curasan continues dynamic growth in the third quarter

  • Gross revenues increase by 8.9 percent to 4.83 million euros in the first nine months 
  • Revenues increase in the third quarter (excluding the United States) by around 20 percent
  • Share of export revenues rises further to 80 percent

Kleinostheim, 10 November 2016 – curasan AG (ISIN DE0005494538), a leading specialist for medical products in the field of orthobiologics, continued its dynamic revenue growth in the third quarter. Adjusted gross revenues rose by 8.9 percent over the comparable period in 2015 to 4.83 million euros. Excluding the American subsidiary curasan Inc., which is currently undergoing reorganization, consolidated revenues even rose by around 20.X percent in the third quarter.

After the change in management at curasan Inc. in June 2016, the American subsidiary focused more intensively on the restructuring of internal sales in the dental segment to external sales in the billion-dollar orthopedic market.. “Based on our experience in other markets, we anticipated the dip in growth in the United States in conjunction with the reorganization,” explained Michael Schlenk, CEO of curasan AG. “At the latest with the approval of our product CERASORB Ortho Foam by the FDA in the first quarter of 2017 and the accompanying product rollout, we will be able to reap the fruits of our current efforts.”

The strong international growth in revenues in the third quarter came once again primarily from the defined growth regions. In the Middle East, revenues rose by 31.8 percent to 0.37 million euros (first 9 months of 2015: 0.28 million euros), while revenues in Asia increased by 7.6 percent to 1.00 million euros (first 9 months of 2015: 0.93 million euros). In Europe, the United Kingdom in particular experienced very positive development. The share of export revenues thus increased further to 78 percent (first nine months of 2015: 74 percent).

“In the meantime we have developed a certain routine in the development and reorganization of sales and distribution structures,” emphasized chief executive officer Schlenk. “That now works to our advantage in focusing on the orthopedic sector in the United States, and we are currently experiencing an upswing in the fourth quarter. The full potential will develop in early 2017.”

Earnings before interest, taxes, depreciation and amortization (EBITDA), which was clearly positive in the previous year due to the settlement with Stryker, was within expectations at -1.64 million euros (first nine months of 2015: 3.09 million euros). Despite significantly higher costs due to scheduled increases in expenditures for marketing and sales, we succeeded in cutting the losses in the third quarter compared to the previous year. The quarterly loss at -0.84 million euros was 3.0 percent lower than in the comparable period of 2015 (Q3 2015: -0.87 million euros).

Free liquidity, i.e. liquid funds plus fully collateralized and contractually warranted current account overdraft facilities, was at an adequate level of 1.0 million euros. Based on the sales already invoiced in the fourth quarter and the expected year-end business, the management board of the company currently assumes that the published guidance with respect to the gross revenues of 6.7 to 7.1 million euros expected for the full year will be fulfilled in the mid- to upper range. With regard to results, investments in the future growth of the company will simultaneously lead to the fulfillment of the guidance at the lower end of the range according to current estimates.

CEO Michael Schlenk will personally discuss the results in detail during an open teleconference for analysts, qualified investors and journalists starting at 2:00 p.m. today. To register for the teleconference, please send an e-mail to the Investor Relations and Corporate Communications departments (IR@curasan.com).

The complete nine-month financial report for 2016 is available for download on the website of curasan AG at the following link: www.curasan.de/investoren/publikationen/finanzberichte.

Your contacts at curasan AG:

Ingo Middelmenne
Head of Investor Relations
+49 6027 40 900-45
+49 174 90 911 90
ingo.middelmenne@curasan.com

Andrea Weidner
Head of Corporate Communications
+49 6027 40 900-51
andrea.weidner@curasan.com

 About curasan AG:

curasan AG develops, manufactures and markets biomaterials and other medical products in the field of bone and tissue regeneration. A pioneer in its industry, curasan is specialized primarily on synthetic bone grafting ­materials for dental and orthopaedic applications. Numerous patents and a comprehensive list of scientific documentation prove the clinical success of the products and the highly innovative strength of curasan. Surgically active dentists, implantologists and oral, maxillary and dentofacial surgeons, as well as orthopaedics, traumatologists and spinal column surgeons worldwide benefit from the broad range of the premium quality and user-oriented portfolio offered by the technology leader. curasan maintains its own high-tech facilities for research, development and manufacturing in Frankfurt/Main, Germany, which are approved by the Food and Drug Administration (FDA) and other international authorities. In addition to its headquarters, the company has a subsidiary, curasan Inc., in the Research Triangle Park, near Raleigh, N.C., USA.The shares of curasan AG are listed in the General Standard at the Frankfurt Stock Exchange.