Össur, Reykjavik, Iceland, reported that its first quarter 2012 sales were more than US $100 million compared to US $97 million in the first quarter of 2011. All markets and product segments contributed to the growth. Sales of bracing and supports grew by 2 percent, while sales for the prosthetics segment realized 7 percent growth, both measured in Icelandic currency.
Net profit was US $10 million or 10 percent of sales, a 22 percent increase compared to the first quarter of 2011. Earnings before interest, taxes, depreciation, and amortization (EBITDA) amounted to US $18 million, or 18 percent of sales, and gross profit amounted to US $62 million or 62 percent of sales.
“Sales growth in the first quarter was good and in line with our guidance for the full year,” said Jón Sigurðsson, president and CEO of Össur. “As in past quarters all segments and regions are contributing to the growth….”
Össur reports that innovation is a key element driving growth. During the quarter, eight new products and product upgrades were launched.
Sales growth estimates for 2012 continue to be between 4 and 6 percent, measured in Icelandic currency. The adjusted EBITDA margin is estimated to be in the range of 20-21 percent of sales.
