Investor Relations

The Ambu share has a track record of high performance. And growth is a strong parameter for our success.

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30

Aug. 2019

Capital increase in connection with exercise of warrants (no. 15)

In December 2013, Ambu A/S issued 2,000,000 warrants, and in December 2015 770,000 warrants, each warrant entitling the holder to subscribe for one Class B share with a nominal value of DKK 0.50. 52 individuals participate in the 2013 scheme and 46 individuals participate in the 2015 scheme. In both cases, the vesting period is three years, and all schemes can therefore be exercised in the trading window that opened on 22 August 2019 in connection with Ambu’s interim financial report for Q3 2018/19.

Since 22 August 2019, instructions have been received to exercise warrants as follows:

  • 2013 scheme: Two individuals have issued instructions to exercise a total of 40,000 warrants at the agreed exercise price of DKK 13.26 per share with a nominal value of DKK 0.50.
  • 2015 scheme: One individual has issued instructions to exercise a total of 40,000 warrants at the agreed exercise price of DKK 39.26 per share with a nominal value of DKK 0.50.

Today Ambu’s Board of Directors decided to carry out the capital increase relating to the exercised warrants.

As a result of the capital increase, the share capital of Ambu will be increased by a nominal amount of DKK 40,000 from DKK 125,864,800 to DKK 125,904,800 through the issue of 80,000 Class B shares.

Following this and in consideration of the employees having left the company, there are 10,000 remaining warrants under the 2013 scheme being held by one individual and 410,000 remaining warrants under the 2015 scheme being held by 27 individuals.

The new B shares are expected to be admitted to trading and official listing on NASDAQ Copenhagen A/S on 5 September 2019 under the ISIN code of Ambu A/S’ existing B shares (DK0060946788).

Under section 10 of the Danish Executive Order on disclosure requirements for issuers, Ambu A/S is to announce the total share capital and the total voting rights by the end of a month in which any change of the share capital was effected. The table below shows the total share capital and the total voting rights of Ambu A/S after the capital increase.

  Number of shares
(nominal value DKK 0.50)
Nominal value
(DKK)
Voting rights
A shares 34,320,000 17,160,000 343,200,000
B shares 217,489,600 108,744,800 217,489,600
Total 251,809,600 125,904,800 560,689,600


Download this announcement as pdf: Company announcement no 15 2018/19

 

22

Aug. 2019

Interim report for Q3 2018/19 (no. 14)

In Q3, Ambu has achieved solid organic growth of 10% and an EBIT margin before special items of 20.1%. The pipeline has been advanced, US approval of ENT scopes secured, and Ambu is on plan for future launch of the duodenoscope, the cystoscope and next generation aView™ monitor. In terms of commercial infrastructure, Ambu has decided to further invest in and strengthen its largest market by moving to a 100% direct sales organization for pulmonary endoscopy in the US. Financial guidance is revised.

We have a unique position with our pipeline of Visualization products, and we believe there is an untapped potential to be released by further investments in a direct sales force. Therefore, we have decided to go 100% direct with our aScope products on the US market. We believe that in the years to come, our direct sales force will be able to maximise our revenue growth and our entrance into ENT and urology will benefit from having full control of the sales force. With this change, we will build the largest single-use direct organisation in our most important market globally creating a competitive advantage for Ambu. Our expansion is well under way and will be effective during H1 2019/20. As a result, our full-year guidance for 2018/19 and 2019/20 is changed. In line with our communication in June, we are committed to create significant value for our shareholders in the long-term through strategic investments,” says CEO Juan Jose Gonzalez.

