- Revenues declined by €1.7 million to € 16.8 million
- EBIT of € 6.7 million, 40 % margin
- Net income increased by €1.6 million to € 7.2 million
- Forecast for fiscal year 2018/2019:
- Slight decline in revenues to € 16.0 million to € 16.5 million
- Significant decline in EBIT to € 1.5 million to € 2.0 million, including expected impairment of € 4.5 million
Bremen, January 29, 2019 - MeVis Medical Solutions AG [ISIN: DE000A0LBFE4], a leading provider of medical imaging software, announces its results for fiscal year 2017/2018 (October 1, 2017 to September 30, 2018).
Revenues in the past fiscal year 2017/2018 amounted to € 16.8 million (compared to € 18.5 million in fiscal year 2016/2017). 31 % of sales revenues are attributable to license business of € 5.2 million (prev. year: € 5.7 million), 42 % to revenues from maintenance contracts (software service contracts) of € 7.1 million (prev. year: € 7.5 million) and 27 % to other revenues of € 4.5 million (prev. year: € 5.3 million). The decline in license and maintenance revenues compared to the previous year is mainly due to the significantly lower average USD exchange rate compared to the previous year. The decline in revenues from other revenues compared with the previous year, which included the sale of extensive usage rights to MeVisLab for € 1.8 million, was reduced by an increase in revenues in the Development Services.
As a result, EBIT (earnings before financial result and taxes) of € 6.7 million was generated in 2017/2018, compared to € 8.0 million in 2016/2017. Although the EBIT margin of 40 % was lower than the previous year's figure of 43 %, it is still very attractive.
The financial result of MeVis is significantly impacted by the exchange rate between the respective balance sheet dates and has improved by € 1.4 million to € 0.6 million compared to the previous year due to the stronger closing rate at the end of the fiscal year.
Due to the fiscal unity in the past fiscal year, only minor income taxes for € 0.1 million were incurred, after a tax expense of € 1.5 million in the previous year.
This results in a net profit of € 7.2 million (43 % margin) for fiscal year 2017/2018, compared to € 5.6 million (30 % margin) in 2016/2017. This corresponds to undiluted earnings per share of € 3.94 compared to € 3.09 in 2016/2017.
"Fiscal year 2017/2018 was another very successful year for us." Said Marcus Kirchhoff, CEO of MeVis Medical Solutions AG, "but our dependency on Hologic remains very high, which will have a significant negative impact on sales and earnings in the medium to long term. On the other hand, the increase in revenues from new projects, e.g. as part of the cooperation with Varian Medical Systems in the Development Services segment or with the Varex Imaging Corporation, is a positive factor for us. Here we expect a further increase in 2018/2019. At the same time, we are working hard to expand our offerings in the areas of cloud-based systems, online training products, software as a service, imaging modules and services."
Dr. Robert Hannemann, CFO of MeVis Medical Solutions AG, added: "For fiscal year 2018/2019, we expect a slight decline in revenues to € 16.0 million to € 16.5 million. The expected revenue decline in the Digital Mammography segment will only be partially offset by the forecasted revenue growth in the Development Services and Other Operating Activities segments. Earnings before financial result and taxes (EBIT) are expected to decline significantly to between € 1.5 million and € 2.0 million. This includes an expected impairment of goodwill for the Hologic (Digital Mammography) business of € 4.5 million."
The interim financial report for the first quarter of fiscal year 2018/2019 will be published on February 26, 2019.