Revenue shifts have lowering impact on revenues and earnings

DISCLOSURE OF INSIDE INFORMATION PURSUANT TO ARTICLE 17 SECTION 4 MAR  – published 20.10.2017 / 13:47 CET/CEST

Kleinostheim, 20 October 2017 – Within the framework of a management meeting held today, the Management Board of curasan AG (ISIN DE0005494538) has come to the conclusion that several effects have had a negative impact on the expected future orders to be realized in the current financial year. Due to these shifts, curasan AG reduces the forecast for the year 2017 in terms of revenues as well as earnings expectations.

The main reasons were, on the one hand, the search for a strategic partner for the Chinese market, which took longer than expected at the beginning of the year. However, with Chindex Hong Kong Ltd., the company will be able to build on an internationally well-networked partner in the future and expect significant positive impulses especially in the Asian market (China, Hong Kong, Macao, Taiwan) in the following years. Moreover, the search for an optimal sales partner for the orthopedic sector in the USA was more time-consuming than previously anticipated. As a result, sales growth in both the orthopedic and dental sectors is currently below expectations. The sustained growth in revenues in the US focus market, which is absorbed here, will therefore only be realized from 2018.

In addition, production bottlenecks currently lead to curasan being unable to fully meet the demand for the successful CERASORB Foam product. This results in displacements of revenues that were firmly integrated into the planning process.

Due to the mentioned shifts, new legal requirements regarding the re-certification of existing curasan products also had a negative effect. In the current year, therefore, new documents had to be submitted to the relevant authorities, which led to delays in re-certification processes and ultimately also in the generation of revenues. The Middle East North Africa (MENA) region here is the most affected.

Against the backdrop of the aforementioned effects, the Management Board of curasan AG reduces the revenues and earnings forecast for the current financial year 2017 and now expects gross revenues of EUR 6.9 to 7.2 million and a net result of EUR  -3.9 to  -4.2 million.

 

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