curasan stabilizes portfolio business in the third quarter and intensifies partner search
- Net group revenues increased by 5.4 percent to 4.6 million Euro
- EBITDA at -2.2 million Euro represent a significant improvement following comprehensive cost reductions
- New CEO puts clear focus on strategic partnerships
Kleinostheim, 21 November 2019 - curasan AG, Germany, (ISIN DE000A2YPGM4) a leading specialist for medical products in the field of orthobiologics, succeeded in significantly increasing its net group revenues in the first three quarters of 2019 compared to the same period of the previous year thus stabilizing its portfolio business. Net group revenues in the first nine months of 4.6 million Euro were 5.4 percent above the previous year (9M 2018: 4.4 million Euro).
Already prior to the change in the board of directors mid September the company decided to significantly cut expenditures. By this, curasan succeeded to reduce important cost blocks sustainably. Correspondingly, the loss decreased to 0.6 million Euro (Q3 2018: -1.6 million Euro) and the EBITDA of the first nine months improved to -2.2 million Euro (9M 2018: -2.8 million Euro) although comprising the cost for the Extraordinary General Meeting as well as the issuance of the convertible bonds of around 0.2 million Euro in the first half year of 2019.
The key financial figures on the development of earnings in the first nine months of 2019 are as follows:
|IFRS (in TEUR)
|Net Group Sales
Turnover by regions developed as follows in the first nine months:
|IFRS (in TEUR)
For the further financing of business operations, the company had issued a convertible bond in May. In July 2019 the company also carried out a capital increase with subscription rights for the shareholders, through which the company received approximately EUR 3.1 million.
Other key financial ratios developed as follows:
|IFRS (in TEUR)
On September 16, 2019, Torben Sorensen succeeded Michael Schlenk, whose contract would have expired on September 30, 2019, and who resigned from office as of the end of September 15, 2019 as CEO of the company.
"Despite extensive efforts in the past years curasan did not manage to reach the break-even point through growth out of its own remarkable strengths", Torben Sorensen draws up as summary. "In order to get there we aim at comprehensive strategic partnerships with well established providers in the field of medical devices. Furthermore, we are evaluating options to acquire promising complementary products - if appropriate also within or by support of further capital measures - or to sell own products which could be marketed in a better way by third parties. Therefore, it is my number one priority to put these measures on the way in order to be able to operate sustainably as soon as possible."
Based on the new strategy, already in July the company had announced the acquisition of JEDER GmbH located in Klosterneuburg/Vienna, Austria, a provider in the field of dental technology, which will be consolidated with effect of December 31, 2019 for the first time.
By the JEDER technology platform curasan plans to generate additional turnover in the coming year via cross selling. "We can draw important conclusions from the development in the last years. In particular, that our products are without any doubt of premium quality, but also, that this fact alone is not going to secure curasan's success", explains Torben Sorensen. "By product bundling with other high quality products from the dental technology field our quality can be established in the market much faster."
Against the backdrop of the currently reconsolidated operative development of the company the Management Board expects to close the 2019 financial year in line with the full-year forecast. You find more information on Curasan AG and its product range under www.curasan.com.
Contact curasan AG:
Head of Investor Relations &
+49 6027 40 900-51
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 Wake Forest, 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.
21.11.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de