Q-Med AB: Interim report January -- June 2003

UPPSALA, Sweden, July 24, 2003 (PRIMEZONE) -- Q-Med AB:

- Sales increased by 12 percent during the first six months. Adjusted for changes in exchange rates, sales increased by 20 percent.

- Operating income amounted to SEK 457.0 (24.9) million. Adjusted for items affecting comparability in 2003 and a one-time revenue in 2002, operating income amounted to SEK -5.2 (3.2) million.

- Sales during the second quarter increased by 1 percent to SEK 141.4 (139.7) million. Operating income during this period amounted to SEK -21.3 (12.0) million. Adjusted for items affecting comparability operating income amounted to SEK -9.9 (12.0) million.

- Income after financial items during the period covered by the interim report amounted to SEK 459.6 (20.0) million and the cash flow to SEK 438.5 (-24.7) million.

- Net income for the period after tax amounted to SEK 463.9 (18.0) million. Adjusted for items affecting comparability in 2003 and the one-time revenue in 2002, net income amounted to SEK 1.7 (-3.7) million.

- Earnings per share amounted to SEK 18.69 (0.73).

- A study has been approved for the new esthetic product SubQ.

- RESTYLANE was approved for sales in India and Taiwan.

Queries should be addressed to:

Bengt Agerup, President and CEO, tel: 018-474 90 00 or 070-974 90 25. Fredrik Hallstan, Manager, Investor Relations and Corporate Communications, tel: 070-974 90 15.

Q-Med is a rapidly growing and profitable biotechnology/medical device company that develops, produces and markets medical implants. All products are based on the company's patented technology for the production of NASHA -- Non-Animal Stabilized Hyaluronic Acid. Q-Med's operations focus on the four areas of Esthetics, Orthopedics, Uro- Gynecology, and Cell Therapy and Encapsulation. The products RESTYLANE, RESTYLANE Fine Lines and PERLANE are used for the filling out of lips and facial wrinkles and today account for the majority of sales. A clinical study on MACROLANE for body contouring, for example breast augmentation, is ongoing. DUROLANE, Q-Med's product for the treatment of osteoarthritis of the knee joint, has been approved in Europe since May 2001. DEFLUX is a product which has been approved in Europe and the USA for the treatment of vesicoureteral reflux (malformation of the urinary bladder) in children. ZUIDEX for the treatment of stress urinary incontinence in women has been sold in Europe since July 2002. Since July 2000 Q-Med has owned a majority interest in the American biotechnology company Ixion Biotechnology, Inc., with research within cell therapy for diabetes and within oxalate control. Q-Med today has 420 employees, with approximately 280 at the company's production facility and head office in Uppsala, 15 at Ixion and the remainder in wholly-owned foreign sales companies. The Q-Med share was first listed on the O-list of the Stockholm Stock Exchange in December 1999.

Q-Med AB: Interim report January -- June 2003

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