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Press Release dated March 10, 2021, 01:04 PM

Publication of annual financial statements 2020 on 30 April 2021

Publication of annual financial statements 2020 on 30 April 2021

DGAP-News: aap Implantate AG / Key word(s): Annual Report/Annual Results
10.03.2021 / 13:04
The issuer is solely responsible for the content of this announcement.

aap Implantate AG ("aap") announces that the publication of the annual and consolidated financial statements 2020 will take place on 30 April 2021. On this date, the annual financial report 2020 (HGB) and the consolidated annual financial report 2020 (IFRS) will be published.

 

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aap
Implantate AG (ISIN DE0005066609) - General Standard/Regulated Market - All German stock markets -

About aap Implantate AG
aap 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 statement
This 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
 


10.03.2021 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



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Press Release dated January 21, 2021, 05:57 PM

FY/2020: Sales of EUR 9.3 million in Corona year in upper half of guidance - dynamic sales growth in USA (+41%); significant sales growth and positive EBITDA in trauma business planned for FY/2021

FY/2020: Sales of EUR 9.3 million in Corona year in upper half of guidance - dynamic sales growth in USA (+41%); significant sales growth and positive EBITDA in trauma business planned for FY/2021

DGAP-News: aap Implantate AG / Key word(s): Preliminary Results/Forecast
21.01.2021 / 17:57
The issuer is solely responsible for the content of this announcement.

- Sales of EUR 9.3 million in a COVID-19-driven FY/2020 in upper half of guidance of EUR 8.0 to 10.0 million (FY/2019: EUR 11.7 million)

- Q4/2020 sales at EUR 2.4 million (Q4/2019: EUR 3.1 million); all markets except USA again strongly impacted by comprehensive lockdown measures in context of COVID-19 pandemic

- USA: Continued dynamic sales growth with +36% in Q4/2020 and +41% in FY/2020; in Q4/2020 target sales of
USD 1 million/quarter with USD 0.9 million almost reached for first time

- Outlook FY/2021: Assuming an easing of COVID-19 situation from Q2/2021 onwards significant sales growth (+29 to +61%) and positive EBITDA in trauma business planned - guidance with sales of EUR 12.0 to 15.0 million and EBITDA of EUR -5.5 to -3.5 million (EUR -2.8 to -0.8 million excl. R&D project costs for silver coating and resorbable magnesium implant technology)

- Financing: Focus in Q1/2021 on securing financing; implementation of further measures to finance planned growth and further development of key technologies

- Restructuring: Further double-digit percentage reduction in manufacturing costs planned through efficiency improvements in production process and continued strict cost discipline

- Silver coating technology: Start of human clinical study in Germany planned for FY/2021 - third party co-financing of study aimed and further collaboration opportunities under evaluation

- Resorbable magnesium implant technology: Securing financing for further development and start of GLP animal study in USA planned for FY/2021 - promising discussions with various investors underway

 

Sales development FY/2020 and Q4/2020

According to preliminary figures, aap Implantate AG ("aap") achieved sales of EUR 9.4 million (FY/2019: EUR 11.7 million) in a financial year 2020 marked by COVID-19, which is in the upper half of the guidance of EUR 8.0 million to EUR 10.0 million. In the fourth quarter of 2020, sales were EUR 2.4 million (Q4/2019: EUR 3.1 million) and, after the first recovery trends in the third quarter, were again strongly impacted by the comprehensive lockdown measures in the context of the COVID-19 pandemic, which were recently even tightened in some cases.

 

Sales FY/2020

in KEUR FY/2020 FY/2019[1] Change
Sales
Germany
USA
USA Distributors
USA Global Partners

International (without USA)
Europe (without Germany)
BRICS countries
RoW (Rest of World)
9,326
2,246
2,866
2,582
284

4,214
1,743
967
1,504
11,739
2,844
2,039
1,951
88

6,855
1,960
1,759
3,136
-21%
-21%
+41%
+32%
>+100%

-39%
-11%
-45%
-52%
Sales 9,326 11,739 -21%
 
in KEUR FY/2020 FY/2019 Change
Sales (constant exchange rates) 9,326 11,696 -20%
Thereof USA 2,866 1,997 +44%
 

 

Sales Q4/2020

in KEUR Q4/2020 Q4/2019[1] Change
Sales
Germany
USA
USA Distributors
USA Global Partners

International (without USA)
Europe (without Deutschland)
BRICS countries
RoW (Rest of World)
2,400
480
819
808
11

1,101
396
291
414
3,060
664
605
586
19

1,791
449
447
894
-22%
-28%
+36%
+38%
-39%

-39%
-12%
-35%
-54%
Sales 2,400 3,060 -22%
 
in KEUR Q4/2020 Q4/2019 Change
Sales (constant exchange rates) 2,400 3,015 -20%
Thereof USA 819 560 +49%

 

A look at the sales development in the individual regions shows that in the fourth quarter of 2020, with the exception of the USA, all of aap's main markets continued to be affected by the impact of the COVID-19 pandemic. Accordingly, the Company recorded a year-on-year decline in sales both in Germany (-28%) and in international business (-39%) in the fourth quarter. The pandemic-related impairments were particularly noticeable with respect to aap's very important foreign business (excluding the USA; around 60% of total sales in financial year 2019 with the biggest customers from Spain, South Africa, Brazil and Mexico). Furthermore, tenders in which aap is participating and has sometimes already received commitments via its distributors have been postponed until the first quarter of 2021.
 

The same applies to the sales development in the individual markets (with the exception of the USA) in the entire financial year 2020, which was primarily shaped by the lockdown measures in the first half of the year and the fourth quarter in the context of the COVID-19 pandemic.
 

In the USA, on the other hand, aap remains on a dynamic growth course and was able to significantly increase sales again in the fourth quarter of 2020 year-on-year (+36%; taking into account constant exchange rates +49%). The Company has thus almost reached its target sales of USD 1 million/quarter for the first time with USD 0.9 million in the fourth quarter of 2020. As a result, aap recorded a significant year-on-year increase in sales of +41% (taking into account constant exchange rates +44%) despite the COVID-19 pandemic that was particularly rampant in the USA. This increase in sales is primarily based on a massive expansion of the customer base and the contracts concluded with US-wide purchasing associations and networks. Overall, the positive sales development in the USA was able to mitigate the COVID 19-related sales declines in the other markets.

 

Outlook 2021

In addition to the significant effects of the COVID-19 pandemic, aap's financial year 2020 was largely characterised by extensive restructuring and refinancing. In this context, the Company was able to make tangible progress in the restructuring process, which, despite the enormous challenges posed by COVID-19, is reflected, among other things, in dynamic sales growth in the USA (+41% vs. FY/2019), an increased gross margin and a significantly reduced cost level. In addition, aap was able to successfully implement the first two steps of the refinancing with a capital reduction and the issuance of a convertible bond.
 

In the first quarter of 2021, the focus will remain on securing the Company's further financing. Based on the visible progress in restructuring, aap intends to implement further measures to ensure the continuity of the Company and to finance the planned growth as well as the further development of the key technologies. The financing measures currently under consideration range from equity-based transactions via the capital market (e.g. capital increase) to out-licensing or targeted financing for the two platform technologies antibacterial silver coating and resorbable magnesium implants, as well as the sale of assets (e.g. land). With a view to restructuring, the Company intends to further increase efficiency in the production process and thus reduce manufacturing costs by a double-digit percentage. Furthermore, aap continues to impose strict cost discipline throughout the Company.
 

Assuming that the COVID-19 situation eases from the second quarter onwards, aap aims to return to the growth path in the financial year 2021. The Management Board expects sales of EUR 12.0 to EUR 15.0 million, which corresponds to a significant growth rate of +29 to +61%. All markets are expected to contribute to the planned sales growth, with the USA acting as the main growth driver. The planned increase in sales in the USA is to be achieved not only by expanding business with existing customers through product portfolio extensions but also by newly acquired customers and, in particular, the concluded contracts with US-wide purchasing associations and networks. Against the backdrop of the still rampant COVID-19 pandemic and the latest comprehensive lockdown measures, some of which have even been tightened recently, the Company expects that the first quarter of 2021 will still be severely affected by COVID-19. As the population's vaccination coverage continues to progress, the Board expects business to recover in the second quarter, also against the backdrop of rising temperatures and increased outdoor human activity, before significant growth is anticipated from the third quarter onwards.
 

With regard to earnings, the Management Board expects EBITDA for the financial year 2021 to be between EUR -5.5 and EUR -3.5 million. Excluding R&D project costs for the silver coating and the resorbable magnesium implant technology, the projected values for EBIDTA are between EUR -2.8 and -0.8 million. In the operative trauma business, the Company aims to achieve positive EBITDA in the current financial year for the first time since focusing on trauma in 2016.
 

In the area of its innovative silver coating technology, aap carried out, among other things, test coatings for first joint development projects potentially to be completed with various medical technology companies in financial year 2020. Overall, technology and product development for the human clinical study has been completed and all regulatory requirements (BfArM and ethics commissions approvals) for the start of the trial in Germany have been fulfilled. Against the backdrop of the COVID-19 pandemic, aap plans to start the study in financial year 2021, initially in individual hospitals and then successively expand it to all participating hospitals in Germany. Furthermore, the active exchange with the FDA (= Food and Drug Administration) will be continued in order to ensure that all the necessary prerequisites for the prompt release of a clinical trial in the USA are met and that approval can subsequently be obtained. In principle, aap continues to strive for potential co-financing of the human clinical study by third parties and is also evaluating further cooperation possibilities. Against this background, a new subsidiary, MCTeQ GmbH (= Medical Coating Technologies), was founded at the end of the 2020 financial year, into which the silver coating technology is to be incorporated. This will make it possible to manage the technology in a more flexible and targeted manner and to implement the desired co-financing.
 

With a view to its innovative resorbable magnesium implant technology, aap was able to make significant progress in financial year 2020. The results from the pilot animal study carried out with Colorado State University indicate that the degradation process of the implants can be controlled as desired and that the bone heals according to plan, thus providing a "proof of concept" for the technology. In addition, the FDA (= Food and Drug Administration) has confirmed that aap's technology is likely to be classified as a so-called particularly innovative "novel" technology and qualifies for a "de novo" approval way. In financial year 2021, aap wants to secure the financing of the further development of the resorbable magnesium implant technology and is currently in promising discussions with various investors in this context. After the financing has been secured, the next step is to start the planned GLP animal study in the USA.
 

The sales figures contained in this press release are preliminary figures as of 31 December 2020, which are subject to change until final publication. aap plans to announce the final audited results for the financial year 2020 on 31 March 2021 as part of the consolidated annual financial report 2020.


[1] The disclosure of the other sales revenues still reported in the previous year is no longer applicable and is now allocated to the individual regions.

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aap
Implantate AG (ISIN DE0005066609) - General Standard/Regulated Market - All German stock markets -

About aap Implantate AG
aap 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 statement
This 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
 



21.01.2021 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



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Press Release dated December 18, 2020, 04:33 PM

aap completes Management Board transition to support growth and value creation

aap completes Management Board transition to support growth and value creation

DGAP-News: aap Implantate AG / Key word(s): Personnel
18.12.2020 / 16:33
The issuer is solely responsible for the content of this announcement.

 

- Re-appointment of Rubino Di Girolamo as CEO and Marek Hahn as CFO

- Agnieszka Mierzejewska appointed member of the Management Board (COO)


 

The Supervisory Board of aap Implantate AG ("aap" or the "Company") is pleased to announce the composition of the new Management Board. In this context, Mr. Rubino Di Girolamo was re-appointed as CEO and Mr. Marek Hahn as CFO, while Ms. Agnieszka Mierzejewska was appointed to the Management Board as COO with effect from 1 January 2021. Ms. Mierzejewska will be the first female Management Board member in the history of aap. With the appointment of a COO the prime focus of the extended Management Board will be on the implementation of the strategy, the necessary re-design of corporate processes and the expansion of LOQTEQ(R) in all regions, especially in the US.
 

The Supervisory Board regularly evaluates the composition of the Management Board to ensure it has the appropriate skills, experience, and perspective necessary to drive the growth and value creation of the Company. aap has tremendous value creating opportunities in front of it and the Supervisory Board is convinced that the three Management Board members will be significant assets and are committed to achieve outstanding performance during and post COVID-19 crisis.
 

"We firmly believe that with the new Management Board we are excellently positioned to lead aap into a successful future," says Dr. med. Nathalie Krebs, Chairwoman of aap's Supervisory Board. "Ms. Mierzejewska has been one of the driving forces of the successful restructuring of aap's operations, which is a clear demonstration of the merits she has and will contribute to our company. She has also impressively demonstrated her sales competence, not least with regard to the US market. Together with the head of our US subsidiary, she has reorganised sales in the USA and thus made a significant contribution to being able to record dynamic sales growth this year despite COVID-19. The prolongation of Mr. Di Girolamo's and Mr. Hahn's contracts is a recognition of their contribution to aap's restructuring and repositioning from a strategic, financial and product development point of view. They contribute vast experience with all aspects of the company which is supportive to make decisions the first time right. We are convinced that the new Management Board brings the skills, experience, and perspective that aap needs. Based on the visible progress of the last months, it is now a matter of consistently continuing along the path we have chosen in order to put aap on a profitable growth path and create sustainable value for our shareholders."
 

Given the present market conditions the Supervisory Board decided to provide the new Management Board with contracts with a period of one year on comparable conditions like the existing contracts. The Management Board is incentivised to further accelerate the process to deliver positive operational cashflow and to stabilize the financing of the Company. During the coming transition year Supervisory Board and Management Board will discuss new contracts to ensure the continuity in the Management Board.
 

Rubino Di Girolamo (58) has served aap for many years in various Supervisory Board functions and has been the Company's CEO since May 2019. He is responsible for Corporate Development, Research & Development Future Technologies, Corporate Risk and Compliance Management.
 

Marek Hahn (45) has been a member of the Management Board (CFO) at aap since April 2010. In his function as CFO he is responsible for Finance/Controlling, Human Resources, IT, Legal Affairs, Investor and Public Relations as well as Administration.
 

Agnieszka Mierzejewska (38) began her career at aap in May 2014 as Director of Customer Service & Logistics. Over the past recent years, Ms. Mierzejewska has already been taken responsibility for various operational areas, last serving as Director Operations. As COO, Ms. Mierzejewska will be responsible for Sales & Marketing, Production, Research & Development Trauma, Quality Assurance and Regulatory Affairs. Ms. Mierzejewska holds a master's degree in Health Economics and Health Management.


 

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aap
Implantate AG (ISIN DE0005066609) - General Standard/Regulated Market - All German stock markets -

About aap Implantate AG
aap 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 statement
This 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


18.12.2020 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



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Press Release dated December 08, 2020, 03:21 PM

aap's successful restructuring paves way for follow-up steps in multilayered financing for growth and value creation

aap's successful restructuring paves way for follow-up steps in multilayered financing for growth and value creation

DGAP-News: aap Implantate AG / Key word(s): Financing
08.12.2020 / 15:21
The issuer is solely responsible for the content of this announcement.

aap Implantate AG ("aap" or "Company") announces that based on the tangible progress in restructuring and the successfully implemented first two steps of refinancing (capital reduction and issuance of a convertible bond) the Management Board is currently evaluating the realization of various further financing measures for the first quarter of 2021. This progress is reflected despite the tremendous challenges posed by COVID-19 in dynamic sales growth in the US (+43% vs. 9M/2019), an increased gross margin (+10% vs. FY/2019) and a significantly reduced cost level, among other things. As a result, aap was able to significantly improve recurring EBITDA in the first nine months of 2020 (+28% vs. 9M/2019) and at the same time to further reduce the delta to a positive operating cash flow (approx. EUR 1.3 million in Q3/2020). In addition, the balance sheet was sustainably restructured by the recently successfully implemented capital reduction, thus increasing flexibility regarding possible further financing activities. All in all, it can thus be stated that aap was able to absorb the negative effects of the COVID-19 pandemic through its extensive restructuring measures. The positive effects of the restructuring should become even more apparent in future when the Corona pandemic fades out over time.
 

The financing measures currently under examination range from equity-based transactions via the capital market (e.g. capital increase) up to out-licensing or targeted financing for the two platform technologies antibacterial silver coating and resorbable magnesium implants. The innovative future technologies antibacterial silver coating and resorbable magnesium implants could be transferred to separate subsidiaries and managed under the aap holding company umbrella, always under the consideration of making these technologies available to non-competing markets while maintaining the unique competitive advantage for its own aap portfolio of products.
 

Based on the visible results of the restructuring, aap now intends to implement the next steps in refinancing in order to finance the planned profitable growth and create the basis for sustainable value creation.

 

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aap
Implantate AG (ISIN DE0005066609) - General Standard/Regulated Market - All German stock markets -

About aap Implantate AG
aap 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 statement
This 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
 



08.12.2020 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



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Press Release dated October 30, 2020, 02:15 PM

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

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 Results
30.10.2020 / 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 evaluated



Q3/2020 and 9M/2020 - Key financial figures

Sales 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.

 

Outlook

Based 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.

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aap
Implantate AG (ISIN DE0005066609) - General Standard/Regulated Market - All German stock exchanges -

About aap Implantate AG
aap 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 statements
This 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


30.10.2020 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



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Press Release dated October 21, 2020, 04:25 PM

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

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

DGAP-News: aap Implantate AG / Key word(s): Corporate Action/Capital Reorganisation
21.10.2020 / 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).

 

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aap
Implantate AG (ISIN DE0005066609) - General Standard/Regulated Market - All German stock markets -

About aap Implantate AG
aap 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 statement
This 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



show this
Press Release dated October 09, 2020, 11:18 AM

Q3/2020: Capital reduction successfully implemented; sales in Q3/2020 almost stable despite continued negative impact of COVID-19; strong growth in US business (+68%) and recovery tendencies in Europe

Q3/2020: Capital reduction successfully implemented; sales in Q3/2020 almost stable despite continued negative impact of COVID-19; strong growth in US business (+68%) and recovery tendencies in Europe

DGAP-News: aap Implantate AG / Key word(s): Quarter Results/Preliminary Results
09.10.2020 / 11:18
The issuer is solely responsible for the content of this announcement.

The COVID-19 pandemic continued to impair business operations at aap Implantate AG ("aap" or the "Company") in recent months, as reflected in the sales trend in the third quarter and the first nine months of 2020. Contrary to this trend, aap continued to record a clearly positive business development in the U.S. and showed dynamic growth on both a quarterly and nine-month basis. In addition, following the easing of COVID-19 measures in the third quarter, the German and European markets (excluding Germany) showed signs of recovery that were reflected in almost equal or even higher sales year-on-year. According to preliminary figures, sales in the third quarter of 2020 were thus almost at the level of the previous year at EUR 2.6 million (Q3/2019: EUR 2.7 million) and in the first nine months of the current financial year at EUR 6.9 million (9M/2019: EUR 8.7 million). Based on the sales development in Q3/2020 and the lower cost level as a result of the comprehensive restructuring and efficiency improvement program, the Management Board expects a significantly improved EBITDA and Recurring EBITDA for the third quarter of 2020.
 

Sales Q3/2020

In KEUR Q3/2020 Q3/2019[1] Change
Sales
Germany
USA[2]
USA Distributors
USA Global Partners

International (without USA)
Europe (without Germany)
BRICS countries
RoW (Rest of World)2
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%

 
In KEUR Q3/2020 Q3/2019 Change
Sales (constant exchange rates) 2,575 2,683 -4%

 

Sales 9M/2020

In KEUR 9M/2020 9M/20191 Change
Sales
Germany
USA2
USA Distributors
USA Global Partners

International (without USA)
Europe (without Germany)
BRICS countries
RoW (Rest of World)2
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%
Sales 6,929 8,679 -20%

 
In KEUR 9M/2020 9M/2019 Change
Sales (constant exchange rates) 6,929 8,681 -20%
 


With regard to the sales development in the individual regions, the picture is ambivalent in the third quarter: 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, 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 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. It should also be noted that even if normality returns, there will be no catch-up effects, as in the consumer goods industry, for example, but at most a return to pre-crisis levels.
 

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 stabilized at a level of up to 50 procedures. In addition, focused efforts to conclude contracts with nationally active companies that give aap access to a U.S. 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.
 

As part of the comprehensive restructuring and refinancing process, the Management Board proposed an ordinary capital reduction in the ratio of 10:1 to aap's shareholders at the Annual General Meeting on August 7, 2020, which was approved by a large majority. The capital reduction was entered into 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. At present, the technical execution of the capital reduction is being carried out from the German stock exchange, so that the adjustment of the share price to the effects of the capital reduction should be carried out soon. On this basis, the Management Board of the Company is currently evaluating further capital measures (e.g. capital increase or further convertible bonds) to secure the financing of the Company in the long term.
 

The figures contained in this press release are preliminary figures as of September 30, 2020, which may still change before its final publication. aap plans to announce the final results for the third quarter and first nine months of 2020 in a press release in the first half of November.



[1] The disclosure of the other sales revenues still reported in the previous year no longer applies and are now allocated to the individual regions.
[2] In the previous year, sales to Puerto Rico were reported as part of North America (distributors); from Q3/2019 as part of RoW.
 

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aap
Implantate AG (ISIN DE0005066609) - General Standard/Regulated Market - All German stock exchanges -

About aap Implantate AG
aap 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 statements
This 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; f.franke@aap.de
 


09.10.2020 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



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Press Release dated August 27, 2020, 02:11 PM

aap's convertible bond oversubscribed

aap's convertible bond oversubscribed

DGAP-News: aap Implantate AG / Key word(s): Financing
27.08.2020 / 14:11
The issuer is solely responsible for the content of this announcement.

aap Implantate AG ("aap" or the "Company") has successfully placed the convertible bond 2020/2023 resolved on August 5, 2020 with a total nominal value of up to EUR 2,550,814.00. The convertible bond met with a high level of interest from both existing shareholders and institutional investors in the private placement and is oversubscribed. The Company will thus shortly receive the maximum possible gross issue proceeds of approximately EUR 2.6 million.
 

"We are pleased about the great interest in our convertible bond and thank our existing and new investors for their trust," says Rubino Di Girolamo, CEO of aap. "We regard this result as a clear signal that our chosen path is meeting with broad approval and will continue to implement aap's restructuring and refinancing process consistently."
 

The convertible bond is a first and essential part of the refinancing and restructuring process currently being implemented by aap and serves to secure the Company's short-term liquidity. With the cash inflow realized from the convertible bond, aap's financing is secured until the beginning of 2021. In parallel, the Management Board is currently working intensively on the implementation of various financing options previously communicated. Furthermore, the Management Board will consistently continue its analysis to identify further cost reduction and efficiency enhancement potentials.


