SHL Telemedicine Reports Half Year 2015 Financial Results Montag, 31. August 2015 - 07:00
Press release (German version on page 3)
SHL Telemedicine Reports Half Year 2015 Financial Results
- Adjusted Revenues(1)of USD 22.3 million (up 25.4% in constant currency to USD 26.2 million)
- Adjusted EBITDA(2)of USD 5.6 million (USD 6.7 million in constant currency)
- Adjusted EBIT (2)of USD 3.2 million (USD 4.1 million in constant currency)
- Shanghai Jiuchuan Investment (Group) Co., Ltd. to acquire SHL Telemedicine Ltd. for CHF 10.5 in cash per share. The completion of the transaction, which is subject to shareholder approval and additional customary closing conditions, is planned for October 2015.
Tel Aviv/Zurich, 31 August 2015 - SHL Telemedicine Ltd. (SIX Swiss Exchange: SHLTN, OTCPK: SMDCY), a leading provider and developer of advanced personal telemedicine solutions, today announced results for the six months ended 30 June 2015.
Adjusted revenues(1) for the first six months amounted to USD 22.3 million compared with USD 20.9 million in the first six months of 2014, an increase of 6.7%. At constant exchange rates* revenues were USD 26.2 million, up 25.4%. GPH's results are consolidated from April 1, 2015.
Adjusted EBITDA(2) amounted to USD 5.6 million and adjusted EBIT(2) to USD 3.2 million compared with adjusted EBITDA of USD 3.9 million and adjusted EBIT of USD 1.3 million in the first half-year 2014. Adjusted net income(2) for the half-year amounted to USD 2.3 million compared with USD 0.8 million in the respective period in 2014.
Cash provided by operating activities improved significantly in the first six months of 2015 and amounted to USD 4.4 million compared with cash used in operations of USD 3.3 million in the first half of 2014.
In Germany, SHL continued to strengthen its position as the leading provider of telehealth services with the acquisition of GPH (Gesellschaft für Patientenhilfe), based in Munich, concluded at the end of March. GPH's results of operation are consolidated from April 1, 2015. In addition SHL initiated the unification of its telemedicine monitoring centers in Germany so that the Dusseldorf monitoring center will be absorbed in Munich with restructuring costs accrued during the period. In Israel, SHL's loyal subscriber base continues to show high satisfaction rates from the personal consumer services bringing with it continued strong financial performance. In Japan, SHL signed in March a distribution agreement for the smartheart™ device with USCI Holdings, Inc., of Japan with a target of buying at least 1,000 smarthearts™ until the end of 2016. USCI’s focus will be on the physicians and the professional market, goal is to build credibility for the smartheart in the Japanese healthcare community. In the US, SHL signed in May an international distribution agreement for smartheart™ with FUJIFILM SonoSite, Inc. FUJIFILM SonoSite will distribute the smartheart™ to its professional healthcare customers in the US, Japan and Germany, using its point-of-care ultrasound solutions.
Subsequent events
On July 27, 2015 SHL announced that Shanghai Jiuchuan Investment (Group) Co., Ltd. was to acquire SHL Telemedicine Ltd. Shareholders in SHL are to receive CHF 10.5 in cash per share. The completion of the transaction, which is subject to shareholder approval and additional customary closing conditions, is planned for October 2015.
The full Half year Report is available on:
http://www.shl-telemedicine.com/about-us/investorrelations/financial-reports-pres-2015/
See footnotes and tables on page 5 ff.
SHL Telemedicine publiziert Halbjahresresultate 2015
- Bereinigter Umsatz(1) von USD 22,3 Mio. (plus 25,4% resp. USD 26,2 Mio. bei konstanten Wechselkursen)
- Bereinigter EBITDA(2) von USD 5,6 Mio. (USD 6,7 Mio. bei konstanten Wechselkursen)
- Bereinigter EBIT(2) von USD 3,2 Mio. (USD 4,1 Mio. bei konstanten Wechselkursen)
- Shanghai Jiuchuan Investment (Group) Co., Ltd, beabsichtigt, SHL Telemedicine Ltd. für CHF 10.5 in bar je Aktie zu erwerben. Der Abschluss der Transaktion, vorbehältlich der Zustimmung der Aktionäre und weiterer üblichen Abschlussbedingungen, ist für Oktober 2015 geplant.
