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Össur - Third Quarter Report 2011


October 27, 2011 - London

Announcement Össur hf. No. 11/2011
Reykjavik, 27 October  2011

STRONG SALES GROWTH

Sales - Sales growth was strong, 12% measured in local currency. Total sales amounted to USD 101 million compared to USD 87 million in the third quarter of 2010. All markets and product segments contribute to the growth. Performance in bracing and supports was excellent, delivering sales growth of 17%, measured in local currency. Sales growth in prosthetics was good, 7% measured in local currency.

Profitability - Össur continues to deliver good profits and compared to the third quarter 2010, net profit has increased by 165%. EBITDA amounted to USD 21 million or 21% of sales and gross profit amounted to USD 64 million or 63% of sales. Net profit amounted to USD 11 million or 11% of sales.

Jón Sigurðsson, President & CEO, comments:

"The sales in the third quarter are excellent and we are pleased with the overall performance. All regions and product segments are growing. Healthy flow of new products fuels the growth and amongst products launched in 2010 and 2011 are strong contributors to this success. During the quarter we introduced yet another bionic product, the SYMBIONIC LEG, which is the first of its kind in the world, combining seamlessly the function of the Rheo Knee and the Proprio Foot offering unprecedented functionality for above knee amputees. This latest addition to our bionic platform confirms our technology leadership in this segment."

Highlights of the quarter:

  • Introduction of the SYMBIONIC LEG - In September the SYMBIONIC LEG was introduced at the AOPA trade show in the US. SYMBIONIC LEG unites the proven capabilities of RHEO KNEE and PROPRIO FOOT into a single integrated unit offering unprecedented functionality for above knee amputees. This revolutionary product is the first of its kind in the market.
  • Mexico facility - The Mexico facility in Tijuana was officially opened in September. Össur started to build up the Mexico facility in September 2010 and has since then transferred manufacturing of a number of product lines from the US to Mexico. The facility has state of the art equipment, employees are highly qualified, and manufacturing is based on lean processes.
  • Healthy flow of new products - During the quarter six new products were launched, four bracing and supports products and two prosthetic products.  The pipeline of new products has been very active during the year with a good mix of new products and redesign of existing products.

Guidance 2011 - Management maintains estimates of LCY organic sales growth for 2011 in the range of 4-6%. EBITDA margin adjusted is estimated to be in the range of 20-21% of sales for the year, as reported in the 2010 Annual Report.

Conference call tomorrow 28 October at 12:00 CET/ 10:00 GMT/ 6:00 EDT

Friday 28 October  2011 Jón Sigurðsson, President and CEO, and Hjörleifur Pálsson, CFO, will host a conference call presenting and discussing the results of the third quarter of 2011. The conference call will be conducted in English and can be heard on Össur's website: www.ossur.com

To participate in the meeting please call one of the following telephone numbers:
Europe: +44 (0)20 3043 2436 or +46 (0)8 505 598 53
The United States: +1 866 458 40 87
Iceland: 800 8660

Ossur Press Release Q3 2011 English
Q3 2011 Investor Presentation
Ossur financial statement 30.9.2011



This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: Ossur Hf via Thomson Reuters ONE

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