 

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aap
Implantate AG (ISIN DE0005066609) - General Standard/Regulated Market - All German stock markets -

About aap Implantate AG
aap 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 statement
This 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; f.franke@aap.de


27.08.2020 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



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Press Release dated August 14, 2020, 03:48 PM

Q2 and H1/2020: Tangible positive impact of restructuring on aap performance in challenging COVID-19 times

Q2 and H1/2020: Tangible positive impact of restructuring on aap performance in challenging COVID-19 times

DGAP-News: aap Implantate AG / Key word(s): Half Year Results
14.08.2020 / 15:48
The issuer is solely responsible for the content of this announcement.

The COVID-19 pandemic led to a significant impairment of business operations at aap Implantate AG ("aap" or "Company") in recent months, which is reflected in the development of sales and earnings in the second quarter and first half of 2020. aap achieved sales of EUR 1.9 million in the second quarter of 2020 (Q2/2019: EUR 2.5 million) and EUR 4.4 million in the first six months (H1/2019: EUR 6.0 million). EBITDA was significantly impacted by one-time effects from the ongoing restructuring and refinancing as well as the revision of the quality management system and amounted to EUR -2.1 million in the second quarter of 2020 (Q2/2019: EUR -2.1 million) and in the first half-year to EUR -4.3 million (H1/2019:EUR -3.1 million). Excluding one-time effects, recurring EBITDA improved to EUR -1.5 million in the second quarter of 2020 (Q2/2019: EUR -1.6 million) and was only slightly below the previous year's level in the first six months at EUR -2.9 million (H1/2019: EUR -2.8 million). Overall, it can thus be stated that aap was almost able to absorb the negative effects of the COVID-19 pandemic through massive cost reduction and margin improvement, which at the same time reflects the progress made under the ongoing restructuring.
 

Q2/2020 and H1/2020 - Major results and progress

- Sales by region: Besides Germany (Q2: -22 %, H1: -26 %), international business (Q2: -42 %, H1: -45 %) particularly affected by the effects of the COVID-19 pandemic; resumption of business relations with original distribution partner in China and sales in Q2

- USA: Continued dynamic sales growth (Q2: +16%, H1: +32%); number of weekly operations sustainably stabilized at a level of up to 40 procedures; contracts with 5 US-wide purchasing associations and health networks as basis for planned growth of +30% in FY/2020

- Earnings: EBITDA in Q2 and H1 burdened by substantial one-time effects from restructuring, refinancing and revision of the QM system (Q2: EUR 0.7 million, H1: EUR 1.4 million); recurring EBITDA adjusted for one-time effects improved in Q2 (+10%) and only slightly below previous year's level in H1 (-2%) - progress of restructuring clearly visible despite massive Corona-related sales decline

- Gross margin and costs: Gross margin[1] improved to 88% in Q2 (Q2/2019: 83%) and 87% in H1 (H1/2019: 84%) thanks to discontinuation of standard trauma portfolio, reduction of headcount (to date approx. 30% vs. 31.12.2019) and improvement of product-customer mix; remarkable cost reduction through significant decrease in personnel expenses (-24% in Q2 and -12% in H1/2020)[2] and decreasing other costs (-45% in Q2 and -37% in H1/2020)[3]

- Cash flow and balance sheet: Cash holdings of EUR 0.8 million and equity ratio of 62%

- LOQTEQ(R): Focus on converting processes and documentation to meet increased regulatory requirements; new polyaxial LOQTEQ(R) VA foot system already successfully used several times in U.S.

- Silver coating technology: Approval by ethics commissions for conducting a human clinical study - all regulatory requirements for start of study in Germany fulfilled; test coatings performed for potential first joint development projects to be completed; ongoing discussions with global medical technology companies about potential co-financing of the study and further cooperation options

- Resorbable magnesium implant technology: FDA confirmation of probable classification as a particularly innovative "Novel" technology and qualification for faster "De Novo" approval process; further very promising results in pilot animal study with Colorado State University; ongoing discussions with technology-oriented investors to finance joint further development of technology

- Securing Company's financing: First shareholder loans from core shareholders in the amount of
EUR 0.4 million; ordinary capital reduction in the ratio of 10:1 approved by AGM; issue of convertible bond with total volume of up to around EUR 2.6 million; partial sale of excess capacities of the machinery initiated with additional proceeds of up to EUR 0.3 million


Q2/2020 and H1/2020 - Financials

Sales Q2/2020

In KEUR Q2/2020 Q2/2019[4] Change on year
Sales
Germany
USA[5]
USA distributors
USA global partners

International (without USA)
Europe (without Germany)
BRICS states
RoW5
1,874
549
584
559
25
741
257
230
254
2,473
702
502
496
6
1,269
433
192
644
-24%
-22%
+16%
+13%
>100%
-42%
-41%
+20%
-61%
Sales 1,874 2,473 -24%
 

Sales H1/2020

In KEUR H1/2020 H1/20194 Change on year
Sales
Germany
USA5
USA distributors
USA global partners

International (without USA)
Europe (without USA)
BRICS states
RoW5
4,353
1,115
1,343
1,131
212
1,895
792
488
615
5,974
1,508
1,014
993
22
3,451
1,065
1,013
1,373
-27%
-26%
+32%
+14%
>100%
-45%
-26%
-52%
-55%
Sales 4,353 5,974 -27%
 


With regard to the development of sales in the individual regions, it is apparent that, in addition to Germany (Q2: -22%, H1: -26%), international business (Q2: -42%, H1: -45%) was particularly affected by the effects of the COVID-19 pandemic, with a correspondingly significant decline in sales compared to the previous year. In particular foreign business, which is very important for aap (excluding the U.S.; around 60% of total sales in financial year 2019), has recently come to a virtual standstill. This hits the Company all the harder because the international partners with the highest sales are companies from Spain, South Africa, Brazil and Mexico. These countries are the most affected by the effects of the COVID-19 pandemic worldwide. By contrast, aap was able to generate sales again in China in the second quarter, where business relations with the original distribution partner were resumed.
 

In the United States, by contrast, aap remains on a good growth course and was able to increase sales substantially year-on-year both in the second quarter (+16%) and the first half (+32%). This is all the more remarkable since the U.S. is the country with the highest number of COVID-19 infections worldwide. Here, the momentum that began in the second half of 2019 continued and the number of procedures performed each week was sustainably stabilized at a level of up to 40 procedures. In addition, the newly concluded contracts with US-wide purchasing associations and health networks are beginning to bear fruit. At present aap already has contracts with five purchasing associations and health networks, which creates the basis for further growth. Overall, aap is aiming for a sales increase of at least 30% year-on-year in the U.S. in financial year 2020 despite COVID-19.
 

Q2 EBITDA

In KEUR Q2/2020 Q2/2019 Change
EBITDA -2,140 -2,146 0%
One-time effects 684* 534** +28%
Recurring EBITDA -1,456 -1,612 +10%

* Includes primarily restructuring and refinancing expenses (including personnel measures) and Project Quality First.
**Includes primarily restructuring and refinancing expenses (incl. personnel measures) and capitalization of development costs silver/magnesium.

 

H1 EBITDA

In KEUR H1/2020 H1/2019 Change
EBITDA -4,325 -3,144 -38%
One-time effects 1,421* 301** >+100%
Recurring EBITDA -2,904 -2,844 -2%

* Includes primarily restructuring and refinancing expenses (including personnel measures) and project Quality First.
** Includes capitalization of development costs silver/magnesium, restructuring and refinancing expenses (incl. personnel measures) and project Quality First.



