Össur, Reykjavik, Iceland, reported that its 2010 sales reached US $359 million, as compared to US $331 million in 2009, for an 8.5-percent growth rate. This represents 12-percent growth in bracing and supports and 8-percent growth in prosthetics, as measured in local currency, according to a company press release.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) amounted to US $74 million or 21 percent of sales, and gross profit reached US $23 million or 62 percent of sales. Net profit for 2010 amounted to US $35 million or 10 percent of sales, as compared to the previous year’s US $23 million, and 7 percent of sales respectively.
“Overall the results for 2010 are very satisfying,” said Jon Sigurdsson, president and CEO of Össur. “The product pipeline has been strong and an important contributor to this year’s success.”
Support for the 2010 sales figures included the launch of 22 products, including the Proprio Foot, Össur’s second bionic platform product, as well as the Miami Lumbar and Rebound Walker, new products mentioned as contributing to the growth in the company’s bracing and support segment. Extensive changes to the company’s sales structure and strategy in the Americas in 2009, including investments in distribution channels and an increase in sales coverage, were also cited as contributors to the company’s growth in sales volume.
Sales in 2011 are expected to grow between 4 and 6 percent, in local currency estimates. Adjusted EBITDA is estimated to be between 20 and 21 percent for 2011.
