DGAP-News: STRATEC reports record sales for 2010 and provides financial guidance
(firmenpresse) - DGAP-News: STRATEC Biomedical Systems AG / Key word(s): Final Results
STRATEC reports record sales for 2010 and provides financial guidance
08.03.2011 / 07:44
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STRATEC reports record sales for 2010 and provides financial guidance
- Sales at EUR 102.0 million (+28.1%; previous year: EUR 79.6 million)
- EBIT at EUR 17.6 million (+19.6%; previous year: EUR 14.7 million)
- Consolidated net income at EUR 13.0 million
(+11.7%; previous year: EUR 11.7 million)
- Earnings per share at EUR 1.14 (+10.7%; previous year: EUR 1.03)
- 2011 guidance: Sales: EUR 110 - 123 million; EBIT margin:> 18.5%
- 2011 - 2013 guidance: Sales CAGR:> 17.0%;
EBIT margin 2012 and 2013:> 19.0%
- Proposed dividend increase to EUR 0.50 per share
(+11.1%; previous year: EUR 0.45)
Birkenfeld, March 8, 2011
With today's publication of its 2010 Annual Report, STRATEC Biomedical
Systems AG, Birkenfeld, Germany, (Frankfurt: SBS; Prime Standard, TecDAX)
has announced financial results in accordance with IFRS (International
Financial Reporting Standards) for the financial year ending December 31,
2010. These have been audited and granted an unqualified audit opinion.
Financial performance
With sales of EUR 102.0 million in the 2010 financial year, STRATEC reached
the upper end of the guidance figures first published in December 2009,
even though the most important new market launches by STRATEC's customers
only took place at the end of the year and one launch initially scheduled
for 2010 was postponed to 2011. This sales performance, equivalent to
growth of 28.1% on the previous year's figure of EUR 79.6 million, was
mainly driven by revenue from established, marketed systems as well as new
pre-serial systems.
As part of an investment program for the subsidiaries it has acquired,
STRATEC has continued to make notable investments in developing their
structures and personnel, especially in the fourth quarter of 2010. These
investments, as well as the fact that the new system launches only took
place in November 2010 and the associated, though temporary, weakness in
consumables sales, led to an EBIT margin for the 2010 financial year of
17.3%. These late-year system launches, and the resulting order-book
timelines, led to an unfulfilled order backlog of approximately EUR 1.8
million for STRATEC's high-margin spare parts and other consumables.
At EUR 13.0 million, consolidated net income for the full year 2010 was
11.7% up on the previous year's figure of EUR 11.7 million. This
corresponds to earnings per share of EUR 1.14 (previous year: EUR 1.03).
EBIT Sensitivity analysis
As the 2010 financial year was affected by a number of atypical or
non-operational factors, the following sensitivity analysis is intended to
portray the Company's underlying business performance excluding the impact
of these factors. Excluding the non-operational, non-cash purchase price
allocation for the amortization of the Sanguin, Invitek and Ballista
subsidiaries, and excluding the milestone payments of EUR 6.6 million
associated with a system launch at year end that were released from
unfinished services into revenue with a neutral effect on earnings,
STRATEC's 2010 EBIT margin would have amounted to 19.3%. As a further
illustration of the margin impact of the level of consumable sales on
STRATEC's P&L, if consumables had accounted for the same percentage of
sales in 2010 as they did in 2009 the EBIT margin would have been increased
by an additional 1.4%.
Outlook and extended guidance for 2011 to 2013
STRATEC expects to see further sales growth and an increased EBIT margin in
the 2011 financial year. Specifically, the Company expects to generate
sales in a range of between EUR 110 million and EUR 123 million in 2011.
Based on the sales reported for the 2010 financial year, STRATEC expects to
achieve an average sales growth (CAGR) of at least 17.0% over the financial
years 2011 to 2013. Consistent with these expectations, the EBIT margin for
2011 should amount to at least 18.5%, rising to at least 19.0% in both 2012
and 2013.
Achievement of, or even potentially exceeding, the upper end of 2011
revenue guidance is dependent on the timing and profile of the forthcoming
market launches of new systems by STRATEC's partners, and on their approval
in relevant markets.
Dividend proposal
At the Supervisory Board meeting held on Friday, February 25, 2011, it was
resolved to propose an 11.1% higher dividend of EUR 0.50 per share for the
2010 financial year for approval by the Annual General Meeting, due to be
held on April 14, 2011.
Development in staff totals
Including temporary employees, the STRATEC Group had a total of 440
employees as of December 31, 2010 (previous year: 380). This further
significant year-on-year increase in the workforce was due to the expansion
in development team capacity, especially at STRATEC's subsidiaries,
including the acquisition of Ballista, now STRATEC Biomedical USA.
Other events
STRATEC successfully negotiated a number of major new orders in 2010, of
which bioMérieux and Abbott, two further top ten companies in the global
diagnostics market, are particularly worthy of note.
A total of 2,281 analyzer systems were delivered in 2010. Based on an
average operating lifetime of around 5 years, the installation base
therefore rose to around 9,000 systems. Given the sharp rise in the number
of systems on the market, STRATEC expects to see a further increase in the
proportion of sales generated from consumables and other spare parts.
To extend its development and production capacities, the Company has built
and now occupies two new buildings, one in Switzerland, and one at its
headquarters in Birkenfeld, Germany. STRATEC therefore has the
infrastructure for future growth. Within this investment program, the
Company also made further investments in its subsidiaries, both in terms of
their development programs and of hiring well-qualified staff.
Hermann Leistner, Chairman of STRATEC's Board of Management, commented:
'The 2010 financial year was once again highly successful. STRATEC laid the
foundations for further growth at its existing locations, not least by
investing in its development activities and significantly expanding its
production capacities. These form part of our medium-term growth strategy,
our confidence in which is further illustrated by new orders and
feasibility studies across the whole STRATEC Group. We see considerable
growth potential here for the coming years. Not only that, we also acquired
Ballista, a US company specializing in opto-mechanical system solutions and
reader technology, which has now been renamed STRATEC Biomedical USA. This
acquisition has further boosted our presence in the USA, where many of our
customers are based. Recent deals with bioMérieux and Abbott will not only
support our growth beyond 2012, but are further confirmation of the shift
within the IVD industry of diagnostics companies focusing on core
activities and outsourcing their requirements for automation solutions to
specialist partners, such as STRATEC. With another year of positive
performance secured, we are pleased to be able to allow our shareholders to
participate in the Company's success through the dividend, which has now
increased for the seventh consecutive year'.
2010 Annual Report
The 2010 Annual Report of STRATEC Biomedical Systems AG can be found of the
company's internet site at www.stratec.com> Investor Relations> IR
News>
Financial Reports.
Forthcoming dates
The interim report as of March 31, 2011 will be published on May 3, 2011.
The Annual General Meeting of STRATEC Biomedical Systems AG will be held in
Pforzheim on Thursday, April 14, 2011. The invitation to the Annual General
Meeting will be forwarded to STRATEC shareholders via their depositing
banks in good time ahead of the Annual General Meeting.
About STRATEC
STRATEC Biomedical Systems AG (www.stratec.com) 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, and are a constituent of the Deutsche Börse TecDAX.
The STRATEC Group consists of the publicly listed parent company STRATEC
Biomedical Systems AG as well as 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.com
www.stratec.com
End of Corporate News
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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.com
Internet: www.stratec.com
ISIN: DE0007289001
WKN: 728900
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, München, Stuttgart
End of News DGAP News-Service
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114691 08.03.2011
Datum: 08.03.2011 - 07:44 Uhr
Sprache: Deutsch
News-ID 33400
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