Pressemitteilung BoxID: 854790 (aap Implantate AG)
  • aap Implantate AG
  • Lorenzweg 5
  • 12099 Berlin
  • Ansprechpartner
  • Fabian Franke
  • +49 (30) 75019-134

aap: Successful start in 2017 with sales and EBITDA increase

30% sales growth in trauma in Q1/2017

(PresseBox) (Berlin, ) aap Implantate AG ("aap") made a successful start in financial year 2017 as a pure player in trauma with sales and EBITDA growth and achieving its financial targets for the first quarter of 2017. The company increased trauma sales in the first quarter of 2017 by 30% compared to the corresponding period in the previous year to EUR 2.9 million (Q1/2016: EUR 2.2 million). Overall, total sales in the first three months of the current year were up by 23% year on year to EUR 3.1 million (Q1/2016: EUR 2.5 million), and thereby slightly above the February forecast of EUR 1.8 million to EUR 2.8 million. EBITDA also increased by 23% in the reporting period compared to the first three months of 2016 to EUR -1.7 million (Q1/2016: EUR -2.2 million) and was thus at the upper end of the guidance, which was between EUR -2.3 million and EUR -1.7 million.

Q1/2017 – Key results and progress

- Sales and earnings: Sales increased to EUR 3.1 million (Q1/2016: EUR 2.5 million) and EBITDA to EUR -1.7 million (Q1/2016: EUR -2.2 million); recurring EBITDA at EUR -1.2 million (Q1/2016: EUR -2.0 million)

- Gross margin and costs: First positive effects in increasing gross margin through focussing on trauma and growing sales share in established markets; perceptible reduction in personnel and other costs inter alia as a result of personnel measures undertaken in 2016

- Cash flow and balance sheet: Cash need in Q1/2017 totalled EUR 1.1 million with positive effects from working capital reduction; liquidity position of EUR 27.4 million1 and a further high equity ratio of 86%

- Focus on established markets: Share of sales attributable to North America and Europe together increased by 16% to EUR 2.1 million (Q1/2016: EUR 1.8 million); conclusion of a distribution agreement for the LOQTEQ® Radius System with a worldwide leading US medical technology company

- LOQTEQ®: Completion of portfolio with a focus on the preparation of approvals for further polyaxial LOQTEQ® systems

- Silver coating technology: Focus on coordinating scope of clinical study with notified body and US FDA; approach, timetable and required resources will be published in a separate release

Q1/2017 - Financials


With regard to the sales development, it turns out that the dynamic development in North America and Europe continued in the first quarter of 2017. This reflects simultaneously the progress in the targeted distribution focus on established markets such as North America, the DACH region and further European countries. Besides this the sales development in BRICS and SMIT states shows a positive trend towards stabilization.


Based on the realized sales growth with a higher gross margin and lower overall costs at the same time, aap improved EBITDA in the first quarter of 2017 by 23% compared to the first three months of the previous year to EUR -1.7 million (Q1/2016: EUR -2.2 million).

Given that the figures for both Q1/2017 and the same period in the previous year contain one-time effects, a comparison based on Recurring EBITDA (EBITDA without one-time effects) makes sense. Adjusted for the one-time effects mentioned above, recurring EBITDA in the reporting period rose by 39% to EUR -1.2 million (Q1/2016: EUR -2.0 million), reflecting the aimed development: a focus on established markets with higher profit margins and simultaneous a disciplined cost management to improve operational performance. These areas of activity are of central significance for the management in the financial year 2017.

Outlook for Q2/2017

For the second quarter of 2017 aap expects sales of EUR 1.8 million to EUR 2.7 million and EBITDA of EUR -1.7 million to EUR -1.3 million. Regarding the above mentioned sales forecast it has to be considered with respect to the year on year comparison (Total sales Q2/2016 reported at EUR 3.4 million) that in course of drawing up the annual financial statements for 2016 the Management Board decided as a precautionary measure to revoke an initial sale with a distribution partner invoiced in the second quarter. The reason was a delayed payment of the contractual due purchase price. After adjusting for this effect this results in comparable trauma sales of EUR 2.3 million for the second quarter of 2016 respectively total sales (incl. discontinued activities) of EUR 2.7 million.

Forward-looking statement

This release may contain 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.

1 In the consolidated balance sheet of 03/31/2017, EUR 22.7 million is stated as cash and cash equivalents, while cash with banks totalling EUR 4.7 million is shown under other financial assets as it was pledged to secure financial liabilities respectively cash payments were made to secure bank guarantees granted to third parties.

aap Implantate AG

aap Implantate AG is a globally operating medical device company headquartered in Berlin, Germany. The company develops, manufactures and markets trauma products for orthopaedics. The IP protected portfolio includes besides the innovative anatomical plating system LOQTEQ® and trauma complementary biomaterials a wide range of cannulated screws as well as standard plates and screws. Furthermore, aap Implantate AG has an innovation pipeline with promising development projects as the antibacterial silver coating technology and magnesium based implants. These technologies address critical problems in surgery that haven't yet been resolved adequately. In German-speaking Europe aap Implantate AG directly sells its products to hospitals, buying syndicates and hospital groups while it uses a broad network of distributors in more than 25 countries at the international level. aap Implantate AG's stock is listed in the Prime Standard segment of Frankfurt Stock Exchange (XETRA: AAQ.DE). For more information, please visit, or download the Company's investor relations app from the Apple's App Store or Google Play.