aap: Q2/2016 sales and EBITDA at upper end of guidance; further important progress with LOQTEQ® and Silver Technology
(Thomson Reuters ONE) -
aap Implantate AG /
aap: Q2/2016 sales and EBITDA at upper end of guidance; further important
progress with LOQTEQ® and Silver Technology
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The issuer is solely responsible for the content of this announcement.
* Sales and EBITDA in Q2/2016 at EUR 3.4 million (guidance: EUR 2.5 million to
EUR 3.5 million) and
EUR -1.4 million (guidance: EUR -2.5 million to EUR -1.5 million)
respectively
* US sales in Q2/2016 at EUR 0.7 million (Q2/2015: EUR 0.2 million) and in
H1/2016 at EUR 1.3 million (H1/2015: EUR 0.3 million)
* Silver coating technology: good progress in CE conformity assessment
procedure; encouraging pre-submission meeting with US Food and Drug
Administration (FDA)
* LOQTEQ®: Notice of allowance received for further US patent; "umbrella
patent" with comprehensive protection in the USA
* Cost reduction measures: extensive personnel measures with a
total annualised effect of up to EUR 1.5 million implemented
* Completed sale of aap Biomaterials GmbH leads to net cash inflow of approx.
EUR 34.5 million as at 30 June 2016 and a consolidation profit of about EUR
23.3 million
* Successful course of 2016 annual general meeting
aap Implantate AG ("aap") was able to achieve its set targets in the second
quarter of 2016 for both sales and earnings. In the continued operation the
company generated sales of EUR 3.4 million in the reporting period (Q2/2015: EUR
3.6 million) which were thus at the upper end of the EUR 2.5 million to EUR 3.5
million guidance. Furthermore, aap reported an EBITDA of EUR -1.4 million in the
continued operation in the second quarter of 2016 (Q2/2015: EUR -1.4 million)
and thereby a value slightly above the forecast of EUR -2.0 to EUR -1.5 million.
Q2 Sales
+------------------------------+---------+---------+----------------+
| | | | |
| In EUR million | Q2/2016 | Q2/2015 | Change on year |
+------------------------------+---------+---------+----------------+
| Trauma | 3.0 | 3.3 | -8% |
+------------------------------+---------+---------+----------------+
| Other | 0.4 | 0.3 | +73% |
+------------------------------+---------+---------+----------------+
| Sales continued operation | 3.4 | 3.6 | -3% |
+------------------------------+---------+---------+----------------+
| | | | |
+------------------------------+---------+---------+----------------+
| Sales discontinued operation | 1.7* | 2.9 | -43% |
+------------------------------+---------+---------+----------------+
| Group sales | 5.1* | 6.5 | -21% |
+------------------------------+---------+---------+----------------+
*Includes aap Biomaterials GmbH business from 04/01/2016 to 05/11/2016.
Q2 EBITDA
+-------------------------------+---------+---------+----------------+
| | | | |
| In EUR million | Q2/2016 | Q2/2015 | Change on year |
+-------------------------------+---------+---------+----------------+
| EBITDA continued operation | -1.4 | -1.4 | 0% |
+-------------------------------+---------+---------+----------------+
| | | | |
+-------------------------------+---------+---------+----------------+
| EBITDA discontinued operation | 23.8* | 0.6 | >+100% |
+-------------------------------+---------+---------+----------------+
| Group EBITDA | 22.4* | -0.8 | >+100% |
+-------------------------------+---------+---------+----------------+
*Includes aap Biomaterials GmbH business from 04/01/2016 to 05/11/2016 and
deconsolidation profit of sale of aap Biomaterials GmbH.
Compared with Q1/2016 it therefore appears that the sales measures initiated are
now also reflected in a corresponding sales and earnings development. In
particular, aap put a stronger focus on established markets and has expanded its
sales organisation with experienced managerial staff. It must, however, be noted
that due to continuing tense economic and political framework conditions in a
number of BRICS and SMIT states markets such as China, Turkey and Russia
continued in the second quarter to make no contribution towards sales.
H1 Sales
+------------------------------+---------+---------+----------------+
| | | | |
| In EUR million | H1/2016 | H1/2015 | Change on year |
+------------------------------+---------+---------+----------------+
| Trauma | 5.2 | 6.0 | -11% |
+------------------------------+---------+---------+----------------+
| Other | 0.7 | 0.5 | +28% |
+------------------------------+---------+---------+----------------+
| Sales continued operation | 5.9 | 6.5 | -8% |
+------------------------------+---------+---------+----------------+
| | | | |
+------------------------------+---------+---------+----------------+
| Sales discontinued operation | 4.2* | 7.1 | -41% |
+------------------------------+---------+---------+----------------+
| Group sales | 10.1* | 13.6 | -25% |
+------------------------------+---------+---------+----------------+
*Includes aap Biomaterials GmbH business from 01/01/2016 to 05/11/2016.
