Össur, Reykjavik, Iceland, announced sales growth of 19 percent in local currency in the first quarter (1Q) 2019 and organic sales growth of 8 percent. Other highlights include:
· The prosthetics segment grew 10 percent organic and the bracing and supports segment grew 5 percent organic.
· Gross profit margin was 64 percent compared to 62 percent in 1Q 2018.
· The earnings before interest, taxes, depreciation, and amortization (EBITDA) margin was 19 percent compared to 14 percent in the comparable quarter.
· Net profit grew by 37 percent and amounted to 9 percent of sales. Growth in diluted earnings per share was 38 percent.
· Cash generated by operations was 10 percent compared to 4 percent of sales in the comparable quarter.
· Össur acquired 985,364 of its own shares through the ongoing share buyback program for $5 million in 1Q.
· Dividends corresponding to approximately $9 million or 11 percent of net profit in 2018 were paid out in March.
· 5,430,259 of its own shares with a nominal value of Icelandic Króna (ISK) 1 each were cancelled at the end of March. Össur’s share capital is now ISK 425,377,804.
· The financial guidance for the full year 2019 is unchanged.