Medisana GmbH
Medisana AG: Group interim announcement during the second half of 2015
Medisana AG / Release of an announcement according to Article 37x of the WpHG [the German Securities Trading Act] 13.11.2015 10:08 Interim report according to Article 37x of the WpHG, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Group interim announcement during the second half of 2015 pursuant to Sections 37 x & y of the German Securities Trading Act (WpHG) Neuss, 13 November 2015 MEDISANA - Disproportionate growth in the third quarter and record orders on hand for the fourth quarter - Orders on hand as of 30 September 2015 (EUR 13.6 million) exceed the year-earlier figure (EUR 10.4 million) by 31 percent. - Sales revenues rise by around 24 percent; further significant growth anticipated in the fourth quarter when the highest revenue is generated - Introduction of further innovative products in the Mobile Health and Sport businesses against the backdrop of IFA 2015 Sales revenues and profit trend MEDISANA AG lifted its sales revenue by approximately 17 percent to EUR 34.8 million in the first nine months of 2015. The third quarter saw sales revenue climb by approximately 24 percent to EUR 13.4 million compared with year-earlier figure of EUR 10.8 million. Orders on hand as of 30 September 2015 set a new record at EUR 13.6 million (previous year: EUR 10.4 million). In the first three quarters of the current year, gross profit came in at EUR 10.2 million, up 9.2 percent in comparison with the previous year's period. Adjusted for non-recurrent effects of revenues from cooperation ventures amounting to EUR 0.5 million in the financial year 2014, gross profit had even increased by around 15 percent. The gross margin dropped during the reporting period to 29.5 percent, down from 31.5 percent posted in 2014, which was especially attributable to the burden placed on procurement prices owing to the weaker euro against the dollar. In comparison to the year-earlier period, operating expenses increased by 13.6 percent to EUR 12.1 million, also burdened in particular by the currency result which disclosed a loss of EUR 0.6 million, compared with a gain of EUR 0.3 million reported in the previous year. In the first three months of the current year alone, currency-induced losses of EUR 0.7 million were incurred due to the weakness of the rouble and the euro, a development which was partly compensated in the following two quarters. Excluding the currency results, the increase in operating expenses amounts to 5.6 percent, which is clearly below average when measured against sales revenue growth. Consequently, earnings before interest and tax (EBIT) declined to EUR -1.8 million compared with EUR -1.2 million in the first three quarters of 2014. A look at the third quarter in isolation shows a growth in sales revenues of 23.8 percent to EUR 13.4 million, with gross profit up by 23.1 percent to EUR 3.8 million, and EBIT of EUR -0.3 million which represents a significant improvement on the previous year's figure of EUR -0.7 million. As of the reporting date, equity stood at EUR 3.0 million (31 December 2014: EUR 5.3 million), the equity ratio had dropped to 8.5 percent (31 December 2014: 15.0 percent), and liquid assets had edged up to EUR 2.1 million (31 December 2014: EUR 2.0 million). MEDISANA in the healthcare market: development and trends Growth in the healthcare market is still running at a continuously high level. This applies to the primary healthcare market, i.e. conventional healthcare borne mainly by statutory and private health insurance companies, as well as to the secondary healthcare market, MEDISANA's principal target market which encompasses privately financed products and services covering healthcare as a whole. According to a GfK study on the International Consumer Electronics Fair (IFA) in 2015 commissioned by the German Federal Association for Information Technology, Telecommunications and New Media (Bitkom), growth is accelerating significantly on the back of the current developments in consumer electronics, especially in the secondary healthcare market. The sale of smartphones, tablet computers and wearables continues its strong uptrend. According to the forecasts, the sale of fitness trackers alone is likely to settle at around 1.07 million devices, delivering revenues of EUR 70.83 million, in 2015. Experts report that the future belongs to devices which consumers can link up with smartphones or tablets. As planned, MEDISANA presented further innovative products at the IFA 2015, mainly in the areas of mobile health and sport. The product range of mobile connect healthcare products was supplemented by the Sleepace sleep monitor and the infrared multifunctional TM 750 connect thermometer. Supported by TV commercials, MEDISANA presented a combination of a body composition monitor and the ViFit connect MX3 activity tracker together with star chef Horst Lichter. Similarly, a new Mio FUSE heart rate sports wristband model was also presented featuring extended functions. Mio FUSE is a heart rate sports wristband and activity tracker all in one and, by the end of the year, will also feature sleep tracking enabled by an update of the Mio Go app which will measure the duration and quality of sleep and the resting heart rate. The Mio Go app comprises comprehensive statistics and offers customisable setting options. Integrated technologies also enable users to crosslink to other sport devices. Key MEDISANA Group figures TEURQuarterly comparison as of 30 September Q3/ 2015 Q3/ 2014 Change in 1) 1) percent / TEUR Sales revenues 13,400 10,824 +23.8 percent Gross profit 3,838 3,119 +23.1 percent Gross profit margin 28.6 28.8 percent percent Operating expenses 4,135 3,834 +7.9 percent of which currency gains (previous -27 20 -47 TEUR year: currency losses) of which all other operating expenses 4,162 3,814 +348 TEUR EBIT (earnings before interest and tax) -297 -715 +418 TEUR Net profit/loss before non-controlling -479 -872 +393 TEUR interests Non-controlling interests 18 -43 +61 TEUR Net profit/loss after non-controlling -497 -829 +332 TEUR interestsTEURQ1-3/ Q1-3/ Change in 2015 1) 2014 1) percent / TEUR Sales revenues 34,783 29,765 +16.9 percent Gross profit 10,246 9,384 +9.2 percent Gross profit margin 29.5 31.5 percent percent Operating expenses 12,053 10,606 +13.6 percent of which currency losses (previous 567 -266 +833 TEUR year: currency gains) of which all other operating expenses 11,486 10,872 +614 TEUR EBIT (earnings before interest and tax) -1,807 -1,222 -585 TEUR Net profit/loss before non-controlling -2,263 -1,621 -642 TEUR interests Non-controlling interests -121 69 -190 TEUR Net profit/loss after non-controlling -2,142 -1,690 -452 TEUR interestsQuarterly trends 30/09/2015 1) 31/12/2014 30/09/2014 1) Equity 2,987 5,250 5,204 Total assets 35,204 34,905 29,986 Equity ratio 8.5 percent 15.0 percent 17.4 percent Liquid assets 2,099 2,039 1,6211) The figures have been neither audited nor reviewed by an auditor Guidance for the full-year 2015 Based on the strong sales revenue trend in the first three months, a healthy order book position as of 30 September 2015, and the current quarter, which generates the highest revenues in the financial year, the Management Board anticipates significant growth in sales revenue and an increase in earnings for the full year. EBIT is expected to reach a significantly higher level in the fourth quarter in particular compared with the year earlier period. Forward-looking statements This interim announcement includes forward-looking statements based on the current assumptions and forecasts of the Management Board of MEDISANA AG and which reflect their current assumptions and estimates. These forward-looking statements are subject to risk and uncertainty. Various factors which are currently unknown or unforeseeable may result in divergences in the actual development of the company and of its business and the associated actual results and the financial position of MEDISANA AG. The Management Board is firmly convinced that the expectations inherent in the forward-looking statements are cogent and realistic. If, however, unforeseen risks should occur, MEDISANA AG undertakes no guarantee that the expectations expressed will prove to be correct 13.11.2015 The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Medisana AG Jagenbergstr. 19 41468 Neuss Germany Internet: www.medisana.de End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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