Embla Medical hf: Interim Report Q3 2024
Embla Medical reported solid Q3 2024 results with sales of USD 214 million, representing 7% organic growth and 11% reported growth. The company saw strong performance in EMEA, driven by Prosthetics & Neuro Orthotics and Patient Care. EBITDA margin was strong at 22%, benefiting from cost reduction initiatives and improved product mix.
Key highlights include:
- Gross profit margin improved to 63% from 62% in Q3 2023
- Net profit grew by 58% to USD 22 million
- Free cash flow was 15% of sales
- NIBD/EBITDA before special items was 2.8x
Embla Medical reiterated its full-year guidance of 6-8% organic sales growth and ~20% EBITDA margin before special items. The company continues to execute its Growth'27 strategy and is preparing for the full launch of new bionic knee solutions in early 2025.
Embla Medical ha riportato risultati solidi per il terzo trimestre del 2024 con vendite di 214 milioni di USD, che rappresentano una crescita organica del 7% e una crescita riportata dell'11%. L'azienda ha registrato una forte performance nell'EMEA, trainata da Protesi e Neuro Ortottica e Cura del Paziente. Il margine EBITDA è stato robusto al 22%, beneficiando di iniziative di riduzione dei costi e di un miglior mix di prodotti.
Tra i principali punti salienti ci sono:
- Il margine di profitto lordo è migliorato al 63%, rispetto al 62% del terzo trimestre del 2023
- Il profitto netto è cresciuto del 58% a 22 milioni di USD
- Il flusso di cassa libero è stato il 15% delle vendite
- Il rapporto NIBD/EBITDA prima degli elementi speciali era di 2,8x
Embla Medical ha ribadito la sua guida per l'intero anno di una crescita delle vendite organiche tra il 6% e l'8% e un margine EBITDA di circa il 20% prima degli elementi speciali. L'azienda continua a implementare la sua strategia Growth'27 e si sta preparando per il lancio completo delle nuove soluzioni di ginocchio bionico all'inizio del 2025.
Embla Medical reportó resultados sólidos para el tercer trimestre de 2024 con ventas de 214 millones de USD, lo que representa un crecimiento orgánico del 7% y un crecimiento reportado del 11%. La compañía tuvo un fuerte desempeño en EMEA, impulsado por Prótesis y Neuroortopedia y Cuidado del Paciente. El margen EBITDA fue sólido, alcanzando el 22%, beneficiándose de iniciativas de reducción de costos y un mejor mix de productos.
Los principales puntos destacados incluyen:
- El margen de ganancia bruta mejoró al 63% desde el 62% en el tercer trimestre de 2023
- La ganancia neta creció un 58% hasta los 22 millones de USD
- El flujo de caja libre fue del 15% de las ventas
- La relación NIBD/EBITDA antes de elementos especiales fue de 2.8x
Embla Medical reiteró su orientación para todo el año de un crecimiento orgánico de ventas del 6-8% y un margen EBITDA de aproximadamente el 20% antes de elementos especiales. La compañía continúa ejecutando su estrategia Growth'27 y se está preparando para el lanzamiento completo de nuevas soluciones de rodilla biónica a principios de 2025.
엠블라 메디컬는 2024년 3분기 실적을 발표하였으며, 판매액은 2억 1400만 달러로 7%의 유기적 성장과 11%의 보고 성장을 기록하였습니다. 이 회사는 EMEA 지역에서 강력한 실적을 보였으며, 이는 의수 및 신경 정형외과와 환자 관리에서 비롯되었습니다. EBITDA 마진은 22%로 강세를 보였으며, 이는 비용 절감 노력과 개선된 제품 믹스 덕분입니다.
