WaveLight AG / Final Results
25.03.2009
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: Results for the Short Financial Year 2008 Burdened by Global
Dampening of Demand
Lower sales revenue at the end of the financial year
Expansion of the core competence in refractive surgery
Erlangen, March 25, 2009. WaveLight AG, listed on the Prime Standard of the
Deutsche Börse AG (German Stock Exchange) today published its consolidated
financial statements for the short financial year 2008 (August 1 to
December 31, 2008).
While the WaveLight group successfully concluded the first quarter of the
short financial year with an increase in sales revenue and earnings, the
effects of the global financial and economic crisis were particularly
noticeable in the second half of the reporting period. Consequently, the
company was unable to meet the goals announced for the short financial year
2008.
In the five months of the short financial year 2008, the WaveLight group
generated sales revenue to the value of EUR 30,064 thousand. This
represents
a fall in sales revenue to the comparable period in the previous year (EUR
35,693 thousand) of 15.8 percent. The earnings before interest and tax
(EBIT) in the short financial year 2008 amounted to EUR 2,131 thousand,
whereas the figure for the comparable period in the previous year amounted
to EUR 2,560 thousand.
Regional sales development with losses
WaveLight AG's sales revenue in the most important target markets fell
short of expectations. Due to the global economic conditions, WaveLight was
unable to build on the excellent results for the traditionally important
markets of the USA, Asia and Europe as recorded in the financial year
2007/2008.
During the reporting period WaveLight generated sales revenue in the USA
amounting to EUR 12,235 thousand. This represents a fall of 22.8 percent
compared to the figure for the comparable period in the previous year. At
the end of 2008, the base of installed WaveLight devices in the USA
amounted to 277 systems.
In the European sales region, the company generated sales revenue amounting
to EUR 8,385 thousand, seven percent lower than the sales revenue in the
comparable period of the previous year (EUR 9,086 thousand). In Europe a
total of 338 WaveLight systems have been installed (as of December 31,
2008).
On the Asian market WaveLight generated sales revenue amounting to EUR
5,107
thousand. In the comparable period of the previous year, sales revenue
amounting to EUR 7,316 thousand was generated in this market. This
represents
a fall of 31.2 percent. As of December 31, 2008, WaveLight had a base of
installed devices in Asia of 376 laser systems.
In the remaining sales markets, WaveLight improved turnover by 26.2 percent
from EUR 3,435 thousand to EUR 4,337 thousand, the greater part of which
was
generated in the South American sales region.
Vigorous focus on core competence in refractive surgery
Despite the unexpected turnover and income development in the short
financial year 2008, WaveLight AG successfully maintained its position as
global technology leader in the refractive surgery sector, consolidating
its long-term position in the global markets.
At of the end of the reporting period the WaveLight group had a base of
installed devices totalling 1,190 laser systems, representing a 19 percent
share of the global market. In the excimer laser field, WaveLight has
established a global market share of newly installed devices of around 33
percent, the largest share of any manufacturer worldwide.
An important basis for WaveLight's successful market positioning is its
innovative, technically mature and reliable treatment and diagnosis systems
for refractive surgery. In the short financial year 2008 the company once
again presented innovative new developments:
With the ALLEGRO BioGraph diagnosis system, presented to the public for the
first time in September 2008, WaveLight once again underlined its claim to
global technology leadership in the ophthalmological field. The measuring
system generates reliable data on the entire front section of the eye in
one single measurement procedure, thus excelling as a flexible diagnosis
system for both refractive and intraocular surgery treatment.
Ground-breaking femtosecond technology from WaveLight
At the world renowned ophthalmological trade fair, the AAO in Atlanta in
November 2008, the company presented its newly developed WaveLight
femtosecond technology to the professional public. The newly developed,
ground-breaking femtosecond technology has all the typical features of
WaveLight products: high reliability and treatment safety, representing an
intelligent addition to the Erlangen based company's product portfolio with
its tried and tested WaveLight microkeratom RONDO. As part of the
innovative WaveLight 'Refractive Center' and in combination with
WaveLight's excimer laser, the femtosecond technology provides a foretaste
of future refractive surgery treatment standards.
Outlook for the financial year 2009
WaveLight's innovative refractive surgery product portfolio will be of
decisive importance for the company's successful future growth, a portfolio
which will enable the company to successfully meet the challenges of the
global ophthalmology market. The newly presented ALLEGRO BioGraph diagnosis
system as well as the WaveLight femtosecond technology represent an
intelligent addition to the Erlangen based company's future product
palette.
Furthermore, closer cooperation with the majority shareholder Alcon, Inc.
will be at the focus of future corporate activities. The cooperation will
be further intensified and effectively utilised in order to realise the
appropriate synergy potential in the areas of sales and marketing.
In the financial year 2009, the WaveLight AG Board of Directors anticipates
a decline in group turnover of approx. ten percent and earning before
interest and tax (EBIT) in the positive range. The cost-reduction program
introduced, together with the close cooperation with the Alcon group will
ensure that by the end of 2009 an EBIT approaching the relative level of
the short financial year 2008 will have been generated. In the event of a
shortfall of up to ten percent relative to the sales revenue target for
2009, the Board of Directors anticipates an EBIT in the lower single-digit
range.
On the occasion of the presentation of WaveLight's figures for the short
financial year 2008, Max Reindl, Chairman of the Board of Directors and
company founder, stated: 'WaveLight is in an excellent position in its most
important target markets. Despite the continuingly difficult economic
climate, we are confident that, in the long-term, we will further expand
the global presence of WaveLight treatment and diagnosis systems.'
WaveLight AG (ISIN DE 000 512 5603)
The company WaveLight AG, listed on the Prime Standard of the Deutsche
Börse AG since January 2003, develops, produces and sells an exhaustive,
high quality product portfolio in the field of refractive surgery. The
worldwide technologically leading laser systems for the correction of
visual impairments are enhanced by high quality, innovative diagnostics
systems and form the basis of WaveLight's global market success.
Further information about WaveLight can be found at www.wavelight.com
Contact person for the press:
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 communication have the character of
prognoses or can be interpreted as such. All statements and assessments are
based on extremely conscientious research. However, no responsibility is
accepted for the correctness of the information in this publication. Any
liability is ruled out. The statements above do not represent any
incitement for the purchase or sale of securities. All rights reserved.
DGAP 25.03.2009
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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: Results for the Short Financial Year 2008 Burdened by Global Dampening of Demand
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