Ossur, Reykjavik, Iceland, announced that its second quarter 2010 sales increased 12 percent, measured in local currency. Total sales amounted to US $90 million, compared to US $81 million in the second quarter of 2009. Both major product segments show double-digit growth-prosthetics, 15 percent, and bracing and supports, 11 percent, measured in local currency.
The company said its profits remain strong. Earnings before interest, taxes, depreciation, and amortization (EBITDA) amounted to US $20 million, or 22 percent, of sales, and gross profit amounted to US $56 million, or 62 percent, of sales. Overall margins remain stable and increased profits were driven by good sales growth. Net profit amounted to US $14 million compared to US $2 million for the same period in 2009. Net profit is significantly impacted by positive exchange gains flowing through financial items.
“Overall performance in the second quarter was strong across all markets, and main product segments delivered double digit growth,” Ossur President and CEO Jon Sigurdsson said. “New product launches in bracing and supports, in the first half of the year, have created excitement and are contributing to the growth in the B&S [bracing and supports] segment. The sales growth in prosthetics in the quarter is fueled by good sales across all major product lines as well as the continued success of the bionic products.”
This is the second consecutive quarter showing positive sales results of bracing and supports products in the Americas, with sales exceeding market growth. Sales of bracing and supports in Europe, the Middle East, and Africa grew in line with the market.