Highlights for the quarter – Investing for the future

  • For Q3, revenue totalled DKK 773m (DKK 673m), with organic growth of 10% and reported growth of 15%. The gap between organic growth and reported growth is due to the strengthened USD/DKK exchange rate, and recog-nition of GPO fees in accordance with the accounting standard relative to the same quarter last year.
  • In Q3, Visualization contributed organic growth of 30%, Anaesthesia was flat, and PMD (Patient Monitoring & Diagnostics) delivered growth of 2%.
  • Organic growth of 15% was realised in North America, 5% in Europe and 9% in the Rest of the world. 
  • Sales of single-use endoscopes in Q3 totalled 194,000 units, up 33% relative to Q3 last year. Year to date, sales of endoscopes thus totals 525,000 units.
  • Since 2015, Ambu and Tri-anim Health Services, a leading US specialty distributor, have been in partnership to make Ambu’s single-use bronchoscopes the market leader. Today, Tri-anim covers 40% of Ambu’s revenue from sales of aScope™ products within pulmonary endoscopy in the US market. As part of the ongoing initiative to ex-pand our direct sales force, Ambu and Tri-anim have mutually agreed to fully transition the sales of aScope™ products to Ambu and the agreement has effect from 1 October 2019. We are confident that with our pipeline of new endoscope products in markets including ENT and urology, we will be able to maximise revenue growth and cross-sales ef-fects by going direct. This is an attractive investment for Ambu as transition effects will be outweighed by higher long-term growth.

    Furthermore, pricing policies towards distributors in the US will be changed with the purpose of optimizing prices. These important investments will have a one-off effect in Q4 and will cause significant changes to the guidance for the full year 2018/19 and 2019/20 and to the expected number of endoscopes sold.

A conference call is being held today, 22 August 2019, at 10.00 (CEST). The conference will be held in English and can be followed online at www.ambu.com/webcastQ32019.

Download
You can download the entire Q3 company announcement (pdf).

22

Aug. 2019

Ambu invests into a 100% direct sales organisation for pulmonology in the US (no. 13)

Ambu has decided to invest further and strengthen its largest market by transitioning sales of aScope™ products from the US distributor. As a result, Ambu will move to a 100% direct sales organisation for pulmonary endoscopy in the US. Financial guidance is revised.

Since 2015, Ambu and Tri-anim Health Services, a leading US specialty distributor, have been in partnership to make Ambu’s single-use bronchoscopes the market leader. Today, Tri-anim covers 40% of Ambu’s revenue from sales of aScope™ products within pulmonary endoscopy in the US market. As part of the ongoing initiative to expand our direct sales force, Ambu and Tri-anim have mutually agreed to fully transition the sales of aScope™ products to Ambu.

We are confident that with our pipeline of new endoscope products in markets including ENT and urology, we will be able to maximise revenue growth and cross-sales effects by going direct. This is an attractive investment for Ambu as transition effects will be outweighed by higher long-term growth,” says CEO of Ambu Juan Jose Gonzalez.

Effect on guidance for current financial year (2018/19)
The agreement to transition the partnership was entered on 22 August 2019 and takes effect from 1 October 2019. The impact to the financial outlook relative to the company announcement no. 12 2018/19 on 17 June 2019 can be summarised as follows:

  • Revenue growth will be reduced by approx. 8%-pts.
  • Number of endoscopes sold will be reduced by 150,000 units to approx. 600,000 units.
  • EBIT margin before special items will be reduced by approx. 4%-pts.
  • Free cash flow will be reduced by approx. DKK 175m.

It has been agreed that Ambu will pay a compensation to the distributor of USD 20m. The compensation is a one-off cost in Q4, accounted in the form of special items and is payable with 50% in Q4 2018/19 and Q1 2019/20, respectively.

The agreement is important for Ambu as we believe the effectiveness of our direct sales organisation combined with the ongoing expansion of our product pipeline creates a significant opportunity to create further value. Value will materialise as higher revenue growth, at better prices, combined with value from cross-selling starting with the ENT endoscopes and later the scopes for urology.

The impact to the financial guidance for the Big Five 2020 strategy (2019/20) will be provided together with the interim financial report for Q3 2018/19 on 22 august 2019.

The strategic rationale of investing in direct sales will be elaborated on in Ambu’s Q3 conference call on 22 August 2019 at 10.00 (CEST): www.ambu.com/webcastQ32019.

Download
You can download this company announcement (pdf).

Annual General Meeting 2018
(Generalforsamling 2018)

The AGM was held on 12 December in Copenhagen. See full video transmission

Go to Annual General Meeting

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Upcoming events

25

Sep. 2019

SEB Q3 roadshow

Frankfurt and Paris
25-26 September 2019
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30

Sep. 2019

End of fiscal year 2018/19

16

Oct. 2019

Silent period until release of annual report

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