Össur, Reykjavik, Iceland, reported that its 2012 sales were US $399 million compared to US $398 million in 2011. Sales growth in prosthetics was 4 percent, and sales growth for bracing and supports was 3 percent, both measured in Icelandic currency. The fourth quarter was a record quarter in Össur’s bionic sales, accounting for 17 percent of prosthetics sales.
Gross profit amounted to US $248 million, or 62 percent, the same ratio as in 2011. Earnings before interest, taxes, depreciation, and amortization (EBITDA) amounted to US $70 million, an 18 percent margin.
Net profit increased by 9 percent in 2012, or US $38 million, compared to US $35 million in 2011. Cash flow from operations was 18 percent of sales in 2012, up from 17 percent in 2011.
“One of our most advanced bionic products, POWER KNEE, was accepted into the reimbursement system in the U.S. as of 1 January 2013,” said Jón Sigurðsson, president and CEO. “We are pleased to see the continued demand for high-end and quality solutions based on clinical and a health economical outcome.”
During the year, 29 products were launched with a mix between bracing and supports and prosthetics.
Organic sales growth estimates for 2013, in Iceland currency, range from 2-4 percent; EBITDA margin is estimated to be 18-19 percent of 2013 sales.
Based on the company’s consistent profitability and strong cash flows, Össur said its board of directors will propose a new dividend payment policy to the shareholders at its annual general meeting on March 15, 2013.
