curasan AG still on track despite of weaker second quarter
DGAP-News: curasan AG / Key word(s): Half Year Results
- Net sales declined with EUR 3.1 million by 7.6 percent in the first half year
- Positive signals from the Middle East
- Special effects press EBITDA to EUR -1.5 million
Kleinostheim, 22 August 2019 - curasan AG, Germany, (ISIN DE000A2YPGM4), a leading specialist for medical products in the field of orthobiologics, has published its financial figures for the first half year 2019 today. Mostly due to supply shortages, sales showed a declining trend. The company was able to react and cut short-term spending on marketing and sales. However, special items had a negative impact on earnings to an increased extent.
In the first half year 2019 net sales declined by 7.6 percent to EUR 3.1 million. Positive signals were again generated in the Middle East region, where demand picked up significantly, as in the first quarter. Sales in Europe increased by
Earnings before interest, taxes, depreciation and amortization (EBITDA) were disproportionately lower at EUR -1.5 million and 30.7 percent below previous year. Despite significantly lower marketing and sales expenses and strict cost management, it was not possible to achieve the previous year's result. A key factor in this was special expenses for the necessary Extraordinary General Meeting as well as for the preparation and issuance of a convertible bond which reduced the result by a total of around EUR 0.2 million.
Against the backdrop of the implemented cost-cutting measures and the measures taken in receivables management, cash and cash equivalents decreased by only EUR 40 thousand to EUR -148 thousand. For the further financing of business operations, the company issued a convertible bond in May, which leads to an improved liquidity situation in the third quarter 2019. After the end of the reporting period curasan AG, the company also carried out a capital increase with subscription rights for the shareholders, through which the company received approximately EUR 3.1 million.
The Management Board continues to maintain the outlook for revenue and earnings development for 2019.
The audited interim report for the first half of 2019 is available for download on the company's website at the following link:
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22.08.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
|Phone:||06027/40 900 0|
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|Listed:||Regulated Market in Frankfurt (General Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||861483|
|End of News||DGAP News Service|