MeVis Medical Solutions AG / Quarter Results
20.11.2008
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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* 28 percent increase in revenues to EUR 7.9 million
* Stable growth in the Digital Mammography segment
* 55 percent growth in revenues in the Other Diagnostics segment
* 35 percent increase in consolidated profit to EUR 1.4 million
Bremen, November 20, 2008 In the first nine months of 2008, MeVis Medical
Solutions AG [ISIN: DE000A0LBFE4] recorded a substantial increase in
revenues of around 28 percent. At roughly EUR 7.9 million, the revenues
achieved by the image-based medicine specialist in the first nine months
equaled the amount posted for the entire year in 2007. These results have
been achieved in spite of an unfavorable US dollar exchange rate during the
first three quarters of 2008 compared to the previous year.
With year-on-year top-line growth of around 15 percent, the Digital
Mammography segment was very stable. This profitable segment is the
Groups business mainstay, generating revenues of around EUR 4.9 million,
equivalent to 62 percent of total revenues.
Revenues in the Other Diagnostics segment grew sharply by around 55
percent. 'This particularly reflects the success of our partnership with
Invivo, which has resulted in the market-leading DynaCAD® software solution
for breast diagnostics and biopsies in MRI examinations', says Dr. Carl
J.G. Evertsz, CEO of MeVis Medical Solutions.
86 percent of the Groups revenues were derived from business denominated
in US dollars, including industrial partners based in the United States in
connection with the indirect sale of software licenses as well as the US
dollar invoicing of liver surgery intervention plans for final clinic
customers. 'We have made use of the favorable trends in the exchange rate
of the US dollar over the past few weeks to hedge our foreign currency
exposure for 2009 and partly also beyond on the basis of current exchange
rates,' explains Dr. Olaf Sieker, CFO at MeVis Medical Solutions AG.
The extensions to the product range have resulted in a sharp increase of
around 91 percent in personnel numbers this year. As of September 30, 2008,
the consolidated head count amounted to 185 (previous year: 97). This is
reflected in a year-on-year increase of around 100 percent in staff costs
to EUR 5.2 million (previous year: EUR 2.6 million). Of this, an amount of
around EUR 1.5 million (previous year: nil) comprises capitalized
development costs, leaving net staff costs of around EUR 3.7 million as of
September 30, 2008. Although other operating expenses climbed by some 52
percent over the year-ago period to around EUR 2.7 million in the first
nine months of 2008, they were down on the previous quarters of the current
year.
As a result, the MeVis Medical Solutions Group achieved earnings before
interest, taxes, depreciation and amortization (EBITDA) of around EUR 2.2
million in the first three quarters of 2008 (year-ago period: around EUR
2.0 million), equivalent to an EBITDA margin of some 28 percent (year-ago
period: around 33 percent). Consolidated EBIT in the first nine months of
the year came to around EUR 1.6 million (year-ago period: EUR 1.8 million),
with the EBIT margin shrinking to around 20 percent (year-ago period: 29
percent) due to the continued high development expense for new products.
Net financial result in the first three quarters of 2008 climbed
substantially to EUR 0.7 million (year-ago period: EUR 0.1 million). This
is primarily due to the proceeds from the stock-market flotation, which
were placed in short-term investments. Net financial result also includes
changes in the fair value of financial instruments used to hedge foreign
currency exposure as well as expenses and income from exchange rate
differences relating to assets used to finance the Company.
Consequently, consolidated net profit after tax increased to around EUR 1.4
million, up from roughly EUR 1 million in the year-ago period, translating
into earnings of EUR 0.80 per share (year-ago period: EUR 1.89). As of
September 30, 2008, the Company had cash and cash equivalents and current
financial assets totaling roughly EUR 22.4 million.
The Lung CT software acquired in April of this year from Hologic subsidiary
R2 Technology for the automatic diagnosis of solitary pulmonary nodules,
which are an early indicator of lung cancer, has been launched under the
name 'MeVis Visia CT-Lung System'. Explains Sieker: 'Whereas preliminary
proceeds from sales of MeVis Visia already arose in the third quarter of
2008, we do not expect to see a substantial increase in sales figures until
next year.'
Announced on October 21, 2008, the extraction of the business with Hologic
from MeVis BreastCare GmbH & Co. KG, a joint venture with Siemens, and the
ensuing proportionate acquisition of this business by MeVis Medical
Solutions AG did not have any impact on the period under review and will
not show up in the Companys financials until the final quarter of 2008.
The full interim report for the third quarter of 2008 is available at the
Companys website at http://www.mevis.de/mms/en/Financial_Reports.html.
DGAP 20.11.2008
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Language: English
Issuer: MeVis Medical Solutions AG
Universitätsallee 29
28359 Bremen
Deutschland
Phone: +49 421 330 74-0
Fax: +49 421 330 74-50
E-mail: ir@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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DGAP-News: MeVis Medical Solutions reporting a substantial increase in revenues and consolidated profit in the first nine months of 2008: Dynamic growth in the Other Diagnostics segment
| Source: EQS Group AG