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2015-03-31

Annual financial statement for 2014: Significant growth with LOQTEQ® (+63%) leads to expansion of trauma business (+27%)

aap Implantate AG / Annual financial statement for 2014: Significant growth
with LOQTEQ® (+63%)leads to expansion of trauma business (+27%) . Processed
and transmitted by NASDAQ OMX Corporate Solutions.The issuer is solely
responsible for the content of this announcement.
aap
Implantate AG (XETRA: AAQ.DE) was able to further implement its growth
strategy in financial year 2014 and at the same time achieved progress in
focussing on its trauma business. That is demonstrated by the significant
increase in sales in the trauma business and, above all, in LOQTEQ® product
family sales. Furthermore, during the reporting period two business
activities -the Dutch subsidiary EMCM B.V. (contract manufacturing business)
and the remaining 50% shareholding in the dental joint ventureaap
BM productions GmbH - which no longer formed a part of the company's core
business were disposed. In addition,aap
Implantate AG succeeded in 2014 inter alia in expanding its IP portfolio,
especially in the area of the strategically important LOQTEQ® range and in
continuing to accelerate development of its highly promising silver coating
technology.

2014 - Successes and Milestones

Operative performance: Continued operations (normalised*)

--------------------------------------
| in EUR million 2014 2013 Change |
| Sales revenue 29.8 25.8 16% |
| EBITDA 1.4 0.4 250% |
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*Sales/EBITDA excluding one-off effects of equity disposal, one-off costs in
connection with strategic measures and project proceeds and costs incurred in
connection with them

In financial year 2014 the company achieved important successes here
summarised once more as follows:

* The financial targets were achieved: sales at EUR 31.6 million were within
the October 2014 guidance of between EUR 30 million and EUR 34 million;
EBITDA at EUR 2.3 million was also in line with expectations (October 2014
target corridor: EUR 2.0 million to EUR 4.5 million)
* Trauma sales went up by 27% on the previous year to EUR 12.2 million,
underlining the strategy of transformation into a pure trauma company
* Significant sales growth of the LOQTEQ® portfolio shows that the anatomic
plate system is increasingly gaining market acceptance (sales up by 63% to
EUR 8.2 million)
* Sale of all shares in the Dutch subsidiary EMCM B.V. for EUR 18 million
* Disposal of remaining 50% shareholding in dental joint ventureaap BM
productions GmbH for EUR 1 million
* Notice of allowance from the United States Patent and Trademark Office
(USPTO) for core patent claims in respect of the LOQTEQ® system; scheduled
expansion of the LOQTEQ® portfolio to cover further indication areas (such
as the polyaxial LOQTEQ® radius plate system and the periprosthetic plate
system)
* Patent for silver coating technology received from the United States Patent
and Trademark Office
* Conclusion of a supply contract for a PMMA bone cement for the United
States, Canada and Puerto Rico with a leading US healthcare services
company

Evaluation of the 2014 Management Agenda

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| Customers |
| Targets of the Results of the Target achieved? |
|2014 Management Agenda 2014 Management Agenda |
| Growing trauma sales to>EUR 15 million (>50%); driven by LOQTEQ® Trauma sales increased by 27% to EUR 12.2 million; LOQTEQ® as main driver with Partly |
| +63% to EUR 8.2 million |
| Expanding the LOQTEQ® portfolio; striving for>90% indication coverage Scheduled expansion of LOQTEQ® portfolio to cover further indication areas Yes |
| (e.g. polyaxial LOQTEQ® radius plate system and periprosthetic plate system) |
| Appointing a distributor in the USA and further expansion of distribution Infrastructure set up with the founding of a US subsidiary and the signing of Partly |
|network beyond BRICS and SMIT countries a contract with a logistics service provider; negotiations with different |
| distributors |
| Appointing a new global partner for a bone cement Conclusion of supply contract for PMMA bone cement to USA, Canada and Puerto Yes |
| Rico with a leading US healthcare services company |
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| Innovation |
| Targets of the Results of the Target achieved? |
|2014 Management Agenda 2014 Management Agenda |
| Sustain freshness index of at>20% LOQTEQ® sales growth of 63% Yes |
| Accelerate the development of silver coated trauma products; aiming for market Final reports on the results of initial animal experiments on toxicity and Yes |
|introduction in 2015 infection model received |
| Extend co-development network for resorbable magnesium products; aiming for Negotiations with leading companies in the magnesium sector Partly |
|market introduction in 2-3 years |
| Interim analysis of the LOQTEQ® study for phase 1 products in the second Study of LOQTEQ® osteotomy plate's fatigue strength reveals outstanding proven Partly |
|quarter of 2014 properties compared with market leader; initial results of cold welding study |
| show that no case of cold welding has been observed with LOQTEQ® plates and |
| screws so far |
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| Finance |
| Targets of the Results of the Target achieved? |
|2014 Management Agenda 2014 Management Agenda |
| Profitable growth: sales of EUR 35 million (+22%) and EBITDA between EUR 5 Adjusted guidance; sales between EUR 30 million and EUR 34 million; EBITDA Yes |
|million and EUR 6 million between EUR 2 million and EUR 4 million |
| Working capital ratio>2.4 (in relation to sales) Working capital ratio at 1.8; 2014 sales growth with 70% of Q4 sales in No |
| December 2014 |
| Strengthening the balance sheet by ongoing reduction of the percentage of Intangible assets as a proportion of the balance sheet total down to around Yes |
|intangible assets as of the balance sheet total 26% |
| DCR<3 and ICR>8 DCR = 1.6 and ICR = 16.8 Yes |
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| Organisation/IT |
| Targets of the Results of the Target achieved? |
|2014 Management Agenda 2014 Management Agenda |
| Further improvements of the ERP functionality Planning and consolidation software implemented Yes |
| Optimisation of supply chain management with a focus on Trauma products Improvement of supply capability in screw production and increase in plate Yes |
| production ...

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