DGAP-News: MeVis Medical Solutions AG: MeVis profitable

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 --------------------------------------------------------------------- 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 --------------------------------------------------------------------- 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, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- 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 --------------------------------------------------------------------- 269080 19.05.2014