Össur, Reykjavik, Iceland, reported that its year-end (YE) 2011 total sales were US $401 million, compared to US $359 million for 2010; all markets and product segments contributed to the growth. Bracing and supports closed the year with 15 percent growth, while sales growth in prosthetics closed the year with 4 percent growth, both measured in Icelandic currency.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) amounted to US $76 million, or 19 percent of sales, and gross profit amounted to US $249 million, or 62 percent of sales. Net profit amounted to US $37 million, or 9 percent of sales.
“Innovation continues to be a key element driving growth, with all segments and markets contributing,” said Jón Sigurðsson, president and CEO.
According to Össur, 2011 highlights include an investment in increased sales coverage, which has been a main growth driver; the opening of a new manufacturing facility in Tijuana, Mexico; and the introduction of 25 new products that were launched, with a healthy mix between bracing and supports products and prosthetics.
Sales growth estimates for 2012 continue to be in the 4-6 percent range, in Icelandic currency. Adjusted EBITDA continues to be estimated in the range of 20-21 percent of 2012 sales.
