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LifeWatch AG: LifeWatch reports 2016 Financial Results Freitag, 17. März 2017 - 17:45
LifeWatch AG / Key word(s): Final Results
LifeWatch AG: LifeWatch reports 2016 Financial Results
17-March-2017 / 17:45 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR
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LifeWatch reports 2016 Financial Results
Zug/Switzerland, March 17, 2017 - LifeWatch AG (SIX Swiss Exchange: LIFE), a
leading provider of medical solutions and remote diagnostic monitoring
services in the digital health market, today reports its 2016 financial
results.
In 2016 revenue was USD 113.8 million representing an increase of 6.8% over
prior year's adjusted revenues. Gross profit for the period was USD 56.7
million, or 49.8% of revenue resulting in an EBITDA of USD 2.1 million.
While the revenue in 2016 was modestly higher than the estimated growth in
the Company's market segment, the Company's profitability was negatively
impacted by two large legal settlements, one-time costs associated with the
discontinuation of the Vital Signs Patch (VSP) and International Normalized
Ratio (INR) initiatives as well as the discontinuation of internal device
development and closure of subsidiaries in Japan and India. These strategic
decisions facilitated LifeWatch's transition to a pure-play service provider
and have resulted in a nimbler organization which LifeWatch believes will
yield improved operating results for the Company in 2017 and beyond.
In 2016, on a non-adjusted basis, EBIT was a negative USD 7.7 million due to
increases in non-capitalized R&D, sales and marketing, general and
administrative costs, increased legal expenses and costs attributable to the
establishment of a joint-venture in Turkey.
After adjusting for one-time costs and write-offs, EBIT and EBITDA would
result in approximately USD 4 million and USD 14 million, or 4% and 12% of
revenue, respectively.
Outlook 2017
Following the successful capital increase and the settlement of the major
legal cases in 2016, LifeWatch's efforts are focused on revenue growth and
sustained profitability.
The completion of several in-house technology projects is anticipated to
improve the efficiency of operations, increase gross profit and contribute
to expansion in profitability. Several additional growth initiatives
including the commencement of business in Turkey as well as the
collaboration with GE Healthcare are also expected to contribute to
LifeWatch's business.
2017 has started well and indications are positive. LifeWatch anticipates
achieving double-digit revenue growth and positive operating results even
after taking into account the costs associated with solicitation of
potential acquirers following the public offer made by Aevis Victoria SA and
investments into the Turkish joint venture.
Key Figures for Fiscal Year 2016 (unaudited, in USD millions)
FFY 2016 FFY 2015
adjusted unadjusted adjusted unadjusted
Revenues 113.83 113.83 106.63 88.63
Gross profit 60.35 56.74 55.59 37.59
As % of revenues 53.0% 49.8% 52.1% 42.4%
EBITDA / (LBITDA) 14.05 2.15 15.57 (3.62)
As % of revenues 12.3% 1.9% 14.6% -4.1%
EBIT / (LBIT) 4.23 (7.67) 7.54 (11.66)
As % of revenues 3.7% -6.7% 7.1% -13.2%
Net income / (loss) (1.50) (13.40) 1.62 (11.95)
As % of revenues -1.3% -11.8% 1.5% -13.5%
Total fixed assets, net 18.36 18.36 16.35 16.35
Total equity 56.93 56.93 39.33 25.77
Employees at the end of period 640 640 612 612
Detailed reporting
The 2016 Annual Report will be available on the LifeWatch website via the
following link:
Calendar:
April 26, 2017: Ordinary Shareholders Meeting in Zurich
August 24, 2017: Analyst Conference Results HY 2017
A press and analyst meeting will take place on March 20 at 10.00 in Zurich.
Dr. Stephan Rietiker, CEO, and Andrew Moore, CFO, will comment on the
results of the 2016 financial year and provide an update on current
projects.
The Live Audio Webcast and the presentation slides can be found under the
following link:
http://lifewatch170316-live.audio-webcast.com
The dial-in numbers to join by telephone are detailed below:
CH: +41 22 580 59 70
GER: +49 69 2222 29 043
UK: +44 203 009 2452
USA: +1 855 402 7766
Participants Pin-Code: 60170589#
For further questions:
LifeWatch AG, Andrew Moore, CFO
c/o Communicators AG , Ralph Spillmann
Mobile: +41 79 514 64 84
E-Mail: investor-relations@lifewatch.com
About LifeWatch AG
LifeWatch AG, headquartered in Zug and listed on SIX Swiss Exchange (LIFE),
Switzerland, is a leading healthcare technology and solution company,
specializing in advanced digital health systems and wireless remote
diagnostic patient monitoring services. LifeWatch's services provide
physicians with critical information to determine appropriate treatment and
thereby improve patient outcomes. LifeWatch AG has operative subsidiaries in
the United States, in Switzerland and in Israel, and is the parent company
of LifeWatch Services Inc., and LifeWatch Technologies, Ltd. LifeWatch
Services, Inc. is a leading U.S.-based provider of cardiac monitoring
services. LifeWatch Technologies Ltd., based in Israel, is a leading
developer and manufacturer of telemedicine products. For additional
information, please visit www.lifewatch.com.
Sign up for customized e-mail alerts and documentation requests at
https://www.lifewatch.com/Investor-Relations/Alert-Service.html
This press release includes forward-looking statements. All statements other
than statements of historical facts contained in this press release,
including statements regarding future results of operations and financial
position, the business strategy, and plans and objectives for future
operations, are forward-looking statements. The words "believe," "may,"
"will," "estimate," "continue," "anticipate," "intend," "expect" and similar
expressions are intended to identify forward-looking statements. LifeWatch
AG has based these forward-looking statements largely on current
expectations and projections about future events and financial trends that
it believes may affect the financial condition, results of operations,
business strategy, short-term and long-term business operations and
objectives, and financial needs. These forward-looking statements are
subject to a number of risks, uncertainties and assumptions. In light of
these risks, uncertainties and assumptions, the forward-looking events and
circumstances described may not occur and actual results could differ
materially and adversely from those anticipated or implied in the
forward-looking statements. All forward-looking statements are based only on
data available to LifeWatch AG at the time of the issue of this press
release. LifeWatch AG does not undertake any obligation to update any
forward-looking statements contained in this press release as a result of
new information, future events or otherwise.
THIS PRESS RELEASE IS NOT BEING ISSUED IN THE UNITED STATES OF AMERICA AND
MUST NOT BE DISTRIBUTED TO UNITED STATES PERSONS OR PUBLICATIONS WITH A
GENERAL CIRCULATION IN THE UNITED STATES. THIS PRESS RELEASE DOES NOT
CONSTITUTE AN OFFER OF SECURITIES OF LIFEWATCH AG OR ANY OF ITS SUBSIDIARIES
FOR SALE IN THE UNITED STATES, OR AN INVITATION TO SUBSCRIBE FOR OR PURCHASE
ANY SECURITIES OF LIFEWATCH AG OR ITS SUBSIDIARIES IN THE UNITED STATES. IN
ADDITION, THE SECURITIES OF LIFEWATCH AG AND ITS SUBSIDIARIES HAVE NOT BEEN
REGISTERED UNDER THE UNITED STATES SECURITIES LAWS AND MAY NOT BE OFFERED,
SOLD OR DELIVERED WITHIN THE UNITED STATES OR TO U.S. PERSONS ABSENT FROM
REGISTRATION UNDER OR AN APPLICABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE UNITED STATES SECURITIES LAWS.
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End of ad hoc announcement
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