aap Reports Profitable Nine-Month Growth, EUR 20.9 Million in Total Sales (Adjusted Sales Growth: 14 Percent) and EUR 3.0 Million EBITDA
The aap Group earned EUR 3.0 million in EBITDA in the first three quarters of 2010 (previous year: EUR 5.6 million). Group EBIT was EUR 1.0 million (previous year: EUR 3.3 million) and EBT amounted to EUR 0.6 million (previous year: EUR 2.6 million). On a balance sheet total of EUR 66.3 million (12/31/2009: EUR 62.7 million) the equity ratio was 68 percent.
So the stated targets of double-digit sales growth at product level and a positive EBIT in the third quarter of 2010 were both achieved.
Negotiations on the distribution of our new antibiotic impregnated Jason G® collagen fleece were successfully concluded at the beginning of November. Talks on the distribution of cannulated screws in the United States are also making progress and the first products will be shipped in the fourth quarter. The cannulated screws are to develop into a substantial growth driver in the U.S. in 2011. In the European Union a product from our cement portfolio is to develop into a substantial growth driver in 2011, with initial sales in the fourth quarter as well. We also hope to be able to announce in the fourth quarter a conclusion of negotiations on our R&D partner programs.
Pursuing of our corporate strategy of focusing on Ortho/Trauma/Spine as our core areas we were able to earn EUR 0.9 million in project sales from the divestment of a non-core product in the dental sector.
For the full year 2010 aap expects to achieve the double-digit sales growth target of around 15 percent at product level as stated in the 2010 Management Agenda.
aap Implantate AG's full Q3 2010 report is available to download at www.aap.de.
This release contains forward-looking statements based on current experience, estimates and projections of the management board and currently available information. They are not guarantees of future performance. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. Many factors could cause the actual results, performance or achievements of aap to be materially different from those that may be expressed or implied by such statements. These factors include those discussed in aap's public reports. Forward-looking statements therefore speak only as of the date they are made. aap does not assume any obligation to update the forward-looking statements contained in this release or to conform them to future events or developments.