Össur, Reykjavik, Iceland, reported that its second quarter 2011 sales were more than US $100 million, indicating a 17 percent growth rate; all regions and segments contributed to the growth. Total sales amounted to US $105 million, compared to US $90 million for the second quarter of 2010. Overall sales growth was 16 percent for bracing and supports and 4 percent for prosthetic devices, as measured in local currency.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) amounted to US $20 million, or 19 percent of sales, and gross profit amounted to US $63 million, or 60 percent of sales. Net profit for the second quarter of 2010 was US $10 million, or ten percent of sales.
“The second quarter results are…good and in line with our guidance for the year,” said Jón Sigurðsson, president and CEO of Össur. “All product segments show decent growth, and some markets delivered excellent performance.”
Support for the second quarter 2010 sales figures includes the launch of five new products, two in the bracing and supports segment and three in the prosthetics segment.
Össur also reported that it continues to focus on consolidation of its manufacturing operations. During 2011, all bracing and supports manufacturing in the United States will be moved to a new manufacturing facility in Mexico.
Sales growth estimates for 2011 continue to be between 4 and 6 percent, in local currency. Adjusted EBITDA continues to be estimated at 20 to 21 percent for 2011.
