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2015-11-13 23:40 CET
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aap: Q3/2015 sales and EBITDA in line with expectations

aap Implantate AG (XETRA: AAQ.DE) was able to achieve its financial targets for the third quarter of 2015 in terms of both sales and earnings. Sales in the reporting period were 7% up year-on-year to EUR 8.4 million (Q3/2014: EUR 7.8 million) and thus within the guidance of EUR 7.5 million to EUR 9.0 million announced in August. In the first nine months of financial year 2015, aap Implantate AG's sales totalled EUR 22.0 million (9M/2014: EUR 22.1 million).

In the third quarter of 2015 the company earned EBITDA of EUR 0.3 million (Q3/2014: EUR 0.8 million), which also came within the forecast of EUR 0.1 million to EUR 0.6 million. Overall, aap Implantate AG's EBITDA in the first nine months of the current financial year was EUR -0.3 million (9M/2014: EUR 2.4 million).

 In EUR million
Q3/2015 Q3/2014 Change
Sales 8.4 7.8 7%
Trauma 2.9 3.3 -14%
thereof LOQTEQ® 1.5 2.4 -37%
Biomaterials 5.4 4.2 27%
Projects 0.0 0.1 -92%
Other 0.1 0.2 -30%

In EUR million
Q3/2015 Q3/2014 Change
EBITDA 0.3 0.8  -60%
EBIT -0.4 0.2 < -100%

In EUR million
9M/2015 9M/2014 Change
Sales 22.0 22.1 0%
Trauma 8.5 8.4 1%
thereof LOQTEQ® 5.2 5.3 -2%
Biomaterials 13.0 12.7 2%
Projects 0.2 0.3 -25%
Other 0.3 0.7 -59%

 In EUR million
9M/2015 9M/2014 Change
EBITDA -0.3 2.4 < -100%
EBIT -2.3 0.8 < -100%

Sales growth in the third quarter of 2015 was based on the positive sales development in the biomaterials business. Biomaterials sales increased year-on-year by 27% to EUR 5.4 million (Q3/2014: EUR 4.2 million). The growth driver was in particular the bone cement business with global leading companies. In the trauma business, in contrast, sales in the third quarter of the current financial year were down year-on-year (Q3/2015: EUR 2.9 million vs. Q3/2014: EUR 3.3 million). Reasons for this are mainly delays in sales development in a number of strategic growth markets (China, Russia and Turkey) due to deteriorated economic framework conditions, in the US market entry due to protracted administrative processes in hospitals and in product approval in Brazil.
aap Implantate AG has already reacted to recent developments in the BRICS and SMIT countries and will intensify sales activities in relatively more stable markets such as for example the DACH region and push the development of new European markets. At the same time the United States will from 2016 be one of the core markets in the company's growth strategy.

In EUR million
Q3/2015 Q3/2014 Change
Sales (normalised) 8.4 7.8 8%
EBITDA (normalised) 0.4 1.0 -54%

In EUR million
9M/2015 9M/2014 Change
Sales (normalised) 21.8 21.9 0%
EBITDA (normalised) 0.3 1.4 -77%
On a comparable basis (without the one-time effects of share disposals, one-time costs incurred in connection with strategic measures, project earnings and related costs) normalised sales in the third quarter of 2015 totalled EUR 8.4 million (Q3/2014: EUR 7.8 million) and in the first nine months of the current financial year EUR 21.8 million (9M/2014: EUR 21.9 million). Adjusted for project and one-time effects EBITDA amounted to EUR 0.4 million in the third quarter of 2015 (Q3/2014: EUR 1.0 million) and to EUR 0.3 million in the first nine months of 2015 (9M/2014: EUR 1.4 million).
The following highlights show the progress that aap Implantate AG achieved in the third quarter of 2015 with regard to the implementation of the 2015 Management Agenda:
  • Financial targets achieved: Sales of EUR 8.4 million and EBITDA of EUR 0.3 million were both within the guidance announced in August
  • Sales growth in the biomaterials business (+27% to EUR 5.4 million)
  • US market development: In total conclusion of 11 distribution contracts so far; first procedures with LOQTEQ® products in various hospitals and first sales
  • Trauma: Scheduled LOQTEQ® portfolio expansion with a focus on, inter alia, the periprosthetic treatment with LOQTEQ® and the introduction of the polyaxial fixation technology at various LOQTEQ® plate systems
  • Silver coating technology: Approval-relevant animal studies accomplished to a large extent

Outlook for 2015
With regard to the development of the US market aap Implantate AG will further push the acquisition of distributors in the coming months and intensify distribution activities. The target is to reach an optimal geographic coverage and to extend the presence in this strategic market.
In the trauma business the focus in the fourth quarter continues to be on the further expansion of the LOQTEQ® portfolio.
On the basis of the current state of development and subject to the results of current consultations with the approval authorities the company still plans to submit its CE approval application for the silver coating technology this financial year. The approval process with the US Food and Drug Administration (FDA) is expected to be launched subsequently.
aap Biomaterials GmbH recorded a very satisfactory sales and earnings development in the 2015 fiscal year and there continues to be interest from potential buyers. After evaluating various courses of action, aap Implantate AG has taken the necessary steps for a divestment of its subsidiary. The basis for this step continues to be the transformation of aap Implantate AG into a focused trauma company.

About aap Implantate AG

aap Implantate AG is a globally operating medical device company headquartered in Berlin, Germany. The company develops, manufactures and markets trauma and biomaterials products for orthopedics. The trauma portfolio includes besides the innovative anatomical plating system LOQTEQ® a wide range of cannulated screws as well as standard plates and screws. In the biomaterials business the company is specialized on bone cements and mixing systems. In German-speaking countries aap Implantate AG directly sells its trauma products to hospitals, buying syndicates and hospital groups while it uses a broad network of distributors in more than 60 countries at the international level. In the biomaterials business sales are handled via OEM and private label cooperations with several selected international orthopedic and trauma companies. 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.

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.

For inquiries please contact: aap Implantate AG, Fabian Franke, Investor Relations, Lorenzweg 5, 12099 Berlin, Germany

Tel.: +49 30 7501 9-134, fax: +49 30 7501 9-290, e-mail: