UPPSALA, Sweden, Aug. 22, 2002 (PRIMEZONE) -- Q-Med:
-Continued strong growth. Sales increased by 46 percent to SEK 253.4 (174.0) million. On a rolling 12-month basis sales rose by 51 percent to SEK 459.6 (303.7) million.
-Operating income amounted to SEK 24.9 (16.2) million. Adjusted for a one-time payment for the granting of exclusive negotiation rights, operating income amounted to SEK 3.2 (16.2) million.
-Good growth within the Esthetics and Uro-Gynecology business units. Sales rose by 35 and 457 percent, respectively, compared with the previous year.
-Sales of DEFLUX(R) in the USA rose by 73 percent compared with the first quarter of 2002.
Q-Med is a rapidly growing and profitable biotechnology/medical device company that develops, produces and markets medical implants. All products are based on the company's patented technology for the production of NASHA -- Non-Animal Stabilized Hyaluronic Acid. Q-Med's operations focus on the four areas of Esthetics, Orthopedics, Uro-Gynecology, and Cell Therapy and Encapsulation. The products RESTYLANE, RESTYLANE Fine Lines and PERLANE are used for the filling out of lips and facial wrinkles and today account for the majority of sales. Development of MACROLANE for body contouring, for example breast augmentation, is ongoing. DUROLANE, Q-Med's product for the treatment of osteoarthritis of the knee joint, has been approved in Europe since May 2001. DEFLUX is a product which has been approved in Europe and the USA for the treatment of vesicoureteral reflux (malformation of the urinary bladder) in children. ZUIDEX for the treatment of stress urinary incontinence in women has been sold in Europe since July 2002. Since July 2000 Q-Med has owned a majority interest in the American biotechnology company Ixion Biotechnology, Inc., with research within cell therapy for diabetes and within oxalate control. Q-Med today has just over 330 employees, with approximately 230 at the company's production facility and head office in Uppsala, 20 at Ixion and the remainder in wholly owned foreign sales companies. The Q-Med share was first listed on the O-list of the Stockholm Stock Exchange in December 1999.
Bengt Agerup President and CEO
Queries should be addressed to Bengt Agerup, President and CEO +46 (0)18-474 90 00 or +46 (0)70-974 90 25 Johan Hahnel, Director of Investor Relations and Corporate Communications +46 (0)70-231 08 07.
This report has not been the subject of scrutiny by the company's auditors. The same accounting principles and methods of calculation have been used in the drawing up of this half year report as in the latest Annual Report. The company's accounting and valuation principles are in accordance with the recommendations and pronouncements of the Swedish Financial Accounting Standards Council.
The report for the period January - September 2002 will be submitted on October 24, 2002.
This information was brought to you by Waymaker http://www.waymaker.net
The following files are available for download:
http://www.waymaker.net/bitonline/2002/08/22/20020822BIT00710/wkr0001.doc The full report http://www.waymaker.net/bitonline/2002/08/22/20020822BIT00710/wkr0002.pdf The full report