Össur, Reykjavik, Iceland, announced that its third quarter 2011 sales increased 12 percent, measured in Icelandic currency. Total sales amounted to US $101 million, compared to US $87 million in the third quarter of 2010. All markets and product segments contributed to the growth. Performance in bracing and supports delivered sales growth of 17 percent and performance in prosthetics delivered sales growth of 7 percent, measured in Icelandic currency. During the quarter, six new products were launched, four bracing and supports products and two prosthetic products.
The company said net profit amounted to US $11 million, a 165 percent increase compared to the same quarter in 2010. Earnings before interest, taxes, depreciation, and amortization (EBITDA) were US $21 million, or 21 percent of sales, and gross profit was US $64 million, or 63 percent of sales.
“The sales in the third quarter are excellent and we are pleased with the overall performance,” said Jón Sigurðsson, president and CEO. “All regions and product segments are growing. [A] healthy flow of new products fuels the growth and…products launched in 2010 and 2011 are strong contributors to this success.”
Management maintains estimates of Icelandic currency organic sales growth for 2011 in the range of 4-6 percent.
