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High-growth company with focus on becoming a single-use pure player within all main endoscopy markets.

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May. 2020

Ambu is now a member of UN Global Compact

When Holger Hesse founded Ambu in 1937, it was with a desire to have a positive impact on the world. A positive impact on healthcare and a positive impact on business practises.

Through the years, different words have been used to describe these efforts in our company: Decency, morals, professional pride, social responsibility, CSR and now ESG or sustainability.

A formal commitment 
In our CSR efforts in recent years, Ambu has been inspired by the principles of UN Global Compact and the 17 Sustainable Development Goals. However, now we have made a formal commitment and joined the UN Global Compact as a member.

This means that we are committed to making the UN Global Compact and its principles part of the strategy, culture and day-to-day operations of our company.

Furthermore, we are committed to reporting annually on the progress of our sustainability efforts. In practice, this reporting means that our ESG section of the annual report will be expanded and will include:

  • A description of practical actions (policies, procedures, activities) that Ambu has taken to implement the UN Global Compact principles in each of the four issue areas of human rights, labour, environment, and anti-corruption.
  • A measurement of outcomes. The degree to which targets/performance indicators were met, or other qualitative or quantitative measurements of results.

Doing the right thing
A core value of Ambu is integrity, and we aim to grow sustainably in regard to our people and the planet. In many areas, we already conduct our business according to the UN Global Compact principles, however, we need to improve the documentation of our efforts and align the measurements across our locations.

Part of a global movement
UN Global Compact is the world’s largest corporate sustainability initiative with more than 10,000 companies as members. This means that it is a global and joint effort and also a network of good practice and methods.

As UN Global Compact puts it: “Long-term business success matters – and so do your workers, communities and the planet. The UN Global Compact helps you do business right for all.”

You can read more about UN Global Compact here:


May. 2020

Capital increase in connection with exercise of warrants (no. 11)

Ambu A/S issued 2,000,000 warrants in 2014, 770,000 warrants in 2015, and 419,500 warrants in November 2016. Each warrant entitles the holder to subscribe for one Class B share with a nominal value of DKK 0.50. 22 individuals participate in the 2014 scheme, 46 individuals participate in the 2015 scheme, and 71 individuals participate in the 2016 scheme. 

For all three schemes the vesting period is three years, and all three schemes can therefore be exercised in the trading window that opened on 4 May 2020 in connection with Ambu’s interim financial report for Q2 2019/20. 

Since 4 Maj 2020, instructions have been received to exercise warrants as follows: 

  • 2014 scheme: Two individuals have issued instructions to exercise 100,000 warrants at the agreed exercise price of DKK 23.06 per share with a nominal value of DKK 0.50.
  • 2015 scheme: Five individuals have issued instructions to exercise 105,000 warrants at the agreed exercise price of DKK 39.26 per share with a nominal value of DKK 0.50.
  • 2016 scheme: Seven individuals have issued instructions to exercise a total of 20,000 warrants at the agreed exercise price of DKK 77.12 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 112,500 from DKK 125,999,800 to DKK 126,112,300 through the issue of 225,000 Class B shares.

Following this and in consideration of the employees having left the company, the following warrants remain under the said schemes:

  • 2014 scheme: 400,000 remaining warrants being held by 4 individuals.
  • 2015 scheme: 300,000 remaining warrants being held by 21 individuals.
  • 2016 scheme: 249.500 remaining warrants being held by 46 individuals.

The new B shares are expected to be admitted to trading and official listing on NASDAQ Copenhagen A/S on 20 May 2020 under the ISIN code of Ambu A/S’ existing B shares (DK0060946788).

Under section 32 of the Danish Capital Markets Act, 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
Voting rights
A shares 34,320,000 17,160,000 343,200,000
B shares 217,904,600 108,952,300 217,904,600
Total 252,224,600 126,112,300 561,104,600

You can download this announcement: Company announcement no. 11 2019/20 (pdf)


May. 2020

Interim Report for Q2 2019/20 and for the half-year (no.10)

Accelerating commercial investments in GI and urology after submitting the aScope™ Duodeno for FDA-approval

Ambu posted organic growth of 24% in Q2 as COVID-19 pandemic increased the demand for single-use devices. As a result, Ambu grew 19% in the first half of the year. Product launches for this year are progressing as planned, Ambu’s application for FDA-approval of the duodenoscope has been submitted, and further investments in the global sales organization are initiated. Full-year guidance for organic growth is lifted from “16-22%” to “26-30%” as already announced, and EBIT margin guidance for the full-year is resumed at 12-14% including commercial investments.

