GOOD SALES GROWTH
Sales - Sales growth was good, 5% measured in local currency. Total sales amounted to USD 100 million compared to USD 97 million in the first quarter of 2011. All markets and product segments contribute to the growth. Sales of bracing and supports were slow with 2% growth, measured in local currency. Sales growth in prosthetics was strong or 7%, measured in local currency.
Profitability - Net profit amounted to USD 10 million or 10% of sales, an increase of 22% compared to the first quarter of 2011. EBITDA amounted to USD 18 million or 18% of sales and gross profit amounted to USD 62 million or 62% of sales.
Jón Sigurðsson, President & CEO, comments:
"The sales growth in the first quarter was good and in line with our guidance for the full year. As in past quarters all segments and regions are contributing to the growth, with yet another quarter where EMEA is delivering strong overall growth. Among major milestones last year was the introduction of SYMBIONIC LEG, our latest addition to the Company's comprehensive Bionic platform. During the first quarter, the SYMBIONIC LEG has been well received by the market and feedback is positive."
Products - Innovation is a key element driving growth. During the quarter eight new products and product upgrades were launched. Among new products launched is a redesigned version of the PROPRIO FOOT. The new version offers smaller sizes and higher weight limits, broadening the user profile that can use this important product.
Guidance 2012 - Management reiterates its previously announced guidance for 2012. LCY organic sales growth is expected to be in the range of 4-6% and adjusted EBITDA margin is estimated to be in the range of 20-21% of sales.
Conference call tomorrow 25 April at 12:00 CET/ 10:00 GMT/ 6:00 EST
Tomorrow, Wednesday 25 April Jón Sigurðsson, President and CEO, and Hjörleifur Pálsson, CFO, will host a conference call presenting and discussing the results of the first quarter of 2012. The conference call will be conducted in English and can be heard on Össur's website: www.ossur.com (http://www.ossur.com)
To participate in the meeting please call one of the following telephone numbers:
Europe: +44 (0)20 3043 2436 or +46 (0)8 505 598 53
The United States: +1 866 458 40 87
Iceland: 800 8660
Ossur Press Release Q1 2012 English (http://hugin.info/133773/R/1605492/508480.pdf)
Ossur financial statement 31.03.2012 (http://hugin.info/133773/R/1605492/508481.pdf)
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Source: Ossur Hf via Thomson Reuters ONE