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aap Implantate AG (0N5A.L)

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  • EQS Group

    Q3 and 9M/2020: aap restructuring shows clear successes in challenging COVID-19 times

    DGAP-News: aap Implantate AG / Key word(s): 9 Month figures/Quarter Results30.10.2020 / 14:15 The issuer is solely responsible for the content of this announcement.In the third quarter of 2020 aap Implantate AG ("aap" or the "Company") achieved sales almost at the previous year's level at EUR 2.6 million (Q3/2019: EUR 2.7 million) and EUR 6.9 million in the first nine months (9M/2019: EUR 8.7 million). Thus aap was able to stabilize sales development in the third quarter despite the continuing adverse impact of the COVID-19 pandemic. In the U.S. aap continued to record a clearly positive business development and was able to grow dynamically both on a quarterly and nine-month basis. EBITDA in the third quarter of 2020 improved significantly to KEUR -48 (Q3/2019: EUR -1.7 million) mainly due to a noticeable reduction of the cost level, a special effect from foreign currency effects as well as an improvement of margins due to the dynamically growing US business. Overall, EBITDA after nine months amount to EUR -4.4 million (prior year: EUR -4.9 million) despite the noticeable effects of the COVID-19 pandemic and comprehensive restructuring expenses. Excluding one-time effects, recurring EBITDA improved significantly to EUR -0.4 million in the third quarter of 2020 (Q3/2019: EUR -1.7 million) and to EUR -3.3 million in the first nine months, which was clearly below the level of the previous year (9M/2019: EUR -4.6 million). Overall, it can be stated that aap was able to compensate for the negative effects of the COVID-19 pandemic by massively reducing costs and improving margins, which at the same time clearly reflects the progress made under the ongoing restructuring. Q3/2020 and 9M/2020 - Key results and progress- Sales by region: Recovery tendencies in Q3/2020 in Germany (Q3: -5%) and Europe (Q3: +27%) while international business continues to be affected by the effects of the COVID-19 pandemic and is significantly below previous year; sales development in 9M/2020 visibly influenced by COVID-19 and corresponding lockdown measures in H1/2020- USA: Continued dynamic sales growth in Q3/2020 (Q3: +68%, 9M: +43%); number of weekly operations sustainably increased to a level of up to 50 procedures; contracts with US-wide purchasing associations and networks as basis for planned growth of +30% in FY/2020- Earnings: EBITDA in Q3/2020 significantly improved and almost balanced at KEUR -48; 9M/2020 EBITDA of EUR -4.4 million (9M/2019: EUR -4.9 million) also improved despite substantial one-time effects from restructuring, refinancing and revision of the QM system; recurring EBITDA adjusted for one-time effects significantly improved in Q3 (+76%) and 9M (+28%) - progress of restructuring clearly visible despite massive Corona-related sales decline- Gross margin and costs: Gross margin[1] improved to 93% in Q3/2020 and 90% in 9M/2020 due to discontinuation of standard trauma portfolio and dynamically growing and high-margin U.S. business; substantial cost reduction due to significant decrease in personnel expenses (EUR -0.4 million in Q3 and EUR -0.9 million in 9M/2020) and declining other costs (-13% in Q3 and -20% in 9M/2020)- Cash flow and balance sheet: Cash holdings of EUR 1.7 million and equity ratio at 56%- Silver Coating Technology: All regulatory requirements for start of study in Germany fulfilled; test coatings for potential first joint development projects completed; ongoing discussions with global medical device companies about potential co-financing of study and other cooperation opportunities- Resorbable magnesium implant technology: FDA confirmation of probable classification as a particularly innovative "Novel" technology and qualification for faster "De Novo" approval way; results of pilot animal study with Colorado State University show controllable degradation process, good bone growth and thus overall proof of concept of technology; further very promising discussions with technology-oriented investors to finance joint further development of technology ongoing- Securing financing of Company: Ordinary capital reduction in the ratio of 10:1 implemented; convertible bond issued in a total volume of up to approximately EUR 2.6 million oversubscribed; partial sale of excess capacities of the machinery almost completed; further capital measures currently being evaluatedQ3/2020 and 9M/2020 - Key financial figuresSales Q3/2020 in KEUR Q3/2020 Q3/2019[2] Change Sales Germany USA[3] USA Distributors USA Global Partners International (without USA) Europe (without Germany) BRICS countries RoW (Rest of World)3 2,575 641 707 646 61 1,227 564 188 475 2,705 671 420 372 48 1,614 445 300 869 -5% -5% +68% +74% +27% -24% +27% -37% -45% Sales 2,575 2,705 -5%   Sales 9M/2020 in KEUR 9M/2020 9M/20192 Change Sales Germany USA3 USA Distributors USA Global Partners International (without USA) Europe (without Germany) BRICS countries RoW (Rest of World)3 6,929 1,766 2,050 1,777 273 3,113 1,347 676 1,090 8,679 2,180 1,435 1,365 70 5,064 1,510 1,312 