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2016-03-15

Tecan Group AG: Tecan with high growth in sales and net profit in fiscal year 2015

Tecan Group AG / Tecan with high growth in sales and net profit in fiscal year
2015. Processed and transmitted by NASDAQ OMX Corporate Solutions. The issuer
is solely responsible for the content of this announcement.
Financial results: full-year and second half of 2015

* Order entry of CHF 465.0 million (2014: CHF 417.4 million) * Full-year
growth of 14.1% in local currencies or 11.4% in Swiss francs * Full-year
organic growth of 10.9% in local currencies or 8.3% in Swiss francs * H2
increase of 13.8% in local currencies or 10.9% in Swiss francs
* Sales of CHF 440.3 million (2014: CHF 399.5 million) * Full-year growth of
13.1% in local currencies or 10.2% in Swiss francs * Full-year organic
growth of 9.6% in local currencies and 6.8% in Swiss francs * H2 sales
growth of 8.7% in local currencies or 5.6% in Swiss francs
* Full-year operating profit before depreciation and amortization (EBITDA) of
CHF 83.4 million (2014: CHF 67.5 million) * Improvement of 200 basis points
in EBITDA margin to 18.9% (2014: 16.9%)
* Full-year net profit of CHF 57.1 million (2014: CHF 40.2 million); increase
of 42.1% * Improvement of 290 basis points in net profit margin to 13.0%
(2014: 10.1%) * Increase in earnings per share by 39.1% to CHF 5.05 (2014:
CHF 3.63)
* High full-year cash flow from operating activities of CHF 99.1 million
(2014: CHF 48.2 million) or 22.5% of sales (2014: 12.1%)

Operating highlights 2015 and other important information

* Launch of additional features and applications for Fluent (TM) , Tecan's
next generation liquid handling platform
* Launch of the all-new Spark(TM) 10M multimode microplate reader platform
for cell biology and genomics
* US launch of FDA cleared ORTHO VISION (TM) Analyzer by Ortho Clinical
Diagnostics in the Partnering Business
* Acquisition of Sias AG on 30 November 2015, a leading OEM supplier of
laboratory automation solutions
* Increase in dividend to CHF 1.75 per share proposed

Outlook 2016

* Full-year s ales are forecast to again increase with a double-digit rate in
local currencies
* EBITDA in 2016 expected at about similar level as 2015, including costs in
a mid single-digit million Swiss franc amount related to the Sias AG
acquisition
* Underlying EBITDA margin, excluding Sias, to expand by at least 50 basis
points

Männedorf, Switzerland, March 15, 2016 -
The Tecan Group (SIX Swiss Exchange: TECN) today announced its financial
results for full-year and second half of 2015.

Tecan CEO David Martyr commented: "I am pleased with Tecan's financial
performance in 2015. With strong sales, net profit and operating cash flow we
delivered on our commitments for the year.

The wave of new exciting platforms and products we have launched are clearly
supporting our growth. In our Life Sciences Business we continued to
introduce new features and applications for Fluent, our next generation of
liquid handling platforms and, with Spark, we launched an all-new multimode
microplate reader platform. Our Partnering Business saw the US launch of the
ORTHO VISION(TM) Analyzer by our partner Ortho Clinical Diagnostics and with
the acquisition of Sias AG, we further expanded our leading OEM business.
Those growth drivers will also be important elements of our further expansion
in 2016," Martyr continued.

Financial results full-year and second half of 2015

In the second half of 2015, order entry increased by 13.8% in local currencies
and by 10.9% in Swiss francs. On an organic basis, orders in the second half
grew by 12.3% in local currencies and by 9.6% in Swiss francs. Organic
development excludes any contributions from acquisitions from those months in
the reporting period that were not already included in the consolidated
financial statements in the prior-year period. For the full year, order entry
increased by 14.1% in local currencies to CHF 465.0 million (2014: CHF 417.4
million), corresponding to growth of 11.4%. On an organic basis, order entry
increased by 10.9% in local currencies and by 8.3% in Swiss francs.

Sales in the second half rose by 8.7% in local currencies and by 5.6% in Swiss
francs against a strong base in the prior-year period. This corresponds to
organic sales growth of 7.0% in local currencies and 4.0% in Swiss francs.
Sales in financial year 2015 increased by 13.1% in local currencies and 10.2%
in Swiss francs to CHF 440.3 million (2014: CHF 399.5 million), setting a new
company record. On an organic basis, sales grew by 9.6% in local currencies
and 6.8% in Swiss francs.

Operating profit before depreciation and amortization (earnings before
interest, taxes, depreciation and amortization; EBITDA) rose by 23.5% to CHF
83.4 million in the fiscal year (2014: CHF 67.5 million). The EBITDA margin
improved by 200 basis points to 18.9% of sales (2014: 16.9%), thereby
exceeding the margin targets for the year of "more than 100 basis points".
These results include acquisition-related costs. The results development was
helped by a positive exchange rate effect and a one-time impact from revised
pension liabilities according to IAS 19.

Net profit reported for the year 2015 increased by 42.1% and reached CHF 57.1
million (2014: CHF 40.2 million). Net profit increased more than operating
profit as a result of an improved financial result and a lower tax rate. The
net profit margin improved by 290 basis points to 13.0% of sales (2014:
10.1%). Earnings per share increased by 39.1% to CHF 5.05 (2014: CHF 3.63).

Cash flow from operating activities more than doubled to CHF 99.1 million
(2014: CHF 48.2 million), corresponding to a cash conversion of 22.5% of
sales.