Tel Aviv/Zürich, 31. August 2015 – SHL Telemedicine Ltd. (SIX Swiss Exchange: SHLTN, OTCPK: SMDCY), ein führender Anbieter und Entwickler moderner personalisierter Telemedizin-Lösungen, gibt heute die Ergebnisse für die sechs Monate zum 30. Juni 2015 bekannt.
Der bereinigte Umsatz(1) für die ersten sechs Monate belief sich auf USD 22,3 Mio., verglichen mit USD 20,9 Mio. in den ersten sechs Monaten des Jahres 2014, ein Anstieg von 6,7%. Zu konstanten Wechselkursen* belief sich der Umsatz auf USD 26,2 Mio., eine Steigerung von 25,4%. Die Ergebnisse von GPH sind ab 1. April 2015 konsolidiert.
Der bereinigte EBITDA(2) belief sich auf USD 5,6 Mio. und der bereinigte EBIT(2) auf USD 3,2 Mio., verglichen mit einem bereinigten EBITDA von USD 3,9 Mio. und einem bereinigten EBIT von USD 1,3 Mio. im ersten Halbjahr 2014. Der bereinigte Nettogewinn(2) belief sich auf USD 2,3 Mio., verglichen mit USD 0,8 Mio. im Vergleichszeitraum im Jahr 2014.
Der operative Cash-flow stieg im ersten Halbjahr deutlich auf USD 4,4 Mio. verglichen mit einem operativen Cash-drain von USD 3.3 Mio. im ersten Halbjahr 2014.
In Deutschland baute SHL mit der Akquisition der GPH (Gesellschaft für Patientenhilfe), München, die Position als führender Anbieter von Telemedizindiensten aus. Die Transaktion wurde Ende März abgeschlossen. Die Resultate von GPH sind ab dem 1. April 2015 konsolidiert. Zudem hat SHL damit begonnen, die Telemedizin-Monitoring-Zentren in Deutschland zusammen zu fassen. Das Monitoringcenter in Düsseldorf soll mit dem Standort in München kombiniert werden. Das hat Restrukturierungskosten zur Folge, die dem 1. Halbjahr belastet werden. In Israel zählt SHL mit ihren persönlichen Dienstleistungen für Endverbraucher weiterhin auf eine loyale Kundenbasis mit hohen Zufriedenheitswerten; auch die Resultate stimmen. In Japan hat SHL im März eine Vertriebsvereinbarung für den smartheart™ mit USCI Holdings, Inc., in Japan unterzeichnet, wobei ein Kauf von mindestens 1’000 smartheart™ bis Ende 2016 anvisiert wird. USCI wird sich auf Ärzte und den professionellen Markt konzentrieren. Ziel ist es, die Glaubwürdigkeit für den smartheart™ in im japanischen Gesundheitswesen aufzubauen. In den USA hat SHL im Mai eine internationale Vertriebsvereinbarung für den smartheart™ mit FUJIFILM SonoSite, Inc. unterzeichnet. FUJI SonoSite will den smartheart™ via die eigenen Point-of-Care-Ultraschall-Lösungen professionellen Kunden im Gesundheitswesen in den USA, Japan und Deutschland verkaufen.
Ereignisse nach dem Bilanzstichtag
Am 27. Juli 2015 hat SHL angekündigt, dass Shanghai Jiuchuan Investment (Group) Co., Ltd. SHL Telemedicine Ltd erwerben will. Aktionäre von SHL sollen CHF 10.5 je Aktie in bar erhalten. Der Abschluss der Transaktion, vorbehältlich der Zustimmung der Aktionäre und weiterer üblichen Abschlussbedingungen, ist für Oktober 2015 geplant.
