Earnings Release • Oct 21, 2014
Earnings Release
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REVENIO GROUP CORPORATION INTERIM REPORT JANUARY–SEPTEMBER
| Key Figures, | ||||||
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The net sales of the Revenio Health Tech segment in January-September totaled EUR 11.1 million (9.4), up 17.9% on the previous year. The operating profit for the same period was EUR 3.8 million (3.6), representing growth of 4.5%.
During the review period, Icare Finland Oy focused on global sales efforts, strengthening its distribution network in the United States in particular, and launching R&D projects.
Sales and marketing efforts for the Icare HOME tonometer focused on activities, in which influential physicians selected on the basis of precise criteria have received HOME tonometers for trial use. Icare's goal is to create quick treatment practices for the home measurement of intraocular pressure, and to gradually spread them country by country. No established treatment practices currently exist, as the home measurement of intraocular pressure was not possible using old methods.
Clinical trials in the United States (part of the FDA permit application process) are being carried out according to plan, even though progress is very slow. Icare wants to prepare thoroughly for this preliminary stage of the process, to ensure that the actual permit application to progresses smoothly. The clinical trials were boosted during the third quarter. Icare will now also use the results of trials carried out at another hospital alongside those conducted at Johns Hopkins Hospital. The application to the FDA will be submitted, once the trials have been completed.
The challenges in the US market in the early year appear to be over, and Icare was able to level out the dip in sales. Icare achieved our all-time highest sales in the United States in September. Sales efforts have also been boosted in the United States, which is Icare's most important market area. During the current year, Icare's distribution network has been overhauled, and preparations for the opening of own office in North Carolina (a decision that was made at the beginning of the review period) are progressing according to plan. These measures will ensure a strong position for Icare in the United States.
Strong growth continued in probes during the review period, with sales up 27.4% on the previous year. Probe sales now account for a greater proportion of total sales, particularly in the United States. This indicates that the device base has grown significantly since the launch of marketing efforts in the US in 2007, and that the devices are also in active use. The increased use of purchased devices, an increase in patient-led screening, and a change in user profiles have all fueled sales of probes. The key stages of probe manufacture have been transferred to Finland, which is expected to have a favorable effect on the production process, capacity and margin structure toward the end of the year.
Optician chains have become more interested in measuring intraocular pressure during eye examinations. One good indication of this is the received orders during the third quarter of the year from two major international chains during the review period. We believe that This segment holds the potential for additional sales in the future.
The market launch of Oscare Medical's Oscare Sono™ – a device for the diagnosis, screening and monitoring of osteoporosis - is progressing as planned. The focus has been on clinical trials and building up a distribution network. The preliminary results of clinical trials conducted in Finland support the company's view that the device is beneficial in screening for bone health. The product already has distributors in the Baltic countries and Poland. Two particularly interesting customer segments are pharmacy chains, screening companies and gynecologists.
Health tech R&D has already generated some interesting ideas, and investigation on their practical potential is being carried out. The focus has been on both the further development of existing products and innovations, with screening, follow-up and the global need for cost savings in healthcare with the means of preventive healthcare as common denominators.
The net sales of the Technology and Services segment totaled EUR 4.3 million (5.1), representing a fall of 15.7% on the corresponding period of last year. The operating result also fell to EUR 0.3 million (0.4), down 28.3% on the corresponding period of the previous year. The challenges in this segment were considerably influenced by uncertainty in the general economic and political climate during the current year.
At the end of the review period, the Revenio Technology and Services segment consisted of the following businesses: Rigid Inflatable Boats and Software. On September 11, as part of its strategic focus on health tech, Revenio divested the entire share capital of Midas Touch Oy, which represented the Technology and Services segment's Contact Center business.
Capital sales losses of approximately EUR 1.6 million were entered into the third-quarter result as a consequence of this divestment. The loss, which was entered as a non-recurring item, has no effect on the Group's profit guidance. The transaction strengthened the Group's cash assets to the tune of about EUR 900,000.
