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Ossur Hf: Össur - Q1 Results 2014

Highlights Q1 2014

* Net profit increased by 96% and amounted to USD 11 million or 9% of sales,
compared to USD 6 million and 6% of sales in Q1'13.
* Sales amounted to USD 121 million compared to USD 97 million in Q1'13,
corresponding to a 24% growth and 6% organic growth, both measured in local
* Bracing and supports sales growth was 28% and 2% organic, both measured in
local currency.
* Prosthetics sales growth was 19% and 12% organic, both measured in local
* Gross profit amounted to USD 76 million and 63% of sales, compared to USD
60 million and 62% of sales in Q1'13.
* EBITDA amounted to USD 20 million and 17% of sales, compared to USD 14
million and 14% of sales in Q1'13.
* Cash generation is seasonally weak in Q1 and cash generated by operations
amounted to USD 12 million and 10% of sales, compared to USD 9 million and
9% of sales in Q1'13.
* On 2 April 2014 Össur amended and extended the Company's long term
financing by three years, or until 2019, with its banking partners ING,
Nordea and SEB. Current average interest terms are 105 bps + LIBOR/EURIBOR,
changing in line with financial leverage.

Financial Guidance

For 2014 management estimates:

* Local currency growth in the range of 14-16%.
* Organic, LCY sales growth in the range of 2-4%.
* EBITDA margin in the range of 17-19% of sales.
* CAPEX in the range of 2.5-3.5% of sales.
* Effective tax rate around 26%.

Jón Sigurðsson, President&CEO, comments:

"The results of the first quarter are in line with our expectations. We see
yet another quarter with good profitability and net profit is doubling
between years. Cost reduction initiatives in 2013 and process improvements
are contributing and we are pleased to see continued stabilization of the
market conditions in the US prosthetics market. Performance in EMEA continues
to be good. At the beginning of April,
long term financing was extended by three years, or until 2019.
The terms and conditions reflect Össur's strong financial profile and good

Conference Call - 30 April at 12:00 CET

Össur will host a conference call on Wednesday 30 April 2014 at 12:00 CET/
10:00 GMT/ 6:00 EDT.
To participate in the call please dial: Europe: +44 (0) 203 364 5374 or +46
(0) 8 505 564 74
The United States: + 1 855 753 2230
Iceland: 800 8660

Ossur Press Release Q1 2014 English
Ossur financial statement 31.03.2014
Q1 2014 Investor Presentation


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX 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


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