Corporate News: MeVis publishes figures for the third quarter of fiscal year 2017/2018

As expected, decline in sales also in the third quarter

  • Revenues at € 3.9 million approximately 12 % below previous year's level
  • EBIT of € 4.4 million in the first nine months (compared to € 5.3 million in the previous year)
  • EBIT margin stable at 37 % (previous year 38 %)
  • Profit after tax of € 5.1 million (compared to € 4.0 million in the previous year)

Bremen, August 21, 2018 - MeVis Medical Solutions AG [ISIN: DE000A0LBFE4], a leading provider of medical imaging software, announces the results for the first three quarters of fiscal year 2017/2018 (reporting period October 1, 2017 to June 30, 2018).

Sales in the third quarter of fiscal year 2017/2018 came to € 3,900 k, about 12 % below previous year (€ 4,400 k). Licensing business declined by 28 % in the third quarter to € 995 k and maintenance business fell by 9 % to € 1,632 k. The service business slightly increased from € 1,256 k in the previous year period to € 1,270 k. Revenues thus amounted to € 12,133 k in the first nine months of the year (prev. year: € 14,196 k), of which € 8,192 k was attributable to the Digital Mammography segment (prev. year: € 8,984 k) and € 3,941 k to Other Diagnostics (prev. year: € 5,212 k). In the previous year, the revenues in the Other Diagnostics segment also included the one-off revenues of € 1,800 k from the sale of MeVisLab usage rights. At 68 % (prev. year: 72 %, without one-off revenue from sale of usage rights), the Digital Mammography segment continues to be the main source of revenues at the Company.

Thus, the EBIT (earnings before financial result and taxes) of € 1,304 k was generated in the third quarter and € 4,440 k in the first nine months of the year, compared to € 1,717 k and € 5,327 k in the previous year's periods. At 37 %, the EBIT margin for the first nine months remained largely stable compared to a previous year value of 38 %.

The financial result improved significantly in the period under review to € 685 k (prev. year: € -211 k). In comparison to the previous year, there were significant changes in the balance of income and expenses from exchange rate differences of € 120 k (prev. year: € -502 k), as well as in the earnings of the 51 % share in MeVis BreastCare GmbH & Co. KG of € 461 k (prev. year: € 173 k), which is recognized at equity.

Earnings after taxes amounted to € 5,122 k (prev. year: € 3,967 k), which corresponds to undiluted earnings per share of € 2.81 (prev. year: € 2.18).

"As expected, sales in the third quarter of the current financial year were also down compared to the previous year, particularly in the mammography segment. However, good cost management allowed the EBIT margin to be maintained at an attractive level of 37 %. Encouragingly, the first sales from a joint project with Varex Imaging were realized in the past quarter, which will be continued in the coming months. This mainly involves cooperation on innovative software modules in the medical sector but also increasingly in the industrial sector," said Marcus Kirchhoff, CEO of Mevis Medical Solutions AG. Dr. Robert Hannemann, CFO of MeVis Medical Solutions AG added: "We therefore maintain our forecast for the current fiscal year and expect a significant decline in sales to between € 14.5 million and € 15.0 million and an EBIT between € 3.0 million and € 3.5 million."