Össur releases third quarter report

Össur has announced a 6% sales growth, measured in Icelandic currency, for the third quarter of 2013, according to a company release.

Sales totaled US $105 million, compared with $99 million in the third quarter of 2012. Gross profit totaled $65 million, a 6% change from $62 million in the third quarter of 2012. Orthotic and support sales grew by 6%, while prosthetic sales grew by 5%.

Gross profit was $65 million and 62% of sales in the third quarter. Net profit was $13 million, or 12% of sales, compared with $10 million and 10% of sales in the third quarter of 2012.

Össur completed the acquisition of TeamOlmed on Oct. 1, and two minor acquisitions were also closed during the quarter.

“We are pleased to see the results of the quarter, with the highest operating profits Össur has generated along with a very strong cash flow. In the second quarter we executed cost reduction initiatives which are having the intended impact in this quarter,” JónSigurðsson, president and chief executive officer for Össur, stated in the release. “Performance in EMEA continues to be good and we see some positive signs in Americas. However, we believe that it is realistic to expect some disturbance in the US for the next couple of quarters. In the third quarter we continued to strengthen our position and sales channels through two minor acquisitions, followed by the closing of the acquisition of TeamOlmed in October.”

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