Sales in the first quarter of 2015 increased by 6.14% over the same time for Össur, according to recently released financial results.
Sales for the quarter were the equivalent of $114 million, compared to $121 in the first quarter of 2014. Sales correspond to local currency growth of 5% and 4% organic growth.
Bracing and supports sales growth was 3% and 3% organic, while prosthetics sales growth was 9% and 6% organic, all measured in local currency. The company’s gross profit amounted to $71 million and 63% of sales, compared to $ 76 million and 63% of sales in the first quarter of 2014. EBITDA increased by 3% and amounted to $21 million or 18% of sales, compared to $20 million or 17% of sales in the first quarter of 2014. EBITDA grew by 12% in local currency.
Net profit decreased by 21% and amounted to $9 million or 8% of sales, compared to $11 million or 9% of sales in the first quarter of 2014.
“The results of this quarter are in line with our expectations,” Jón Sigurðsson, Össur president and CEO, stated in a company press release. “We delivered strong operational results with good profitability, despite adverse currency fluctuations and the first quarter being seasonally weak for us. Prosthetics sales growth was excellent across all of our major markets and product lines. Sales growth in bracing and supports was in line with expectations. Our continued focus on selling high-end innovative products is contributing nicely to improved product mix and increased profitability.”
Össur reported its sales and profits were significantly impacted by the strengthening of the dollar, which negatively affected sales by $13 million and EBITDA by $2 million. Cash generated by operations amounted to $7 million or 6% of sales, compared to $12 million or 10% of sales in the first quarter of 2014.
