aap: Q3/2015 sales and EBITDA in line with expectations
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aap Implantate AG /
aap: Q3/2015 sales and EBITDA in line with expectations
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aap Implantate AG (XETRA: AAQ.DE) was able to achieve its financial targets for
the third quarter of 2015 in terms of both sales and earnings. Sales in the
reporting period were 7% up year-on-year to EUR 8.4 million (Q3/2014: EUR 7.8
million) and thus within the guidance of EUR 7.5 million to EUR 9.0 million
announced in August. In the first nine months of financial year 2015, aap
Implantate AG's sales totalled EUR 22.0 million (9M/2014: EUR 22.1 million).
In the third quarter of 2015 the company earned EBITDA of EUR 0.3 million
(Q3/2014: EUR 0.8 million), which also came within the forecast of EUR 0.1
million to EUR 0.6 million. Overall, aap Implantate AG's EBITDA in the first
nine months of the current financial year was EUR -0.3 million (9M/2014: EUR
2.4 million).
+-----------------+---------+---------+--------+
| | | | |
| In EUR million | Q3/2015 | Q3/2014 | Change |
+-----------------+---------+---------+--------+
| Sales | 8.4 | 7.8 | 7% |
+-----------------+---------+---------+--------+
| Trauma | 2.9 | 3.3 | -14% |
| | | | |
| thereof LOQTEQ® | 1.5 | 2.4 | -37% |
+-----------------+---------+---------+--------+
| Biomaterials | 5.4 | 4.2 | 27% |
+-----------------+---------+---------+--------+
| Projects | 0.0 | 0.1 | -92% |
+-----------------+---------+---------+--------+
| Other | 0.1 | 0.2 | -30% |
+-----------------+---------+---------+--------+
+----------------+---------+---------+---------+
| | | | |
| In EUR million | Q3/2015 | Q3/2014 | Change |
+----------------+---------+---------+---------+
| EBITDA | 0.3 | 0.8 | -60% |
+----------------+---------+---------+---------+
| EBIT | -0.4 | 0.2 | < -100% |
+----------------+---------+---------+---------+
+-----------------+---------+---------+--------+
| | | | |
| In EUR million | 9M/2015 | 9M/2014 | Change |
+-----------------+---------+---------+--------+
| Sales | 22.0 | 22.1 | 0% |
+-----------------+---------+---------+--------+
| Trauma | 8.5 | 8.4 | 1% |
| | | | |
| thereof LOQTEQ® | 5.2 | 5.3 | -2% |
+-----------------+---------+---------+--------+
| Biomaterials | 13.0 | 12.7 | 2% |
+-----------------+---------+---------+--------+
| Projects | 0.2 | 0.3 | -25% |
+-----------------+---------+---------+--------+
| Other | 0.3 | 0.7 | -59% |
+-----------------+---------+---------+--------+
+-----------------+---------+---------+---------+
| | | | |
| In EUR million | 9M/2015 | 9M/2014 | Change |
+-----------------+---------+---------+---------+
| EBITDA | -0.3 | 2.4 | < -100% |
+-----------------+---------+---------+---------+
| EBIT | -2.3 | 0.8 | < -100% |
+-----------------+---------+---------+---------+
Sales growth in the third quarter of 2015 was based on the positive sales
development in the biomaterials business. Biomaterials sales increased year-on-
year by 27% to EUR 5.4 million (Q3/2014: EUR 4.2 million). The growth driver was
in particular the bone cement business with global leading companies. In the
trauma business, in contrast, sales in the third quarter of the current
financial year were down year-on-year (Q3/2015: EUR 2.9 million vs. Q3/2014: EUR
3.3 million). Reasons for this are mainly delays in sales development in a
number of strategic growth markets (China, Russia and Turkey) due to
deteriorated economic framework conditions, in the US market entry due to
protracted administrative processes in hospitals and in product approval in
Brazil.
aap Implantate AG has already reacted to recent developments in the BRICS and
SMIT countries and will intensify sales activities in relatively more stable
markets such as for example the DACH region and push the development of new
European markets. At the same time the United States will from 2016 be one of
the core markets in the company's growth strategy.
