DGAP-News: STRATEC boosts its growth rate in the third quarter of 2010
(firmenpresse) - STRATEC Biomedical Systems AG / Key word(s): Quarter Results/Interim Report
27.10.2010 07:51
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STRATEC boosts its growth rate in the third quarter of 2010
- Sales of EUR 26.1 million in Q3/2010
(+34.3%; Q3/2009: EUR 19.5 million)
- Consolidated net income of EUR 3.8 million in Q3/2010
(+31.9%; Q3/2009: EUR 2.9 million)
- EBIT margin increased by 0.4% points to 18.5% in Q3/2010
(Q3/2009: 18.1%)
- Sales of EUR 69.2 million in Q1-Q3/2010
(+23.5%; Q1-Q3/2009: EUR 56.0 million)
- Consolidated net income of EUR 9.7 million in Q1-Q3/2010
(+25.1%; Q1-Q3/2009: EUR 7.8 million)
- EBIT margin increased by 1.0% points to 18.5% in Q1-Q3/2010
(Q1-Q3/2009: 17.5%)
Birkenfeld, October 27, 2010
STRATEC Biomedical Systems AG today announced its results for the period
from January 1, 2010 to September 30, 2010, upon the publication of its
interim report as of September 30, 2010.
Key Figures 01.01.- 01.01.- ChangeFinancial performance - STRATEC significantly boosted its rate of growth in
EUR thousand) 09.30.2010 09.30.2009
Sales 69,149 56,001 + 23.5%
Overall performance 76,419 62,164 + 22.9%
EBITDA 14,977 11,735 + 27.6%
EBIT 12,793 9,775 + 30.9%
Consolidated net income 9,746 7,788 + 25.1%
Earnings per share (EUR) 0.85 0.69 + 23.2%
EBIT margin (%) 18.5 17.5
the third quarter of 2010 compared with the two previous quarters and the
previous year. It achieved this due to continuing strong turnover with
analyzer systems already established on the market, the rising number of
pre-serial and serial systems to be produced and the working down in the
supply backlog reported at the end of the second quarter of 2010.
Year-on-year, sales grew by 34.3% from EUR 19.5 million to EUR 26.1 million
in the third quarter of 2010. Consolidated net income increased by 31.9%
from EUR 2.9 million to EUR 3.8 million. Notwithstanding the initial costs
incurred in the third quarter of 2010 to integrate Ballista, the US company
acquired in July 2010, and the temporary comparative weakness of the
consumables and spare parts business, the Group managed to increase its
EBIT margin for the third quarter of 2010 from 18.1% to 18.5%.
Sales for the first nine months as a whole increased to EUR 69.2 million,
up 23.5% from EUR 56.0 million in the previous year's period. Consolidated
net income for the same period showed growth of 25.1% from EUR 7.8 million
to EUR 9.7 million. The EBIT margin amounted to 18.5% as of September 30,
2010 (previous year: 17.5%).
Project development - Alongside the market launch of NEO by Immucor, which
was the first STRATEC analyzer system to be newly launched in the current
year and which received FDA approval in the USA just a few weeks after its
approval in Europe, STRATEC expects customer approval for serial production
in three further projects (Gen-Probe, QIAGEN and DiaSorin) in the near
future.
Other development - Within our expansion strategy, at the beginning of July
2010 we extended our presence in the USA by acquiring Ballista. This US
company specializes in optical and opto-mechanical precision technology and
related development, production and advisory services and can point to a
proven track record of expertise in the diagnostics, medical technology,
biotechnology and aerospace industries. Its expertise and capacities range
from prototype assembly through to serial production. In 2009, Ballista
generated sales of US$ 2.7 million with 18 employees. The company was
founded in 2004 and is based in Newbury Park, a short distance from Los
Angeles. Its three founding partners have longstanding experience in
managing and expanding high-growth companies and they have committed, via
employment contracts, stock holdings and options, to remain engaged and to
work with STRATEC to further develop its US presence and to work on the
targeted expansion of the company's existing customer and technology base.
Ballista has been consolidated in the Group's accounts as of July 1, 2010.
In preparation for further growth at the STRATEC Group in future,
construction work began in October 2009 and April 2010 on new buildings at
the Group's locations in Beringen (Switzerland) and Birkenfeld (Germany).
While the 4,000 m²production building in Switzerland was already completed
in June 2010, the 5,000 m²development building at the Group's main
location in Birkenfeld will be ready for occupation in November 2010. Once
construction work has been completed, our Group's production capacities
will have virtually doubled. We therefore believe that we are excellently
equipped for the further growth spurt expected in the coming years.
Personnel development - Including temporary employees and staff at
Ballista, a company acquired in July 2010, the STRATEC Group had a total
workforce of 440 employees as of September 30, 2010 (previous year: 351).
Compared to June 30, 2010 the STRATEC Group expanded its workforce by 41.
Outlook - Some companies in the diagnostics industry have in recent months
revised their growth expectations in some cases or issued subdued outlooks
for the sector. Given STRATEC's business outlook, which has so far not been
affected by this, the company can affirm its sales forecast for the 2010
financial year, namely that the Group will post sales in a range between
EUR 96 million and EUR 102 million (2009 sales. EUR 79.6 million). As in
previous years, the fourth quarter should witness accelerated earnings
growth, as a result of which we still expect to generate an EBIT margin of
at least 19.0% for the 2010 financial year. Furthermore, the forecasts
provided by our customers give reason to expect substantial overall growth
in business with the analyzer systems STRATEC produces for them in the
foreseeable future.
Alongside growth in its existing business, STRATEC's very good growth
prospects are mainly based on market launches of new products by its
customers. Although STRATEC's partners have made some changes to their
analyzer system market launch schedules in the current year, a significant
share of the Group's sales is nevertheless already attributable to these
new systems due to the sale of pre-serial units. This development will not
have any negative impact on STRATEC's budgeted sales and earnings
performance in the 2010 financial year.
STRATEC plans to detail its sales and earnings forecasts for the 2011
financial year and subsequent years as soon as customer approval is
received for serial production in the three projects about to be launched
onto the market (Gen-Probe, QIAGEN and DiaSorin) and once the operating
sales generated by our customers can be realistically planned.
Further details can be found in our interim report as of September 30,
2010, which has been published at www.stratec-biomedical.de>Investor
Relations>IR News>Financial Reports.
About STRATEC
STRATEC Biomedical Systems AG (www.stratec-biomedical.de) designs and
manufactures fully automated 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.
The STRATEC Group consists of the publicly listed parent company STRATEC
Biomedical Systems AG and of subsidiaries and second-tier subsidiaries in
Germany, the USA, the UK, Switzerland and Romania.
Further information can be obtained from:
STRATEC Biomedical Systems AG
AndréLoy, Investor Relations
Gewerbestr. 37, 75217 Birkenfeld
Germany
Phone: +49 7082 7916 190
Fax: +49 7082 7916 999
ir(at)stratec-biomedical.de
www.stratec-biomedical.de
27.10.2010 07:51 Dissemination of a Corporate News, transmitted by DGAP -
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Language: English
Company: STRATEC Biomedical Systems AG
Gewerbestraße 37
75217 Birkenfeld
Deutschland
Phone: +49 (0)7082 7916 0
Fax: +49 (0)7082 7916 999
E-mail: info(at)stratec-biomedical.de
Internet: www.stratec-biomedical.de
ISIN: DE0007289001
WKN: 728900
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in München, Düsseldorf, Stuttgart
End of Announcement DGAP News-Service
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Datum: 27.10.2010 - 07:51 Uhr
Sprache: Deutsch
News-ID 32416
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