Corporate News: 23.01.2018 MeVis publishes figures for fiscal year 2016/2017 and forecast for 2017/2018
Bremen, January 23, 2018 - MeVis Medical Solutions AG [ISIN: DE000A0LBFE4], a leading provider of medical imaging software, announces its results for fiscal year 2016/2017 (October 1, 2016 to September 30, 2017):
Revenues in fiscal year 2016/2017 amounted to € 18.5 million (compared to € 12.1 million in nine month in the short fiscal year 2016). The improvement in sales compared with the previous year is mainly attributable to the Other Diagnostics segment. A one-time effect, the sale of extensive usage rights to the MeVisLab tool for the development of software prototypes, amounting to € 1.8 million contributed mainly to this increase. In addition, regular business with a number of other products and services in the Other Diagnostics segment developed very positively, such as higher license sales of LungCAD and increased activities in MeVis Online Services. Business with Hologic, which forms the Digital Mammography segment, thus contributed 67 % to sales this year (compared with 79 % in the previous year); the share of sales accounted for by the Other Diagnostics segment rose sharply from 21 % to 33 %. The share of the licensing business has declined significantly from 46 % of total revenues in 2016 to 30 % in 2016/2017. The share of maintenance business remained largely constant at 45 % of total sales (2016: 46 %). Accordingly, the share of the services business (including the sale of usage rights to MeVisLab) rose sharply from 9 % to 29 % of sales.
As a result, EBIT (earnings before financial result and taxes) of € 8.0 million was generated in 2016/2017, compared to € 4.0 million in the first nine months of 2016, which corresponds to an increase in the EBIT margin from 32 % to 43 %.
The financial result of MeVis is significantly impacted by the exchange rate development of the US$ between the reporting dates, as most of the available liquidity is held in US$. Due to the further weakening of the US$ in the past fiscal year, expenses from exchange rate differences increased from € 0.5 million to € 1.5 million. The financial result was positively influenced by the very encouraging development of our joint venture with Siemens, MBC, whose prorated earnings rose sharply from € 7 k to € 0.5 million.
Income taxes of € 1.5 million incurred in fiscal year 2016/2017. As a result of the fiscal unity for income tax purposes in the previous year, no taxes incurred in the short fiscal year 2016.
This results in a net profit for the fiscal year 2016/2017 of € 5.6 million (30 % margin), compared to € 3.4 million (28 % margin) in 2016, which corresponds to undiluted earnings per share of € 3.09, compared to € 1.88 in 2016.
"Fiscal year 2016/2017 was again a very successful year for us," said Marcus Kirchhoff, CEO of MeVis Medical Solutions AG, "although the medium- and long-term prospects for the future are significantly clouded by the change in cooperation initiated by Hologic and the associated expected decline in sales in the Digital Mammography segment. Sales in the area of Cloud-based Solutions and MeVis Online Services, on the other hand, are developing more and more positively, and initial sales were also realized with Varian Medical Systems, as a new customer."
Dr. Robert Hannemann, CFO of MeVis Medical Solutions AG, added: "For fiscal year 2017/2018, we expect a significant decline in revenues to between € 14.5 million and € 15.0 million, mainly due to the declining business expectations of the Digital Mammography segment. Earnings before financial result and taxes (EBIT) should also decline significantly to € 3.0 million to € 3.5 million as a result of the expected sales development."
The interim financial report for the first quarter of fiscal year 2017/2018 will be published on February 20, 2018.