Der vollständige Halbjahresbericht ist abrufbar unter:
http://www.shl-telemedicine.com/about-us/investorrelations/financial-reports-pres-2015/
Financial Highlights
in USD million (except per share amounts) | H1 2015 | H1 2014 | % change | H1 2015 (constant currency) | % change (constant currency) |
Revenues | 21.1 | 20.9 | 24.7 | ||
Additional revenues (1) | 1.2 | 0.0 | 1.5 | ||
Adjusted revenues | 22.3 | 20.9 | 6.7% | 26.2 | 25.4% |
Adjusted EBIT (2) | 3.2 | 1.3 | 146.2% | 4.1 | 215.4% |
% | 14.3% | 6.2% | 15.6% | ||
Adjusted EBITDA (2) | 5.6 | 3.9 | 43.6% | 6.7 | 71.8% |
% | 25.1% | 18.7% | 25.6% | ||
Adjusted Net income (2) | 2.3 | 0.8 | 187.5% | 3.0 | 275.0% |
10.3% | 3.8% | 11.5% | |||
Basic Adjusted EPS | 0.21 | 0.06 | 0.26 |
Constant currency - In order to enable meaningful comparison between the results, they are also presented at constant currency exchange rates. These are calculated by translating the 2015 results using the average 2014 exchange rates.
Revenues by geographic distribution
Israel | Germany | USA & ROW | ||||
USD m | % of total | USD m | % of total | USD m | % of total | |
H1 2015 Adjusted | 10.9 | 48.9% | 11.3 | 50.7% | 0.1 | 0.4% |
H1 2014 | 12.2 | 58.4% | 8.7 | 41.6% | 0.0 | 0.0% |
H1 2015 Adjusted (constant currency) | 12.2 | 46.6% | 13.9 | 53.0% | 0.1 | 0.4% |
% change in constant currency | 0.0% | 59.8% | ||||
(1) Additional revenues
These are revenues earned by GPH in the period after the acquisition date (Q2 2015), relating to the period prior to the acquisition date (2013, 2014 and Q1 2015) which IFRS 3 requires them to be recorded as an additional asset as of the acquisition date rather than revenues.
(2) Reconciliation to Adjusted Financial Information:
H1 2015 | H1 2014 | H1 2015 (constant currency) | |
EBIT | 0.8 | 0.6 | 1.3 |
Amortization of acquisition intangibles and stock based compensation | 0.7 | 0.7 | 0.8 |
Restructuring charges | 0.5 | 0.0 | 0.5 |
Additional revenues (1) | 1.2 | 0.0 | 1.5 |
Adjusted EBIT | 3.2 | 1.3 | 4.1 |
Depreciation | 2.4 | 2.6 | 2.6 |
Adjusted EBITDA | 5.6 | 3.9 | 6.7 |
H1 2015 | H1 2014 | H1 2015 (constant currency) | |
Net Income | 0.2 | 0.1 | 0.6 |
Amortization of acquisition intangibles and stock based compensation | 0.7 | 0.7 | 0.8 |
Restructuring charges | 0.5 | 0.0 | 0.5 |
Additional revenues (1) | 1.2 | 0.0 | 1.5 |
Taxes on the above items | (0.3) | 0.0 | (0.4) |
Adjusted Net Income | 2.3 | 0.8 | 3.0 |
About SHL Telemedicine
SHL Telemedicine is engaged in developing and marketing personal telemedicine systems and the provision of medical call center services, with a focus on cardiovascular and related diseases, to end users and to the healthcare community. SHL Telemedicine offers its services and personal telemedicine devices to subscribers utilizing telephonic and Internet communication technology. The Company operates in Israel, Germany, India and the United States in one business segment, Telemedicine services. SHL is listed on the SIX Swiss Exchange (SHLTN, ISIN: IL0010855885, Security No.: 1128957) and has an ADR program listed over-the counter; Symbol: SMDCY. For more information, please visit our web site at www.shl-telemedicine.com.
For further information please contact:
- Erez Alroy, Co-CEO, Phone: +972 3561 22 12, ereza@shl-telemedicine.com
- Martin Meier-Pfister, IRF Communications, Phone: +41 43 244 81 40, shl@irfcom.ch
Some of the information contained in this press release contains forward-looking statements. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those in the forward-looking statements as a result of various factors. SHL Telemedicine undertakes no obligation to publicly update or revise any forward-looking statements.