2,242 -20% -19% +43% +30% >100% -39% -11% -48% -51% Turnover 6,929 8,679 -20%  With regard to the sales development in the individual regions, the picture is ambivalent in the third quarter of 2020: While sales in Germany and Europe (excluding Germany) showed signs of recovery from July onwards following the reduction of the lockdown measures, which were reflected in almost equal or even increased sales year-on-year, the remaining international business fell significantly short of the previous year. Developments in Germany benefited from an increased shift of summer vacations to Germany, while sales development in Europe (excluding Germany) was positively influenced in particular by the revival of business in Spain and Portugal, following the lifting of the extremely strict measures in the first half of the year. In the third quarter of 2020, foreign business in the BRICS and RoW regions, which is important for aap, was again strongly affected by the effects of the COVID-19 pandemic, since the top-selling international partners here are companies from South Africa, Brazil and Mexico. These countries continue to be the most affected by the COVID-19 pandemic worldwide. The sales development in the first nine months of 2020 was visibly influenced by the COVID-19 pandemic and the corresponding lockdown measures of the first half year, which is reflected in significantly lower sales compared to the previous year. In the U.S., by contrast, aap continues on a dynamic growth course and was able to increase sales significantly year-on-year in both the third quarter (+68%) and the nine-month period (+43%). This is even more remarkable given that the U.S. is the country with the highest number of COVID-19 infections worldwide. Here, the sales momentum of the first half of the year was maintained and the number of weekly surgeries was sustainably increased to a level of up to 50 procedures. In addition, focused efforts to conclude contracts with nationally active companies that give aap access to an U.S.-wide network of clinics and surgical operation centers continue to bear fruit. Overall, aap is aiming for a year-on-year sales increase of at least 30% in the U.S. in the financial year 2020 despite COVID-19. EBITDA Q3 in KEUR Q3/2020 Q3/2019 Change EBITDA -48 -1,739 +97% One-time effects -358 -5 >+100% Recurring EBITDA -406 -1,744 +77%  EBITDA 9M in KEUR 9M/2020 9M/2019 Change EBITDA -4,379 -4,883 +10% One-time effects 1,063 295 >+100% Recurring EBITDA -3,316 -4,588 +28%  In the third quarter of 2020, the Company was able to significantly increase EBITDA and achieved a nearly balanced result. The main reasons for this development are a significant reduction in the cost level as a result of a comprehensive restructuring and efficiency enhancement program, a special effect from foreign currency effects in connection with intragroup transactions with the U.S. subsidiary aap Implants Inc. within inventories, and a margin improvement due to dynamic growth in U.S. business. In addition, earnings in both the third quarter and the first nine months of 2020 were significantly burdened by one-time effects from ongoing restructuring and refinancing and from the revision of the quality management system. At the same time, the ongoing restructuring measures are showing clear results, which can be summarized as follows: - Improved gross margin in Q3 and 9M/2020 at 93% and 90%, respectively, especially as a result of the discontinuation of the distribution of the standard trauma portfolio at the end of 2019 while reducing headcount and improving product-customer mix- Headcount reduced by more than 30% to date compared to December 31, 2019 (December 31, 2019: 149 employees); personnel expenses (excluding restructuring expenses) decreased by EUR 0.4 million in Q3/2020 and by EUR 0.9 million in 9M/2020 when compared to the respective prior year periods- Declining trend in other costs (excluding restructuring and refinancing costs as well as one-time expenses in connection with the revision of the QM system) by EUR 0.5 million in Q3/2020 and by EUR 1.8 million in 9M/2020 Based on the developments described above, EBITDA for the third quarter of 2020 was KEUR -48 (Q3/2019: EUR -1.7 million) and in the first nine months at EUR -4.4 million (9M/2019: EUR -4.9 million). Excluding one-time effects, recurring EBITDA improved significantly to EUR -0.4 million in the third quarter of 2020 (Q3/2019: EUR -1.7 million) and substantially to EUR -3.3 million in the first nine months (9M/2019: EUR -4.6 million). Overall, this reflects the targeted development: focus on established markets with higher profit margins and sustained streamlining of the cost structure to improve operating performance. With a view to further restructuring, aap has also virtually completed a partial sale of excess capacities in its machinery that should lead to a reduction in monthly leasing installments of around 30% compared with the end of 2019. In addition, the Company renegotiated the contract with its IT service provider, enabling it to cut fixed costs by around 37% compared with the end of the financial year 2019. Securing the financing and thus the continued existence of aap is a top priority for the Management Board. In this