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Press Release

Ossur Hf : Interim report Q1 2018

Ossur Hf
Posted on: 25 Apr 18

Announcement no. 31/2018

Interim report Q1 2018

25 April 2018


Highlights Q1 2018

  • Sales amounted to USD 142 million, corresponding to 8% USD growth and 1% organic growth.
  • The prosthetics segment grew 4% while sales of B&S products declined 1%.
  • Gross profit amounted to USD 88 million or 62% of sales, the same as in the comparable quarter last year.
  • EBITDA amounted to USD 20 million or 14% of sales, compared to 16% in Q1 2017. Currency movements impacted the EBITDA margin negatively by approx. 50 basis points.
  • Net profit amounted to USD 10 million or 7% of sales.
  • Cash generated by operations amounted to USD 6 million or 4% of sales. Cash generation is seasonally weak in the first quarter of the year.
  • Financial guidance for the full year 2018 is unchanged at 4-5% organic growth, ~19% EBITDA margin before special items, ~4% capital expenditures, and an effective tax rate in the range of 23-24%.
  • Össur acquired 2,741,441 of own shares for approximately USD 13 million in Q1 2018.
  • Dividends of DKK 0.13 per share, corresponding to approximately USD 9 million or 16% of net profit in 2017, were paid out in March 2018.
  • Registration of the share capital reduction of 6,354,662 shares with a nominal value of ISK 1 each was completed on 27 March 2018. The cancelled shares were removed from trading on Nasdaq Copenhagen on 5 April 2018. Össur's total share capital is now ISK 430,808,063.
  • In March 2018 Össur entered into a new financing agreement with Nordea and Danske Bank. The new financing reflects Össur's strong financial profile and outlook with lower interest rate margins and greater operational flexibility.

Jon Sigurdsson, President & CEO, comments:

"We had a slow start of the year in what is seasonally the weakest quarter in terms of sales and profitability. On a positive note, the prosthetics segment continued to grow with good contribution from our high-end products, such as bionics, and we see an excellent sales growth momentum in APAC. Sales in B&S were slow, but we expect the remainder of the year to be stronger, supported by recent product launches. The soft sales growth, combined with additional R&D investments in projects for high-end innovative products, shaped the profitability in the quarter."

Q1 2018 conference call details

Össur will host a conference call on Thursday 26 April 2018 at 9:00 CET/ 7:00 GMT/ 3:00 EDT . To participate in the call please dial: Europe: + 45 3544 5580, +44 (0) 203 364 5374 or +46 (0) 8 505 564 74, The United States: + 1 855 753 2230, Iceland: +354 800 7417. A webcast can be followed on the Össur website: .   2018 Q1 Investor Presentation
2018 Q1 Company announcement

This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Ossur Hf via GlobeNewswire

Last updated on: 26/04/2018

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