DGAP-News: STRATEC Biomedical AG / Key word(s): Quarter
Results/Interim Report
STRATEC reports strong nine-month growth and reaffirms its financial
guidance
26.10.2011 / 07:44
---------------------------------------------------------------------
STRATEC reports strong nine-month growth and reaffirms its financial
guidance
- Sales of EUR 80.2 million in 9M/2011 (+15.9%; 9M/2010: EUR 69.2 million)
- Increased EBIT margin of 18.8% in 9M/2011 (9M/2010: 18.5%)
- One-off tax charge of EUR 1.6 million resulting from
routine tax audit for FYs 2005 to 2008
- Consolidated net income* of EUR 11.4 million in 9M/2011
(+17.4%; 9M/2010: EUR 9.8 million)
- Earnings per share* of EUR 0.99 in 9M/2011 (+16.5%; 9M/2010: EUR 0.85)
- 2011 financial guidance reaffirmed
(sales of EUR 114 million to EUR 123 million / EBIT margin > 18.5%)
- Development and supply agreement with Quanterix Corp., USA
Birkenfeld, October 26, 2011
STRATEC Biomedical AG (Frankfurt: SBS; Prime Standard, TecDAX) today
announced its figures for the period from January 1, 2011 to September 30,
2011 upon the publication of its interim report as of September 30, 2011.
<pre>
Key figures (EUR 000s) 01.01.- 01.01.- Change
09.30.2011 09.30.2010
Sales 80,155 69,149 +15.9%
Overall performance 85,871 76,419 +12.4%
EBITDA 17,636 14,977 +17.8%
EBIT 15,065 12,793 +17.8%
Consolidated net income 9,840 9,746 +1.0%
Earnings per share (EUR) 0.85 0.85 +0.0%
EBIT margin (%) 18.8 18.5
Consolidated net income * 11,438 9,746 +17.4%
Earnings per share (EUR) * 0.99 0.85 +16.5%
</pre>
* adjusted for a one-off item resulting from a routine tax audit for the
financial years 2005 to 2008
Financial performance
STRATEC continued to deliver solid growth during the third quarter. Sales
for the first nine months of 2011 grew to EUR 80.2 million, up 15.9% versus
EUR 69.2 million in the prior year. Quarter-on-quarter sales grew by 21.2%,
confirming the company's expectation that growth in 2011 would mainly come
in the second half of the year. This sales growth was driven both by solid
demand for established systems, as well as by the new systems launched by
our customers over the past twelve months. EBIT increased by 17.8% in the
first nine months to EUR 15.1 million.
STRATEC incurred a one-off tax charge of EUR 1.6 million following a
routine tax audit for the financial years 2005 to 2008 (previous year: EUR
0.0m). Given the issues identified, the company does not expect any
additional tax charge for the financial years 2009 through 2011 and may
benefit from a slightly improved tax rate in future.
Excluding this one-off item, consolidated net income for the first nine
months of 2011 grew by 17.4% to EUR 11.4 million. This corresponds to
adjusted earnings per share of EUR 0.99 (previous year: EUR 0.85).
As expected, STRATEC has seen a further increase in the rate of sales
growth in the final three months of the current financial year, as a result
of which it still expects to generate full-year sales within the forecast
corridor of EUR 114 million to EUR 123 million with an EBIT margin of at
least 18.5%. This expected growth is mainly attributable to the rising
quantities of newly launched systems, as well as further production
ramp-ups ahead of new market launches.
Project development
The systems currently in development and scheduled for market launch in the
coming years are progressing on schedule. For some of these systems,
production capacities are currently being ramped-up for the start of serial
production or are being prepared for system approval in further regions by
the relevant authorities.
Two of the three new contracts expected in 2011 were signed in the first
nine months of the year (including a development and supply agreement with
Quanterix Corp., USA), with further development work already having started
on these.
The agreement signed with Quanterix in August 2011 represents a development
and supply agreement under which the two companies will jointly develop and
manufacture a fully automated analyzer system to automate Quanterix'
technology (single molecule array technology) both in the field of life
sciences and for in-vitro diagnostics (IVD). Quanterix expects the market
launch of the life sciences system to take place in 2013. The marketing of
an IVD platform is scheduled for 2014.
Negotiations, in some cases advanced, are also currently underway for
several other new projects. Although it is very difficult to predict the
specific timescale when new contracts will be signed, STRATEC expects to be
able to announce further new contracts in the coming months.
Other developments
All in all, STRATEC can report a positive business performance for the
first three quarters of 2011. Given the large number of projects making
positive progress, the subdued statements made by various market players in
the healthcare and diagnostics industry have so far not been reflected in
STRATEC's sales performance.
With regard to our customers' purchase planning, there are still no
indications that government savings and fiscal policy measures in the euro
and dollar regions will have any material implications for our company.
STRATEC's business model remains largely independent of macroeconomic
factors. Fluctuations in the market, such as volatile test volumes, a
development reported in particular in the USA, have so far not been
reflected in the talks we have held with customers about new and follow-up
projects.
Development in staff totals
Including temporary employees, the STRATEC Group had a total workforce of
484 employees as of September 30, 2011 (September 30, 2010: 440). Compared
with June 30, 2011, the workforce has risen by a further 18 employees. Any
year-on-year comparison of the nine-month personnel expenses recognized in
the income statement should take into account the increase due to the
acquisition of the US company Ballista (now renamed as STRATEC Biomedical
USA, Inc.).
Outlook
STRATEC continues to expect further sales and earnings growth in 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 Group expects to achieve average sales growth
(CAGR) of at least 17.0% in 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.
Further details can be found in our Interim Report as of September 30, 2011
published at www.stratec.com > Investor Relations > IR News > Financial
Reports.
About STRATEC
STRATEC Biomedical Systems 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, as system solutions 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 listed in
the TecDAX select index of the German Stock Exchange.
The STRATEC Group consists of the publicly listed parent company STRATEC
Systems 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
ir@stratec.com
www.stratec.com
End of Corporate News
---------------------------------------------------------------------
26.10.2011 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
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: info@stratec.com
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
---------------------------------------------------------------------
143455 26.10.2011
