Revenio Group Corporation, Financial Statement Release, February 16, 2017 at 9:00
Revenio Group Corporation's Financial Statement Bulletin January 1-December 31, 2016 (Unaudited)
This release is a summary of Revenio Group's January-December 2016 financial statement bulletin. The complete report is attached to this release as a pdf-file. The stock exchange release is also available on the company's website at www.revenio.fi .
Q4/2016: Continued strong growth and profitability. Net sales +21%, operating profit +74%
October-December 2016 in brief, continuing Group functions:
- Net sales totaled EUR 6.6 (5.5) million, an increase of 21.3 per cent
- Operating profit amounted to EUR 2.1 (1.2) million; an increase of 73.8%
- Earnings per share from continuing operations amounted to EUR 0.21 (0.14)
- As of January 1, 2017, Timo Hildén has been the CEO of Revenio
January-December 2016 in brief, continuing Group functions
- Net sales totaled EUR 23.4 (20.3) million, an increase of 15.7 per cent
- Operating profit was EUR 7.1 (5.8) million, an increase of 22.5 per cent
- Strong growth in probe sales continued, amounting to EUR 6.3 (5.1) million, or 26.8 per cent of net sales
- Earnings per share from continuing operations came to EUR 0.70 (0.61)
- In March, Revenio announced that the U.S. Food and Drug Administration (FDA) had not granted a sales permit for the Icare HOME tonometer in the U.S. The company submitted a renewed sales permit application to the FDA in November.
- After the review period in January, the company received four additional questions from the FDA, to which they replied within 20 days. The company expects the FDA's decision in late March 2017.
- In April, a sales permit for Icare ic100 was granted in the United States
- An application was filed for the CE mark for the asthma product to be named Ventica. The CE marking has been granted after the review period in January.
- The Board will propose to the Annual General Meeting of March 22, 2017 a dividend of EUR 0.74 (0.70)
| Key figures, continuing functions, MEUR | ||||||
| 1.1- 31.12.2016 | 1.1- 31.12.2015 | Change- % | 1.10- 31.12.2016 | 1.10- 31.12.2015 | Change- % | |
| Net sales, Group | 23.4 | 20.3 | 15.7 | 6.6 | 5.5 | 21.3 |
| Operating profit, Group | 7.1 | 5.8 | 22.5 | 2.1 | 1.2 | 73.8 |
| Net sales, Health Tech | 23.4 | 20.3 | 15.7 | 6.6 | 5.5 | 21.3 |
| Operating profit, Health Tech | 8.6 | 7.4 | 17.0 | 2.6 | 1.8 | 41.4 |
| Undiluted earnings per share | 0.70 | 0.61 | 14.8 | 0.21 | 0.14 | 50.2 |
| Cash flow from operating activities | 6.0 | 4.9 | 22.6 | 2.1 | 1.5 | 40.2 |
| 31 Dec 2016 | 31 Dec 2015 | Change, %- point | ||||
| Equity ratio-% | 78.9 | 81.6 | -2.7 | |||
| Gearing-% | -43.8 | -48.3 | 4.5 | |||
Financial guidance for 2017
Net sales growth is expected to remain strong. Profitability is expected to remain at a healthy level despite growth investments.
Timo Hildén, President and CEO, comments on the company's performance in 2016:
The year 2016 mainly brought us success, but we also experienced some setbacks. Among our achievements were strong sales in China, the completion of the Icare ic100 tonometer within the agreed schedule for sales, as well as the sales permit we obtained for this device in the United States. The United States continues to be our largest individual market, and it is important for us to succeed there. Centralizing the manufacture of probes mainly in Finland has also proved to be an extremely wise and well-managed move.
The past year has also been challenging. In addition to success, we also experienced some setbacks: the application process for the sales permit for the Icare HOME tonometer in the United States did not go as smoothly as we had hoped, and we had to submit a new sales permit application to the FDA at the end of the year. The application process, as a whole, was a great deal more cumbersome than anticipated. However, thanks to the commitment and hard work put into the project by our employees, we believe that our efforts will be rewarded.
Revenio Research Oy's development projects for skin cancer and asthma-related products are progressing as planned. Our asthma product was named Ventica® and received the CE mark, which will give us the opportunity to launch the first clinical trials of the commercial product.
We continue to expect growth. We have invested in the future by complementing the rebound tonometry, which is used to measure intraocular pressure, with other health technologies on which we our expertise is focused. This will ensure that we are not dependent on one product and technology but will become a true health technology product developer and marketer. We have prepared for the future by recruiting skilled professionals for various positions in Finland as well as abroad, and we expect solid results from them in terms of both sales and R&D. We have a good reputation and can choose from among the best applicants. We have kept our in-house team as compact as possible and have used skilled partners whenever possible for tasks that require special expertise. These cooperation partners have made a valuable contribution to our achievements.
I would like to thank Olli-Pekka Salovaara, Revenio's long-term President and CEO, for his nearly ten-year journey as CEO, during which we have crafted Revenio into a successful health care technology company. We have been pioneers in many areas, in which we can be proud of as a company.
Olli-Pekka Salovaara : "Again, our personnel reached excellent results. Warmhearted thanks to them. I also wish to thank our shareholders for their trust in us. I am convinced that Revenio Group's world-class know-how and strategy form a solid platform for success in the future too. This creates a good foundation to continue from. I wish you continued success!"
Briefing
A briefing for analysts, portfolio managers, and media representatives will be held on February 16, 2017, starting at 9:30 a.m. at Pörssitalo (Fabianinkatu 14, 00100 Helsinki). The presentation materials will be available on the company's website at www.revenio.fi after the event.
Revenio Group Corporation Board of Directors
For further information, please contact: CEO&President Timo Hildén Telephone: +358 40 580 4774 timo.hilden@revenio.fi www.revenio.fi
DISTRIBUTION: Nasdaq Helsinki Financial Supervisory Authority 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 intraocular pressure measurement technology that has a strong patent. Revenio Group consists of, in addition to the parent company, Icare Finland Oy which focuses on intraocular pressure measurement technology and its fully owned subsidiary Icare USA Inc., research and development company Revenio Research Oy and Oscare Medical Oy, in which Revenio holds a 53.5% 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 2016, Revenio Group's net sales totaled MEUR 23.4, with its operating margin for continuing operations standing at 30.1% from continuous operations. Revenio Group Corporation is listed on Nasdaq Helsinki.
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