Revenio Group Corporation's Segment Director Riku Lamppu left the position of CEO of Midas Touch Oy in connection with the divestment. He will continue as both a segment director and as CEO of Boomeranger Boats Oy.
This segment's businesses are sensitive to the general economic climate. The Revenio Group's guidance for 2014 therefore includes greater growth risks for businesses in this segment due to economic uncertainty.
Boomeranger Boats Oy, which represents the Rigid Inflatable Boats business, fell clearly short of last year's corresponding period in terms of both net sales and operating profit.
The business's tender base is good, but decision-making among its customer base – primarily authorities – has significantly slowed during the current year. On the other hand, the launch of each project in the tender base has a considerable effect on the business's net sales and result.
In August, Boomeranger Boats Oy, which represents the Technology and Service's Rigid Inflatable Boats business, launched co-determination negotiations affecting all personnel for financial and production-related reasons. As a result of the negotiations, as of October 15, 2014, the company may implement adjustment measures to the extent required by the situation.
These arrangements have been made in case the potential projects in Boomeranger Boats Oy's considerable tender base are not actualized. The general economic situation has slowed decision-making, which is in turn posing challenges in realizing the tender base. This measure also seeks to safeguard the profitability level set in the Revenio Group's strategy.
Both the net sales and result of Done Software Solutions Oy, which represents the Software business, fell noticeably short of the corresponding period of the previous year. The business's operating environment has become extremely challenging due to the general economic and political climate. The challenges faced by the business's major clients in Russia are being reflected as slower decision-making and a general unwillingness to invest. Both the net sales and result of Done Software Solutions Oy, which represents the Software business, fell noticeably short of the corresponding period of the previous year. The business's operating environment has become extremely challenging due to the general economic and political climate. The challenges faced by the business's major clients in Russia are being reflected as slower decision-making and a general unwillingness to invest.
Revenio is increasingly focusing on its core business, that is, health tech. The cost and availability of healthcare are posing greater and greater challenges all across the world. Innovations that are easily available globally increase the quality and productivity of healthcare. This is one of the key drivers that we think will advance Revenio's long-term growth targets in health tech.
The Group has made its all-time highest strategic investments in R&D. They seek to ensure Revenio's future growth potential. Ongoing R&D projects have already generated interesting ideas, and not only for the further development of existing projects. There is also the potential for innovations whose common denominators are screening, follow-up and the global need for cost savings in healthcare with the means of preventive healthcare.
In the near future, Revenio will be focusing on strengthening the global market position of existing Icare products, expanding sales efforts for the Icare HOME tonometer, and launching new, next-generation products. Revenio will also be concentrating on launching extensive sales efforts for the Oscare Sono™ osteoporosis measurement device.
Net sales from the Revenio Group's continuing operations for the period January 1–September 30, 2014 totaled EUR 15.4 million (14.5). This represented net sales growth of 6.1%. Earnings before interest, taxes, depreciation and amortization (EBITDA) from continuing operations were EUR 3.9 million (3.9), or 25.3% (27.1) of net sales. Operating profit (EBIT) from continuing operations was EUR 3.4 (3.5) million, representing 22.3% (23.9) of net sales. Profit before taxes for continuing operations totaled EUR 3.6 million (3.4), or 23.3% (23.3) of net sales. The result for continuing operations for the period was EUR 2.8 million (2.3), or 18.3% (16.0) of net sales. At period end, the result for discontinued operations totaled EUR -1.4 million (EUR 0.7 million). Profit for the period totaled EUR 1.5 million (3.0). Undiluted earnings per share from continuing operations were EUR 0.36 (0.29) and diluted earnings per share were EUR 0.36 (0.29). For discontinued operations, the undiluted and diluted earnings per share were EUR -0.17 (0.09). Dilution-adjusted earnings per share for continuing and discontinued operations during the period were EUR 0.19 (0.38). Equity per share was EUR 1.75 (2.03).
