Revenio Group Corporation
Half Year Financial Report January 1-June 30, 2016 (Unaudited)
Stock Exchange Release August 8, 2016 at 9:00 am
Revenio Group Corporation has adopted the publication procedure enabled by the Financial Supervisory Authority's Regulations and guidelines 7/2013 (Disclosure obligation on issuers) and is publishing its Half Year Financial Report for January-June 2016 as an appendix to this stock exchange release. This release is a summary of Revenio Group Corporation's Half Year Financial Report January-June 2016, which is available in full in the pdf file attached to this stock exchange release, and on the company website at www.revenio.fi .
Second quarter net sales continued to grow, improving by almost 20% year-on-year; operating profit up by nearly 13%
April-June 2016 in brief, continuing Group functions:
- Strong net sales growth continued in the second quarter
- Net sales totaled EUR 5.8 (4.9) million, showing an increase of 19.7 per cent.
- Operating profit was EUR 1.7 (1.5) million, representing 28.7 per cent of net sales, an increase of 12.7 per cent
- Salary costs have grown as a result of organizational growth. The increase was due to planned human resource investments required for the global sales launch of Icare HOME and Icare ic100 tonometers, and for the asthma and skin cancer product development projects.
- Earnings per share, undiluted EUR 0.18 (0.14)
- Sales permit for Icare ic100 granted in the United States
- Revenio will have a new CEO as of January 1, 2017
January-June 2016 in brief, continuing Group functions:
- Net sales amounted to EUR 11.0 (9.5) million, up by 16.4 per cent from the previous year
- Operating profit was EUR 3.0 (2.9) million, representing 27.3 per cent of net sales, an increase of 3.5 per cent
- Earnings per share, undiluted EUR 0.30 (0.30)
Key figures, continuing operations, EUR million:
| 1.4-30.6.2016 | 1.4-30.6.2015 | Change-% | 1.1.- 30.6.2016 | 1.1-30.6.2015 | Change-% | |
| Net sales, Group | 5.8 | 4.9 | 19.7 | 11.0 | 9.5 | 16.4 |
| Operating profit, Group | 1.7 | 1.5 | 12.7 | 3.0 | 2.9 | 3.5 |
| Net sales, Health Tech | 5.8 | 4.9 | 19.7 | 11.0 | 9.5 | 16.4 |
| Operating profit, Health Tech | 2.1 | 1.9 | 12.9 | 3.7 | 3.6 | 4.2 |
| Undiluted earnings per share | 0.18 | 0.14 | 28.6 | 0.30 | 0.30 | 0.0 |
| Cash flow from operating activities | 1.2 | 0.9 | 29.6 | 1.2 | 4.0 | -70.8 |
| 30 June 2016 | 30 June 2015 | Change, %-point | ||||
| Equity ratio-% | 79.3 | 79.0 | 0.3 | |||
| Gearing-% | -24.3 | -38.6 | 14.3 |
Financial guidance for 2016
Net sales growth is expected to remain strong. Profitability is expected to remain at a healthy level despite growth investments.
Olli-Pekka Salovaara, President and CEO, comments on the second quarter of 2016:
"Our performance, both in terms of numbers and development projects, developed as planned, with both EMEA and Latin America generating strong sales. Sales of the Icare ic100 tonometer launched in Europe at the beginning of the year took off well. In April, a sales permit was granted for the Icare ic100 in the United States, and product launch is currently in progress. We expect this new-generation product to accelerate sales in the US markets towards the year-end.
Icare is preparing to file a new sales license application to the FDA after the completion of the feasibility study. The new application is expected to be filed during 2016 as planned.
Probe sales continued to grow following growth in device sales and increasingly active use of the devices.
Development projects involving skin cancer and asthma-related product concepts are moving forward as planned. A prototype of a skin cancer diagnostic device is currently being tested. I feel very confident about the future of these product concepts."
Revenio Group Corporation Board of Directors
For further information, please contact: Olli-Pekka Salovaara, President & CEO, tel +358 40 5675520 olli-pekka.salovaara@revenio.fi www.revenio.fi
DISTRIBUTION: Nasdaq Helsinki Financial Supervisory Authority (FIN-FSA) Principal media www.revenio.fi
The Revenio Group in brief Revenio is a Finnish, globally operating health technology corporation whose worldwide success is based on a strongly patented intraocular pressure measurement technology. The Revenio Group consists of Icare Finland Oy, Revenio Research Oy and Oscare Medical Oy, in which Revenio holds a 53% interest. The common denominators of Revenio's business operations include screening, follow-up and the global need to make cost savings through preventive health care. Revenio seeks vigorous growth in health technology. Revenio aims to develop even more efficient and easily adopted methods for the early-stage detection of diseases with significance for public health. The focus of Revenio's screening technology is on the early detection of glaucoma, osteoporosis, skin cancer and asthma, and the monitoring of these during the treatment process.
In 2015, Revenio Group's net sales totaled MEUR 20.3, with its operating margin for continuing operations standing at 28.4 %. Revenio Group Corporation is listed on Nasdaq Helsinki.
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