Ambu A/S: Interim report for Q2 2016/17 and for t
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Ambu raises its outlook for the year after a strong Q2 with organic growth of 14%, an EBIT margin of 19.7% and free cash flows of DKK 51m. "It is a pleasure to report growth of 14% for the quarter and 13% for the first half of the year as well as a significantly improved EBIT of 42%. It is clear that our single-use videoscopes are now widely recognised by doctors and hospitals as an intelligent choice, and it is positive that our core business is developing as expected, and that all our sales regions deliver impressive double-digit growth rates. We are optimistic about the year as a whole and therefore raise the outlook on all parameters: Growth, earnings and cash flows," says President and CEO Lars Marcher. Highlights · Revenue of DKK 613m was posted for Q2, representing growth of 14% in local currencies and 15% in Danish kroner. For the half-year, growth totalled 13% , when measured both in Danish kroner and in local currencies. · Anaesthesia contributed growth of 20% in Q2, while PMD (Patient Monitoring & Diagnostics) delivered growth of 4%, when measured in local currencies. For the half-year, growth was 19% for Anaesthesia and 2% for PMD . · Europe contributed growth of 16%, North America 10% and the rest of the world 19%. For the half-year, growth of 11% was posted for Europe , 11% for North America and 26% for the rest of the world . · Sales of single-use videoscopes continue to develop positively with sales in the quarter of 95,000 units. Sales volumes thus almost doubled compared to Q2 last year, up 90% on the first six months. · The gross margin for the quarter was 55.6% (52.4%), equating to an improvement of 3.2 percentage points. The gross margin for the half-year was 54.8% (52.5%). The improvement is due to a more profitable product mix and increased efficiency in production . · Total capacity costs for the quarter were DKK 220m (DKK 194m), corresponding to an increase of 13%. This corresponds to a 10% increase in capacity costs for the half-year . Exclusive of the costs of integrating ETView, the increase is 7%. · EBIT for the quarter was then DKK 121m (DKK 85m) with an EBIT margin of 19.7% (16.0%), corresponding to a 42% improvement. For the half-year, an EBIT of DKK 186m (DKK 131m) was posted, and an EBIT margin of 16.5% (13.2%). · Free cash flows before acquisitions of enterprises for the quarter were DKK 51m (DKK 31m), and for the half-year DKK 94m (DKK 34m). · The outlook for 2016/17 is raised . The outlook is now for organic growth of 12-14% against the previously announced outlook of 9-11%, an EBIT margin before special items of approx. 19% against the previously announced outlook of 18%, and free cash flows of DKK 250-275m against earlier expectations of approx. DKK 200m. Net interest-bearing debt is expected to be in the region of 1.5 x EBITDA rather than 1.6. In contrast to the outlook announced in the interim report for Q1, the integration costs in respect of ETView are now recognised in the revised outlook. A conference call is being held today, 2 May 2017, at 11.00 (CET). Please call the following number five minutes before the start of the conference: +45 3544 5580. The conference can be followed via www.ambu.com/webcastQ22017 and is held in English. The presentation can be downloaded immediately before the conference call via the same link. Contact Lars Marcher, President & CEO, tel. +45 5136 2490, email: lm@ambu.com
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