as of June 30, 2012 (June 30, 2011: 466). Compared with March 31,
2012, the workforce has grown by a further 12 employees. The company has
focused on expanding its development teams at various locations, as well as
on a variety of associated integration and training measures.
Outlook
Our customers' forecasts and further upcoming market launches give us
reason to expect that our sales performance will show further improvement
in the second half of the year.
To date, we have not observed any reluctance on the part of our customers
to call up analyzer systems due to consolidation-related factors. In
individual cases, the boosting of sales structures in the wake of takeovers
leads us to expect further growth in the volume of systems collected in the
medium term.
Due to new customer agreements, the increased number of negotiations in
advanced stages and numerous feasibility studies, we are continuing to
expand our development capacities. The resultant temporary negative impact
on margins is expected to support the company's sustainably positive
performance in the long term and the anticipated continuation in its
double-digit growth rates beyond 2013 and 2014. STRATEC expects to be able
to report further major new deals by the end of the year.
We confirm our company forecast of sales between EUR 125 million and EUR
139 million in the current financial year and average annual sales growth
(CAGR) of between 14% and 16% in the 2012 to 2014 financial years. Our
ability to exceed the EUR 160 million sales mark expected for 2013 is based
on current production figures and is linked to the market launches planned
to have been implemented by then. We expect to generate an EBIT margin of
between 17% and 19% in 2012 and 2013.
Further details can be found in our Interim Report as of June 30, 2012
published at www.stratec.com>Investor Relations>IR News>Financial
Reports.
About STRATEC
STRATEC Biomedical AG (www.stratec.com) designs and manufactures fully
automated analyzer systems for its partners in the fields of clinical
diagnostics and biotechnology. These partners market such systems, in
general together with their own reagents, to laboratories, blood banks and
research institutes around the world. The company develops its products on
the basis of its own patented technologies.
Shares in the company (ISIN: DE0007289001) are traded in the Prime Standard
segment of the Frankfurt Stock Exchange and are listed in the TecDAX select
index of the German Stock Exchange.
Further information can be obtained from:
STRATEC BiomedicalAG
AndréLoy, Investor Relations
Gewerbestr. 37, 75217 Birkenfeld
Germany
Tel: +49 7082 7916-190
Fax: +49 7082 7916-999
ir(at)stratec.com
www.stratec.com
End of Corporate News
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24.07.2012 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: STRATEC Biomedical AG
Gewerbestr. 37
75217 Birkenfeld
Germany
Phone: +49 (0)7082 7916 0
Fax: +49 (0)7082 7916 999
E-mail: info(at)stratec.com
Internet: www.stratec.com
ISIN: DE0007289001
WKN: 728900
Indices: TecDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, München, Stuttgart
End of News DGAP News-Service
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