DGAP-News: Pulsion Medical Systems SE / Key word(s): Half Year Results
Pulsion Medical Systems SE grows by 12 percent in first half of year
11.08.2011 / 08:27
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EBIT margin over 20% for first time / Free cash flow conversion at 67% /
Outlook unchanged
Munich, August 11, 2011 - PULSION Medical Systems SE is a life science
company listed in the Prime Standard segment of the Frankfurt Stock
Exchange and specializes in medical diagnosis and therapy systems. In the
first half of 2011 the company increased its sales by 12% to a total of EUR
16.8 million.
The gross margin stood at 70% after recording 66.1% the previous year.
Profit before interest and taxes (EBIT) totaled EUR 3.8 million after
posting EUR 2.3 million one year earlier. The EBIT margin rose to 22% and
therefore above the target of 20% for the first time in six months.
Group net profit increased from EUR 1.2 million (after minority interests)
in 2010 to EUR 3.0 million in 2011. Earnings per share grew respectively
from 13 cents to 34 cents.
The free cash flow - defined as cash flow from operating activities less
cash flow from investing activities and from changes in net current assets
- remained almost unchanged at EUR 2.6 million. Thus the EBIT/free cash
flow conversion rate stood at 67% for the first half of 2011, just below
the target of 70%.
Net liquidity as at June 30, 2011 totaled EUR 6.0 million compared with EUR
4.1 million as at December 31, 2010.
The Critical Care business unit performed in line with budget: the sale of
disposables grew by 9%, similar to the sales increase for monitors at 11%.
Sales figures in the emerging markets were sharply above average and in the
first half of 2011 they even accounted for 11% of Group sales.
The Perfusion business field grew by 24% and thus continued to display a
positive performance.
Personnel fluctuation figures are still not developing as desired and stood
at 20% over the last 12 months, similar to the figure recorded at March 31,
2011.
The launching of new products did not develop according to schedule,
either. The introduction of the ProAQT, which had been scheduled for
launching in Q2 2011, has now been further delayed till Q3 2011. For this
reason the Board of Directors has initiated an external search for a
candidate for the position of Managing Director R&D to strengthen the
existing team as from 2012.
In view of the continuing uncertainties surrounding the product launch by
Edwards, the Company's main competitor, and a strong second half of 2010,
the Company is abiding by its outlook for the full year.
As announced in the financial calendar, the complete half-year report will
be published on August 11, 2011.
The share buy-back programme set up on December 30, 2010, is continued
constantly. According to EG VO 2273/2003 Art. 5 para 3, the Company points
out that in the course of the buy-back purchase it may deviate from the
limit of 25% of average daily sales of shares according to EG VO 2273/2003
Art. 5 para 2.
Contact:
PULSION Medical Systems SE
Ralph Schäfer
Director Legal Affairs
Tel: 089 / 459914 211
Fax: 089 / 459914 481
E-mail: schaefer@pulsion.com
End of Corporate News
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11.08.2011 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: Pulsion Medical Systems SE
Joseph-Wild-Strasse 20
81829 München
Germany
Phone: +49 (0)89 4599 14-0
Fax: +49 (0)89 4599 14-18
E-mail: info@pulsion.com
Internet: www.pulsion.com
ISIN: DE0005487904
WKN: 548790
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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135273 11.08.2011
DGAP-News: Pulsion Medical Systems SE grows by 12 percent in first half of year
| Source: EQS Group AG