aap Implantate AG
- WKN: 506660
- ISIN: DE0005066609
- Land: Deutschland
Nachricht vom 14.08.2019 | 08:12
aap: Q2/2019 sales and EBITDA in line with guidance; double-digit sales growth in H1/2019
DGAP-News: aap Implantate AG / Key word(s): Half Year Results
aap Implantate AG ("aap") achieved its financial objectives in the second quarter of 2019. aap registered sales of EUR 2.5 million (Q2/2018: EUR 2.7 million) and thus a value at the lower end of the forecast of EUR 2.5 million to EUR 3.5 million. EBITDA in the second quarter of 2019 were burdened by significant one-time effects in a volume of about EUR 0.8 million and amounted to EUR -2.1 million (Q2/2018: EUR -1.5 million), thus being also at the lower end of the guidance of EUR -2.1 million to EUR -1.1 million. In contrast, aap increased sales on a half-yearly basis by +10% to EUR 6.0 million (H1/2018: EUR 5.4 million), with all regions contributing with positive growth rates. EBITDA in the first six months of 2019 were EUR -3.1 million (H1/2018: EUR -3.1 million). Based on unchanged recurring EBITDA (adjusted by one-time effects) in the second quarter of 2019 of EUR -1.3 million, recurring EBITDA improved significantly on a half-yearly basis by +18% to EUR -2.2 million.
Q2/2019 and H1/2019 - Major results and progress
- Sales by region: Q2: Stable business in Germany, whereas international business was, as expected after a strong Q1, down on the previous year; further stabilisation in North America with a growth trend in distribution business; good growth rates in all regions on a half-yearly basis
- Earnings: EBITDA burdened in Q2 by significant one-time effects due primarily to early termination of contract with former CEO and termination of legal disputes; recurring EBITDA adjusted for one-time effects in Q2 on previous year level, while in H1 considerable improvement was registered (H1/2019: EUR -2.2 million; +18%)
- Gross margin and costs: Improvement of gross margin to 83% in Q2 (Q2/2018: 76%) and 84% in H1 (H1/2018: 77%) along with declining cost level (adjusted for one-time effects)
- Cash flow and balance sheet: Successful completion of capital increase with subscription rights and two further external financings with net inflows totalling around EUR 5.2 million; Cash need in H1 totalled EUR 4.0 million with positive effects of working capital reduction (EUR 1.7 million); cash holdings of EUR 7.6 million; first-time application of IFRS 16 - Leasing and concluded factoring agreement lead to shifts in balance sheet, income statement and cash flow
- LOQTEQ(R): FDA approval for polyaxial LOQTEQ(R) VA foot system - Launch in US and further markets planned for beginning of 2020; continuous focus on adaptation of processes and documents to new regulatory requirements of MDR and development of sterile packaging for implants
- Silver coating technology: In Q2 continued intensive exchange with BfArM on application to conduct a human clinical study; training of participating doctors and preparation of silver-coated implants for hospitals; preparation of application for FDA to conduct the human clinical study in the US; at the beginning of August BfArM granted approval for study and application submitted to FDA
* Includes cost of personnel measures, termination of legal disputes (net effect) and external staff.
* Includes cost of personnel measures, external staff and termination of legal disputes (net effect).
In the second quarter of 2019 aap also implemented a package of measures to strengthen its financial base. The Company successfully completed a capital increase with subscription rights and two further external financings. The overall inflow from these measures totalled around EUR 5.2 million that the Company uses to finance the planned sales growth and for the further development of its pioneering and innovative silver coating technology.
With a view to its antibacterial silver coating technology, aap will further intensify talks and negotiations with interested global medical technology companies after approval of the human clinical study by the Federal Institute for Drugs and Medical Devices ("BfArM"). In detail, the Company discusses in addition to joint product development and approval projects also distribution partnerships as well as licensing deals up to the sale of the technology for specific application areas. For its innovative resorbable magnesium implant technology aap aims to push forward the further development of this promising technology jointly with partners under aap's management.
For financial year 2019 the Management Board expects sales of EUR 11.0 million to EUR 13.0 million and EBITDA of EUR -6.0 million to EUR 5.0 million. This corresponds to an increase in sales of 2% to 21% and an improvement in EBITDA of 6% to 22% compared with the previous year's figures.
Against the background of the resolved change of the stock exchange listing from the Prime Standard to the General Standard of the regulated market of the Frankfurt Stock Exchange, aap will no longer be publishing a consolidated quarterly statement for the third quarter of 2019. The Company will comply with the high transparency requirements of the regulated market in the General Standard in the future as well and continue to inform its shareholders and the capital market about the developments in a suitable form on a quarterly basis within a financial year.
aap Implantate AG; Fabian Franke; Manager Investor Relations; Lorenzweg 5; 12099 Berlin, Germany; Tel.: +49/30/750 19 - 134; Fax.: +49/30/750 19 - 290; firstname.lastname@example.org
|Company:||aap Implantate AG|
|Phone:||+49 (0) 30 75 01 90|
|Fax:||+49 (0) 30 75 01 91 11|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||857299|
|End of News||DGAP News Service|
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