MeVis Medical Solutions AG / Quarter Results/Interim Report
26.05.2009
Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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* Group sales up by 42 percent, to approx. EUR 3.5 million
* Consolidated EBIT increases by 18 percent, to reach EUR 0.44 million
* Consolidated profit decreases by 66 percent, to EUR 0.13 million
* Decline in demand in U.S. for digital mammography partially offset by
successful Dyna-CAD(R) software platform
* Positive impetus expected to be made by product launches in the second
half of the year
Bremen, May 26, 2009 - In spite of ongoing buyer reluctance of clinical
end-users, in the first three months of fiscal 2009 MeVis Medical Solutions
AG [ISIN: DE000A0LBFE4] boosted its consolidated sales revenues by 42
percent year-on-year, to approx. EUR 3.5 million.
This growth is essentially attributable to two effects: the October 21,
2008 carve-out of business with industry partner Hologic from MeVis
BreastCare GmbH & Co. KG, a joint venture with Siemens, and the subsequent
pro-rata acquisition of this business division by MeVis Medical Solutions
AG was fully consolidated for the first time in the 1st quarter of 2009 and
had a positive impact on corporate figures. In addition, the
internationally successful software platform DynaCAD(R) from industry
partner Invivo contributed to corporate growth. The Dyna-CAD(R) system is
used for contrast-agent-based magnetic resonance imaging of the breast
(including biopsies) and can be used with all magnetic resonance imaging
equipment of the world's leading OEMs.
Revenues are spread across the segments of Digital Mammography, amounting
to TEUR 2,312 (previous-year quarter: TEUR 1,774), and Other Diagnostics of
TEUR 1,147 (previous-year quarter: TEUR 655).
The global financial and economic crisis also affected the market
environment for MeVis products. This was evident particularly in postponed
and/or reduced investment activities of hospitals as well as an extension
in sales cycles. 'We were nevertheless able to stabilize our sales revenues
realized with our U.S. industry partner Invivo Corp. at the previous year's
level and partly even extending them', says Dr. Carl J.G. Evertsz, CEO of
MeVis Medical Solutions AG.
The enlarged product portfolio in the 1st quarter compared with the same
period a year earlier led to an increase in capitalized staff costs to TEUR
736 (previous-year quarter: TEUR 492). At the end of the 1st quarter the
MeVis Group had a workforce of 240 (previous-year quarter: 139 employees).
This is equivalent to an increase by approx. 73 percent. Compared with the
end of 2008, however, the size of the workforce only grew very slightly.
'As some of our industry partners referred to significantly lower demand in
their latest interim reports, we have initiated various cost-effective
measures to stabilize business trends in this particularly difficult fiscal
year', says Christian H. Seefeldt, CFO of MeVis Medical Solutions AG.
Accordingly, it was possible to lower other operating expenses by roughly 8
percent, to TEUR 812 (previous-year quarter: TEUR 879).
Nevertheless, on EBIT of approx. EUR 0.44 million (previous-year quarter:
EUR 0.37 million), an EBIT margin of only 12.6% was achieved (previous-year
quarter: 15.2%). This is primarily due to increased staff costs
year-on-year, to substantially higher depreciation arising from the
takeovers made in 2008 as well as to increasing depreciation of capitalized
development costs.
The Group's net financial result, amounting to EUR 0.39 million
(previous-year quarter: EUR 0.03 million), suffered considerably on account
of the lower level of interest rates year-on-year, from the negative market
influences in the 1st quarter due to currency hedges as well as calculatory
interest on payment installments related to the acquisitions carried out in
2008. Accordingly, MeVis reports consolidated earnings for the period of
only EUR 0.13 million (previous-year quarter: EUR 0.39 million), which
corresponds to earnings per share of EUR 0.08
(previous-year quarter: EUR 0.37).
Nevertheless, the MeVis Group has ample financial resources to achieve its
planned growth in the forthcoming months and years. As at March 31, 2009,
cash and cash equivalents amounted to TEUR 15,584 (December 31, 2008: TEUR
15,257).
The Executive Board affirms its opportunity outlook given within the scope
of the consolidated annual financial statements for fiscal 2008 and its
forecast for the financial year 2009. Accordingly, until the global
financial and economic crisis subsides, the Company only perceives little
growth potential for the products already launched. On the other hand, the
consoli-dation effect will have a positive influence on our sales revenues
and earnings trends in the current financial year. 'Moreover, the
introduction of new products planned, starting in the 2nd quarter, should
generate positive step-by-step earnings contributions in the second half of
the year. Yet in the current market situation, we consider a concrete sales
revenues and earnings forecast for fiscal 2009 to be sensible only when the
half-year report is released', said Dr. Evertsz.
The full interim report for the 1st quarter 2009 is available for download
at the Company's website at http://www.mevis.de/mms/Finanzberichte.html.
DGAP 26.05.2009
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Language: English
Issuer: MeVis Medical Solutions AG
Universitätsallee 29
28359 Bremen
Deutschland
Phone: +49 421 330 74-0
Fax: +49 421 330 74-50
E-mail: ir@mevis.de
Internet: http://www.mevis.de
ISIN: DE000A0LBFE4
WKN: A0LBFE
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, München, Düsseldorf, Stuttgart
End of News DGAP News-Service
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DGAP-News: MeVis Medical Solutions ramps up sales despite difficult market conditions in 1st quarter 2009
| Source: EQS Group AG