Corporate News: MeVis’ leap in sales and profits in the third quarter

Accumulated revenues exceed previous year by 9 % because of a very strong third quarter

  • After the first nine month consolidated sales increased by 9 % year on year to € 11.1 million
  • Maintenance business contributes 42 % to the revenues (prev. year: 44 %)
  • Earnings before interest and taxes (EBIT) again significantly increased by € 1.2 million to € 3.2 million (prev. year: € 2.0 million)
  • Consolidated net profit also increased considerably to € 2.9 million (prev. year: € 0.5 million)
  • Liquidity raised to € 11.7 million (December 31, 2012: € 8.7 million)
  • In 2014, however, planned increase of resources due to increased customer requirements on existing products

Bremen, November 11, 2013 – Today, MeVis Medical Solutions AG [ISIN: DE000A0LBFE4], a leading software provider for the medical imaging market, announced its results for the first three quarters of 2013.

Sales in the third quarter of 2013 came to € 4,210 k, up a considerable 30 % on the third quarter of 2012 (prev. year. € 3,235 k). Sales in the first nine months of 2013 totaled € 11,072 k, which is an increase of 9 % year on year (prev. year:  € 10,113 k). Maintenance and service revenues rose once again by 3 % to € 4,615 k (prev. year: € 4,499 k) and account for 42 % of total sales (prev. year: 44 %). License sales even increased by 10 % to € 5,773 k (prev. year: € 5,257 k). Higher grants for development costs and maintenance have also contributed to sales in 2013.

Sales in the Digital Mammography segment increased considerably by 11 % to € 8,516 k (prev. year: € 7,694 k). Sales in the Other Diagnostics segment also increased, by 6 % to € 2,556 k (prev. year: € 2,419 k).

Capitalized development expenses were almost halved in the first nine months of 2013, falling by 44 % year on year to € 1,075 k (prev. year: € 1,908 k).

Operating costs in the third quarter of 2013 were up slightly on the prior-year quarter; however, operating costs in the first nine months of 2013 are still down significantly year on year. Personnel expenses amounted to € 1,963 k, up 7 % on the prior-year quarter. For the first three quarters, this corresponds to a total drop of 7 %. Other operating expenses amounted to € 485 k in the third quarter, which corresponds to an increase of 11 % on the prior-year quarter. However, for the first three quarters of 2013, this also represents a drop of 12 %.

Depreciation and amortization came to € 1,596 k (down 32 % year on year), resulting in EBIT (earnings before interest and taxes) of € 3,162 k (up a significant 62 % on the prior-year figure of € 1,951 k) and an EBIT margin of 29 % (prev. year: 19 %).

With a financial result of € -107 k and very low income tax expenses, the first nine months of 2013 closed on a very positive note, with consolidated net profit of € 2,949 k (prev. year: € 472 k). This resulted in earnings per share of € 1.71 (prev. year: € 0.27).

Cash and cash equivalents also increased in the third quarter of 2013 and amounted to € 11,714 k as of September 30, 2013 (compared to € 8,665 k as of December 31, 2012).

"Based on the performance so far, on November 4th, we once again raised our forecast for 2013. We currently anticipate that sales for fiscal year 2013 will be higher than the level in fiscal year 2012. In addition, we expect consolidated earnings before interest and taxes (EBIT) well above the prior-year figure and a positive cash flow from operating activities.“ said Dr. Robert Hannemann, CFO of MeVis Medical Solutions AG.

"Following the completion of the consolidation measures, we continue to focus heavily on the development and implementation of measures designed to generate future sales growth, where we can already see the first project successes.“ added Marcus Kirchhoff, CEO of MeVis Medical Solutions AG. "We will, at the end of this year, launch first services, such as the MeVis Online Academy and MeVis Online CAD as part of our business with internet-based services. Furthermore, due to increased customer requirements for existing products we will, for the first time again, increase our resources in the coming quarters.”

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