This has been an extraordinary quarter in many ways. The world faces a global health crisis, which impacts governments, healthcare systems, healthcare professionals and society in general. At Ambu, we have worked tirelessly since the start of this crisis to make our products available globally, especially single-use bronchoscopes and resuscitators, which are used in the treatment of COVID-19 patients. The COVID-19 pandemic has highlighted the value of single-use endoscopy in helping avoid cross-contamination and ensuring patient safety. I would like to thank all of our employees for their professionalism, dedication and engagement throughout this crisis,” says CEO Juan Jose Gonzalez.

Highlights for the quarter and half-year

  • For Q2, revenue totaled DKK 989m, yielding a 26% reported growth from last year (DKK 785m). COVID-19 accounted for 14 percentage points of growth or approx. 110m DKK, which should be considered as a one-off event and be excluded from future projections. Reported growth in the half-year was 21%. Organic growth for Q2 and the half-year was 24% and 19%, respectively.
  • EBIT before special items for the quarter was DKK 150m (DKK 195m) with an EBIT margin before special items of 15.2% (24.8%), while the figures for the half-year were DKK 243m (DKK 307m) and 13.9% (21.3%).
  • In Q2, Visualization realized organic growth of 69%, Anaesthesia grew 3%, and PMD (Patient Monitoring & Diag-nostics) declined by -6%. For the half-year, organic growth rates were 49% for Visualization, 5% for Anaesthesia and 1% for PMD.
  • For the quarter, organic growth of 17% was realized in North America, 40% in Europe and 2% in Rest of World. For the half-year, North America grew 16%, Europe 27% and Rest of World 6%.
  • Sales of single-use endoscopes reached 313,000 units for the quarter and 493,000 units for the half-year. Sales volumes were thus up 72% and 49%, respectively, relative to last year.
  • The upcoming launches of aScope™ 4 Cysto, aView™ 2 Advance, and aScope™ Duodeno are progressing according to plan. The aScope™ Duodeno has been submitted for 510(k) approval, and upon approval we will initiate a 500-patient post market study at multiple centers in the US.
  • We have decided to accelerate our investment in the commercialization of new products by expanding the sales organization in US, Europe and Asia Pacific with additional 250 FTEs. The expansion is expected to increase the run-rate of costs in 2019/20 by an additional DKK 115m and be completed by end of Q1 2020/21. For the full-year 2020/21, the cost impact from the expansion is expected to be DKK 375m. 
  • Gross margin for the quarter was 61.4% (60.1%). The 1.3 percentage point increase is attributable to a more favorable sales mix from higher-margin products, including a channel mix from transitioning the U.S. distributor and a change in pricing policies back in Q4 2018/19. The gross margin for the half-year was 60.8% (60.0%).Capacity costs for the quarter totaled DKK 457m (DKK 277m), corresponding to a 65% increase. Capacity costs for the half-year were up 47%, mainly driven by the investments in commercial infrastructure.
  • The net working capital to revenue ratio is 23% (25%) based on rolling 12-month revenue.
  • Free cash flows before acquisitions totaled DKK -89m (DKK +11m), and for the half-year DKK -279m (DKK +56m).
  • The sales outlook for the full year was upgraded on 6 April 2020 due to the higher-than-expected growth in Q2. The outlook for organic revenue growth was increased from “16-22%” to “26-30%”, and the guidance on the number of endoscopes sold was increased from “approx. 900,000” to “more than 1 million”. 
  • The outlook for the EBIT margin before special items was suspended on 6 April 2020 and is now resumed at 12-14%. This interval reflects our decision to accelerate our commercial infrastructure expansion into GI and urology and ensure the successful launches of aScope™ Duodeno and aScope™ 4 Cysto.
  • The outlook for the financial year 2019/20 is:
    • Organic growth in the range of 26-30%. 
    • EBIT margin before special items in the range of 12-14%.
    • Sales of more than 1 million endoscope units.

A conference call is held tomorrow, Tuesday 5 May 2020, at 10.00 (CEST). The conference is broadcast live via The presentation can be downloaded immediately before the conference call via the same link. To ask questions in the Q&A session, please call the following number five minutes before the start of the conference: +45 3544 5577 and enter the following access code: 84679279#.

You can download the entire Q2 and H1 2019/20 earnings release (PDF).

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May. 2020

Report for Q2 2019/20

Download the Q2 company announcement (Earnings release)


Aug. 2020

Report for Q3 2019/20


Sep. 2020

End of fiscal year 2019/20

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