STOCKHOLM, Sweden, July 25, 2003 (PRIMEZONE) -- Gambro (Other OTC:GAMOF) (Other OTC:GAMBF) (Stockholmsborsen:GAMBaST, GAMBbST)
- Revenue growth in line with company's outlook, up 8% currency adjusted
- Operating earnings, EBITDA, up 11% currency adjusted
- Earnings before tax, EBT, up 76%
- Earnings per share increased to SEK 0.98 (0.39)
- Strong operating cash flow at MSEK 582 (480)
MSEK Q2 Currency January-June Currency
2003 2002 Nomi adjusted 2003 2002 Nomi adjusted
nal nal
Revenues 6,527 7,053 -7% +7% 13,036 13,962 -7% +8%
EBITDA 1,100 1,126 -2% +10% 2,206 2,232 -1% +11%
EBITDA
margin 16.9% 16.0% 16.9% 16.0%
EBT 493 238 +107% 856 486 +76%
EBT margin 7.6% 3.4% 6.6% 3.5%
Operating
cash flow 301 336 -10% 582 480 +21%
Earnings per
share, SEK 0.58 0.13 +333% 0.98 0.39 +150%
Cash
earnings per
share, SEK 2.49 2.21 +13% 4.88 4.56 +7%
Second quarter highlights:
-- Gambro Healthcare posted a currency adjusted revenue growth of 9%. This includes USD 261 (2002 Q2: 252) in U.S. revenue per treatment. MSEK 5 in laboratory revenues from previous periods has been recorded in the quarter. In addition, a reversal of accounts receivable provisions of MSEK 21 (not included in revenue per treatment) has positively affected revenues in the quarter. Gambro Renal Products and Gambro BCT achieved 5% currency adjusted growth respectively.
-- EBITDA margin for the group at 16.9% (16.0%), well above second quarter last year, including improvements in all business areas, Gambro Healthcare 15.5% (14.7%), Gambro Renal Products 18.8% (18.3%) and Gambro BCT 25.2% (20.2%).
-- EPS improved considerably to SEK 0.58 (0.13) due to good operational performance and a positive financial net of MSEK +51 (-172).
-- Continued reduction in net debt. Net debt reduced by MSEK 374 from first quarter 2003 to MSEK 7,632 (June 2002: MSEK 9,608).
"We continue to show results of improved operational and financial efficiency, which are our top priorities. We are delivering in line or above market growth on revenues, but are not fully satisfied, as our ambitions are set higher" said Soren Mellstig, Gambro President and CEO.
Stockholm, July 25, 2003
Soren Mellstig President and CEO
This report has not been subject to examination by the Company's auditors.
FOR FURTHER INFORMATION PLEASE CONTACT:
Lars Granlof, SVP, CFO, tel. +46-8-613 65 00, +46 70 513 65 48
Bengt Modeer, SVP, Corporate Communications, tel. +46 8 613 65 00, +46 70 513 65 33
Pia Irell, Director, Investor Relations, tel. +46 8 613 65 91, +46 70 513 65 91
Kevin Smith, President, Gambro Inc., Investor Relations U.S., tel. +1 303 231 4750
TELECONFERENCE AND WEB CAST
The company will host a conference call and web cast to present its first quarter results today at 16:00 Central European time. +44 (0)20 7162 0195 (if calling from Europe), +1 334 323 6203 (if calling from the US). Regarding the web cast, please find all related information on Gambro's web site: www.gambro.com/investors/.
CALENDAR October 24, 2003 Nine-month report, January-September 2003 Feb 10, 2004 Full-year report, January-December 2003
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