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Successful completion of FY/2021 with +34% growth in Q4 leading to significant sales increase in 2021 (+30%); further sales growth and EBITDA improvement planned for FY/2022

DGAP-News: aap Implantate AG / Key word(s): Preliminary Results/Forecast
24.01.2022 / 07:30
The issuer is solely responsible for the content of this announcement.

- Sales +30% (FY/2021) to EUR 12.2 million and +34% (Q4) to EUR 3.2 million (CER[1]: +32% (FY/2021) and +38% (Q4))

- Significant double-digit growth rates in all regions in FY/2021: LATAM (+90%), EMEA (+26%), North America (+21%) and APAC (+20%)

- Extensive investments in sales structures and teams, particularly in North America and Germany, shall accelerate further sales growth

- Outlook FY/2022: Sales between EUR 14.0 and 16.0 million and EBITDA of EUR -1.7 to -0.5 million

- Positive EBITDA and nearly balanced free cash flow planned for first time for entire Company excl. costs for silver coating technology, in particular clinical study


aap Implantate AG ("aap" or the "Company") continues to be on a growth track and was able to close the financial year 2021 with a significant increase in sales. According to preliminary figures, sales increased by +30% to EUR 12.2 million in the past year (FY/2020: EUR 9.3 million) and by +34% to EUR 3.2 million in the fourth quarter of 2021 (Q4/2020: EUR 2.4 million).

Sales FY/2021

in EUR million FY/2021 FY/2020* Change
EMEA (= Europe, Middle East, Africa)
North America
North America Distributors
North America Global Partners

LATAM (= Latin America)
APAC (= Asia-Pacific)
Sales 12.2 9.3 +30%
* In FY/2020, sales development was still reported for the regions Germany, USA (distributors and global partners), International (excluding USA; Europe (excluding Germany), BRICS countries and RoW). The reclassification has been made in the context of the financial reporting for Q3 and 9M/2021, respectively.


Sales Q4/2021

in EUR million Q4/2021 Q4/2020* Change
EMEA (= Europe, Middle East, Africa)
North America
North America Distributors
North America Global Partners

LATAM (= Latin America)
APAC (= Asia-Pacific)
Sales 3.2 2.4 +34%
* In Q4/2020, sales development was still reported for the regions Germany, USA (distributors and global partners), International (excluding USA; Europe (excluding Germany), BRICS countries and RoW). The reclassification has been made in the context of the financial reporting for Q3 and 9M/2021, respectively.

Looking at the individual regions, aap achieved significant double-digit sales increases in all major markets in financial year 2021. The growth in the EMEA region (= Europe, Middle East, Africa; +26%) is based on the one hand on a revival of business in the Middle East and a significant recovery of the South African market, where the pre-COVID-19 level has already almost been reached again. On the other hand, aap succeeded in stabilizing sales in its largest single market Spain (approx. 10% of total sales volume), which had to struggle noticeably with the adversities of the COVID-19 pandemic. In addition, the Company recorded sales growth in its home market Germany despite the relatively late end of the lockdown in June and was able to conclude contracts with all purchasing associations, providing a good basis for financial year 2022.

In North America, aap remains on a growth track and was able to significantly increase sales both on a full-year basis (+21%) and in the fourth quarter of 2021 (+24%). Thus, in the last three months of the financial year, the Company once again achieved a sales level above the EUR 1 million mark. Decisive for the growth momentum were in particular the contracts concluded with US-wide purchasing associations and networks, which give aap access to a large number of clinics and surgical operation centers. Long-term customer relationships were established particularly through system sales. Overall, the number of operations performed stabilized at a good level following the sharp increase in the first six months, although the effects of the COVID-19 pandemic were felt for the first time in the second half of the year in this market, which is so important for the Company.

In Latin America (+90%), aap won new customers in Colombia and Ecuador and also benefited from a noticeable recovery of business in Brazil, Mexico and Puerto Rico. Furthermore, sales increased in the Asia-Pacific region (+20%), where the Company was able to reactivate its business in China, among other things. In the fourth quarter of 2021, aap also realized predominantly high double-digit growth rates in almost all regions. The sales increase was driven by the regions Asia-Pacific (>+100%), EMEA (+50%) and North America (+24%).


