WaveLight AG
WaveLight AG: Results for the Short Financial Year 2008 Burdened by Global Dampening of Demand
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: Results for the Short Financial Year 2008 Burdened by Global Dampening of Demand Lower sales revenue at the end of the financial year Expansion of the core competence in refractive surgery Erlangen, March 25, 2009. WaveLight AG, listed on the Prime Standard of the Deutsche Börse AG (German Stock Exchange) today published its consolidated financial statements for the short financial year 2008 (August 1 to December 31, 2008). While the WaveLight group successfully concluded the first quarter of the short financial year with an increase in sales revenue and earnings, the effects of the global financial and economic crisis were particularly noticeable in the second half of the reporting period. Consequently, the company was unable to meet the goals announced for the short financial year 2008. In the five months of the short financial year 2008, the WaveLight group generated sales revenue to the value of EUR 30,064 thousand. This represents a fall in sales revenue to the comparable period in the previous year (EUR 35,693 thousand) of 15.8 percent. The earnings before interest and tax (EBIT) in the short financial year 2008 amounted to EUR 2,131 thousand, whereas the figure for the comparable period in the previous year amounted to EUR 2,560 thousand. Regional sales development with losses WaveLight AG's sales revenue in the most important target markets fell short of expectations. Due to the global economic conditions, WaveLight was unable to build on the excellent results for the traditionally important markets of the USA, Asia and Europe as recorded in the financial year 2007/2008. During the reporting period WaveLight generated sales revenue in the USA amounting to EUR 12,235 thousand. This represents a fall of 22.8 percent compared to the figure for the comparable period in the previous year. At the end of 2008, the base of installed WaveLight devices in the USA amounted to 277 systems. In the European sales region, the company generated sales revenue amounting to EUR 8,385 thousand, seven percent lower than the sales revenue in the comparable period of the previous year (EUR 9,086 thousand). In Europe a total of 338 WaveLight systems have been installed (as of December 31, 2008). On the Asian market WaveLight generated sales revenue amounting to EUR 5,107 thousand. In the comparable period of the previous year, sales revenue amounting to EUR 7,316 thousand was generated in this market. This represents a fall of 31.2 percent. As of December 31, 2008, WaveLight had a base of installed devices in Asia of 376 laser systems. In the remaining sales markets, WaveLight improved turnover by 26.2 percent from EUR 3,435 thousand to EUR 4,337 thousand, the greater part of which was generated in the South American sales region. Vigorous focus on core competence in refractive surgery Despite the unexpected turnover and income development in the short financial year 2008, WaveLight AG successfully maintained its position as global technology leader in the refractive surgery sector, consolidating its long-term position in the global markets. At of the end of the reporting period the WaveLight group had a base of installed devices totalling 1,190 laser systems, representing a 19 percent share of the global market. In the excimer laser field, WaveLight has established a global market share of newly installed devices of around 33 percent, the largest share of any manufacturer worldwide. An important basis for WaveLight's successful market positioning is its innovative, technically mature and reliable treatment and diagnosis systems for refractive surgery. In the short financial year 2008 the company once again presented innovative new developments: With the ALLEGRO BioGraph diagnosis system, presented to the public for the first time in September 2008, WaveLight once again underlined its claim to global technology leadership in the ophthalmological field. The measuring system generates reliable data on the entire front section of the eye in one single measurement procedure, thus excelling as a flexible diagnosis system for both refractive and intraocular surgery treatment. Ground-breaking femtosecond technology from WaveLight At the world renowned ophthalmological trade fair, the AAO in Atlanta in November 2008, the company presented its newly developed WaveLight femtosecond technology to the professional public. The newly developed, ground-breaking femtosecond technology has all the typical features of WaveLight products: high reliability and treatment safety, representing an intelligent addition to the Erlangen based company's product portfolio with its tried and tested WaveLight microkeratom RONDO. As part of the innovative WaveLight 'Refractive Center' and in combination with WaveLight's excimer laser, the femtosecond technology provides a foretaste of future refractive surgery treatment standards. Outlook for the financial year 2009 WaveLight's innovative refractive surgery product portfolio will be of decisive importance for the company's successful future growth, a portfolio which will enable the company to successfully meet the challenges of the global ophthalmology market. The newly presented ALLEGRO BioGraph diagnosis system as well as the WaveLight femtosecond technology represent an intelligent addition to the Erlangen based company's future product palette. Furthermore, closer cooperation with the majority shareholder Alcon, Inc. will be at the focus of future corporate activities. The cooperation will be further intensified and effectively utilised in order to realise the appropriate synergy potential in the areas of sales and marketing. In the financial year 2009, the WaveLight AG Board of Directors anticipates a decline in group turnover of approx. ten percent and earning before interest and tax (EBIT) in the positive range. The cost-reduction program introduced, together with the close cooperation with the Alcon group will ensure that by the end of 2009 an EBIT approaching the relative level of the short financial year 2008 will have been generated. In the event of a shortfall of up to ten percent relative to the sales revenue target for 2009, the Board of Directors anticipates an EBIT in the lower single-digit range. On the occasion of the presentation of WaveLight's figures for the short financial year 2008, Max Reindl, Chairman of the Board of Directors and company founder, stated: 'WaveLight is in an excellent position in its most important target markets. Despite the continuingly difficult economic climate, we are confident that, in the long-term, we will further expand the global presence of WaveLight treatment and diagnosis systems.' WaveLight AG (ISIN DE 000 512 5603) The company WaveLight AG, listed on the Prime Standard of the Deutsche Börse AG since January 2003, develops, produces and sells an exhaustive, high quality product portfolio in the field of refractive surgery. The worldwide technologically leading laser systems for the correction of visual impairments are enhanced by high quality, innovative diagnostics systems and form the basis of WaveLight's global market success. 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 E-mail: susanne.grethlein@wavelight.com E-Mail: 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. 25.03.2009 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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