+---------------------+---------+---------+--------+
| | | | |
| In EUR million | Q3/2015 | Q3/2014 | Change |
+---------------------+---------+---------+--------+
| Sales (normalised) | 8.4 | 7.8 | 8% |
+---------------------+---------+---------+--------+
| EBITDA (normalised) | 0.4 | 1.0 | -54% |
+---------------------+---------+---------+--------+
+---------------------+---------+---------+--------+
| | | | |
| In EUR million | 9M/2015 | 9M/2014 | Change |
+---------------------+---------+---------+--------+
| Sales (normalised) | 21.8 | 21.9 | 0% |
+---------------------+---------+---------+--------+
| EBITDA (normalised) | 0.3 | 1.4 | -77% |
+---------------------+---------+---------+--------+
On a comparable basis (without the one-time effects of share disposals, one-time
costs incurred in connection with strategic measures, project earnings and
related costs) normalised sales in the third quarter of 2015 totalled EUR 8.4
million (Q3/2014: EUR 7.8 million) and in the first nine months of the current
financial year EUR 21.8 million (9M/2014: EUR 21.9 million). Adjusted for
project and one-time effects EBITDA amounted to EUR 0.4 million in the third
quarter of 2015 (Q3/2014: EUR 1.0 million) and to EUR 0.3 million in the first
nine months of 2015 (9M/2014: EUR 1.4 million).
The following highlights show the progress that aap Implantate AG achieved in
the third quarter of 2015 with regard to the implementation of the 2015
Management Agenda:
* Financial targets achieved: Sales of EUR 8.4 million and EBITDA of EUR 0.3
million were both within the guidance announced in August
* Sales growth in the biomaterials business (+27% to EUR 5.4 million)
* US market development: In total conclusion of 11 distribution contracts so
far; first procedures with LOQTEQ® products in various hospitals and first
sales
* Trauma: Scheduled LOQTEQ® portfolio expansion with a focus on, inter alia,
the periprosthetic treatment with LOQTEQ® and the introduction of the
polyaxial fixation technology at various LOQTEQ® plate systems
* Silver coating technology: Approval-relevant animal studies accomplished to
a large extent
Outlook for 2015
With regard to the development of the US market aap Implantate AG will further
push the acquisition of distributors in the coming months and intensify
distribution activities. The target is to reach an optimal geographic coverage
and to extend the presence in this strategic market.
In the trauma business the focus in the fourth quarter continues to be on the
further expansion of the LOQTEQ® portfolio.
On the basis of the current state of development and subject to the results of
current consultations with the approval authorities the company still plans to
submit its CE approval application for the silver coating technology this
financial year. The approval process with the US Food and Drug Administration
(FDA) is expected to be launched subsequently.
aap Biomaterials GmbH recorded a very satisfactory sales and earnings
development in the 2015 fiscal year and there continues to be interest from
potential buyers. After evaluating various courses of action, aap Implantate AG
has taken the necessary steps for a divestment of its subsidiary. The basis for
this step continues to be the transformation of aap Implantate AG into a focused
trauma company.
About aap Implantate AG
aap Implantate AG is a globally operating medical device company headquartered
in Berlin, Germany. The company develops, manufactures and markets trauma and
biomaterials products for orthopedics. The trauma portfolio includes besides the
innovative anatomical plating system LOQTEQ® a wide range of cannulated screws
as well as standard plates and screws. In the biomaterials business the company
is specialized on bone cements and mixing systems. In German-speaking countries
aap Implantate AG directly sells its trauma products to hospitals, buying
syndicates and hospital groups while it uses a broad network of distributors in
more than 60 countries at the international level. In the biomaterials business
sales are handled via OEM and private label cooperations with several selected
international orthopedic and trauma companies. aap Implantate AG's stock is
listed in the Prime Standard segment of Frankfurt Stock Exchange (XETRA:
AAQ.DE). For more information, please visit www.aap.de, or download the
Company's investor relations app from the Apple's App Store or Google Play.
Forward-looking statement
This release may contain forward-looking statements based on current experience,
estimates and projections of the management board and currently available
information. They are not guarantees of future performance. Various known and
unknown risks, uncertainties and other factors could lead to material
differences between the actual future results, financial situation, development
or performance of the company and the estimates given here. Many factors could
cause the actual results, performance or achievements of aap to be materially
different from those that may be expressed or implied by such statements. These
factors include those discussed in aap's public reports. Forward-looking
statements therefore speak only as of the date they are made. aap does not
assume any obligation to update the forward-looking statements contained in this
release or to conform them to future events or developments.
For inquiries please contact: aap Implantate AG, Fabian Franke, Investor
Relations, Lorenzweg 5, 12099 Berlin, Germany
Tel.: +49 30 7501 9-134, fax: +49 30 7501 9-290, e-mail: f.franke(at)aap.de
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(ii) they are solely responsible for the content, accuracy and
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Source: aap Implantate AG via GlobeNewswire
[HUG#1966870]
Unternehmensinformation / Kurzprofil:
Datum: 13.11.2015 - 23:41 Uhr
Sprache: Deutsch
News-ID 434608
Anzahl Zeichen: 12015
contact information:
Town:
Berlin
Kategorie:
Business News
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