connection, aap's core shareholders already granted first shareholder loans of EUR 0.4 million in April. In addition, aap issued a convertible bond with a total volume of up to around EUR 2.6 million in August, which was successfully implemented and oversubscribed. As a further component of the refinancing process, the Management Board proposed to aap shareholders at the Annual General Meeting on August 7, 2020, an ordinary capital reduction in the ratio of 10:1, which was approved by a large majority. The capital reduction was entered in the commercial register on October 5, 2020. Together with the complete placement of the convertible bond, two key elements of the financial restructuring and refinancing were thus successfully implemented. OutlookBased on the business development in the first nine months, the Management Board continues to expect sales for the full year 2020 to be in the upper half of the guidance of EUR 8 million to EUR 10 million. Due to the strong improvement in earnings in the third quarter of 2020, the Company has raised its EBITDA forecast. For the financial year 2020 aap now expects EBITDA of EUR -5.9 million to EUR -4.5 million (previously EUR -6.7 million to EUR -5.5 million). It should be noted, however, that the available forecast data is characterized by a high degree of uncertainty. At this point in time, the further course of the worldwide COVID-19 pandemic is very difficult to assess. The adjusted forecast assumes that there will be no comprehensive lockdown measures due to the COVID-19 pandemic in the remaining fiscal year 2020. Last but not least, the Management Board aims to transfer the platform technologies antibacterial silver coating and resorbable magnesium implants to separate subsidiaries by the end of the year and to manage them independently under the aap holding company umbrella. Based on the visible progress made in restructuring and the successfully implemented first two steps of refinancing, the Company's Management Board is currently evaluating further capital measures (e.g. capital increase or further convertible bonds) to secure the Company's financing in the long term.[1] Related to sales revenues, changes in inventories of finished goods and work in progress and cost of materials/cost of purchased services.[2] The disclosure of the other sales revenues still reported in the previous year no longer applies and are now allocated to the individual regions.[3] In the previous year, sales to Puerto Rico were reported as part of North America (distributors); from Q3/2019 as part of RoW.-------------------------------------------------------------------------------------------------------------------------------------------aap Implantate AG (ISIN DE0005066609) - General Standard/Regulated Market - All German stock exchanges -About aap Implantate AGaap Implantate AG is a globally active medical technology company based in Berlin, Germany. The company develops, produces and markets products for traumatology. The IP-protected portfolio includes the innovative anatomical plate system LOQTEQ(R) and a wide range of cannulated screws. In addition, aap Implantate AG has an innovation pipeline with promising development projects such as antibacterial silver coating technology and magnesium-based implants. These technologies address critical and as yet unsolved problems in traumatology. aap Implantate AG sells its products in Germany directly to hospitals, purchasing groups and affiliated clinics, while at international level it primarily uses a broad network of distributors in some 25 countries. In the U.S. the company and its subsidiary aap Implants Inc. are pursuing a hybrid sales strategy. Sales are made both through distribution agents and in partnership with global orthopedic companies. aap Implantate AG stock is listed on the General Standard segment of the Frankfurt Stock Exchange (XETRA: AAQ.DE). For further information please visit our website at www.aap.de.Future-oriented statementsThis release may contain forward-looking statements based on the current expectations, presumptions and forecasts of the Management Board and information currently available to it. The forward-looking statements are not to be understood as guarantees of the future developments and results mentioned therein. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those described by aap in published reports. Forward-looking statements therefore only apply on the day on which they are made. We assume no obligation to update the forward-looking statements made in this release or to adapt them to future events or developments. For further information please contact:aap Implantate AG; Fabian Franke; Manager Investor Relations; Lorenzweg 5; 12099 Berlin, Germany; Phone: +49/30/750 19 - 134; Fax: +49/30/750 19 - 290; Email: f.franke@aap.de30.10.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de Language: English Company: aap Implantate AG Lorenzweg 5 12099 Berlin Germany Phone: +49 (0) 30 75 01 90 Fax: +49 (0) 30 75 01 91 11 E-mail: info@aap.de Internet: www.aap.de ISIN: DE000A3H2101 WKN: A3H210 Listed: Regulated Market in Frankfurt (General Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange EQS News ID: 1144347   End of News DGAP News Service

