First effects of new distribution strategy noticeable in the half-year figures

  • Gross revenues increase by 1.3 percent to 3.2 million euros
  • EBITDA of +3.8 million euros shows signs of special effects
  • Earnings per share rises significantly from -0.08 euros to +0.40 euros
  • Liquidity of 3.7 euros offer sufficient freedom of action

Kleinostheim, 20 August 2015 – curasan AG (ISIN DE0005494538), a leading specialist for medical products in the field of bone and tissue regeneration, can point to the first positive effects of the new distribution strategy presented at the 2015 annual general meeting as reflected in its six-month report published today. The company’s gross revenues increased only moderately by 1.3 percent compared to the same period in the previous year to 3.2 million euros, but the expected temporarily weaker development in the core German market was overcompensated by international growth. Revenues in the focal area of the Middle East doubled to nearly 0.2 million euros. The United Kingdom contributed initial revenues to the result for the first time as well.

The expected decline in revenues in Germany is due primarily to the out-licensing of the orthopedic business to our exclusive partner TriMedicales as well as the termination of the sales activities related to the commercial product Cytoplast. Compared to the previous year, this was reflected in the first six months of 2015 in a revenue base reduction by 0.2 million euros. These effects will further reduce the revenue base by another 0.4 million euros in the second half of 2015.

“When the revenue base is adjusted for these, the results of the first six months are very solid,” as CEO Michael Schenk explained. “Although these dynamics certainly only reflect base effects, our strategy of tapping fertile ground in selected international regions to foster growth has been reaffirmed”.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose to +3.8 million euros from -0.4 million euros in the previous year in the wake of the out-of-court settlement reached with distributor Stryker in the second quarter. Earnings per share increased accordingly to +0.40 euros from -0.08 euros in the previous year. At the six-month point, liquidity amounted to 3.7 million euros, which was also reflected in an increase of the equity ratio to a strong 71.8 percent.

“We are well aware that our performance specification still places tough demands on us,” Schenk said in summary. “At the same time, we now have sufficient capital reserves to achieve profitability on a sustainable basis under our own steam, even if the path to growth should occasionally be bumpy in the future.”

On the basis of a conservative forecast for the full fiscal year 2015, the company expects gross revenues of 6.3 to 6.9 million euros and a net loss of 1.2 to 1.6 million euros adjusted for special effects. With the publication of the interim nine-month report for 2015, the company will provide further details of this forecast.

curasan has scheduled a conference call for analysts and qualified investors at 1:30 p.m. today. Interested parties can register by sending an e-mail to the Investor Relations and Corporate Communications departments.

curasan has made the full report on the first six months of 2015 available as a download on its website under the following link: