Announcement no. 27/2020
Interim report Q1 2020
Highlights
· Financial performance in Q1 2020 is impacted by the COVID-19 pandemic.
· Sales declined by 2% in local currency in Q1 2020 and sales declined by 5% organic. Growth in the first two months of the year was in line with expectations. Sales in March were impacted in markets where measures to control the COVID-19 pandemic were implemented.
· The prosthetics segment declined by 4% organic and the B&S segment declined by 7% organic in Q1 2020. The impact due to COVID-19 was similar across both business segments in the first quarter.
· Gross profit margin in Q1 2020 is 62% compared to 64% in Q1 2019. EBITDA margin is 14% in Q1 2020 compare to 19% in Q1 2019. The decrease in margins and profitability is mainly due to lower sales as cost increase was moderate. Certain measures have been taken to reduce costs in the short-term.
· Net profit in Q1 2020 amounted to
· Cash generated by operations amounted to
· Össur acquired 1,295,450 of own shares through the share buyback for
· On
· Additional financing of
"The COVID-19 pandemic is impacting Össur's operations and our focus has been on the safety and well-being of employees and customers. Current demand is being met with manufacturing employees working in shifts and many of our office and sales employees are working from home. The pandemic is having a short-term negative impact on demand for prosthetic and bracing & supports products. Financial performance is therefore negatively impacted, and it remains uncertain how long the impact will last. Sales growth in the first two months of the year was in line with earlier expectations but sales began to be impacted in March. Sales month to date in April are furthermore significantly impacted but we are already seeing clear signs of gradual recovery in key European markets and sales in
Q1 2020 conference call details
Össur will host a conference call on 30th of
Further information
David Hreidarsson, Investor Relations Manager, dhreidarsson@ossur.com, +354 661 8225
Helga Danielsdottir, Investor Relations Analyst, hdanielsdottir@ossur.com, +354 766 4959
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About Össur
Össur (Nasdaq Copenhagen: OSSR) is a global leader in non-invasive orthopaedics that help people live a life without limitations. A recognized "Technology Pioneer," Össur focuses on improving people's mobility through the delivery of innovative technologies in Prosthetics and Bracing & Supports, by investing significantly in research and product development to create award-winning designs with consistently strong market positions. Successful patient and clinical outcomes are further empowered via Össur's educational programs and business products. As part of Össur's long-standing commitment to social responsibility, the company has been a signatory to the United Nations Global Compact since 2011, and also participates in the Nasdaq Nordic and Baltic exchanges' voluntary guidelines for Environment, Social and Corporate Governance (ESG). Össur is headquartered in
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