WaveLight AG
WaveLight AG: Fiscal year 2007/2008 figures released
WaveLight AG / Final Results Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. ---------------------------------------------------------------------- Press Release WaveLight AG: Fiscal year 2007/2008 figures released Increase in sales by 29 percent, significantly improved EBIT Strategic and operative realignment successfully completed Erlangen, 22 October 2008. WaveLight AG, listed in the Prime Standard of the Deutsche Börse (German Stock Exchange) has published its consolidated financial statement for the fiscal year 2007/2008 today. In comparison with the previous year € 70,370 thousand, the Erlangen company increased its revenues for the annual financial statement as of 31 July 2008 by around 29 percent to € 90,876 thousand. The EBIT (Earnings Before Interest and Taxes) also clearly improved to € 6,292 thousand in comparison with the previous year (€ 660 thousand). Without the one-off effects in connection with the takeover by Alcon, Inc. and the restructuring actions in the group of companies, the Board of Directors assumes that the company could have achieved an even better 'cleaned' EBIT of € 11,753 thousand in the fiscal year 2007/2008. An important base for the positive fiscal year development was formed by the successful conclusion of the strategic and operative realignment of the WaveLight group of companies. The Aesthetics business division in the form of the subsidiary company WaveLight Aesthetic GmbH was sold to the French Atlas Laser SARL in September 2007. As a further step in the course of the repositioning, the divestment of the intraocular surgery business division has been completed. WaveLight AG sold its 100% holding in the WaveLight GmbH sales company domiciled in Berlin to the Dutch company Medical Device Production B.V. (MDP) and its 30 percent holding in the MDP production company to the Dutch company Procornea Holding B.V. in December 2007. Takeover bid by Alcon, Inc. successful The takeover bid by Alcon, Inc. to the WaveLight shareholders was of decisive importance for the successful course of the fiscal year 2007/2008. After the company domiciled in Switzerland had already notified its intention on 16 July 2007 to make a takeover offer to the WaveLight shareholders, Alcon, Inc. published the offer document on 10 August 2007 which contained an offer to purchase all shares of WaveLight AG in return for cash payment of € 15.00 per share. The official acceptance deadline expired at midnight on 25 September 2007. After the execution of the takeover offer on 9 November 2007, Alcon, Inc. announced that it held 77.38 percent of the voting rights in WaveLight AG. A Domination Agreement between Alcon, Inc. and WaveLight AG was concluded on 20 March 2008 with the objective of smooth integration and prompt realisation of potential synergies in the areas of Research & Development and Sales & Marketing. Among other things, this agreement still needed the approval of the Annual General Meeting of WaveLight AG. An Extraordinary General Meeting was convened for this purpose which approved the Domination Agreement between the majority shareholder, Alcon, Inc., and WaveLight AG on 7 May 2008. The Domination Agreement has not yet been registered in the Fürth commercial register due to still pending objections of individual shareholders against the resolutions of the Extraordinary General Meeting. However, on 15 August 2008, WaveLight AG applied to the court for release of the resolution approving the Domination Agreement for registration in the commercial register; to date, this has still not been decided. Strong sales growth in the USA In the course of the realignment of the WaveLight group of companies and against the background of the takeover by Alcon, Inc., a restructuring of the US business of WaveLight was carried out. A comprehensive sales concept between WaveLight AG and Alcon Laboratories, Inc. was agreed for this purpose in February 2008. According to this, the sale and all other services for the technologically leading WaveLight systems for refractive surgery in the USA are performed exclusively via the effective distribution network of Alcon Laboratories, Inc. Thereby, the sales agreement includes a guaranteed, significant acceptance volume of WaveLight systems by Alcon within a period of three years. In the context of the successfully implemented sales concept, all customer service and support activities which were previously the responsibility of WaveLight, Inc. have been transferred to Alcon Laboratories, Inc. Against this background, the sales revenues on the exceedingly important US market