The Revenio Health Tech segment's net sales grew by 17.9% during the review period, while the net sales of the Technology and Services segment decreased by 15.7%. On the whole, the consolidated net sales of continuing operations saw a year-onyear increase of 6.1% and totaled EUR 15.4 million (14.5).
The operating result for the Revenio Health Tech segment was EUR 3.8 million (3.6), up 4.5% on the corresponding period of the previous year in spite of considerable investments in R&D. The Technology and Services segment's operating profit was EUR 0.3 million (0.4), down 28.3% on last year. This mainly stemmed from an increase in economic uncertainty.
The consolidated balance sheet total on September 30, 2014 was EUR 18.2 million (22.2). Shareholders' equity came to EUR 13.8 million (15.9). Interest-bearing net liabilities at the end of the review period totaled EUR -0.8 million (-1.7) and gearing stood at -5.7% (-10.4). The consolidated equity ratio was 77.2% (73.4). The Group's liquid assets amounted to EUR 2.3 million (3.2) at the end of the review period. In spite of investments in future growth in the Health Tech segment, the Group's financial position remained stable during the review period.
Cash flow from continuing operations totaled EUR 1.0 (3.1) million. The Group's purchases of PPE and intangible assets totaled EUR 0.8 million (0.5). These investments were primarily allocated to product development.
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During the period January 1-September 30, 2014, the Revenio Group Corporation's share turnover on the NASDAQ OMX Helsinki exchange totaled EUR 31.6 million (18.1), representing 2.2 million (2.4) shares or 27.8% (31.0) of all shares outstanding. The highest trading price was EUR 17.20 (11.58) and the lowest EUR 11.32 (4.10). At the end of the review period, the closing price was EUR 15.30 (10.58), and the average share price EUR 14.37 (7.44). The Revenio Group Corporation's market value stood at EUR 120.8 million (82.9) on September 30, 2014.
The Group's major business risks are presented in its financial statement bulletin of February 12, 2014. No changes in these risks have occurred since the bulletin's release.
There have been no major events since the end of the review period.
This interim report has been prepared in compliance with the requirements of IAS 34 Interim Financial Reporting. The figures contained in the interim report have not been audited.
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|---|---|---|---|---|---|---|
| Earnings per share: | = | average number of shares during period | ||||
| equity attributable to shareholders | ||||||
| Equity per share: | Ξ | number of shares at end of period | ||||
| total EUR value of shares traded | ||||||
| Average share price: | Ξ | total number of shares traded during period | ||||
| Pre-tax profit-%: | = | operating profit + financing income - financing expenses | ||||
| 100 x profit for the financial period | ||||||
| Return on equity-% (ROE): | Ξ | shareholders' equity + non-controlling interest (average during period) | ||||
| 100 x profit before taxes + interest and other financial expenses | ||||||
| Return on investment-% (ROI): | Ξ | balance sheet total - non-interest-bearing debt (average during period) | ||||
| 100 x balance sheet equity + non-controlling interest | ||||||
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| = | 100 x interest-bearing debt - cash & equivalents | |||||
| Net gearing-%: | total equity | |||||
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Revenio Group Corporation Board of Directors
For additional information, please contact President & CEO Olli-Pekka Salovaara, tel. +358 40 567 5520 [email protected] www.revenio.fi
DISTRIBUTION: NASDAQ OMX Helsinki Financial Supervisory Authority (FIN-FSA) Principal media www.revenio.fi
Revenio is a Finnish health tech group whose core business is tonometers. The Revenio Health Tech segment comprises the business operations of Icare Finland Oy and Oscare Medical Oy. The widely patented Icare product family is the current cornerstone of the Group's success. Revenio seeks vigorous growth in health technology, both organically and through acquisitions and mergers.
The Revenio Group also includes other business operations, which are grouped under the Technology and Services segment. This segment's operations have a shared global market and represent the cutting edge of technology products and services in their industry.
In 2013, the Revenio Group's net sales totaled EUR 25.7 million, with its operating margin standing at 21.7%. The Revenio Group Corporation is listed on NASDAQ OMX Helsinki.
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