EBITDA H1
+-------------------------------+---------+---------+-------------+
| | | | |
| In EUR million | H1/2016 | H1/2015 | Veränderung |
+-------------------------------+---------+---------+-------------+
| EBITDA continued operation | -3.6 | -3.1 | -13% |
+-------------------------------+---------+---------+-------------+
| | | | |
+-------------------------------+---------+---------+-------------+
| EBITDA discontinued operation | 24.1* | 2.5 | >+100% |
+-------------------------------+---------+---------+-------------+
| Group EBITDA | 20.5* | -0.6 | >+100% |
+-------------------------------+---------+---------+-------------+
*Includes aap Biomaterials GmbH business from 01/01/2016 to 05/11/2016 and
deconsolidation profit of sale of aap Biomaterials GmbH.
In the first half of 2016 aap realised sales of EUR 5.9 million in the continued
operation (H1/2015: EUR 6.5 million). EBITDA in the first six months of the
current financial year was at EUR -3.6 million (H1/2015: EUR -3.1 million).
The following highlights indicate the progress aap made in the second quarter of
2016 in implementing the Management Agenda for 2016:
* US sales: Initiated sales measures are taking effect: sales with local
distributors and global partners who sell aap products under their own name
or the aap label in the USA totalled EUR 0.7 million in Q2/2016 (Q2/2015:
EUR 0.2 million) and EUR 1.3 million in H1/2016 (H1/2015: EUR 0.3 million);
growing number of weekly operations with LOQTEQ® products
* DACH and International sales: successful new customer acquisition in
Austria; presence in Spain and Italy further enhanced; successful new
customer acquisition in Latin America and expansion of business in South
Africa
* Silver coating technology: good progress in CE conformity assessment
procedure for silver-coated LOQTEQ® plate - intensive and constructive
exchange with notified body; encouraging pre-submission meeting with US Food
and Drug Administration (FDA) at the beginning of July
* LOQTEQ®: Notice of Allowance received for further US patent - comprehensive
protection ("umbrella patent") combining and extending many existing
patents; scheduled progress in completing the LOQTEQ® product portfolio -
focus of research and development activities on new polyaxial LOQTEQ®
systems and on additions to already existing LOQTEQ® systems
* Cost reduction measures: implementation of extensive personnel measures
corresponding to a total effect of up to EUR 1.5 million if projected for a
12-month period combined with one-off effects of EUR 0.3 million in Q2/2016
* Successful completion of the sale of aap Biomaterials GmbH on 11 May 2016
leads to net cash inflow of approx. EUR 34.5 million as at 30 June 2016 and
deconsolidation profit of about EUR 23.3 million; proceeds are to be used to
finance further growth and to be distributed to shareholders - for example a
dividend payment in FY/2017 based on the annual financial statements for
2016 seems to be conceivable
* 2016 annual general meeting: Counter-motions of Westlake GmbH & Co.
Beratungs KG rejected by an overwhelming majority and all resolutions
approved by a large majority
Outlook for 2016
In the third quarter of 2016, aap aims to achieve further progress in its
strategy implementation. The Management Board will be focusing on the following
topics:
To accelerate value-based innovations, aap will be taking forward in a targeted
manner the further expansion of the LOQTEQ® portfolio for certain indication
areas respectively functionalities. In the area of silver coating technology,
the active interaction with the approval authorities will be continued regarding
the current CE conformity assessment procedure. For the US American approval,
based on a very encouraging pre-submission meeting with the FDA, the necessary
approval documents are now being prepared for submission to the US authorities.
The company wants to enhance market access by means of two approaches: Firstly,
sales activities in the established markets in Western Europe as well as in the
United States are to be expanded further. Secondly, further endeavours are to be
undertaken to stabilize sales in growth markets such as the BRICS and SMIT
countries.
Following the successful divestment of aap Biomaterials GmbH, aap has already
initiated extensive measures to reduce personnel and material costs in order to
take into account the reduced size of the company. In the third quarter, the
company will also continue to work tirelessly to further optimize the cost base.
For the third quarter of 2016, aap is expecting for the continued operation
sales to range between EUR 2.5 million and EUR 4.0 million and an EBITDA of EUR
-2.0 million to EUR -1.2 million.
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
This announcement is distributed by GlobeNewswire on behalf of
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(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: aap Implantate AG via GlobeNewswire
[HUG#2034942]
Unternehmensinformation / Kurzprofil:
Datum: 12.08.2016 - 17:27 Uhr
Sprache: Deutsch
News-ID 488908
Anzahl Zeichen: 14987
contact information:
Town:
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Kategorie:
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