Corporate | 26 October 2011 07:44
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STRATEC Biomedical AG / Key word(s): Quarter Results/Interim Report
STRATEC reports strong nine-month growth and reaffirms its financial guidance
– Sales of EUR 80.2 million in 9M/2011 (+15.9%; 9M/2010: EUR 69.2 million) – Increased EBIT margin of 18.8% in 9M/2011 (9M/2010: 18.5%) – One-off tax charge of EUR 1.6 million resulting from routine tax audit for FYs 2005 to 2008 – Consolidated net income* of EUR 11.4 million in 9M/2011 (+17.4%; 9M/2010: EUR 9.8 million) – Earnings per share* of EUR 0.99 in 9M/2011 (+16.5%; 9M/2010: EUR 0.85) – 2011 financial guidance reaffirmed (sales of EUR 114 million to EUR 123 million / EBIT margin > 18.5%) – Development and supply agreement with Quanterix Corp., USA
Birkenfeld, October 26, 2011 STRATEC Biomedical AG (Frankfurt: SBS; Prime Standard, TecDAX) today announced its figures for the period from January 1, 2011 to September 30, 2011 upon the publication of its interim report as of September 30, 2011.
* adjusted for a one-off item resulting from a routine tax audit for the financial years 2005 to 2008
Financial performance
STRATEC incurred a one-off tax charge of EUR 1.6 million following a routine tax audit for the financial years 2005 to 2008 (previous year: EUR 0.0m). Given the issues identified, the company does not expect any additional tax charge for the financial years 2009 through 2011 and may benefit from a slightly improved tax rate in future. Excluding this one-off item, consolidated net income for the first nine months of 2011 grew by 17.4% to EUR 11.4 million. This corresponds to adjusted earnings per share of EUR 0.99 (previous year: EUR 0.85). As expected, STRATEC has seen a further increase in the rate of sales growth in the final three months of the current financial year, as a result of which it still expects to generate full-year sales within the forecast corridor of EUR 114 million to EUR 123 million with an EBIT margin of at least 18.5%. This expected growth is mainly attributable to the rising quantities of newly launched systems, as well as further production ramp-ups ahead of new market launches.
Project development
Two of the three new contracts expected in 2011 were signed in the first nine months of the year (including a development and supply agreement with Quanterix Corp., USA), with further development work already having started on these. The agreement signed with Quanterix in August 2011 represents a development and supply agreement under which the two companies will jointly develop and manufacture a fully automated analyzer system to automate Quanterix' technology (single molecule array technology) both in the field of life sciences and for in-vitro diagnostics (IVD). Quanterix expects the market launch of the life sciences system to take place in 2013. The marketing of an IVD platform is scheduled for 2014. Negotiations, in some cases advanced, are also currently underway for several other new projects. Although it is very difficult to predict the specific timescale when new contracts will be signed, STRATEC expects to be able to announce further new contracts in the coming months.
Other developments
With regard to our customers' purchase planning, there are still no indications that government savings and fiscal policy measures in the euro and dollar regions will have any material implications for our company. STRATEC's business model remains largely independent of macroeconomic factors. Fluctuations in the market, such as volatile test volumes, a development reported in particular in the USA, have so far not been reflected in the talks we have held with customers about new and follow-up projects.
Development in staff totals
Outlook
Further details can be found in our Interim Report as of September 30, 2011 published at www.stratec.com > Investor Relations > IR News > Financial Reports.
About STRATEC
The company develops its products on the basis of its own patented technologies. Shares in the company (ISIN: DE0007289001) are traded in the Prime Standard segment of the Frankfurt Stock Exchange and are listed in the TecDAX select index of the German Stock Exchange. The STRATEC Group consists of the publicly listed parent company STRATEC Systems AG and of subsidiaries and second-tier subsidiaries in Germany, the USA, the UK, Switzerland and Romania.
Further information can be obtained from:
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| Language: | English | |
| Company: | STRATEC Biomedical AG | |
| Gewerbestr. 37 | ||
| 75217 Birkenfeld | ||
| Germany | ||
| Phone: | +49 (0)7082 7916 0 | |
| Fax: | +49 (0)7082 7916 999 | |
| E-mail: | info@stratec.com | |
| Internet: | www.stratec.com | |
| ISIN: | DE0007289001 | |
| WKN: | 728900 | |
| Listed: | Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, München, Stuttgart | |
| End of News | DGAP News-Service |
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