Earnings, like sales, were strongly impacted by the COVID-19 pandemic in both the second quarter and the first half of 2020 and were significantly impacted by one-time effects from the ongoing restructuring and refinancing as well as the revision of the quality management system. At the same time, the ongoing restructuring measures are showing initial results, which can be summarized as follows:

- Improved gross margin (88% in Q2/2020 vs. 83% in Q2/2019 and 87% in H1/2020 vs. 84% in H1/2019), in particular as result of discontinuation of distribution of standard trauma portfolio at year end 2019 with simultaneous reduction in headcount and improved product-customer mix

- Headcount reduced by approx. 30% to date compared to 31.12.2019 (31.12.2019: 149 employees); decline in personnel expenses (excluding restructuring expenses) in Q2/2020 and H1/2020 by EUR 0.5 million year-on-year

- 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 1.0 million in Q2/2020 and by EUR 1.4 million in H1/2020


Based on the developments described above, EBITDA in the second quarter of 2020 was EUR -2.1 million (Q2/2019: EUR -2.1 million) and in the first half of the year EUR -4.3 million (H1/2019: EUR -3.1 million). Excluding one-time effects, recurring EBITDA improved to EUR -1.5 million in the second quarter of 2020 (Q2/2019: EUR -1.6 million). On a half-yearly basis, recurring EBITDA decreased slightly to EUR -2.9 million (H2/2019: EUR -2.8 million). All in all, this reflects the targeted development: focus on established markets with higher profit margins and sustainable streamlining of the cost structure to improve operating performance.
 

With a view to the further restructuring of the Company, aap has also initiated a partial sale of excess capacities of its machinery that, if successfully completed, should lead to a reduction in monthly lease payments of around 30% compared with year end 2019. In addition, the Company renegotiated the contract with its IT service provider and was able to reduce fixed costs by around 37% compared with the end of the financial year 2019. Last but not least, initial calculations show improvements in manufacturing costs of up to 10 % for selected fast-moving products.
 

Securing financing and thus aap's continued existence has 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 announced a few days ago the issue of a convertible bond with a total volume of up to around EUR 2.6 million. The convertible bond can be subscribed to at an issue price of EUR 1.75 until August 26. In this way aap offers its shareholders the opportunity to participate in the financing measure at an attractive discount on the assumed future stock market price of around EUR 3.50 after the capital reduction resolved by the Annual General Meeting and to be entered in the commercial register in the next step. Individual shareholders have already committed themselves in advance to the subscription of convertible bonds with a volume of EUR 1.25 million, which corresponds to approx. 50% of the total transaction volume. In addition, aap has begun with the partial sale of excess capacities of its machinery that may lead to an inflow of liquid funds of up to EUR 0.3 million in the fourth quarter of 2020. In addition, the Management Board is currently working intensively on various other financing and cost-saving options. In particular, these include a committed interest-free loan from Investitionsbank Berlin (IBB) from the "Rescue Aid Corona Emergency Aid Package I" program, which is subject to certain challenging conditions, and far advanced negotiations on concluding a development and supply contract with a world-leading U.S. medical technology company, which is linked to the availability of sufficient financial resources at least for the duration of the development project. At the same time, the Management Board is currently in talks about possible corporate transactions (e.g. mergers, share or asset deals and carve-outs).
 


Outlook

Based on the business development in the first half of the year, the Management Board now expects sales for the full year 2020 to be in the upper half of the guidance of EUR 8 million to EUR 10 million. Mainly due to the extensive one-time expenses, the Management Board expects EBITDA to be at the lower end of the guidance of EUR -6.7 million to EUR -5.5 million. However, it should be noted that the forecast data on hand are characterised by a high degree of uncertainty. At this point in time, it is very difficult to assess the further course of the worldwide COVID-19 pandemic. For example, in the second half of 2020 there could be a second wave, feared by some virologists and experts, which in the worst case could lead to a renewed lockdown with corresponding negative consequences for the economy.
 

Last but not least, the Management Board aims to reorganise aap also on a structural level and to align it on the three pillars of its innovative platform technologies in future. The three technologies LOQTEQ(R), antibacterial silver coating and resorbable magnesium implants shall be transferred to separate subsidiaries and managed independently under the aap holding company umbrella. This makes it possible to manage the individual technologies more flexibly and in a more targeted manner and to implement the aimed co-financing for the silver coating and magnesium implant technologies.



[1] Relating to sales revenues, changes in inventories of finished and unfinished products and cost of materials / purchased services.
[2] Excluding restructuring expenses.
[3] Excluding restructuring and refinancing costs as well as one-time expenses in connection with the revision of the QM system.
[4] The disclosure of the other sales revenues still reported in the previous year no longer applies and are now allocated to the individual regions.
[5] In the previous year, sales to Puerto Rico were reported as part of North America (distributors); from Q3/2019 as part of RoW (= Rest of World).

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aap
Implantate AG (ISIN DE0005066609) - General Standard/Regulated Market - All German stock markets -

About aap Implantate AG
aap 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 statement
This 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; f.franke@aap.de
 


14.08.2020 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



show this
Press Release dated August 03, 2020, 10:38 AM

Sales Q2/2020 and H1/2020: Continued dynamic development in the U.S. with double-digit growth rates; international and German business strongly impacted by COVID-19 pandemic

Sales Q2/2020 and H1/2020: Continued dynamic development in the U.S. with double-digit growth rates; international and German business strongly impacted by COVID-19 pandemic

DGAP-News: aap Implantate AG / Key word(s): Half Year Results/Preliminary Results
03.08.2020 / 10:38
The issuer is solely responsible for the content of this announcement.

In recent months the COVID-19 pandemic has led to a significant impairment of business operations at aap Implantate AG ("aap" or "Company"), which is reflected in sales development in the second quarter and also in the first half of 2020. Contrary to this trend aap continued to record positive business development in the U.S. and continued to grow substantially on both a quarterly and half-yearly basis. According to preliminary figures, sales in the second quarter of 2020 were EUR 1.9 million (Q2/2019: EUR 2.5 million) and in the first six months of the current financial year EUR 4.4 million (H1/2019: EUR 6.0 million). Overall, however, it can be stated that the COVID-19-related decline in sales is somewhat lower than for other companies in the industry[1].
 

Sales Q2/2020

In KEUR Q2/2020 Q2/2019[2] Change on year
Sales
Germany
USA[3]
USA distributors
USA global partners

International (without USA)
Europe (without Germany)
BRICS states
RoW3
1,874
549
584
559
25
741
257
230
254
2,473
702
502
496
6
1,269
433
192
644
-24%
-22%
+16%
+13%
>100%
-42%
-41%
+20%
-61%
Sales 1,874 2,473 -24%

 

Sales H1/2020

In KEUR H1/2020 H1/20192 Change on year
Sales
Germany
USA3
USA distributors
USA global partners

International (without USA)
Europe (without USA)
BRICS states
RoW3
4,353
1,115
1,343
1,131
212
1,895
792
488
615
5,974
1,508
1,014
993
22
3,451
1,065
1,013
1,373
-27%
-26%
+32%
+14%
>100%
-45%
-26%
-52%
-55%
Sales 4,353 5,974 -27%
 

 

With regard to the development of sales in the individual regions, it is apparent that, in addition to Germany (Q2: -22%, H1: -26%), international business (Q2: -42%, H1: -45%) was particularly affected by the effects of the COVID-19 pandemic, with a correspondingly significant decline in sales compared to the previous year. Overall, restrictions in public life and sports tourism (lockdown measures) led and continue to lead to a perceptible reduction in relevant fractures in the field of trauma surgery (e.g. as a result of traffic and sports accidents), with the immediate consequence of a significant drop in demand for aap products. Furthermore, one of the Company's main sales channels in Germany and its international partners is based on personal contact between sales representatives and chief physicians and other decision-makers within clinics. Since general access restrictions have been in place in many hospitals since mid-March for persons from outside the clinics and/or decision-makers have no capacity for an exchange of information with sales representatives, business with existing customers has declined sharply and the generation of new orders has come to a complete standstill. In addition, the regular checking routines in connection with the consignment stocks kept in the clinics could not be carried out and therefore existing stocks (and thus the delivery requirements) could not be identified. In addition, the hospitals with which aap has contracts were often converted to treating COVID-19 patients only and accident surgery treatments were bundled in clinics that do not have a contractual relationship with the Company. Last but not least, scheduled orthopedic operations were postponed in order to reserve capacity for COVID-19 patients. In particular, foreign business, which is very important for aap (excluding the U.S.; around 60% of total sales in financial year 2019), has recently come to a virtual standstill. This hits the Company all the harder because the international partners with the highest sales are companies from Spain, South Africa, Brazil and Mexico. These countries are the most affected by the effects of the COVID-19 pandemic worldwide. By contrast, aap was able to generate sales again in China in the second quarter, where business relations with the original distribution partner were resumed. All in all, however, it remains to be said that even with a return to normality there will be no catch-up effects such as in the consumer goods industry, for example, but at most a return to pre-crisis levels.
 

