WaveLight AG
WaveLight AG: Revenues up 26 percent in the first six months
WaveLight AG / Half Year 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: Revenues up 26 percent in the first six months Significantly improved, positive EBIT generated Restructuring completed successfully – concentration on core competency of refractive surgery Erlangen, March 19, 2008. Erlangen-based WaveLight AG today published its figures for the first six months of the current fiscal year (2007/2008). On the whole, the medical technology company, which is listed in Deutsche Börse AG’s Prime Standard, continued on the successful path of the previous fiscal year and successfully completed its restructuring. In the first six months of the current fiscal year of 2007/2008 ended January 31, 2008, WaveLight generated revenues of €41,289 thousand. This represents an increase of 26% over the previous year (€32,790 thousand). EBIT (earnings before interest and taxes) also improved significantly in comparison to the first six months of the previous year (€-976 thousand) to reach €1,994 thousand. This means that the Erlangen-based company has reported positive EBIT for the last five successive quarters. Earnings before interest and taxes as of January 31, 2008 would have been considerably higher without the exceptional expenses totaling €1,579 thousand arising from restructuring measures in the Group, the focus on refractive surgery, and costs in connection with the takeover bid by Alcon, Inc. Overall, WaveLight succeeded in further reinforcing its market positioning in the Company’s key markets in the U.S.A., Asia, and Europe during the first six months of fiscal year 2007/2008. This was due primarily to WaveLight’s internationally leading range of products for LASIK correction of visual impairments. In the Asian sales region, the WaveLight Group achieved revenues of €8,304 thousand. This corresponds to a marked rise of approximately 68 percent on the previous year, in which the Company generated revenues of €4,934 thousand in Asia. In the U.S.A. – a very significant, high-revenue market for WaveLight – the Company attained revenues of €17,612 thousand, thus improving on the prior-year figure (€11,530 thousand) by approximately 52 percent. Of this amount, €8,500 thousand was attributable to revenues from the majority shareholder, Alcon. In the European markets, WaveLight also continued to expand its market position compared to the previous year. The Erlangen-based company generated revenues of €8,316 thousand in Europe, improving on the figures for the first six months of the previous year (€7,023 thousand) by approximately 18 percent. Restructuring successfully completed WaveLight AG decided on December 6, 2007 to sell the Company’s equity investments in the field of intraocular surgery. The sale of the 100-percent stake in Berlin-based WaveLight GmbH to the Dutch Company MDP B.V. and the sale of the 30-percent stake in MDP B.V. to Procornea Holding B.V., based in Eerbeek, near Arnheim in the Netherlands, took effect as of December 14, 2007. In the course of the Company’s repositioning following the successful takeover offer by Alcon, Inc., WaveLight AG and Alcon Laboratories, Inc. signed a highly promising distribution agreement for the U.S. market on February 4, 2008. According to the terms of the agreement, Alcon Laboratories, Inc. will assume responsibility for sales, service, support, and marketing for the range of WaveLight refractive surgery products sold in the U.S.A. The U.S. distribution agreement also guarantees the purchase of a specific volume of laser systems within a three-year period, to be delivered by WaveLight to Alcon. An important element of the agreement is that WaveLight will continue to generate revenues from its installed base of appliances in the U.S.A. under the 'per procedure fee' model prevalent there. For the current fiscal year of 2007/2008, WaveLight AG is expecting sales growth of approximately 10 percent on the previous year and positive EBIT in the low single-digit percentage range. 'In the medium and long term, we are planning to step up cooperation with majority shareholder Alcon on a strategic and operational level, allowing us to exploit international market and development opportunities in the field of refractive surgery,' explained Chief Executive Officer and founder of WaveLight AG, Max Reindl. WaveLight AG, listed in Deutsche Börse AG’s Prime Standard since January 2003, develops, produces, and markets a high-quality, end-to-end product portfolio in the field of ophthalmology, specializing in optical technology. WaveLight’s market success is based on its innovative range of products that are the technology leaders in their areas of application and its broad-based sales network featuring both own sales channels and strategic partners. Further information on WaveLight is available at www.wavelight.com Press contacts: 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 disclosure take the form of forecasts or could be interpreted as such. All information is given and all assessments are made on the basis of extremely conscientious research. However, no guarantee is given with regard to the information or assessments published. No liability whatsoever is accepted. The above statements do not represent an invitation to buy or sell securities. All rights reserved. 19.03.2008 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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