WaveLight AG / Half Year Results
19.03.2008
Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Press release
WaveLight AG: Revenues up 26 percent in the first six months
Significantly improved, positive EBIT generated
Restructuring completed successfully concentration on core competency of
refractive surgery
Erlangen, March 19, 2008. Erlangen-based WaveLight AG today published its
figures for the first six months of the current fiscal year (2007/2008). On
the whole, the medical technology company, which is listed in Deutsche
Börse AGs Prime Standard, continued on the successful path of the previous
fiscal year and successfully completed its restructuring.
In the first six months of the current fiscal year of 2007/2008 ended
January 31, 2008, WaveLight generated revenues of 41,289 thousand. This
represents an increase of 26% over the previous year (32,790 thousand).
EBIT (earnings before interest and taxes) also improved significantly in
comparison to the first six months of the previous year (-976 thousand) to
reach 1,994 thousand. This means that the Erlangen-based company has
reported positive EBIT for the last five successive quarters. Earnings
before interest and taxes as of January 31, 2008 would have been
considerably higher without the exceptional expenses totaling 1,579
thousand arising from restructuring measures in the Group, the focus on
refractive surgery, and costs in connection with the takeover bid by Alcon,
Inc.
Overall, WaveLight succeeded in further reinforcing its market positioning
in the Companys key markets in the U.S.A., Asia, and Europe during the
first six months of fiscal year 2007/2008. This was due primarily to
WaveLights internationally leading range of products for LASIK correction
of visual impairments.
In the Asian sales region, the WaveLight Group achieved revenues of 8,304
thousand. This corresponds to a marked rise of approximately 68 percent on
the previous year, in which the Company generated revenues of 4,934
thousand in Asia.
In the U.S.A. a very significant, high-revenue market for WaveLight the
Company attained revenues of 17,612 thousand, thus improving on the
prior-year figure (11,530 thousand) by approximately 52 percent. Of this
amount, 8,500 thousand was attributable to revenues from the majority
shareholder, Alcon.
In the European markets, WaveLight also continued to expand its market
position compared to the previous year. The Erlangen-based company
generated revenues of 8,316 thousand in Europe, improving on the figures
for the first six months of the previous year (7,023 thousand) by
approximately 18 percent.
Restructuring successfully completed
WaveLight AG decided on December 6, 2007 to sell the Companys equity
investments in the field of intraocular surgery. The sale of the
100-percent stake in Berlin-based WaveLight GmbH to the Dutch Company MDP
B.V. and the sale of the 30-percent stake in MDP B.V. to Procornea Holding
B.V., based in Eerbeek, near Arnheim in the Netherlands, took effect as of
December 14, 2007.
In the course of the Companys repositioning following the successful
takeover offer by Alcon, Inc., WaveLight AG and Alcon Laboratories, Inc.
signed a highly promising distribution agreement for the U.S. market on
February 4, 2008. According to the terms of the agreement, Alcon
Laboratories, Inc. will assume responsibility for sales, service, support,
and marketing for the range of WaveLight refractive surgery products sold
in the U.S.A. The U.S. distribution agreement also guarantees the purchase
of a specific volume of laser systems within a three-year period, to be
delivered by WaveLight to Alcon. An important element of the agreement is
that WaveLight will continue to generate revenues from its installed base
of appliances in the U.S.A. under the 'per procedure fee' model prevalent
there.
For the current fiscal year of 2007/2008, WaveLight AG is expecting sales
growth of approximately 10 percent on the previous year and positive EBIT
in the low single-digit percentage range.
'In the medium and long term, we are planning to step up cooperation with
majority shareholder Alcon on a strategic and operational level, allowing
us to exploit international market and development opportunities in the
field of refractive surgery,' explained Chief Executive Officer and founder
of WaveLight AG, Max Reindl.
WaveLight AG, listed in Deutsche Börse AGs Prime Standard since January
2003, develops, produces, and markets a high-quality, end-to-end product
portfolio in the field of ophthalmology, specializing in optical
technology. WaveLights market success is based on its innovative range of
products that are the technology leaders in their areas of application and
its broad-based sales network featuring both own sales channels and
strategic partners.
Further information on WaveLight is available at www.wavelight.com
Press contacts:
Susanne Grethlein Gerhard Lodzwik
WaveLight AG AGIL Gesellschaft für Finanzkommunikation mbH
Tel.: + 49/9131/6186-103 Tel.: +49/2131/12 55 73
Fax: + 49/9131/6186-112 Fax: +49/2131/12 557 55
E-mail: susanne.grethlein@wavelight.com E-mail: info@AGIL-IR.com
Disclaimer:
Some of the statements made in this disclosure take the form of forecasts
or could be interpreted as such. All information is given and all
assessments are made on the basis of extremely conscientious research.
However, no guarantee is given with regard to the information or
assessments published. No liability whatsoever is accepted. The above
statements do not represent an invitation to buy or sell securities. All
rights reserved.
DGAP 19.03.2008
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Language: English
Issuer: WaveLight AG
Am Wolfsmantel 5
91058 Erlangen
Deutschland
Phone: +49 (0)9131 - 61 86-0
Fax: +49 (0)9131 - 61 86-111
E-mail: info@wavelight.com
Internet: www.wavelight.com
ISIN: DE0005125603
WKN: 512560
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Hannover, Düsseldorf, Hamburg, München, Stuttgart
End of News DGAP News-Service
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DGAP-News: WaveLight AG: Revenues up 26 percent in the first six months
| Source: EQS Group AG