In the United States, by contrast, aap remains on a good growth course and was able to increase sales substantially year-on-year both in the second quarter (+16%) and in the first half (+32%). This is all the more remarkable since the U.S. is the country with the highest number of COVID-19 infections worldwide. Here, the momentum that began in the second half of 2019 continued and the number of operations performed each week was sustainably stabilized at a level of up to 40 procedures. In addition, focused efforts to conclude contracts with nationally active companies that give aap access to a U.S. network of hospitals and surgical operation centers are bearing first fruit. After the first two contracts were concluded in 2019 with nationally active General Purchase Organizations (GPOs) and Integrated Health Networks (IHNs), another contract was added in the first half of 2020. At the time this release was published aap had already concluded contracts with five purchasing associations and health networks and is currently in further negotiations. This will create the basis for further dynamic growth in the USA. Overall, aap is aiming for a sales increase of at least 30% year-on-year in the U.S. in financial year 2020 despite COVID-19.
 

Against the background of these developments, the Management Board now expects sales for the 2020 financial year to be in the upper half of the guidance of EUR 8 million to EUR 10 million. However, it should be noted that the present sales forecast is characterised by a high degree of uncertainty. At this point in time, it is very difficult to assess the further course of the worldwide COVID-19 pandemic. For example, in the second half of 2020 there could be a second wave, feared by some virologists and experts, which in the worst case could lead to a renewed lockdown with corresponding negative consequences for the economy.
 

The figures contained in this press release are preliminary results as of June 30, 2020, which may still change before final publication. aap plans to announce its final results for the second quarter and first half of 2020 on August 14, 2020.



[1] Source: Own research; the already published Q2/2020 results of four globally operating orthopedic companies were analyzed, whose average y-o-y decline in sales in Q2/2020 was around -28%.
[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 (= Rest of World).

 

-------------------------------------------------------------------------------------------------------------------------------------------
aap
Implantate AG (ISIN DE0005066609) - General Standard/Regulated Market - All German stock markets -

About aap Implantate AG
aap 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 statement
This 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; f.franke@aap.de


03.08.2020 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



show this
Press Release dated June 30, 2020, 10:33 PM

Annual financial statements 2019: 9% sales growth and strongly improved EBITDA; significant milestones and growing interest in pioneering key technologies antibacterial silver coating and resorbable magnesium implants

Annual financial statements 2019: 9% sales growth and strongly improved EBITDA; significant milestones and growing interest in pioneering key technologies antibacterial silver coating and resorbable magnesium implants

DGAP-News: aap Implantate AG / Key word(s): Annual Results
30.06.2020 / 22:33
The issuer is solely responsible for the content of this announcement.

In the financial year 2019 aap Implantate AG ("aap" or "Company") recorded sales growth of 9% to EUR 11.7 million (FY/2018: EUR 10.8 million) and thus achieved its best sales result ever as a pure trauma company. Furthermore, the Company achieved a strongly improved EBITDA in the amount of EUR -5.1 million (FY/2018: EUR -6.4 million).
 

2019 - Major Results and Progress

- Sales by region: Double-digit growth rates in USA (+14%) and in international markets (+10%); continuation of stable growth trend in Germany (+2%)

- USA: Continued dynamic development; almost doubling of number of weekly operations performed since end of September 2019 compared with previous year and conclusion of contracts with two national purchasing groups; far advanced negotiations on conclusion of development and supply contract with leading US medical technology company

- Earnings: Strongly improved EBITDA (+20%) due to higher total operating performance, higher gross margin, increase in other operating income and reduced other operating expenses; EBITDA in FY/2019 influenced by substantial one-time effects; Recurring EBITDA also significantly improved with EUR -3.7 million (FY/2018: EUR -5.0 million)

- Costs: Continued consistent implementation of cost reduction and efficiency improvement program with change of stock exchange listing and discontinuation of parts of standard trauma portfolio in FY/2019; in FY/2020 already extensive staff reduction (approx. 25% of personnel) with aim of annual cost savings of more than EUR 1.3 million from 2021; further cost reductions ongoing

- Cash flow and balance sheet: Cash holdings of EUR 3.2 million[1] and continued high equity ratio
of 72%

- LOQTEQ(R): FDA approval for polyaxial LOQTEQ(R) VA foot and calcaneus systems; focus in FY/2019 on quality management and four audits performed; continued focus on conversion of documentation to regulatory requirements of MDR and sterile-packaged implants

- Silver coating technology: With approval for clinical human study by BfArM in 2019 and release by ethics commissions in 2020, all regulatory requirements for start of study in Germany fulfilled; further funding of up to approximately EUR 2.7 million for conduction of human clinical study by BMBF; due to corona pandemic, no concrete start date for study can currently be determined

- Resorbable magnesium implant technology: regulatory clearance path in USA largely coordinated with FDA; very promising initial results in pilot animal study with Colorado State University to obtain essential preclinical data; talks with technology-savvy investors intensified for joint further development of the technology

 

For a detailed evaluation of the Management Agenda 2019 aap refers to the consolidated annual financial report 2019, published today.
 

2019 - Financials

Sales

In KEUR FY/2019 FY/2018 Change on year
Trauma
Germany
USA
USA distributors
USA global partners

International (without USA)
Europe (without Germany)
BRICS states
RoW
11,739
2,844
2,039
1,951
88
6,855
1,960
1,759
3,136
10,781
2,761
1,795
1,727
68
6,225
1,800
1,713
2,712
+9%
+3%
+14%
+13%
+30%
+10%
+9%
+3%
+16%
Sales 11,739 10,781 +9%
 

 

In view of developments in individual markets, aap was able to continue the stable growth trend in the German market in 2019, increasing sales by 2% to EUR 2.8 million (FY/2018: EUR 2.8 million). Business in international markets also developed positively. Here, the company achieved growth of 10% to EUR 6.9 million (FY/2018: EUR 6.2 million), which is primarily due to the expansion of existing sales relationships. Following a stabilizing phase in the first nine months of 2019, dynamic development has been observed in the USA since the end of September. The number of weekly operations was almost doubled compared to the same period of the previous year, which is also reflected in a sales increase of around 56% in the fourth quarter of 2019. As a result, aap recorded sales growth of 14% to EUR 2.0 million in the financial year 2019 (FY/2018: EUR 1.8 million). In addition, in the fourth quarter of 2019 the Company concluded contracts with two national purchasing groups that give aap access to a US-wide network of hospitals and surgical operation centres. Talks with other purchasing groups are also currently under way. In addition, the Company is in far advanced negotiations on concluding a development and supply contract with a world-leading U.S. medical technology company.
 

