Össur reported a 5% increase in sales for the fiscal year 2015 and a 5% increase in sales for the fourth quarter of 2015, according to recently released financial results.
Earnings before interest, taxes, depreciation and amortization (EBITDA) for the year was $97 million or 20% of sales. Adjusted EBITDA was $99 million or 20% of sales compared with $104 million or 20% of sales in 2014.
Highlights of the full-year results included 5% growth in the sale of bracing and supports, 6% prosthetics sales growth, 4% organic prosthetic sales growth and a gross profit of 63% or about $303 million. Net profit for the year was about $51 million or 11% of sales compared to $59 million or 12% of sales in 2014. Cash generated by operations was about $84 million or 17% of sales compared to $98 million or 19% of sales in 2014. According to reports from the company, the strengthening of the dollar had a significant negative impact on reported sales and profits in year-to-year comparison with 2014.
Highlights of the fourth-quarter results included EBITDA of $25 million or 20% of sales compared to $26 million or 20% of sales in the fourth quarter of 2014. Cash generated by operations for the fourth quarter was about $31 million or 25% of sales compared to $29 million or 23% of sales in the fourth quarter of 2014.
Össur also reported it purchased 2.4 million of its own shares in November 2015 at a total price of about $8 million. In addition, a “Safe Harbor” share buyback program was launched in December 2015, under which Össur may purchase up to 5 million shares.
“We closed the year with strong operational results and with good profitability despite adverse currency fluctuations negatively impacting our operating results,” Jón Sigurðsson, Össur president and chief executive officer, said in a company press release. “Sales grew in all regions and both business segments. Prosthetics growth was good on top of an excellent year in 2014.”
Össur’s financial guidance for 2016 includes organic sales growth of 3% to 5%, EBITDA margin of 20% to 21% of sales, capital expenditures of 3% to 4% of sales and an effective tax rate around 26%.