Össur, Reykjavik, Iceland, has reported its fourth quarter (4Q) and full-year (FY) 2013 financial results. In 4Q, net profit and earnings per share (EPS) increased 75 percent; 4Q net profit was US $14 million, compared to US $8 million in 4Q 2012. Sales amounted to $128 million, compared to $98 million in 4Q 2012, corresponding to 29 percent growth and 7 percent organic growth, both measured in Icelandic currency. Earnings before interest, taxes, depreciation, and amortization (EBITDA) in 4Q increased 69 percent and amounted to $24 million and 19 percent of sales compared to $14 million and 15 percent of sales in 4Q 2012. Excluding the impact from acquired companies, the EBITDA margin was 20 percent. Cash generated by operations increased 14 percent and amounted to $29 million.
For FY 2013, Össur reported that net profit and EPS increased 8 percent. Net profit was US $41 million or 9 percent of sales, compared to US $38 million and 9 percent of sales in 2012. Sales amounted to US $436 million compared to US $399 million in 2012, corresponding to 9 percent growth and 2 percent organic growth, both measured in Icelandic currency. Bracing and supports sales growth was 12 percent and 2 percent organic, and prosthetics sales growth was 6 percent and 4 percent organic, all measured in Icelandic currency. Gross profit was US $270 million and 62 percent of sales, compared to $US 248 million and 62 percent of sales in 2012. EBITDA amounted to US $75 million and 17 percent of sales, compared to US $70 million and 18 percent of sales in 2012. EBITDA margin adjusted for one-time expenses and excluding the impact from acquisitions amounted to 19 percent of sales.
Cash flow from operations amounted to US $73 million and 17 percent of sales, compared to US $71 million and 18 percent of sales in 2012. During the year, Össur closed three acquisitions; sales from acquired companies amounted to $26 million in 2013. Cost savings initiatives, executed in the first half of the year, resulted in $5 million in savings for 2013.
“We [had] yet another good year in EMEA [Europe, the Middle East, and Africa] behind us and in Americas we [saw] some positive developments in the second half of the year,” said Jón Sigurðsson, president and CEO. “Asia delivered excellent growth as in previous years. During the year we closed three acquisitions, strengthening our position and sales channels, primarily in Scandinavia.”
For 2014, the company estimates 14-16 percent sales growth and 2-4 percent organic sales growth, measured in Icelandic currency; EBITDA margin is estimated to be 17-19 percent of 2014 sales.