- Net sales in the first half-year rise by 8.5 percent to EUR 3.4 million
- Export share of total sales increases from 79 to 81 percent
Kleinostheim, 17 August 2017 - curasan AG (ISIN DE0005494538), a leading specialist for medical products in the field of orthobiologics, continued to grow in the first half of 2017. At EUR 3.4 million, net sales were 8.5 percent above the previous year's figure (H1 2016: EUR 3.1 m), while earnings before interest, taxes, depreciation and amortization (EBITDA) were lower than expected at EUR -1.1 million (H1 2016: EUR -0.9 m). The net result in the amount of EUR -2.0 million (H1 2016: EUR -1.3 m) already reflects provisions for a potential tax payment from the currently ongoing company audit mainly for the dental business activities already sold in 2008 to Riemser Pharma GmbH and their assessment.
"Sales were still below expectations," Michael Schlenk, CEO of curasan AG, explains, "but we have laid the foundation for a positive development in the second half of the year in the last few months due to the substantial expansion of our customer base. In the third quarter already an increasingly dynamic growth in sales can be observed." The most important driver of sales development in the first half of the year was export, which increased its share of total sales from 79 to 81 percent. In Europe, sales rose by 4.7 percent to EUR 1.3 million. Sales in the MENA region continued to grow extremely dynamically by 72.1 percent to EUR 0.5 million. In Asia, sales were down by 9.4 percent, also driven by sales shifts in the third quarter following a strong previous-year period, at EUR 0.7 million. The American market, on the other hand, rose by 9.1 per cent to EUR 0.9 million.
At EUR -0.2 million, cash and cash equivalents were below the previous year's level (31.12.2016: EUR 1.0 m). "We are assuming that the bundle of initiated measures can compensate for a possible financing gap until the conclusion of a capital increase," explains Schlenk. "Our talks with investors are in an advanced phase and I am very confident that we will soon come to a conclusion." Trade receivables increased by 16.1 percent to EUR 2.4 million (31.12.16: EUR 2.1 m). The measures introduced here will allow a positive development in the second half of the year. Due to modified payment terms trade accounts payable rose by 57.2 percent to EUR 1.4 million (31.12.16: EUR 0.9 million). Equity decreased by 21.5 percent to EUR 7.0 million compared to EUR 8.9 million at year-end 2016.
Further details on the half-year results as well as on the current developments in the third quarter will be discussed today at 14.00 CET by CEO Michael Schlenk at an open telephone conference for analysts, qualified investors and journalists. You can register by e-mail via the Investor Relations and Corporate Communications departments (IR@curasan.com).
The full report on the first half of 2017 has been provided by curasan on the Company's website at the following link:
About curasan AG:
curasan develops, manufactures and markets biomaterials and medical devices in the field of bone and tissue regeneration, wound healing and osteoarthritis therapy. As a pioneer and global technology leader in the growing field of regenerative medicine, curasan is specialized primarily on biomimetic bone grafting materials for dental, oral/maxillofacial, orthopedic and spinal applications, i.e. materials mimicking biological structures. Numerous patents and a broad record of scientific publications demonstrate the clinical success of the products and the highly innovative strength of curasan. Dental and orthopaedic clinicians worldwide benefit from the broad range of the premium quality and easy to use portfolio offered by the technology leader curasan. curasan maintains its own high-tech facilities for research, development and manufacturing of biomaterials in Frankfurt/Main, Germany. In addition to its headquarters, the company has a subsidiary, curasan, Inc., in the Research Triangle Park area, near Raleigh, N.C., USA. curasan's innovative products are cleared by the US Food and Drug Administration (FDA) and many other international authorities and available in almost 50 countries worldwide. curasan AG is a public company listed in the General Standard at the Frankfurt Stock Exchange.
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