- Sales in the third quarter increased by 33 % to € 4.8 m primarily due to the strong US dollar (prev. year: € 3.6 m)
- Earnings before interest and taxes (EBIT) increased to € 3.6 m after nine month (prev. year € 3.2 m), EBIT margin of 30 %
- Net profit declined cumulatively by € 0.5 m to € 3.0 m
- Liquidity of € 22.0 m as at September 30, 2015 (Dec. 31, 2014: € 17.5 m)
- Domination and profit and loss transfer agreement legally effective
Bremen, November 19, 2015 – MeVis Medical Solutions AG [ISIN: DE000A0LBFE4], a leading provider of medical imaging software, today announced its results for the first three quarters of 2015.
Sales generated in the third quarter of 2015 amounted to € 4,795 k, a significant 33 % higher than in the corresponding quarter of 2014 (€ 3,599 k). Thus, in the first nine month sales increased considerably year on year to € 11,933 (prev. year: € 9,661 k). The growth in sales of € 2,272 is largely attributable to the changes of the US dollar, which contributed € 1,781 k to sales growth. Software development services totaling € 522 k (prev. year: € 0 k) following the agreement concluded with Hologic in September 2014 are also included in sales for the first nine months of 2015. Including the positive effect of the strong US dollar, sales in the new license business improved by 16 % to € 5,901 k, while sales in the maintenance business grew by 19 % to € 5,093 k, accounting for 43 % of total sales. Sales in the Digital Mammography segment were up by 30 % to € 9,454 k (prev. year: € 7,280 k), while sales in the Other Diagnostics segment grew slightly by 4 % to € 2,479 k (prev. year: € 2,381 k).
Staff costs increased in the third quarter according to plan by 5 % to € 1,735 k (prev. year: € 1,641 k), resulting in an cumulative increase of 3 % (from € 5,370 k to € 5,208 k) for the first nine month. Primarily due to increased consulting costs in connection with the domination and profit and loss transfer agreement, other operating expenses rose in the third quarter in a year on year comparison to € 916 k (prev. year: € 572 k), and, cumulated for the first nine months of 2015, increased by 24 %.
The capitalization of development expenses was ceased in the fourth quarter of 2014 (prev. year: € 1,163 k).
Despite the discontinued capitalization of development costs, cumulated EBITDA (earnings before interest, taxes, depreciation and amortization) increased considerably by 17 % year on year from € 4,373 k to € 5,109 k.
After depreciation and amortization of € 1,489 k (up 22 % year on year), this results in an EBIT (earnings before interest and taxes) of € 3,620 k (with 15 % well above the previous period’s figure of € 3,150), corresponding to an EBIT margin of 30 % (prev. year: 33 %).
The net financial result decreased by € 172 k year on year to € 603 k. At the same time, the slight improvement in earnings at MeVis BreastCare GmbH & Co. KG was overcompensated by effects from the development of the US dollar. Tax expenses increased by € 790 k to € 1,259 k, which is largely due to deferred taxes.
After-tax earnings consequently fell by € 492 k to € 2,964 k, which is equivalent to undiluted earnings per share of € 1.66 (prev. year: € 2.01).
Cash and cash equivalents rose by € 4,531 k to € 22,042 k as of September 30, 2015 compared to the end of 2014. This includes € 1,707 k from the disposal of treasury shares to VMS Deutschland Holdings GmbH in April 2015.
The domination and profit and loss transfer agreement concluded on August 10, 2015 between the VMS Deutschland Holdings GmbH as the controlling company and MeVis Medical Solutions AG as the controlled company was registered with the Commercial Register of the Bremen Local Court on October 20, 2015 and thus became legally effective. The shareholders of the MeVis Medical Solutions AG already approved the domination and profit and loss transfer agreement by a large majority in the extraordinary general meeting on September 29, 2015.
"We are pleased about the exceptionally strong sales in the third quarter and thus, the continuation of the positive trend of the first two quarters." Said Mr. Kirchhoff, CEO of MeVis Medical Solutions AG. Dr. Robert Hannemann, CFO of MeVis Medical Solutions AG, added: "Revenue growth is mainly, but not exclusively, attributable to the strong US dollar. The dependency on our anticipated declining business with Hologic remains high and has increased further in the third quarter.”
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