EBITDA

In KEUR FY/2019 FY/2018 Change on year
EBITDA -5,142 -6,406 +20%

 

In the financial year 2019 aap recorded a strongly improved EBITDA of EUR -5.1 million (FY/2018: EUR -6.4 million). The EBITDA was significantly influenced by the following developments:

- Higher total operating performance in particular due to sales growth with only very small increase in inventories and lower level of capitalized internal and development work

- Gross margin increases from 78% to 80% due to improved product-, customer- and price-mix and higher share of high-margin US sales in total sales

- Increase in other operating income, in particular due to BMBF grants for silver coating technology and cost reimbursements due to termination of legal disputes

- Decrease in other operating expenses

 

Outlook for 2020

The corona pandemic leads to a significant impairment of business operations at aap, which is reflected in a corresponding decline in sales and earnings in the first two quarters of 2020. In addition, restructuring measures such as the staff reduction announced in March 2020 will lead to one-time expenses in the current financial year that will additionally burden earnings. In addition, the decision taken in the annual financial statements to no longer capitalize the costs of the two development projects antibacterial silver coating and resorbable magnesium implants will have a full impact on EBIDTA from the 2020 financial year. Against this backdrop, the Management Board expects a significantly lower level of sales and earnings for the financial year 2020. On the basis of the data currently available, sales are expected to be between EUR 8 million and EUR 10 million and EBITDA between EUR -6.7 million and EUR -5.5 million. It should be noted, however, that the available forecast data is characterized by a high degree of uncertainty. This is based in particular on the corona pandemic, the further course of which is very difficult to assess at the present time. For example, in the second half of 2020 a second wave, feared by some virologists and experts, could occur, which in the worst case could lead to a renewed lockdown with corresponding negative effects for the economy.
 

Looking at the individual markets, it can be seen that in the first two quarters, in addition to Germany, international business in particular was affected by the effects of the corona pandemic, so that a corresponding significant year-on-year decline in sales was recorded in each case. On this basis aap intends to stabilize sales development in both markets by the end of the year if the pandemic is positive so that from 2021 sales can once again show a positive dynamic. In the USA, on the other hand, the Company continues on a strong growth course despite the corona pandemic and in the year to date has been able to increase sales significantly with a double digit growth rate over the previous year. After the first two contracts with national purchasing groups were concluded in 2019, further contracts are to follow in the current fiscal year, thus creating the basis for further growth. Overall, aap is striving despite COVID-19 for an increase in sales of at least 30 % in the USA in financial year 2020 compared to the previous year.
 

On the cost side, aap will continue to consistently implement the cost reduction and efficiency improvement program already launched in financial year 2019. The aim is to streamline the Company's cost structure sustainably and thereby increase efficiency and flexibility. In this context, the number of employees has already been reduced in the current financial year by around 25% compared with the level at the end of February 2020 (monthly closing date before the measure was announced on March 16), which should lead to annual cost savings of more than EUR 1.3 million from 2021. aap plans further cost reductions in the area of administration, among other things, and is in negotiations with its IT service provider and landlord in this connection. The manufacturing costs shall be reduced by at least 20%.
 

Overall, aap is currently undergoing a comprehensive restructuring and refinancing process to secure the Company's continued existence and future viability. Against this background the Management Board is currently working intensively on the implementation of various financing and cost-saving options. For further details we refer to the insider information published on June 29, 2020 in accordance with Article 17 of the MAR.




1] In the consolidated balance sheet of 12/31/2019 EUR 2.9 million is stated as cash and cash equivalents, while cash with banks totalling EUR 0.3 million is shown under current and non-current other financial assets as it was pledged to secure financial liabilities respectively cash payments were made to secure bank guarantees granted to third parties.

--------------------------------------------------------------------------------------------------------------------------------------
aap
Implantate AG (ISIN DE0005066609) - General Standard/Regulated Market - All German stock markets -

About aap Implantate AG
aap 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 statement
This 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; f.franke@aap.de


30.06.2020 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



show this
Press Release dated April 29, 2020, 09:22 AM

aap Implantate AG: Postponement of publication of annual financial statements 2019 and annual general meeting 2020

aap Implantate AG: Postponement of publication of annual financial statements 2019 and annual general meeting 2020

DGAP-News: aap Implantate AG / Key word(s): Annual Results/AGM/EGM
29.04.2020 / 09:22
The issuer is solely responsible for the content of this announcement.

aap Implantate AG ("aap") announces that the publication of its annual and consolidated financial statements for 2019 scheduled for April 30, 2020 has been postponed. The background is the far-reaching effects of the corona pandemic on the Company's business operations. The annual financial statements for 2019 (HGB) and the consolidated financial statements for 2019 (IFRS) shall be published by June 30, 2020 at the latest. aap will announce the exact date separately.
 

Against this backdrop, aap's annual general meeting 2020 originally planned for June 19, 2020 is also being postponed. The Company's general meeting is expected to be held as a so-called virtual general meeting at a later date in financial year 2020. aap will provide timely information on the new date as well as on the further modalities and framework conditions of the annual general meeting 2020.

 

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aap
Implantate AG (ISIN DE0005066609) - General Standard/Regulated Market - All German stock markets -

About aap Implantate AG
aap 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 statement
This 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; f.franke@aap.de


29.04.2020 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



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Press Release dated April 23, 2020, 12:42 PM

aap receives approval from ethics commissions for human clinical study for innovative antibacterial silver coating technology; all regulatory requirements for starting study in Germany fulfilled

aap receives approval from ethics commissions for human clinical study for innovative antibacterial silver coating technology; all regulatory requirements for starting study in Germany fulfilled

DGAP-News: aap Implantate AG / Key word(s): Study
23.04.2020 / 12:42
The issuer is solely responsible for the content of this announcement.

aap Implantate AG ("aap") announces that it has received yesterday approval from the ethics commissions to conduct a human clinical study for its innovative antibacterial silver coating technology. Now that the German Federal Institute for Drugs and Medical Devices ("BfArM") has already given its approval, all the regulatory requirements for starting the study in Germany have been fulfilled. aap is the first company worldwide to test an antibacterial silver coating on anatomical plates for fracture treatment in a study of this kind.
 

In view of the significant effects of the corona pandemic on both aap and the participating clinics, coupled with the uncertainty as to the exact time of a return to normality, no statement can be made at present about a specific date for the start of the human clinical study in Germany. In the meantime, the Company will press ahead with all preparations for the study in the best possible way so that it will be able to act immediately once the situation eases. With a view to financing the human clinical study, aap can initially draw on further funding from the German Federal Ministry of Education and Research ("BMBF"). Here, the Company has been granted up to approximately EUR 2.7 million to cover expenses incurred by carrying out the study. In addition, aap is still in talks with interested global medical technology companies about potential co-financing and other cooperation options (e.g. joint product development or licensing deal) and will now intensify these further against the background of the approval from the ethics commissions.
 

As a platform technology, aap's antibacterial silver coating technology has a broad spectrum of applications. In addition to trauma, it can be used in other areas of orthopaedics as well as in cardiology, dentistry or for medical instruments.
 

With its innovative silver coating technology, aap addresses one of the biggest challenges in trauma that has not yet been adequately solved: the reduction of surgical site infections (SSI). Surgical site infections are a major burden on healthcare systems worldwide. According to the World Health Organization (WHO)[1], SSI result in costs to health care systems of up to USD 18.6 billion in the USA alone. In Europe, the economic costs caused by surgical site infections are up to EUR 19.1 billion. In view of this and of its broad spectrum of applications, aap's antibacterial silver coating technology offers enormous market potential.


[1] Source: WHO's Global Guidelines For The Prevention Of Surgical Site Infection, 2016.

