DGAP-News: MeVis Group steers successful course through 2009 global economic crisis: MeVis Medical Solutions continues revenue growth in a difficult market environment and delivers operating profitability for the Group
(firmenpresse) - MeVis Medical Solutions AG / Final Results
23.04.2010 09:39
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* Strategic decisions by management during 2008 ensure profitable revenue
growth during fiscal year 2009
* New products and full consolidation of the business with industry partner
Hologic boost consolidated revenue by 28% to 13.9 million euros (previous
year: 10.8 million euros)
* Earnings before taxes and interest (EBIT) increases by 129% to 1,6
million euros (previous year: 0.7 million euros) and the EBIT margin is
doubled to 12%
* Group earnings of 0.4 million euros (previous year: 2.1 million euros)
were affected by a negative financial result in the order of -0.5 million
euros (previous year: 2.0 million euros)
* Cash flow from operating activities amounted to 3.1 million euros
(previous year: 2.9 million euros)
Bremen, 23 April 2010 - MeVis Medical Solutions AG [ISIN: DE000A0LBFE4], a
leading software company specializing in image-based medicine, today
published its results for the 2009 financial year. Based on the strategic
decisions and actions taken during 2008, Group revenues rose significantly
in spite of a depressed medical imaging market and in the wake of the
global economic crisis. A series of effective cost reduction activities
also contributed to a marked increase in the Group's operating
profitability.
The growth in revenue was largely due to the profitable Digital Mammography
business segment which exhibited disproportionate growth of 46%, to 10.1
million euros (previous year: 6.9 million euros). The decisive factors in
this development were the market launch for several important 'BreastCare
products', as well as the full consolidation of the business activities
with industry partner Hologic since November 1, 2008.
Efforts to increase market share with new products in the areas of
Neurology, Prostate and Pulmonary diagnostics proved difficult in a
deteriorating market. As a result, consolidated revenue in the Other
Diagnostics business segment was stagnant at 3.8 million euros (previous
year: 3.9 million euros).
Personnel capacity, at an average of 186 employees (full-time equivalents)
for the Group as a whole, was maintained at the 2008 year-end level and is
adequate for further corporate development. Due to the rapid increase in
employee numbers during the course of 2008, staff costs increased by 27% to
9.8 million euros, despite an unchanged personnel capacity and employees
foregoing their variable salary components in 2009. This increase was also
partly triggered by the consolidation effect. Nevertheless, due to
extensive cost-cutting measures, it was possible to reduce other operating
expenses by 19% year-on-year, to 3.3 million euros.
This resulted in a doubling of the Group EBIT margin to 12%, despite an
increase in the amortization of previously capitalized development costs
through profit and loss in accordance with IFRS.
Apart from increased tax expenses, Group earnings of 0.4 million euros were
considerably impacted by a substantially lower net financial result of -0.5
million euros (previous year: 2.0 million euros).This translates into
earnings per share of 0.23 euros (previous year: 1.21 euros). The primary
reasons for the reduced level of net financial result were lower interest
income, addition of accrued interest on the remaining purchase price
commitments as well as negative exchange rate effects.
Cash flow from operating activities remained stable at 3.1 million euros
(previous year: 2.9 million euros).
With 15.1 million euros in liquid funds (previous year: 20.3 million
euros), the MeVis Group continues to have sound financial resources.
Moreover, the company's treasury shares were valued at 4.2 million euros at
the balance sheet date. Other financial liabilities amounting to 13.5
million euros are essentially related to the remaining payment obligations
arising from the acquisition of company shares and operating units.
'Given the expanded product portfolio and the gradual improvement in the
economic climate since the middle of 2009, we anticipate a significant
increase in consolidated revenue for 2010. As in 2009, the Digital
Mammography segment comprising the established, successful BreastCare
applications will have a decisive influence on the Group's operating
profitability,' said Dr. Carl J.G. Evertsz, Chairman of the Executive Board
of MeVis Medical Solutions AG. 'We are also optimistic regarding EBIT,
despite the impact of the expenditures for growth and the amortization of
capitalized development costs. However, we think it is premature to make a
specific forecast for the current financial year at this stage.'
Taking into account the sustained uncertainty in relation to overall
economic trends, the effects of the health reform in the U.S. and increase
exchange rate fluctuations, the Executive Board will provide more specific
forecasts during the course of the current financial year.
Important information:
The business figures published here are based on unaudited consolidated and
individual annual financial statements prepared by the Executive Board but
not yet approved by the Supervisory Board. Following the audit and
approval, scheduled for the Supervisory Board meeting of April 26, 2010,
the complete consolidated annual financial statements for fiscal 2009 will
be available for download on the company's website at
http://www.mevis.de/mms/en/Financial_Reports.html.
23.04.2010 09:39 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: MeVis Medical Solutions AG
Universitätsallee 29
28359 Bremen
Deutschland
Phone: +49 421 330 74-0
Fax: +49 421 330 74-50
E-mail: ir(at)mevis.de
Internet: http://www.mevis.de
ISIN: DE000A0LBFE4
WKN: A0LBFE
Listed: Regulierter Markt in Frankfurt (Prime Standard);Freiverkehr
in Berlin, München, Düsseldorf, Stuttgart
End of News DGAP News-Service
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