Aap Implantate : Good start in 2015 with sales and EBITDA increase; growth drivers in Q1 were LOQTEQ® (+ 45%) und Biomaterials (+ 23%) more

aap : Good start in 2015 with sales and EBITDA increase; growth drivers in Q1 were LOQTEQ® (+ 45%) und Biomaterials (+ 23%)

aap Implantate AG (XETRA: AAQ.DE) had a successful start to the 2015 fiscal year, showing growth in sales and EBITDA and achieving its financial targets. The company increased its sales during the first quarter of the 2015 fiscal year by 16% to EUR 7.1 million compared with the same period in the previous year (Q1/2014: EUR 6.1 million). The EBITDA grew by 91% to EUR 0.2 million during the reporting period in comparison to the first three months of 2014 (Q1/2014: EUR 0.1 million).
in EUR million

On a comparable basis (excluding one-time costs in connection with strategic measures and project revenues and thus with associated costs in each case), normalized sales in the first quarter of 2015 amounted to EUR 7.0 million (Q1/2014: EUR 6.1 million) and normalized EBITDA to EUR 0.3 million (Q1/2014: EUR 0.1 million).
The following highlights show the progress that aap Implantate AG achieved in the first quarter of 2015 with regard to the implementation of the 2015 Management Agenda:

• Financial targets were achieved: sales amounting to EUR 7.1 million and EBITDA of EUR 0.2 million exceed the guidance issued in February of EUR 6.5 million to EUR 7.0 million (sales) and
  EUR -0.5 million to EUR 0.1 million (EBITDA)
• Growth drivers in sales revenues are LOQTEQ® with +45% to EUR 1.7 million and the Biomaterials business with +23% to EUR 4.4 million
• LOQTEQ®: European key patent obtained for LOQTEQ® core technology; progress in the expansion of LOQTEQ® product portfolio is on schedule
• US distribution: advanced discussions with various distributors and the potential conclusion of a contract in Q2/2015 and initial sales in the second half of 2015
• Silver coating technology: important European patent obtained for silver coating as well as corresponding technology and coating apparatuses
• Biomaterials: various negotiations with globally active medtech companies with regard to the ongoing targeted expansion of the bone cement business

With regard to the development of the US market, aap Implantate AG's negotiations with potential distribution partners for sales of its trauma products are at an advanced stage. In the process the company is using a hybrid distribution model: the products are to be sold locally through stocking (distributor buys the products) and through non-stocking distributors (products are placed with the distributor and payment is based on respective consumption). aap Implantate AG is expecting first sales on the US market in the second half of 2015. In addition, in the trauma business the market launch of the LOQTEQ® fibula plate and the product launch of the new polyaxial LOQTEQ® radius plate system are scheduled for the second quarter of 2015. In the silver coating technology area, all approval-related work continues on schedule and the company is aiming to submit the CE approval application for the first silver-coated products in the second half of 2015. Immediately following the CE approval application the FDA approval application will be submitted in a next step.

Furthermore, the Management Board confirms its sales and EBITDA forecast for the entire year of 2015. The company continues to anticipate sales between EUR 33 million and EUR 35 million and an EBITDA between EUR 2.5 million and EUR 3.5 million.

For the second quarter of 2015, aap Implantate AG is expecting sales to range between EUR 5.0 million and EUR 6.1 million and an EBITDA of EUR -1.5 million to EUR -1.0 million. This is a quarterly fluctuation that is in particular influenced by the ordering behavior of our major customers in the area of bone cement and mixing systems. In this regard, it should be noted that the development of the most important key figures should be evaluated as an overall economic review on an annual basis rather than on a quarterly basis.