aap Implantate AG
FY/18: Sales with double-digit growth in Germany and International, North America below expectations – milestones in silver coating technology; for FY/19 double-digit sales increase planned and start of human clinical study targeted
DGAP-News: aap Implantate AG / Key word(s): Preliminary Results/Forecast – FY/2018 sales of EUR 10.8 million with double-digit growth rates in Germany (+14%) and international key markets (+24% in Europe without Germany and BRICS); North America below expectations
Sales development in FY/2018 and Q4/2018 aap Implantate AG (“aap”) achieved sales of EUR 10.8 million (FY/2017: EUR 10.9 million) according to preliminary figures and thereby a value in line with the guidance of EUR 10.0 million to EUR 11.7 million published in November 2018. In the fourth quarter of 2018 the company registered sales of EUR 2.6 million (Q4/2017: EUR 2.9 million). FY/2018 Sales
Q4/2018 Sales
With a view to its innovative antibacterial silver coating technology, aap reached important milestones in financial year 2018 on the way to the start of the human clinical study as prerequisite for the targeted market approval. First, the company achieved convincing results in an animal study undertaken with the renowned AO Research Institute Davos. It was proved that the silver coating developed by aap does not have a negative influence on bone healing, which is a central requirement of the competent authorities. Before the year’s end aap then submitted the application to conduct a human clinical study for its silver coating technology to the Federal Institute for Drugs and Medical Devices (“BfArM”). Outlook for 2019 For financial year 2019 the Management Board anticipates a sales increase to a value of EUR 13.0 million to EUR 15.0 million, corresponding to a growth between about 20% and 40%. aap also plans to improve EBITDA[2] and expects a value of EUR -4.4 million to EUR -2.8 million for the current year. All markets shall contribute to the planned sales growth and earnings improvement. aap is confident that with the measures already initiated in North America a dynamic sales development can be shown again in 2019. At the same time, the positive growth trend in Germany and in international business shall be continued. aap is also working towards strategic partnerships with global orthopaedic companies (distribution networks, licensing deals as well as product development and approval projects). On the costs side the Management Board anticipates, with the exception of sales-related costs, a declining trend in other expenses. In case of an approval of the human clinical study for the silver coating technology by the competent authorities, development costs and capitalised own work will increase. Last but not least, the one-time effects (e.g. external staff and evaluation of strategic options) burdening in financial year 2018 shall reduce this year. Based on aap’s strategic alignment, the planned sales growth and the targeted start of the human clinical study for its silver coating technology, the company is currently evaluating various measures to strengthen its financial base. These range from technology-related transactions (e.g. outlicensing of technologies, joint venture agreements with a carve-out of technologies or involving other companies in joint development of products) via debt capital measures (e.g. bank loans or asset-based financings) to equity instruments (e.g. cash capital increase or convertible bond). Against the background of the confirmation for a funding for costs arising within the scope of the preparation of the human clinical study received from the Federal Ministry of Education and Research (“BMBF”) in 2018, aap also targets to receive grants to carry out the study. For the first quarter of 2019 the Management Board anticipates sales of EUR 2.0 million to EUR 3.0 million and EBITDA in the range of EUR -1.8 million to EUR -1.2 million. On the basis of the application to conduct a human clinical study for its silver coating technology submitted to BfArM at the end of 2018, the next step is the submission of applications in the United States and to the ethics commissions of the different German federal states where the hospitals in which the human clinical study is to be undertaken are located. Based on the documents submitted, there will then be an interaction phase with all the authorities involved on the results of which aap will report in due course. Against the background of the current status of the preparations and in particular the required time for interaction with the competent authorities, which is hardly predictable, the company targets to start the study in the first half of 2019. Management Agenda 2019 After the successful first year 2017 as pure player in trauma, with a trauma sales increase of 20%, the year 2018 overall fell short of expectations. Based on the measures already initiated and planned, the Management Board is confident to show a sales development above the average market growth in financial year 2019 again. In detail, the Management Board has specified its targets for the current financial year as a Management Agenda in four strategic and operational action areas as follows:
Also in 2019 the company will continue to work on various measures for the step-up strategy implementation to develop aap into a sustainably growing pure player in trauma and to unlock the inherent value of the promising and innovative product and technology base. The sales figures contained in this press release are preliminary as of 31 December 2018 which are subject to change until final publication. aap plans to publish the final, audited figures for the financial year 2018 on 29 March 2019 in its consolidated annual financial statements for 2018. ————————————————————————————————————————————— Contact:
aap Implantate AG; Fabian Franke; Investor Relations; Lorenzweg 5; D-12099 Berlin Tel.: +49/30/750 19 – 134; Fax.: +49/30/750 19 – 290; f.franke@aap.de
21.01.2019 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. |
Language: | English |
Company: | aap Implantate AG |
Lorenzweg 5 | |
12099 Berlin | |
Germany | |
Phone: | +49 (0) 30 75 01 90 |
Fax: | +49 (0) 30 75 01 91 11 |
E-mail: | info@aap.de |
Internet: | www.aap.de |
ISIN: | DE0005066609 |
WKN: | 506660 |
Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange |
End of News | DGAP News Service |