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aap: Strong sales increase (+23%) and EBITDA growth (>100%) in Q2; growth driver LOQTEQ® and Biomaterials

August 14, 2014

aap Implantate AG / aap: Strong sales increase (+23%) and EBITDA growth (>100%) in Q2; growth driver LOQTEQ® and Biomaterials . Processed and transmitted by NASDAQ OMX Corporate Solutions. The issuer is solely responsible for the content of this announcement. aap realized in the second quarter of 2014 sales of EUR 8.1 million (previous year: continued business operations EUR 6.6 million), a 23% increase compared to the previous year. EBITDA was EUR 1.5 million (previous year: continued business operations EUR 0.2 million) and EBIT was EUR 1.0 million (previous year: continued business operations EUR -0.3 million).  The group achieved sales growth to EUR 14.2 million in the first half of 2014 (previous year: EUR 12.6 million) with EBITDA at EUR 1.6 million (previous year: EUR 2.6 million). Group (continued business operations) +--------------+-------+--------+----------------------------------------------+ |In million EUR|Q2/2014|Q2/2013*| Change| +--------------+-------+--------+----------------------------------------------+ |Sales | 8.1| 6.6| 23%| +--------------+-------+--------+----------------------------------------------+ |EBITDA | 1.5| 0.2| >100%| +--------------+-------+--------+----------------------------------------------+ |EBIT | 1.0| -0.3| n.a.| +--------------+-------+--------+----------------------------------------------+ *Figures refer solely to the continued business operations. Figures for previous year are adjusted Group (continued business operations) +--------------+-------+--------+----------------------------------------------+ |In million EUR|H1/2014|H1/2013*| Change| +--------------+-------+--------+----------------------------------------------+ |Sales | 14.2| 12.6| 13%| +--------------+-------+--------+----------------------------------------------+ |EBITDA | 1.6| 2.6| -38%| +--------------+-------+--------+----------------------------------------------+ |EBIT | 0.5| 1.6| -69%| +--------------+-------+--------+----------------------------------------------+ *Figures refer solely to the continued business operations. Figures for previous year are adjusted On a like for like basis (without one-time effects from share disposal and project sales as well as costs involved) the figures of the continued business operations for the second quarter and the first six months of 2014 are as follows: Operative Performance: continued business operations (normalized*) +--------------+-------+-------+-----------------------------------------------+ |In million EUR|Q2/2014|Q2/2013| Change| +--------------+-------+-------+-----------------------------------------------+ |Sales | 8.0| 6.5| 23%| +--------------+-------+-------+-----------------------------------------------+ |EBITDA | 0.3| -0.3| >100%| +--------------+-------+-------+-----------------------------------------------+ *Sales/EBITDA one-time effects from share disposal and project sales as well as costs involved Operative Performance: continued business operations (normalized *) +--------------+-------+-------+-----------------------------------------------+ |In million EUR|H1/2014|H1/2013| Change| +--------------+-------+-------+-----------------------------------------------+ |Sales | 14.0| 11.0| 27%| +--------------+-------+-------+-----------------------------------------------+ |EBITDA | 0.4| -1.6| >100%| +--------------+-------+-------+-----------------------------------------------+ *Sales/EBITDA one-time effects from share disposal and project sales as well as costs involved For the group (including EMCM B.V. for two months in 2014 and for six months in 2013), aap achieved sales of EUR 15.2 million in the first half of 2014 (previous year: EUR 19.6 million) with EBITDA at EUR 1.6 million (previous year: EUR 4.2 million). Group (Total) +----------------+----------+-----------+--------+ | In million EUR | H1/2014* | H1/2013** | Change | +----------------+----------+-----------+--------+ | Sales | 15.2 | 19.6 | -22% | +----------------+----------+-----------+--------+ | EBITDA | 1.6 | 4.2 | -62% | +----------------+----------+-----------+--------+ | EBIT | 0.6 | 2.6 | -81% | +----------------+----------+-----------+--------+ *EMCM