DGAP-News: MeVis Medical Solutions AG / Key word(s): Quarter
Results/Interim Report
MeVis Medical Solutions AG: MeVis profitable start in 2014
19.05.2014 / 07:30
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Still strong profit situation, but decrease in revenues and results as
expected
- Development of a lung screening software solution, market potential
especially in the United States
- From 2014 onwards MBC consolidated at equity, previous year adjusted
for comparison purpose
- Slight decline in sales in the first quarter by 4 % to EUR 2.8 m
(previous year EUR 2.9 m)
- Share of maintenance business still significant at now 49 % (previous
year 51 %)
- Earnings before interest and taxes (EBIT) decreased to EUR 0.7 m
(previous year EUR 0.9 m), but with 25 % still strong EBIT margin
- Net profit for the period also declined slightly to EUR 0.7 m (previous
year EUR 0.8 m)
- Liquidity of EUR 13.1 m as at March 31, 2014 (Dec. 31, 2013: EUR 13.5
m)
Bremen, May 19, 2014 - MeVis Medical Solutions AG [ISIN: DE000A0LBFE4], a
leading provider of medical imaging software, today announced its results
for the first quarter of 2014.
Sales in the first quarter of 2014 came to EUR 2,828 k, down by 4 % to just
below the level of the first quarter of 2013 (EUR 2,948 k). Sales in the
new license business declined slightly by 2 % to EUR 1,337 k, while sales
in the maintenance business were down by 9 % to EUR 1,372 k, accounting for
49 % of total sales. Sales in the Digital Mammography segment decreased by
3 % to EUR 2,227 k (prev. year: EUR 2,285 k) and sales in the Other
Diagnostics segment fell by 9 % to EUR 601 k (prev. year: EUR 663 k).
Operating expenses in the first quarter of 2014 rose primarily due to
higher staff costs, which increased by 11 % to EUR 1,812 k (prev. year: EUR
1,636 k), particularly due to salary increases, conservative provisions and
a change in the personnel structure. Other operating expenses declined
slightly by 9 % to EUR 411 k (prev. year: EUR 449 k).
Capitalized development expenses were almost unchanged at EUR 428 k in the
first quarter of 2014 (prev. year: EUR 410 k).
EBITDA (earnings before interest, taxes, depreciation and amortization) was
down by 16 %, from EUR 1,304 k to EUR 1,100 k year on year due to the
slight reduction in sales and higher costs.
Depreciation and amortization came to EUR 406 k (up 11 % year on year),
resulting in EBIT (earnings before interest and taxes) of EUR 694 k (down a
sharp 26 % on the prior-year figure of EUR 938 k) and still a strong EBIT
margin of 25 % (prev. year: 32 %).
The net financial result improved by EUR 72 k to EUR 79 k year on year,
while tax expenses fell by EUR 55 k to EUR 88 k.
After-tax earnings fell by EUR 117 k to EUR 685 k, which is equivalent to
earnings per share of EUR 0.40.
Cash and cash equivalents fell by EUR 400 k to EUR 13,050 k as of March 31,
2014 compared to the end of 2013, with the positive operating cash flow
being more than offset by a temporary increase in receivables as of March
31, 2014.
"In line with the results of the first quarter 2014 we confirm our forecast
for the current fiscal year, especting a slight decline in revenues to EUR
12.0 to 12.5 million. In our estimation the development of earnings before
interest and taxes (EBIT) is substantially influenced by the expected
slight decline in sales and a slight increase in cost. We expect an EBIT of
EUR 3.0 to 3.5 million." said Dr. Robert Hannemann, CFO of MeVis Medical
Solutions AG. "We also expect - driven by sustained positive cash flows - a
liquidity from EUR 15.0 to 16.0 million at year-end 2014."
"We see lung screening as a potential growth market. We envisage that lung
screening will initially commence in the U.S., where the patient benefits
were already documented in large-scale studies. Some private health
insurance companies start reimbursing lung screening measures at the
beginning of 2015. The decision of the public health insurance companies in
the U.S. (Medicare and Medicaid) on how and when lung screening will be
reimbursed for these patients is expected in November 2014." added Marcus
Kirchhoff, CEO of MeVis Medical Solutions AG. "Therefore we have decided to
develop a dedicated software solution, together with world-leading clinical
partners, and launch it as one of the first vendors. For marketing purposes
we are currently conducting very promising discussions with an industrial
customer. Our product is to be introduced in the market in the second half
of 2014."
The financial reports of the company can be downloaded here:
http://www.mevis.de/ir_finanzberichte.html
End of Corporate News
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19.05.2014 Dissemination of a Corporate News, transmitted by DGAP - a
company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
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Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: MeVis Medical Solutions AG
Caroline-Herschel-Str. 1
28359 Bremen
Germany
Phone: +49 421 224 95 0
Fax: +49 421 224 95 999
E-mail: ir@mevis.de
Internet: http://www.mevis.de
ISIN: DE000A0LBFE4
WKN: A0LBFE
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, München, Stuttgart
End of News DGAP News-Service
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269080 19.05.2014
DGAP-News: MeVis Medical Solutions AG: MeVis profitable start in 2014
| Source: EQS Group AG