Earnings Release • Jul 27, 2011
Earnings Release
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Corporate | 27 July 2011 07:46
STRATEC – Growth trajectory confirmed after first six months of 2011
STRATEC Biomedical AG / Key word(s): Quarter Results/Regulatory Approval
27.07.2011 / 07:46
STRATEC – Growth trajectory confirmed after first six months of 2011
– **Sales of EUR 48.5 million in Q1-Q2/2011
(+12.5%; Q1-Q2/2010: EUR 43.1 million)**
– **EBIT margin increased to 18.7% in Q1-Q2/2011,
up from 18.0% in Q1/2011 (Q1-Q2/2010: 18.7%)**
– **Consolidated net income of EUR 7.0 million in Q1-Q2/2011
**(+14.8%; Q1-Q2/2010: EUR 6.1 million)
– **Earnings per share of EUR 0.60 in Q1-Q2/2011
(+13.2%; Q1-Q2/2010: EUR 0.53)**
Birkenfeld, July 27, 2011
STRATEC Biomedical AG (Frankfurt: SBS; Prime Standard, TecDAX) today announced its figures for the period from January 1, 2011 to June 30, 2011 upon the publication of its interim report as of June 30, 2011.
| Key figures (EUR 000s) | 01.01.- 06.30.2011 | 01.01.- 06.30.2010 | Change |
| Sales | 48,515 | 43,140 | +12.5% |
| Overall performance | 54,800 | 48,821 | +12.3% |
| EBITDA | 10,750 | 9,472 | +13.5% |
| EBIT | 9,078 | 8,056 | +12.7% |
| Consolidated net income | 6,964 | 6,069 | +14.8% |
| Earnings per share (EUR) | 0.60 | 0.53 | +13.2% |
| EBIT margin (%) | 18.7% | 18.7% |
Financial performance
Sales for the first six months of 2011 grew year-on-year by 12.5% from EUR 43.1 million to EUR 48.5 million. Second-quarter sales rose to EUR 26.4 million, up 19.2% compared with the first quarter of 2011. STRATEC expects its sales performance to accelerate further over the balance of 2011, driven by recent market launches of new analyzer systems by our partners. This expectation has been confirmed by the performance in the first two quarters of the year and gives STRATEC confidence to reiterate its forecast guidance for 2011. Accordingly, the company continues to expect 2011 sales to be in a range of EUR 114 million to EUR 123 million at an EBIT margin of at least 18.5%.
The unwinding of the remaining consumable backlog from the fourth quarter of 2010 has led to a rise in the proportion of sales generated by consumables, resulting in a slightly higher increase in the EBIT margin than originally expected. The EBIT margin rose to 18.7% in the first six months, up from 18.0% in the first quarter of 2011.
Consolidated net income increased year-on-year by 14.8% to EUR 7.0 million, and earnings per share increased to EUR 0.60.
Project development
The numerous systems in development and scheduled for market launch in the coming years are progressing on schedule. For two of these systems, manufacturing capacities are currently being increased for serial production.
Of the three new contracts expected in 2011, one new development and supply contract has been signed. Additional negotiations are in advanced stages and provide the grounds for us to confirm our previous forecast. Further details concerning these contracts will be published once agreements have been reached with the respective customers.
Other developments
STRATEC can report a slightly above-budget overall business performance for the first half of 2011, and one accompanied by an unaltered positive business outlook. This is despite a renewed increase in macroeconomics concerns on the global economy.
To date, we have experienced no negative impacts from government savings measures or from fiscal policy measures in the euro and US dollar areas on our customers' planned acceptance volumes. Indeed, STRATEC's business model remains largely independent of macroeconomic factors. Furthermore and as previously announced, STRATEC has not witnessed any supplier problems seen in other industries in the wake of the Japanese earthquake crisis.
Development in staff totals
Including temporary employees, the STRATEC Group had a total workforce of 466 employees as of June 30, 2011 (June 30, 2010: 399). Compared with March 31, 2011, the workforce has risen by a further 14 employees. This substantial year-on-year increase in staff totals is mainly due to the takeover of STRATEC Biomedical USA (formerly Ballista Inc.) as of July 1, 2010. The personnel expenses relevant in this context are not expected to show any further comparable increase.
Outlook
STRATEC continues to expect accelerated sales growth in the remainder of the 2011 financial year. Specifically, the company expects to generate sales in a range of EUR 114 million to EUR 123 million in 2011. Based on sales in the 2010 financial year, the STRATEC Group expects to achieve average sales growth (CAGR) of at least 17.0% over the financial years 2011 to 2013. Consistent with these expectations, the EBIT margin should amount to at least 18.5% in 2011, and to at least 19.0% in the two subsequent years.
Achievement of or potentially exceeding the upper end of sales guidance (EUR 123 million) in 2011 is dependent on the timing of the planned and pending market launches of new systems, which is also determined by their approval in the relevant markets.
Further details can be found in our Interim Report as of June 30, 2011 published at www.stratec.com > Investor Relations > IR News > Financial Reports.
About STRATEC
STRATEC Biomedical AG ( www.stratec.com ) designs and manufactures fully automated analyzer systems for its partners in the fields of clinical diagnostics and biotechnology. These partners market such systems, in general together with their own reagents, to laboratories, blood banks and research institutes around the world. The company develops its products on the basis of its own patented technologies. Shares in the company (ISIN: DE0007289001) are traded in the Prime Standard segment of the Frankfurt Stock Exchange, and are a constituent of the Deutsche Börse TecDAX.
The STRATEC Group consists of the publicly listed parent company STRATEC Biomedical AG and of subsidiaries and second-tier subsidiaries in Germany, the USA, the UK, Switzerland and Romania.
Further information can be obtained from:
STRATEC Biomedical AG
André Loy, Investor Relations
Gewerbestr. 37, 75217 Birkenfeld
Germany
Tel: +49 7082 7916-190
Fax: +49 7082 7916-999
End of Corporate News
27.07.2011 Dissemination of a Corporate News, transmitted by DGAP – a company of EquityStory AG.
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| Language: | English |
| Company: | STRATEC Biomedical AG |
| Gewerbestr. 37 | |
| 75217 Birkenfeld | |
| Germany | |
| Phone: | +49 (0)7082 7916 0 |
| Fax: | +49 (0)7082 7916 999 |
| E-mail: | [email protected] |
| Internet: | www.stratec.com |
| ISIN: | DE0007289001 |
| WKN: | 728900 |
| Listed: | Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, München, Stuttgart |
| End of News | DGAP News-Service |
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| 133309 27.07.2011 |
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