In the financial year 2022, aap intends to grow further in terms of sales and earnings and to press ahead with the human clinical study for its innovative antibacterial silver coating technology that started in December 2021. In addition, a key focus will be on the first-time certification under the new EU Medical Device Regulation (MDR 2017/745/EU).

Based on the successfully completed capital increase, a significant portion of the net proceeds raised shall be used to finance the planned sales growth and the execution of the human clinical study for the antibacterial silver coating technology. In order to accelerate further sales growth, extensive investments have already been made in sales structures and teams, particularly in North America and Germany. Overall, all markets shall contribute to the planned sales growth, with a continued focus on North America.

With its disruptive antibacterial silver coating technology, aap reached another key milestone on the way to the planned CE approval in December with the start of the human clinical study. In financial year 2022, after the University Hospital in Regensburg, further trial centers shall be successively equipped and trained with study materials and the first operations shall be performed. At the same time, aap strives for third-party co-financing for the human clinical study via its subsidiary MCTeQ GmbH (MCTeQ = Medical Coating Technologies). In this context, funding can be provided both through additional grants and through development partnerships with companies from application areas outside traumatology.

The Management Board continues to monitor and assess very closely the global impact of the COVID-19 pandemic on aap's business activities and financial results. Based on last year's good developments and the investments already made to finance growth, but at the same time also strongly rising incidence figures worldwide due to the new highly infectious Omicron variant, the visible volatility as a result of COVID-19 and the working and staffing environment in the healthcare sector potentially hampering an accelerated recovery, the Management Board expects sales between EUR 14.0 and 16.0 million for the financial year 2022. In this context, the Management assumes a similar distribution of sales over the individual quarters as in the previous year. With regard to earnings, the Management Board expects EBITDA to be between EUR -1.7 and -0.5 million in financial year 2022 based on the planned sales growth and further efficiency improvements to be realized. Assuming budgetary development in the current financial year, the Management aims to achieve positive EBITDA and an almost balanced free cash flow for the first time for the entire Company, excluding the costs for the silver coating technology and particularly the human clinical study. The above sales and EBITDA forecasts are, however, subject to the condition that the infection situation in the context of the COVID-19 pandemic does not deteriorate further and that corresponding lockdown measures or other restrictions are imposed in the sales regions relevant for aap or that there are temporary production stoppages at the Berlin location or at aap's service providers/suppliers.

The sales figures contained in this press release are preliminary figures as of 31 December 2021, which are subject to change until final publication. aap plans to announce the final audited results for the financial year 2021 on 31 March 2022 as part of the consolidated annual financial report 2021.

[1] CER = Constant Exchange Rates.

Implantate AG (ISIN DE0005066609) - General Standard/Regulated Market - All German stock markets -

About aap Implantate AG
aap Implantate AG is a globally active medical technology company based in Berlin, Germany. The Company develops, manufactures and markets products for trauma. The IP-protected portfolio includes besides the innovative anatomical plating system LOQTEQ(R) a wide range of cannulated screws. In addition, aap Implantate AG has an innovation pipeline with promising development projects such as the antibacterial silver coating technology and magnesium-based implants. These technologies address critical and unmet needs in trauma. In Germany, aap Implantate AG sells its products directly to hospitals, purchasing groups, and hospital groups, while at international level it primarily uses a broad network of distributors in around 25 countries. In the US the Company pursues a hybrid distribution strategy with its subsidiary aap Implants Inc. Distribution is carried out both through distribution agents and partnerships with global orthopedic companies. aap Implantate AG's stock is listed in the General Standard segment of Frankfurt Stock Exchange (XETRA: AAQ.DE). For more information, please visit our website at

The figures presented in this press release may be subject to technical rounding differences which do not affect the overall presentation.

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 queries, please contact:
aap Implantate AG; Fabian Franke; Head of Investor Relations; Lorenzweg 5; 12099 Berlin, Germany; Phone: +49 (0)30 75019 - 134; Fax: +49 (0)30 75019 - 290; Email:

24.01.2022 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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Language: English
Company: aap Implantate AG
Lorenzweg 5
12099 Berlin
Phone: +49 (0) 30 75 01 90
Fax: +49 (0) 30 75 01 91 11
ISIN: DE000A3H2101
WKN: A3H210
Listed: Regulated Market in Frankfurt (General Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1271554

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Last Updated: 24-Jan-2022