Announcement no. 32/2020
Interim report Q2 2020
Highlights
· Sales declined by 23% in local currency in Q2 2020 and by 26% organic. Sales declined by 13% in local currency in 1H 2020 and by 16% organic. Sales were impacted in most markets in line with measures to control the COVID-19 pandemic.
· The prosthetics segment declined by 21% organic and the B&S declined by 32% organic in Q2 2020. The prosthetics segment declined by 13% in 1H 2020 organic and the B&S segment declined by 20%.
· Gross profit margin was 58% in Q2 2020 and 60% in 1H 2020. EBITDA margin was 9% in Q2 2020 and 12% in 1H 2020. Profitability is lower than in the comparable period last year, mainly due to lower sales in relation to COVID-19. Profitability is expected to normalize as sales continue to recover.
· Net loss in Q2 2020 amounted to
· Cash generated by operations was strong and amounted to
· Össur's liquidity position remains strong where bank balances and cash equivalents amounted to
· The share capital of Össur is now ISK 423,000,000 nominal value as 2,377,804 of own shares with nominal value of ISK 1 each were cancelled at the end of
· The acquisition of the prosthetics manufacturer
· Össur entered exclusive negotiation in relation to the potential divestment of Gibaud in
"Sales in the second quarter were significantly impacted by the COVID-19 pandemic as it resulted in a negative short-term impact on demand for prosthetics and bracing & supports products. Since the beginning of April, Össur's sales have continued to gradually recover in all our major markets. Even though we are on a clear path towards recovery, it remains uncertain how long the impact of COVID-19 will last. We are however confident that there will be no long-term change in the demand for our products and services. We continue to manage our variable costs and were able to reduce our operating costs temporarily in the quarter. We recently completed the acquisition of the prosthetics manufacturer
Q2 2020 conference call details
Össur will host a conference call on 23rd of
The
Further information
David Hreidarsson, Investor Relations Manager, dhreidarsson@ossur.com, +354 661 8225
Helga Daníelsdóttir, 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 orthopedics 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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