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Press Release

MEDICREA: 2010 Annual Results and 2011 1st Quarter Sales

MEDICREA INTERNATIONAL
Posted on: 06 Apr 11

The MEDICREA Group (Paris:ALMED) (FR0004178572-ALMED) listed on Alternext by NYSE Euronext Paris, a medical device company specialized in the development of innovative surgical technologies for the treatment of spinal disorders, is publishing its 2010 audited annual results approved by the Board of Directors held on March 31st, 2011, and its 2011 first quarter sales

IFRS 2010 Annual Results

In million of Euros

 

2010

 

2009

 

Variation

Net sales18,2 13,1 +39%
Gross Margin (%)75% 69% +6 pts
Earnings before interests depreciation and amortization1,2 (0,6) +1,8 M€
Earnings before interests and share based payments (1,2) (2,4) +50%
Earnings before tax (1,9) (2,7) +30%
Net earnings(2,5) (2,8) +11%

Business growth +39% in 2010 and improved gross margin

In 2010 MEDICREA had annual sales of €18.2 million, a rise of 39% compared to prior year. This strong growth is due to the sales increase of the three distribution subsidiaries selling directly to hospitals and clinics (United States, United Kingdom, and France). MEDICREA USA sales came to nearly $12 million in 2010, compared with $8 million in 2009. The Group’s gross margin reached 75%, compared with 69% in 2009. This six-point improvement is the result of continued development on the US market and better leverage of manufacturing output capacity at the La Rochelle site.

Strong reduction in operating losses

Because of its business growth and strongly improved gross margin, MEDICREA was able to lower its operating losses significantly and to generate slightly positive operating income in Q4 2010. For the entire year, the operating income of the three distribution subsidiaries was positive, and Group EBITDA reached €1.2 million, compared with a loss of €0.6 million in 2009.

In a context of steady growth, the working capital to sales ratio decreased significantly, to 27%, compared with 41% a year earlier.

Record growth in Q1 2011

Sales in the first quarter came to €5.2 million, compared with €3.4 million in Q1 2010, an increase of 52.5%. Sales reached a record high in March of €2.4 million. Sales of MEDICREA USA rose 68% (85% taking into account currency effects), and represent nearly 50% of Group activity for the quarter.

2011 outlook

Denys Sournac, Chairman and Chief Executive Officer, commented, « The Group has passed a milestone. We were largely profitable in terms of EBITDA in 2010, and the operating breakeven point was surpassed on several occasions during the second half of 2010. Sales growth in 2011 should continue the trend of the first quarter, remaining solid and at least at the level of 2010. Consequently, operating income should be positive for the financial year. In 2011, MEDICREA will pursue development of the PASS LP® thoraco-lumbar fixation system, with the launch of a mini invasive, percutaneous version. The Group will also present a series of innovations and new products at the Eurospine professional trade fair in Milan in October 2011, which will greatly enhance the current product range. »

Coming up

The 2011 half year sales will be published on July 12th, 2011, after market close.

ABOUT MEDICREA (www.medicrea.com)

MEDICREA specializes in the design, development, manufacture and distribution of orthopedic implants dedicated to spinal surgery. In an $9 billion market, MEDICREA is a very dynamic small to medium-sized business of 100 employees with unique innovation capabilities. MEDICREA enjoys an excellent reputation and develops unique relationships with the most visionary and creative spine surgeons in France, the U.K., and the U.S.A. Products developed and patented by MEDICREA provide neuro-surgeons and orthopedic surgeons specialized in spine with new and less-invasive surgical solutions, which are faster and easier to implement than traditional techniques. The Group operates from its headquarters based in Lyon, France with a manufacturing facility located in La Rochelle, France and three distribution subsidiaries in the U.S.A, U.K., and France.

MEDICREA is listed on ALTERNEXT by NYSE - Euronext ParisISIN : FR 0004178572– code : ALMED

Business Wire
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Last updated on: 06/04/2011

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