주요 하이라이트는 다음과 같습니다:
- 매출 총 이익률이 2023년 3분기 62%에서 63%로 개선됨
- 순이익은 58% 증가하여 2천 200만 달러에 달함
- 자유 현금 흐름은 매출의 15%에 해당
- 특별 항목 이전의 NIBD/EBITDA 비율은 2.8배
엠블라 메디컬은 특별 항목 이전에 6-8%의 유기적 매출 성장과 약 20%의 EBITDA 마진에 대한 연간 가이던스를 재확인하였습니다. 이 회사는 Growth'27 전략을 지속적으로 실행하고 있으며, 2025년 초에 새로운 사이보그 무릎 솔루션의 전면 출시를 준비하고 있습니다.
Embla Medical a annoncé des résultats solides pour le troisième trimestre 2024 avec des ventes de 214 millions USD, représentant une croissance organique de 7% et une croissance rapportée de 11%. L'entreprise a connu de solides performances en EMEA, soutenues par les prothèses et la neuro-orthopédie ainsi que les soins aux patients. La marge EBITDA était forte à 22%, bénéficiant d'initiatives de réduction des coûts et d'un meilleur mix de produits.
Les principaux points forts comprennent :
- La marge brute de profit a été améliorée à 63%, contre 62% au troisième trimestre 2023
- Le bénéfice net a augmenté de 58% pour atteindre 22 millions USD
- Le cash-flow libre était de 15% des ventes
- Le ratio NIBD/EBITDA avant éléments spéciaux était de 2,8x
Embla Medical a réaffirmé sa prévision annuelle d'une croissance des ventes organiques de 6 à 8% et d'une marge EBITDA d'environ 20% avant éléments spéciaux. L'entreprise continue d'exécuter sa stratégie Growth'27 et se prépare au lancement complet de nouvelles solutions de genou bionique début 2025.
Embla Medical hat für das dritte Quartal 2024 solide Ergebnisse bekannt gegeben, mit Umsätzen von 214 Millionen USD, was 7% organisches Wachstum und 11% berichtetes Wachstum entspricht. Das Unternehmen verzeichnete eine starke Leistung in der EMEA-Region, unterstützt durch Prothesen & Neuro-Orthopädie sowie Patientenversorgung. Die EBITDA-Marge war stark bei 22%, was auf Kostensenkungsmaßnahmen und ein verbessertes Produktmix zurückzuführen ist.
Wichtige Highlights sind:
- Die Bruttogewinnmarge verbesserte sich auf 63% von 62% im dritten Quartal 2023
- Der Nettogewinn wuchs um 58% auf 22 Millionen USD
- Der freie Cashflow betrug 15% des Umsatzes
- Der NIBD/EBITDA vor Sonderposten lag bei 2,8x
Embla Medical bekräftigte seine Jahresprognose für 6-8% organisches Umsatzwachstum und eine EBITDA-Marge von etwa 20% vor Sonderposten. Das Unternehmen setzt seine Wachstumsstrategie Growth'27 fort und bereitet sich auf den vollständigen Launch neuer bionischer Knielösungen Anfang 2025 vor.
- 7% organic sales growth and 11% reported growth in Q3 2024
- EBITDA margin improved to 22% from 19% in Q3 2023
- Net profit grew by 58% to USD 22 million
- Free cash flow increased to 15% of sales from 9% in Q3 2023
- Reiterated full-year guidance of 6-8% organic sales growth and ~20% EBITDA margin
- Bracing & Supports business showed modest growth of 1% organically
- Performance in Americas remained soft
- Share buybacks continue to be paused
Insights
Embla Medical delivered a solid Q3 2024 performance with notable improvements across key financial metrics. Organic sales growth of
The company's gross profit margin increased to
Embla's reiterated guidance of
Embla Medical's Q3 results highlight its strong position in the prosthetics and orthotics market. The
The expansion of US Medicare coverage for advanced bionics to K2 patients is a significant development that could drive future sales growth. This policy change opens up a larger patient pool for Embla's high-end prosthetic solutions. The ongoing launch of new bionic knee solutions (NAVii® and Icon®) with full launch expected in early 2025 positions Embla well to capitalize on this expanded market access.
