MEDISANA Konzern hält Umsatz im 1. Halbjahr 2009 auf hohem Niveau
Medisana AG posts revenue of EUR 14.4 million
– Changes in purchasing behaviour and investments result in significant earnings decline
– Positive outlook thanks to very high order book
– Third consecutive revenue record expected
Hilden, August 14, 2009.
Medisana – the specialist in the Home Health Care Area – generated a high level of revenue in the first half of 2009, despite the very negative economic environment. At EUR 14.4 million, the figure was only 2.6% below the previous year’s record level. Medisana was particularly successful abroad in this respect. Revenue was generated in North America for the first time, and amounted to EUR 0.8 million. In Europe, a leap from EUR 4.6 million to EUR 6.2 million was achieved, and, in Germany, EUR 7.5 million was generated, compared with EUR 10.3 million in the previous year.
*Foreign expansion highly successful*
The anticipated growth abroad was achieved in line with expansion plans, and the Management Board intends to further advance this positive trend. In the context, a branch will be established in Moscow in the fourth quarter of 2009, among other activities on the agenda. Within the context of the “Mars 500” project, an experiment conducted by the Russian space agency, Roskosmos, and the European NASA, Medisana had provided more than 50 equipment items. Local reporting has resulted in a gratifyingly high level of interest in Medisana products.
*Earnings burdened by change in revenue mix and advance outlays*
Despite a rising willingness to spend on the part of consumers over recent months, product quality is currently holding less significance than favourable prices. This changing consumer behaviour resulted in lower average proceeds within the revenue mix, and an overall lower margin at Medisana. For this reason, the gross margin fell from 38% in the previous year to 30%, in connection with a gross profit of EUR 4.3 million (previous year: EUR 5.7 million). By comparison with the figure of 27% in the first quarter of 2009, a further improvement is already in evidence. Additional factors included various marketing campaigns and higher inventory levels, which translated as increased costs. Operating earnings before interest and tax (EBIT) fell from EUR 1.2 million in the previous year to EUR 0.1 million. As a result, Medisana generated unchanged EBIT compared to the first quarter of 2009. Earnings before tax (EBT) amounted to minus EUR 0.1 million, following EUR 1.0 million, and net earnings amounted to minus EUR 0.4 million following EUR 0.9 million.
*Strong balance sheet figures unchanged*
Given total equity and liabilities of EUR 25.4 million (previous year: EUR 26.8 million), the equity ratio was raised further to 54.7%. The slight 5.4% reduction in the balance sheet total resulted particularly from a reduction in inventories, and the ongoing restructuring of liabilities with the objectives of cutting interest expense and an increase in financing volume. Cash and cash equivalents amounted to almost EUR 1.2 million as of June 30, 2009. In other words, Medisana continues to enjoy a sound financial position, and has established the requisite financial resources for continued growth.
*Outlook – third consecutive record year expected*
High advance outlays have already had a positive impact in the first half of 2009. Medisana registered a very vigorous order intake in the second quarter, which resulted in a significant rise in orders on hand as of June 30, 2009. As a consequence, the Management Board is assuming that it will achieve a marked improvement in earnings in the second half of 2009, on the basis of a tangible rise in revenue. Given this background, a third record revenue level in a row is anticipated for the full 2009 financial year.
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