  • EQS Group

    aap Implantate AG: Significant year-on-year improvement in Q3/2020 earnings with almost balanced EBITDA - EBITDA forecast for the full year raised

    aap Implantate AG / Key word(s): Change in Forecast/9 Month figuresaap Implantate AG: Significant year-on-year improvement in Q3/2020 earnings with almost balanced EBITDA - EBITDA forecast for the full year raised26-Oct-2020 / 18:52 CET/CESTDisclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.Based on preliminary figures, aap Implantate AG ("aap" or "Company") achieved EBITDA in the third quarter of 2020 in the range of EUR -0.2 million to EUR -45K (previous year: EUR -1.7 million). The background to this development are, with sales almost stable, mainly a significant reduction in the cost level as a result of a comprehensive restructuring and efficiency enhancement program, a special effect from foreign currency effects in the context of intragroup transactions with the U.S. subsidiary aap Implants Inc. within inventories and a margin improvement due to the dynamic growth of the U.S. business. Overall, EBITDA after nine months thus amount to between EUR -4.6 million and EUR -4.4 million (previous year: EUR -4.9 million) with sales revenues of EUR 6.9 million (previous year: EUR 8.7 million) despite noticeable effects of the COVID-19 pandemic and comprehensive restructuring expenses. Due to the strong earnings development in the third quarter of 2020 aap is raising its EBITDA forecast. For the financial year 2020 aap now expects EBITDA of EUR -5.9 million to EUR -4.5 million (previously EUR -6.7 million to EUR -5.5 million). From today's perspective, the Company continues to expect sales revenues in the upper half of the guidance of EUR 8 million to EUR 10 million in fiscal year 2020. The adjusted forecast assumes that there will be no comprehensive lockdown measures due to the COVID-19 pandemic in the remaining fiscal year 2020. A more detailed press release on the key developments in the third quarter and first nine months of 2020 will be issued later this week. ----------------------------------------------------------------------------------------------------------------------------------------- aap Implantate AG (ISIN DE0005066609) - General Standard/Regulated Market - All German stock exchanges -About aap Implantate AGaap Implantate AG is a globally active medical technology company based in Berlin, Germany. The company develops, produces and markets products for traumatology. The IP-protected portfolio includes the innovative anatomical plate system LOQTEQ(R) and a wide range of cannulated screws. In addition, aap Implantate AG has an innovation pipeline with promising development projects such as antibacterial silver coating technology and magnesium-based implants. These technologies address critical and as yet unsolved problems in traumatology. aap Implantate AG sells its products in Germany directly to hospitals, purchasing groups and affiliated clinics, while at international level it primarily uses a broad network of distributors in some 25 countries. In the U.S. the company and its subsidiary aap Implants Inc. are pursuing a hybrid sales strategy. Sales are made both through distribution agents and in partnership with global orthopedic companies. aap Implantate AG stock is listed in the General Standard segment of the Frankfurt Stock Exchange (XETRA: AAQ.DE). For further information please visit our website at www.aap.de. Future-oriented statementsThis release may contain forward-looking statements based on the current expectations, presumptions and forecasts of the Management Board and information currently available to it. The forward-looking statements are not to be understood as guarantees of the future developments and results mentioned therein. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those described by aap in published reports. Forward-looking statements therefore only apply on the day on which they are made. We assume no obligation to update the forward-looking statements made in this release or to adapt them to future events or developments. For further information please contact:aap Implantate AG; Fabian Franke; Manager Investor Relations; Lorenzweg 5; 12099 Berlin, Germany; Phone: +49/30/750 19 - 134; Fax: +49/30/750 19 - 290; Email: f.franke@aap.de 26-Oct-2020 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de Language: English Company: aap Implantate AG Lorenzweg 5 12099 Berlin Germany Phone: +49 (0) 30 75 01 90 Fax: +49 (0) 30 75 01 91 11 E-mail: info@aap.de Internet: www.aap.de ISIN: DE0005066609 WKN: 506660 Listed: Regulated Market in Frankfurt (General Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange EQS News ID: 1143144   End of Announcement DGAP News Service