B.V. included 01-02/2014 ** EMCM B.V. included 01-06/2013 The following highlights testify the progress over the past six months in implementing the Management Agenda for 2014: * Trauma sales totalling EUR 3.0 million (+7%) in Q2/2014 were generated solely from existing customers and increased in H1/2014 by 21% compared with the previous year * LOQTEQ® sales in Q2/2014 were 19% up on the previous year at EUR 1.9 million and 52% higher in H1/2014 at EUR 3.0 million * Financial targets achieved: Q2/2014 sales at EUR 8.1 million and Q2/2014 EBITDA at EUR 1.5 million both at the upper end of the forecasts made at the beginning of the quarter * Conclusion of a delivery contract for a PMMA bone cement * Granting of a further US patent to expand the LOQTEQ® IP family * Cold welding LOQTEQ®: First results of a study show that no instance of cold welding has yet been observed in connection with LOQTEQ® plates and screws * Published comparative study of the LOQTEQ® osteotomy plate's fatigue strength revealed outstanding characteristics compared with the market leader * Silver technology: Initial interim results of animal experiments indicate positive impact * Strong net liquidity amounting to EUR 13.3 million (31.12.2013: EUR 3.4 million net debt) Outlook 2014 We are at an advanced stage of negotiations with a number of US distribution partners on sales of our Trauma products in the United States. Our aim is to conclude one or more distribution agreements and to ship the first deliveries to our partners in the second half of 2014. In the area of silver technology we await the final reports on the results of animal experiments. Based on the so far discovered positive trend, further promising results are anticipated. The findings, which form an important base to enter in negotiations for development partnerships as well as licence agreements, will be presented to globally active orthopaedics companies that have already shown interest in aaps silver technology. aap and the assigned investment bank identified various potential strategic and financial interested parties and initial talks on different strategic options for aap Biomaterials GmbH (bone cements and mixing systems and biomaterials) are being conducted. The talks are to be further intensified in the third quarter of 2014. The company anticipates third quarter 2014 sales of between EUR 7.0 million and EUR 8.0 million (Q3/2013 continued operations: EUR 6.3 million) and an EBITDA of between EUR 0 million and EUR 0.4 million (Q3/2013 continued operations: EUR 0.6 million). As reported in the press release dated June 2, 2014, the 50% share disposal of the remaining stakes in the dental joint venture aap BM productions GmbH will have an immediate loss in sales for the full financial year 2014 of approx. EUR 1 million. The management of aap Implantate AG has identified certain upside potentials that may compensate the negative sales effect. For the time being, the current sales and EBITDA forecast for the financial year 2014 remains in tact: Total sales of EUR 35 million and an EBITDA between EUR 5 million and EUR 6 million. _________________ aap Implantate AG (ISIN DE0005066609) - Prime Standard/Regulated Market - All German stock markets - About aap Implantate AG aap is a global medical device company headquartered in Berlin, Germany that develops, manufactures and markets innovative biomaterials and implants that are used in orthopedic procedures. The Company's products, which include a full line of plating systems, cannulated screws and bone cement products, are primarily used in the orthopedic specialty areas of trauma and spine repair. The Company's products are sold through its direct sales force, distribution partners and license agreements with OEM partners. aap's stock is listed in the Prime Standard segment of the Frankfurt Stock Exchange. 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, Marc Heydrich, Investor Relations, Lorenzweg 5, 12099 Berlin, Germany Tel.: +49 30 7501 9-134, fax: +49 30 7501 9-290, e-mail: m.heydrich@aap.de PM_Q2 2014_14.8.2014: http://hugin.info/130121/R/1848886/645239.pdf This announcement is distributed by GlobeNewswire on behalf of GlobeNewswire clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: aap Implantate AG via GlobeNewswire [HUG#1848886]


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