Össur has announced a 2% sales growth, measured in local currency, for the third quarter of 2012, whereas sales in the Americas decreased by 2%, primarily due to ongoing audits by Recovery Audit Contractors, according to a press release. Sales totaled $99 million, compared to $101 million in the third quarter of 2011.
Gross profit totaled $61.7 million, or 63% of sales in the third quarter quarter compared to $63 million, or 63% of third quarter sales in 2011. Prosthetic sales were flat, whereas sales growth for bracing and supports was 3%. This is the second consecutive quarter bracing and supports sales have grown while prosthetics have declined, which has negative effects on the gross profit margin.
“The results of the third quarter are below our expectations and will therefore affect the expected results for the full year 2012. This is mainly due to effects from reimbursement audits in Americas which have had a more profound impact than management anticipated,” Jón Sigurõsson, president and chief executive officer of Össur, stated in the release. “However, this quarter has been exciting for us as we saw Oscar Pistorius make history by being the first amputee to participate in the Olympics.”