April 30, 2020 / 6:09 AM / a month ago

BRIEF-Ossur Q1 Net Profit At To USD 7 Million

April 30 (Reuters) - Ossur hf:

* ÖSSUR HF: INTERIM REPORT Q1 2020

* NET PROFIT IN Q1 2020 AMOUNTED TO USD 7 MILLION OR 5% OF SALES.

* SALES IN MARCH WERE IMPACTED IN MARKETS WHERE MEASURES TO CONTROL COVID-19 PANDEMIC WERE IMPLEMENTED.

* COVID-19 PANDEMIC IS IMPACTING ÖSSUR’S OPERATIONS AND OUR FOCUS HAS BEEN ON SAFETY AND WELL-BEING OF EMPLOYEES AND CUSTOMERS

* PANDEMIC IS HAVING A SHORT-TERM NEGATIVE IMPACT ON DEMAND FOR PROSTHETIC AND BRACING & SUPPORTS PRODUCTS

* SALES DECLINED BY 2% IN LOCAL CURRENCY IN Q1 2020 AND SALES DECLINED BY 5% ORGANIC

* FINANCIAL PERFORMANCE IS THEREFORE NEGATIVELY IMPACTED, AND IT REMAINS UNCERTAIN HOW LONG IMPACT WILL LAST

* SALES MONTH TO DATE IN APRIL ARE FURTHERMORE SIGNIFICANTLY IMPACTED BUT WE ARE ALREADY SEEING CLEAR SIGNS OF GRADUAL RECOVERY IN KEY EUROPEAN MARKETS AND SALES IN CHINA WERE IN APRIL BACK AT LEVELS COMPARABLE WITH 2019

* LONG-TERM PROSPECTS AND UNDERLYING FUNDAMENTAL DRIVERS OF PROSTHETICS AND BRACING & SUPPORTS MARKETS ARE HOWEVER NOT EXPECTED TO CHANGE.

* IMPACT FROM COVID-19 IS FURTHERMORE EXPECTED TO LEAD TO SOME PENT-UP DEMAND

* OUTLOOK FOR FULL YEAR HOWEVER REMAINS UNCERTAIN AND WE ARE CURRENTLY UNABLE TO PROVIDE AN UPDATED FINANCIAL GUIDANCE Source text for Eikon: Further company coverage: (Gdansk Newsroom)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below