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DGAP-News: aap Implantate AG / Key word(s): Preliminary Results/Forecast
- Successful first year as pure player in trauma with 20% trauma sales growth
- Sales with around EUR 11 million in line with guidance of EUR 10.0 million to EUR 13.0 million
- Further dynamic sales growth and earnings improvement planned for FY/2018: Forecast for sales between EUR 13.0 million and EUR 15.0 million and EBITDA between EUR -5.0 million and EUR -3.4 million
- Start of human clinical study for planned CE and FDA approval of innovative antibacterial silver coating technology aimed for FY/2018
aap Implantate AG ("aap") looks back on a successful first year as a pure player in trauma. This is reflected by the pleasing development of trauma sales. In the fourth quarter of 2017, according to preliminary figures, the company achieved a trauma sales growth of 42% on the same period in the previous year to EUR 2.9 million (Q4/2016: EUR 2.0 million). In the full financial year aap increased trauma sales by 20% to EUR 10.6 million (FY/2016: EUR 8.9 million). The main growth drivers were the distribution business in North America with a sales increase of 70% and the expansion of the existing business as well as the acquisition of new customers in international markets.
Overall, aap achieved in the fourth quarter of 2017 significant year-on-year sales growth of 19% to EUR 2.9 million (Q4/2016: EUR 2.4 million) according to preliminary figures. Despite the divestments made in 2016 and the consequent loss of sales revenues realized with these companies sales in financial year 2017 increased by 4% to EUR 10.9 million (FY/2016: EUR 10.5 million) and were thereby within the guidance of EUR 10.0 million to EUR 13.0 million.
Outlook for 2018
For financial year 2018 the Management Board anticipates the continuation of the dynamic sales growth and expects sales of EUR 13.0 million to EUR 15.0 million. The company thus aims for growth between about 20% and about 40%, which is significantly higher than the average growth rate of the global trauma market of 4 - 5%. Regarding EBITDA the company plans an improvement in the current financial year as well and anticipates a value of EUR -5.0 million to EUR -3.4 million.
All markets shall contribute to the planned sales growth and earnings improvement, with both distribution business and partnerships with global orthopaedic companies (distribution networks, licensing deals as well as product development and approval projects) especially in North America as their main drivers.
With respect to the cost development the Management Board anticipates increased sales costs in financial year 2018 as part of the planned sales growth. Besides, the company expects increasing personnel and other costs against the background of significantly higher regulatory requirements and the extensive work in view of the planned approval of the silver coating technology. The expected cost increases in connection with the human clinical study will also lead to an increase in capitalised own work in 2018. Furthermore, aap was affected by various one-time effects on the cost level in the last year that shall reduce in the current financial year.
Overall, the Management Board expects a more moderate development over the first six months and a more dynamic growth in particular in the second half of the year.
For the first quarter of 2018 the Management Board anticipates sales of EUR 1.8 million to EUR 3.0 million and EBITDA to be in a range of EUR -1.9 million to EUR -1.4 million.
Management Agenda 2018
The Management Board has specified its targets for the current financial year as a Management Agenda in four strategic and operational action areas.
|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|
|End of News||DGAP News Service|
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