Corporate News: MeVis' profitability remains high with stable revenues

Sales increase of 9 % in the second quarter offsets decline in sales from the previous quarter


  • Consolidated sales after the first six month with € 6.9 million stabilized on the level of the previuos year  
  • Maintenance business contributes 44 % to the revenues (prev. year: 43 %)
  • Earnings before interest and taxes (EBIT) again significantly increased by 30 % to € 1.6 million (prev. year: € 1.3 million)
  • Consolidated net profit also increased considerably to € 1.6 million (prev. year: € 0.7 million)
  • Liquidity raised to € 9.6 million (December 31, 2012: € 8.7 million)

 

Bremen, August 26, 2013 - Today, MeVis Medical Solutions AG [ISIN: DE000A0LBFE4], a leading software provider for the medical imaging market, announced its results for the first half of 2013.

Sales in the second quarter of 2013 exceeded the prior-year quarter with € 3,544 k, by 9 % (€ 3,241 k). At € 6,862 k, sales in the first half of the year were constant year on year (prev. year: € 6,878 k). Maintenance and service revenues again rose by 2 % to € 3,036 k (prev. year: € 2,978 k) and contributed 44 % of total revenue (prev. year: 43 %). In contrast, license sales declined slightly by 4 % to € 3,520 k (prev. year: € 3,670 k)

Sales in the Digital Mammography segment went up slightly by 1 % to € 5,186 k (prev. year: € 5,145 k). In contrast, sales in the Other Diagnostics segment declined by 3 % to € 1,676 k (prev. year: € 1,733 k).

Capitalized development expenses were significantly reduced by 46 % in the first half of 2013 year on year to € 760 k (prev. year: € 1,409 k).

Operating costs were again significantly reduced in the second quarter of 2013. Personnel expenses amounted to € 1,927 k, 9 % down on the prior-year quarter. For the first half of the year, this corresponds to a total drop of 12 %. Other operating expenses also decreased to € 434 k, corresponding to a 21 % drop year on year.

After depreciation and amortization of € 1,033 k (38 % down year on year) the first half of 2013 results in an EBIT (earnings before interest and taxes) of € 1,638 k, up a significant 30 % on the prior-year figure of € 1,256 k, mainly due to a consistent cost management. The EBIT margin increased to 24 % (prev. year: 18 %).

With a net financial result of € -82 k and very low income tax the first half of 2013 closed on a very positive note, with consolidated net profit of € 1,551 k (prev. year: € 666 k). This resulted in earnings per share of € 0.90 (prev. year: € 0.39).

Cash and cash equivalents went up in the first half of 2013 by € 902 k to € 9,568 k (€ 8,665 k as of December 31, 2012).

"Based on our current performance we are raising our forecast for 2013. We now expect a stable growth in sales instead of a slight decline in sales. In our assessment the Group's earnings before interest and taxes (EBIT) are substantially influenced by the sales performance, by a reduced capitalization of development costs and by a further slight reduction in personnel expenses and other operating expenses. Overall for 2013, we now expect an increase in EBIT instead of a slight decline. Further, we expect a positive cash flow for this year." said Dr. Robert Hannemann, CFO of MeVis Medical Solutions AG. "We are also pleased that we have largely completed the streamlining of the Group structure with the merger of MeVis BreastCare Solutions (MBS) with its parent company MMS AG, which came into effect on August 1."

"Now that the consolidation measures have largely been concluded with corresponding positive effects on our results we have laid a solid foundation for MeVis' future growth." added Marcus Kirchhoff, CEO of MeVis Medical Solutions AG. "We will continue to focus on the development and implementation of measures to generate future sales growth. We have also continued our promising talks with potential new industrial customers to gain additional customers in our core business of selling software licenses and therefore to modify and expand our product portfolio to meet the needs of our customers. In order to build up the business with internet-based services, we will launch initial services on the market in the fourth quarter of this year and gradually expand these services."

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