for WaveLight could be significantly increased. With sales revenues of € 41,513 thousand, the previous year result € 23,525 thousand has been exceeded by 76 percent. WaveLight will continue to generate sales for the already installed equipment base of WaveLight laser systems in the US from the 'Per Procedure Fee' usual there. Increased sales in Asia The company was able to successfully achieve its sales planning for the fiscal year 2007/2008 in WaveLight AG’s traditionally important Asian sales region which is also distinguished by sustainable growth and development opportunities in the future. In comparison with the previous year (€ 13,753 thousand), the company achieved sales revenues of € 17,130 thousand in this region despite the further intensified competitive situation. This means an increase of 25 percent in comparison with the previous year’s revenue. Europe with stable sales development As of 31 July 2008, the WaveLight Group in Europe achieved sales revenues of € 21,932 thousand and thus improved on the previous year result € 29,711 thousand by 6 percent. WaveLight AG therefore consolidated its position in the European markets for refractive surgery. Outlook: On growth course with a strong partner Both the realignment of the WaveLight group of companies completed in the fiscal year 2007/2008 as well as the successful collaboration with the majority shareholder, Alcon, Inc., are an important basis for WaveLight AG to consistently concentrate on the refractive surgery core competence in the future. The innovative product range, using which the company will successfully face the challenges of the global ophthalmology markets, will be groundbreaking for also successful operating activities in the future. The new ALLEGRO BioGraph diagnostics system launched in September 2008 and the soon expected WaveLight femtolaser system will sensibly expand the product range of the Erlangen company and further optimise the treatment standard in refractive surgery. The changeover of the fiscal year of WaveLight AG to the calendar year was resolved at the Annual General Meeting of WaveLight AG on 3 March 2008. The period from 1. August 2008 to 31 December 2008 is therefore a short fiscal year. The Board of Directors of WaveLight AG expects further sales growth and positive Earnings before Interest and Taxes (EBIT) for the next fiscal year, which will accordingly only comprise five months. In the medium term, WaveLight is striving for an EBIT margin of more than ten percent. 'With our technologically leading product range for refractive surgery recognised world wide and the majority shareholder, Alcon, Inc., as a strong partner at our side, we will be able to successfully achieve our ambitious growth objectives in the future', says Max Reindl, CEO of WaveLight AG. WaveLight AG (ISIN DE 000 512 5603) The company WaveLight AG which has been listed in the Prime Standard of Deutsche Börse AG since January 2003 develops, produces and sells a high quality and complete product range in the field o refractive surgery. The world wide technologically leading laser systems for correction of sight defects are enhanced by high quality, innovative diagnostics systems and form the basis of the world wide market success of WaveLight. Further information about WaveLight can be found at www.wavelight.com Contact person for the press: Susanne Grethlein Gerhard Lodzwik WaveLight AG AGIL Gesellschaft für Finanzkommunikation mbH Tel.: + 49/9131/6186-103 Tel.: +49/2131/12 55 73 Fax: + 49/9131/6186-112 Fax: +49/2131/12 557 55 Email: susanne.grethlein@wavelight.com Email: info@AGIL-IR.com Disclaimer: Some of the statements made in this communication have the character of prognoses or can be interpreted as such. All statements and assessments are based on extremely conscientious research. However, no responsibility is accepted for the correctness of the information in this publication. Any liability is ruled out. The statements above do not represent any incitement for the purchase or sale of securities. All rights reserved. 22.10.2008 Financial News transmitted by DGAP ---------------------------------------------------------------------- Language: English Issuer: WaveLight AG Am Wolfsmantel 5 91058 Erlangen Deutschland Phone: +49 (0)9131 - 61 86-0 Fax: +49 (0)9131 - 61 86-111 E-mail: info@wavelight.com Internet: www.wavelight.com ISIN: DE0005125603 WKN: 512560 Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Hannover, Düsseldorf, Hamburg, München, Stuttgart End of News DGAP News-Service ---------------------------------------------------------------------------
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