Ossur, headquartered in Reykjavik, Iceland, announced its results for the first quarter of 2010. First-quarter sales increased by 8 percent, measured in local currency. Total sales amounted to US $86 million, compared to US $77 million in the first quarter of 2009. Both major segments show growth: prosthetics has grown by 11 percent, and bracing and supports have grown by 6 percent. Further, earnings before interest, taxes, depreciation, and amortization (EBITDA) amounted to US $18 million, gross profit amounted to US $54 million, and net profit amounted to US $10 million, a 28 percent increase compared to the first quarter of 2009.
Jon Sigurdsson, Ossur president and CEO, commented on the company’s performance. “We are pleased with the results for the first quarter. Prosthetics continue to deliver strong growth and confirm the success of the bionic platform. We saw strong bracing and supports sales in the U.S., giving us comfort that the right setup has been created in order to capitalize on the market opportunities in this segment. The product pipeline is exciting and in the quarter, 12 new products were launched, which is very important to fuel continued growth in both prosthetics and bracing and supports.”