The introduction of the third generation Naked Prosthetics finger device portfolio demonstrates Embla's commitment to innovation. Combined with the strong performance of their prosthetics in the 2024 Paralympic Games, this reinforces Embla's brand reputation and technological leadership in the industry.
Announcement no. 12/2024
Interim report Q3 2024
22 October 2024
Sveinn Sölvason, President and CEO, comments:
"We delivered solid sales in the third quarter amounting to
As of September 1, 2024, US Medicare has expanded access to advanced bionics for K2 patients. Healthcare professionals are currently assessing first patients as part of the replacement cycle through medical documentation that a bionic knee would improve the patient's functional health outcomes.
Our EBITDA margin came in strong for the quarter at
We are executing well on our Growth'27 strategy and reiterate our full year guidance of 6
Highlights Q3 2024
- Sales amounted to
USD 214 million and organic growth was7% , compared to7% in Q3 2023. In local currency sales growth was10% increase including acquisitions and11% reported growth (USD growth). - Prosthetics & Neuro Orthotics sales grew by
9% , Patient Care grew9% , while Bracing & Supports grew by1% (all organically). EMEA continued to contribute strongly during Q3, whereas performance inAmericas remained soft. APAC delivered good growth. - Gross profit margin was
63% , compared to62% in Q3 2023. The increase in gross profit can partly be ascribed to cost reduction initiatives in manufacturing implemented during Q1 as well as better product mix and manufacturing efficiency. - EBITDA amounted to
USD 47 million , and EBITDA margin was22% of sales, compared to19% in Q3 2023. Increasing gross profit margin and continued cost control contributed to increased profitability. - Net profit grew by
58% and wasUSD 22 million with a net profit margin of10% , compared to7% of sales in Q3 2023. - Cash generated from operations amounted to
USD 52 million or24% of sales, compared to17% of sales in Q3 2023. - Free cash flow amounted to
USD 33 million or15% of sales, compared to9% of sales in Q3 2023. Free cash flow was strong in the third quarter with solid operating results. - NIBD/EBITDA before special items was 2.8x at the end of Q3 2024. Share buybacks continue to be paused.
Other highlights
- During the third quarter we introduced the third generation of our Naked Prosthetics finger device portfolio, while our newly launched bionic knee solutions, NAVii® by Össur and Icon® by College Park continue to be rolled out in selected markets as part of our limited launch program. A full launch of NAVii and Icon is expected early 2025, as previously announced.
- A global team of elite para-athletes who wear Össur's renowned prosthetics won 22 medals and set five new Paralympic Records during the 2024 Paralympic Games in
Paris , with the company's iconic carbon fiber Cheetah sports blades, easily identifiable by their distinctive yellow stripe, dominating several categories of Athletics competition.
2024 outlook
- We reiterate our full year guidance of 6
-8% organic sales growth and ~20% EBITDA margin before special items.
Conference call details
Embla Medical will host a conference call on October 22, 2024, at 9:00 CET / 7:00 GMT / 3:00 EST.
The conference call webcast can be accessed through following link:
https://edge.media-server.com/mmc/p/o2dxucfe
To actively participate in the Q&A session of the call please use following link for dial in options
ttps://register.vevent.com/register/BI0f67d9e43c4f4ff484123ef1cff5e472
The latest investor presentation can be downloaded through following link Embla Medical Reports & Presentations
Further information
Klaus Sindahl, Head of Investor Relations, KSindahl@emblamedical.com, +45 5363 0134
Embla Medical press releases by e-mail
If you wish to receive Embla Medical press releases by e-mail, please register at http://www.emblamedical.com/investors
About Embla Medical
Embla Medical (Nasdaq Copenhagen: EMBLA) was founded in
Embla Medical was formerly listed as Össur (OSSR) on Nasdaq Copenhagen until 8 April 2024.
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SOURCE Embla Medical hf.
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