  • EQS Group

    aap: General data for bank technical implementation of ordinary capital reduction

    DGAP-News: aap Implantate AG / Key word(s): Corporate Action/Capital Reorganisation21.10.2020 / 16:25 The issuer is solely responsible for the content of this announcement.aap Implantate AG ("aap" or the "Company") announces the general data for the bank technical implementation of the ordinary capital reduction. Now that the capital reduction has been entered into the commercial register on October 5, 2020, it is planned to switch trading on the Frankfurt Stock Exchange on October 29, 2020. This will entail a change in the quotation of aap shares at a ratio of 10 to 1, which will reduce the number of shares traded to 3,206,737 and should increase the share price about tenfold. It is planned to book the new shares or numbers of shares in shareholders' securities accounts on November 2, 2020. Each 10 shares with a proportionate amount of the share capital of EUR 1.00 each (ISIN DE0005066609) will then be replaced by one converted share with a proportionate amount of the share capital of EUR 1.00 (ISIN DE000A3H2101). -------------------------------------------------------------------------------------------------------------------------------------------aap Implantate AG (ISIN DE0005066609) - General Standard/Regulated Market - All German stock markets -About aap Implantate AGaap Implantate AG is a globally active medical technology company based in Berlin, Germany. The Company develops, manufactures and markets products for trauma. The IP-protected portfolio includes besides the innovative anatomical plating system LOQTEQ(R) a wide range of cannulated screws. In addition, aap Implantate AG has an innovation pipeline with promising development projects such as the antibacterial silver coating technology and magnesium-based implants. These technologies address critical and unmet needs in trauma. In Germany, aap Implantate AG sells its products directly to hospitals, purchasing groups, and hospital groups, while at international level it primarily uses a broad network of distributors in around 25 countries. In the US the Company pursues a hybrid distribution strategy with its subsidiary aap Implants Inc. Distribution is carried out both through distribution agents and partnerships with global orthopedic companies. aap Implantate AG's stock is listed in the General Standard segment of Frankfurt Stock Exchange (XETRA: AAQ.DE). For more information, please visit our website at www.aap.de.Forward-looking statementThis release may contain forward-looking statements based on current experience, estimates and projections of the management board and currently available information. They are not guarantees of future performance. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. Many factors could cause the actual results, performance or achievements of aap to be materially different from those that may be expressed or implied by such statements. These factors include those discussed in aap's public reports. Forward-looking statements therefore speak only as of the date they are made. aap does not assume any obligation to update the forward-looking statements contained in this release or to conform them to future events or developments.For inquiries please contact: aap Implantate AG; Fabian Franke; Manager Investor Relations; Lorenzweg 5; 12099 Berlin, Germany; Phone: +49/30/750 19 - 134; Fax: +49/30/750 19 - 290; Email: f.franke@aap.de 21.10.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de Language: English Company: aap Implantate AG Lorenzweg 5 12099 Berlin Germany Phone: +49 (0) 30 75 01 90 Fax: +49 (0) 30 75 01 91 11 E-mail: info@aap.de Internet: www.aap.de ISIN: DE0005066609 WKN: 506660 Listed: Regulated Market in Frankfurt (General Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange EQS News ID: 1142295   End of News DGAP News Service