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anno 2008
OVERVIEW 2008
The year was characterized by internal focus. In 2008, focusing
on processes and profitability was one of ossur’s main tasks. Twenty
products were discontinued and profits increased.
The total sales amounted to USD 350 million, representing a 4%
growth. No acquisitions were made in 2008. Earnings before interest,
tax, depreciation and amortization (EBITDA ) amounted to USD 79 million
or 23% of sales. Earnings increased by USD15 million.
Growth in the sales of prosthetics continues, increasing 9%,
which confirms Ossur’s strong position in this market segment, and the
Company’s technical leadership. Growth in the sales of bracing and
supports was 1% and sales of compression therapy products grew by 5%.
Working capital from operating activities increased by 32% and
net cash provided by operating activities increased by 16% between
years.
The equity ratio at the end of the year was 41% compared to 39%
at the end of 2007
In March, Ossur divested its Advanced Wound Care product line to
BSN medical GmbH. The divestment affects Ossur‘s 2008 income statements
by USD 8.4 million, included in other income.
This past year, internal processes have been strengthened and
numerous initiatives have been set, building a platform that will fuel
sales growth in 2009.
OPERATING PROSPECTS
The Company will continue to be profitable and
create strong cash flow going forward. Ossur has a strong balance sheet
and secured long term financing, which makes the Company well
positioned in case of a prolonged economic downturn. Management
estimates, based on the assumptions that Ossur’s core markets stay
relatively unaffected, a modest growth in local currency and similar
EBITDA levels as 2008. The Company´s strong market share,
infrastructure and its sound financials makes it well equipped to take
advantage of potential market opportunities that might emerge from
recent turmoil.
