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Interim report Q3 2016/17 (no. 15)

Ambu raises its outlook for the year after a quarter with growth of 16%, an EBIT margin of 21.6% and free cash flows of DKK 99m.

In Q3, we again saw a steady increase in growth and a solid increase in earnings, with EBIT increasing by 38% and the EBIT margin by 3.4 percentage points. The strong trend within our visualisation products continues, with growth of 79% during the year relative to last year, and our two business areas both contribute to the overall growth. Geographically, we are in a strong position, with double-digit growth in all sales regions. We therefore raise our outlook for the year and look forward to concluding our four-year strategy in fighting form, and setting new ambitious targets for the period towards 2020,” says President and CEO Lars Marcher.

Highlights for Q3 2016/17

  • Revenue of DKK 601m was posted, representing growth of 16% in local currencies and in Danish kroner.
  • Anaesthesia contributed growth of 23%, while PMD (Patient Monitoring & Diagnostics) delivered growth of 5%.
  • Europe contributed growth of 13%, North America also contributed 13% and the rest of the world 40%.
  • Sales of videoscopes reached 95,000 units. Sales volumes are thus up 62% relative to Q3 last year.
  • The gross margin was 57.1% (54.9%), equating to an improvement of 2.2 percentage points. The improvement is in line with the development since the beginning of the year and is driven by a good product mix, double-digit growth as well as increased efficiency at the factories.
  • Total capacity costs were DKK 213m (DKK 190m), corresponding to an increase of 12%.
  • EBIT was DKK 130m (DKK 94m) with an EBIT margin of 21.6% (18.2%), corresponding to a 38% improvement. Year to date, the EBIT margin was 18.3% (14.9%).
  • Net working capital relative to revenue saw strong improvement and now amounts to 21% (24%).
  • Free cash flows before acquisitions of enterprises were DKK 99m (DKK 172m) and DKK 193m (DKK 206m) for the year to date.
  • The outlook for 2016/17 is raised. The outlook is now for organic growth of approx. 14% against the previously announced outlook of 12-14%. The EBIT margin is expected to remain unchanged at approx. 19%, while free cash flows of approx. DKK 300m are now expected against earlier expectations of DKK 250-275m. Net interest-bearing debt is now expected to be in the region of 1.4 x EBITDA rather than in the region of 1.5 x EBITDA.

A conference call is being held today, 23 August 2017, at 11.00 (CET). Please call the following number five minutes before the start of the conference: +45 3544 5580. The conference can be followed via and is held in English. The presentation can be downloaded immediately before the conference call via the same link.

You can download the full company announcement here (pdf): Interim report Q3 2016/17

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