aap reports record sales of EUR 11.6 million in the fourth quarter of 2013; Full year 2013 sales of EUR 40 million
aap Implantate AG /
aap reports record sales of EUR 11.6 million in the fourth quarter of 2013; Full
year 2013 sales of EUR 40 million
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aap Implantate AG (XETRA: AAQ.DE) generated in the fourth quarter of 2013 sales
of EUR 11.6 million (previous year: EURÂ 8.9 million) according to preliminary
figures, representing a 30% year-on-year increase. In the full financial year of
2013, aap increased its sales by 10% on the previous year from EURÂ 36.4 million
to EURÂ 40.0 million. EBITDA for the fourth quarter 2013 is reconfirmed be
between EUR 1.3 million and EUR 1.7 million and therefore result in a total
EBITDA of approx. EURÂ 7.0 million for the financial year 2013. With 10% sales
growth EBITDA rose by around 15% on the previous year (2012: EBITDA EUR 6.1
million), clearly reflecting consistent implementation of the profitable growth
strategy.
2013 - Results and Analysis
Full-year 2013 sales totalled EUR 40.0 million (previous year: EURÂ 36.4
million), amounting to a 10% year-on-year sales growth. Sales growth in the
financial year of 2013 was achieved mainly in the two core business areas Trauma
and Biomaterials as well as by the exclusive license agreement and the
development and supply agreement which were signed in the first quarter of
2013. The contract manufacturing business (EMCM B.V.) for gels, liquids and bone
materials in Nijmegen, Netherlands, also reported solid growth.
2014 - Outlook
In the financial year of 2014, aap will concentrate on the further optimisation
in the areas of customers, innovation, finance and organisation that we will
specify in our Management Agenda for 2014.
Goals for the Management Agenda 2014
+------------------------------------------------------------------------------+
| Customer |
+------------------------------------------------------------------------------+
|Growing Trauma sales to EUR >15 million (>50%); driven by LOQTEQ® |
+------------------------------------------------------------------------------+
|Expanding the LOQTEQ® portfolio; striving for >90% indication coverage |
+------------------------------------------------------------------------------+
|Appointing a distributor in the USA and further expansion of distribution |
|network beyond BRICS- and SMIT-countries |
+------------------------------------------------------------------------------+
|Appointing a new global Partner for a bone cement |
+------------------------------------------------------------------------------+
|Closing supply/license agreements for allograft scCO(2) products |
+------------------------------------------------------------------------------+
+------------------------------------------------------------------------------+
| Innovation |
+------------------------------------------------------------------------------+
|Sustain Freshness index of at >20% |
+------------------------------------------------------------------------------+
|Accelerate the development of silver-coated Trauma products; aiming for market|
|introduction in 2015 |
+------------------------------------------------------------------------------+
|Extend co-development network for resorbable magnesium products; aiming for |
|market introduction in 2-3 years |
+------------------------------------------------------------------------------+
|Interim analysis of the LOQTEQ® study for phase 1 products in the second |
|quarter of 2014 |
+------------------------------------------------------------------------------+
+------------------------------------------------------------------------------+
| Financials |
+------------------------------------------------------------------------------+
|Profitable growth: sales of EUR 44 million (+10%) and EBITDA between EUR 6 |
|million and EUR 8 million |
+------------------------------------------------------------------------------+
|Working capital ratio to sales > 2.4 |
+------------------------------------------------------------------------------+
|Strengthening the balance sheet by ongoing reduction of the percentage of |
|intangible assets as of the balance sheet total |
+------------------------------------------------------------------------------+
|DCR < 3 and ICR > 8 |
+------------------------------------------------------------------------------+
+-------------------------------------------------------------------------+
| Organisation/IT |
+-------------------------------------------------------------------------+
| Further improvements of the ERP functionality |
+-------------------------------------------------------------------------+
| Optimization of supply chain management with a focus on Trauma products |
+-------------------------------------------------------------------------+
| Divestment/out licensing of non-core products and IP |
+-------------------------------------------------------------------------+
We want to achieve the growth rates for sales and EBITDA on an annual basis,
however with expected quarterly fluctuations on growth and profitability in both
product and project sales.
For 2014, the Management Board anticipates sales growth of approx. 10% to EUR
44 million and an EBITDA between EUR 6 million and EUR 8 million. By increasing
sales for the new LOQTEQ® product family and for newly developed cements in the
Biomaterials segment, we aim to at least sustain the present value of our
Freshness Index. The evaluation process of the strategic options for the
contract manufacturing business (EMCM B.V.) is ongoing.
In 2014, we aim to continue to implement the principle of profitable growth and
to further reduce the working capital in relation to sales.
In the first quarter of 2014 aap anticipates sales between EUR 8 million and EUR
9 million and an EBITDA between EURÂ 0.5 million and EUR 1.5 million.
Publication of aap's Consolidated Annual Financial Statements for 2013 is
scheduled for March 31st, 2014.
______________________________________________________
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
Press Release_aap_Sales 2013:
http://hugin.info/130121/R/1753782/591639.pdf
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Source: aap Implantate AG via GlobeNewswire
[HUG#1753782]
