Abstract from Interim Report Q2-2010
Gothenburg, Sweden, July 30, 2010
Read the full Abstract.
CONTINUED SALES GROWTH AND INCREASED EBITDA MARGIN
· EBITDA margin increased to 9,4 % for the quarter and to 13,9 % for rolling 12 months
· Sales growth of 12 % for the quarter and 15 % for the first half year 2010
· Gross margin stays stable around 80 %
· Acquisition of Farfield finalized
· Net sales increased to SKr 38,2 (34,1) million
· EBITDA increased to SKr 3,6 (1,0) million
· Earnings before tax increased to SKr 1,7 (-0,4) million
· Net earnings increased to SKr 1,8 (-0,3) million
· Earnings per share increased to SKr 0,07 (-0,02) million**
FIRST HALF / YEAR-TO-DATE
· Net Sales increased to SKr 69,8 (60,7) million
· EBITDA increased to SKr 6,6 (3,3) million
· Earnings before tax increased to SKr 2,3 (0,9) million
· Net earnings increased to SKr 25,1 (22,9) million*
· Earnings per share decreased to SKr 1,04 (1,14) million **
* includes deferred tax income of SKr 22,7 (22,0) million
** new share issue conducted in December 2009 of SKr 24,1 million
"The second quarter of 2010 was positive with a sales growth of 12 %, the 19th consecutive quarter with sales growth. Q-Sense products had a strong quarter and continue its positive development with a sales growth of 38 %. The European market has had a positive and strong development in the second quarter for scientific instruments.
The integration of Farfield continues as planned and most of our Distribution Partners now also sell Fairfield’s instruments. Farfield products was introduced at the yearly Distribution Partner Meeting, were a majority of all Distribution Partners participated.
Osstell had a sales growth of 26 % for the first half of 2010, compared to previous year. The second quarter was particularly good in a number of new Asian markets. During the second quarter Jonas Ohlsson was appointed as new Managing Director for Osstell.
The development for the rest of the year is expected to continue to be stable. The American market is expected to be positive both for scientific instrument and Osstell. The order stock was larger at the end of the quarter compared to previous year. The target for 2010 to increase net sales with 20 % and to reach an EBITDA margin of 15 % remains" says Jan Wahlström, CEO of Biolin Scientific.