Information by business segment

Life Sciences Business (end-customer business)
In the second half of the year, sales in the Life Sciences Business increased
by 12.7% in local currencies and were 7.5% above the prior-year period in
Swiss francs. On an organic basis, sales in local currencies grew by 11.3%.
Sales for the full year totaled CHF 253.0 million, representing an increase
of 11.8% in local currencies and 7.1% in Swiss francs over the prior-year
period (2014: CHF 236.3 million). On an organic basis, sales increased by
6.7% in local currencies in 2015. The newly launched Fluent and Spark
platforms contributed considerably to this growth. Also, order entry in the
Life Sciences Business was strong overall and organically and exceeded sales.

Operating profit before interest and taxes (EBIT) in the segment increased to
CHF 45.4 million in the year under review (2014: CHF 40.2 million). The
increase is primarily the result of the higher sales volumes and lower
research and development expenses. The EBIT margin grew to 17.0% of sales
(2014: 16.3%).

Partnering Business (OEM business)
Sales in the Partnering Business grew by 3.1% in local currencies and 2.9% in
Swiss francs in the second half against a strong base in the prior-year
period with a 14.7% growth rate. Excluding contributions from Sias, since
December 1, 2015 part of the Partnering Business, sales in the second half
grew by 1.0% in local currencies. The Partnering Business generated sales of
CHF 187.3 million in financial year 2015 (2014: CHF 163.2 million), which
corresponds to an increase of 14.9% in local currencies and 14.7% in Swiss
francs. On an organic basis, sales increased by 13.7% in local currencies.
Instruments launched in the past two years made a significant contribution to
the strong sales growth. Also, the components business continued to perform
well. Order entry in the Partnering Business also grew at a double-digit
percentage rate in 2015 and exceeded sales considerably.

The segment's EBIT rose to CHF 30.2 million in 2015 (2014: CHF 24.9 million)
and the EBIT margin grew to 16.0% of sales (2014: 14.9%). The impact of lower
margins on profitability from some newly introduced instruments, which are
normal during launch phase, was more than outweighed by higher sales volumes.

Additional information

Regional development
In Europe, full-year sales in local currencies increased 14.7% compared to the
previous year. In Swiss francs, this growth was lower at 7.8% due to the
devaluation of the euro. In the Life Sciences Business, the increase in sales
was driven by newly launched products and the revenue contribution from IBL
International. Sales in the Partnering Business were boosted by solid sales
figures for instruments and components.

In North America, sales grew by 13.2% in local currencies and 17.8% in Swiss
francs. With a significant contribution from newly launched products, both
business segments grew at a double-digit percentage rate in local currencies
in this region.

With both business segments contributing to growth, sales in Asia increased by
12.3% in local currencies and by just 3.6% in Swiss francs due to negative
exchange rate movements. Despite a continued challenging market environment
in China, the overall situation improved in 2015 and Tecan once again posted
growth in the double-digit percentage range.

Recurring sales of services, consumables and reagents
Recurring sales of services and consumables increased considerably in 2015 by
19.1% in local currencies and 15.9% in Swiss francs. With IBL International
immunoassays, Tecan was able to add a new source of recurring revenues
through this reagents-based business. Overall, recurring revenues accounted
for 37.8% of total sales (2014: 36.0%). Services (including spare parts)
accounted for 22.2% of total sales, while consumables (plastic and reagents)
accounted for 15.6%.

Research and development
Research and development expenses in 2015 amounted to 9.1% of sales (2014:
9.9%) or CHF 39.9 million (2014: CHF 39.5 million). All told, research and
development activities continued to fall as planned to CHF 56.7 million gross
(2014: CHF 84.9 million), as development projects were successfully concluded
and various products launched. The total figure also includes development
programs for OEM instrument customers in the Partnering Business (CHF 15.8
million) and development costs capitalized in the balance sheet (CHF 9.1
million). These capitalized costs were almost entirely offset by
amortization.

During 2015, Tecan started marketing new application-specific solutions and a
number of new hardware and software options that enable a much wider range of
applications for the Fluent(TM) laboratory automation family, a new
generation of liquid handling platforms. This wave of innovation further
simplifies key processes for e.g. compound management and also makes Fluent
ideally suited to high throughput genomics applications, which is attracting
great interest in the market.

Tecan also launched a next-generation reader platform called Spark(TM) at the
beginning of 2015 in its second main product line, detection instruments, and
has introduced a number of new features during the year. The Spark(TM) 10M
multimode microplate reader is designed to offer greater flexibility and
increased productivity for cell biology and genomics customers. The all-new
platform delivers a combination of exceptional capabilities and ease-of-use
to simplify routine laboratory tasks.

In the Partnering Business, Tecan's partner Ortho Clinical Diagnostics, Inc.,
a market leader in immunohematology, has launched the FDA cleared ORTHO
VISION(TM) Analyzer in the United States in August 2015. The ORTHO VISION(TM)
Analyzer heralds a new era in transfusion medicine with Responsive
Automation. Tecan also successfully concluded the development of the ORTHO
VISION(TM) Max, a variant of the instrument for high-volume transfusion
medicine laboratories. In October 2015, Ortho Clinical Diagnostics announced
that this instrument variant has received CE Mark clearance, making it
available for purchase in Europe and Japan.

Acquisition of
Sias to further expand Partnering Business

On October 27, 2015, Tecan announced that it had reached agreement with the
majority shareholders of Sias to acquire Sia...

Författare Hugin

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