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aap
Implantate AG (ISIN DE0005066609) - General Standard/Regulated Market - All German stock markets -

About aap Implantate AG
aap 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 statement
This 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; Tel.: +49/30/750 19 - 134; Fax.: +49/30/750 19 - 290; f.franke@aap.de
 


23.04.2020 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



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Press Release dated January 28, 2020, 08:06 AM

aap Implantate AG: FY/19: Good fourth quarter with EUR 3.1 million revenue (+17%) results in 9% revenue growth in fiscal year 2019 - Milestones in key technologies silver coating and magnesium-based implants

aap Implantate AG: FY/19: Good fourth quarter with EUR 3.1 million revenue (+17%) results in 9% revenue growth in fiscal year 2019 - Milestones in key technologies silver coating and magnesium-based implants

DGAP-News: aap Implantate AG / Key word(s): Preliminary Results/Quarter Results
28.01.2020 / 08:06
The issuer is solely responsible for the content of this announcement.

- Sales in FY/2019 at EUR 11.7 million (+9 %) with double-digit growth rates in the USA (+14 %) and in international markets (+10 %); continuation of the stable growth trend in Germany

- USA: Strong fourth quarter (+56 %) due to almost doubling the number of weekly surgeries compared with the same period of the previous year; conclusion of contracts with two national purchasing groups; well advanced talks on the conclusion of a development and supply contract with a worldwide leading US medical technology company

- Silver coating technology: Approval for clinical human study received from BfArM; further funding of up to approximately EUR 2.7 million for human clinical study granted by BMBF; approval of ethics commissions still required for start of study in Germany, documents submitted, approval expected shortly

- Magnesium-based implants: Promising initial results from pilot animal study with Colorado State University to obtain essential preclinical data; regulatory clearance path essentially agreed with FDA; discussions with technology-savvy investors for joint further development of the technology underway

 

Sales development FY/2019 and Q4/2019

In the financial year 2019 aap Implantate AG ("aap") achieved sales of EUR 11.7 million (FY/2018: EUR 10.8 million) according to preliminary figures and thus a value within the guidance of EUR 11.0 million to EUR 13.0 million as published in August 2019. In the fourth quarter of 2019, the company realized sales of EUR 3.1 million (Q4/2018: EUR 2.6 million).


Sales FY/2019

in KEUR FY/2019 FY/2018 Change
Trauma
Germany
USA1
USA Distributors
USA Global partners

International (without USA)
Europe (without Germany)
BRICS states
RoW1
11,741
2,840
2,036
1,948
88

6,865
1,959
1,759
3,147
10,816
2,774
1,788
1,720
68

6,254
1,864
1,713
2,677
+9 %
+2 %
+14 %
+13 %
+30 %

+10 %
+5 %
+3 %
+18 %
Other -2 -35 -94 %
Sales 11,739 10,781 +9 %
 

Sales Q4/2019

in KEUR Q4/2019 Q4/2018 Change
Trauma
Germany
USA1
USA Distributors
USA Global partners

International (without USA)
Europe (without Germany)
BRICS states
RoW
1
3,066
647
669
650
19

1,750
398
447
905
2,582
695
430
422
8

1,457
531
346
580
+19 %
-7 %
+56 %
+54 %
> +100 %
+20
%
-25 %
+29 %
+56 %
Other -6 +27 > -100 %
Sales 3,060 2,609 +17 %
 

 

aap closed the financial year 2019 with a good fourth quarter and achieved strong sales growth of 17% to EUR 3.1 million (Q4/2018: EUR 2.6 million). The US market and international business developed very positively, with growth rates of 56 % and 20 %, while business in the German domestic market showed a temporary slight decline (-7 %). For the full year 2019, the company was thus able to achieve revenue growth of 9 % to EUR 11.7 million (FY/2018: EUR 10.8 million). Thereby the stable growth trend in the German market was also continued in 2019. Business in the international markets also developed positively, with growth of 10 %, which was mainly due to the expansion of existing customer relationships. In the USA, following a stabilizing phase in the first nine months, a dynamic development has been observed since the end of September. Thus, the number of weekly surgeries almost doubled compared to the same period of the previous year. In the fourth quarter the company also concluded contracts with two national purchasing groups that will give aap access to a nationwide network of hospitals and surgical centers in the future. Talks are also currently being held with other nationwide active purchasing groups. In addition, the company is in well advanced discussions on the conclusion of a development and supply agreement with a worldwide leading US medical technology company. These developments should also be reflected in further corresponding sales momentum in the USA in the fiscal year 2020.

Regarding its innovative antibacterial silver coating technology, aap achieved important milestones in the financial year 2019. In August the company received approval from the German Federal Institute for Drugs and Medical Devices ("BfArM") to conduct a human clinical study. aap is thus the first company worldwide to test an antibacterial silver coating on anatomical plates for fracture treatment in a study of this kind. In order to start the study in Germany, aap now needs the approval of the ethics commissions, which has been applied for and whose approval is expected shortly. At the same time, training of the doctors participating in the study has been started and preparations have been made to equip the corresponding clinics with silver coated implants. In addition, in November, the company received a further grant from the German Federal Ministry of Education and Research ("BMBF") of up to approximately EUR 2.7 million for the conduction of the human clinical trial. In a first step, aap had received a funding commitment for the conception and qualification of human clinical study of up to around EUR 0.7 million. The latter developments are being followed with great interest by various global orthopedics companies that have reaffirmed their interest in aap's innovative silver coating technology in talks currently underway.

In the financial year 2019 aap also made substantial progress in the field of magnesium-based implants. For example, a pre-submission meeting was held with the US Food and Drug Administration (FDA) at the beginning of December, at which the regulatory clearance path was essentially agreed. In addition, a pilot animal study to obtain essential preclinical data that started at the end of September with the renowned Colorado State University, has shown first very promising results with regard to bone formation as well as low gas formation during the degradation process of the bone-like magnesium-based implants. At the same time, the company has intensified discussions with technology-savvy investors in order to provide the financial basis for the joint further development of the technology in a timely manner. aap will from 2020 bundle all further development activities under the umbrella of its existing subsidiary MAGIC Implants GmbH to make the further progress more transparent to the outside world.

In the fourth quarter, the Management Board continued its analysis to identify cost reduction and efficiency improvement potential. In this context, measures such as the change of the stock exchange listing and the discontinuation of parts of the standard trauma portfolio were already implemented in the 2019 financial year. Particularly in view of the ever-increasing regulatory requirements (e.g. conversion to MDR while maintaining certificates and approvals under currently valid regulations or sterile-packaged products) and the resulting cost consequences, the Management Board is currently intensively evaluating the economic viability of certain business activities and, in connection with this, further measures to reduce the cost structure (e.g. reduction/discontinuation of marketing and sales activities in certain markets, make-or-buy considerations for instruments, reduction of personnel, etc.). In view of its innovative key technologies - antibacterial silver coating technology and magnesium-based implants - aap will further intensify talks and negotiations with interested global medical technology companies and technology-savvy investors. All these measures shall form the basis for sustainable and profitable growth.

The company will provide information on the outlook for fiscal year 2020, the management agenda, decisions taken in connection with the cost-reduction program and details of the company's future financing in a separate announcement in the course of the next few weeks.

The sales figures contained in this press release are provisional figures as of December 31, 2019 and may still be subject to change until final publication. aap plans to announce the final, audited results for the financial year 2019 on March 30, 2020 in its consolidated annual financial report for 2019.

 



 

______________________________________________________________
1] In the previous year, sales to Puerto Rico were reported as part of North America (distributors); as of Q3/2019 as part of RoW (= Rest of World).


aap Implantate AG (ISIN DE0005066609) - General Standard/Regulated Market - All German stock markets -

About aap Implantate AG
aap Implantate AG is a globally operating medical device company headquartered in Berlin, Germany. The company develops, manufactures and markets trauma products for orthopaedics. The IP protected portfolio includes besides the innovative anatomical plating system LOQTEQ(R) and trauma complementary biomaterials a wide range of cannulated screws. Furthermore, aap Implantate AG has an innovation pipeline with promising development projects as the antibacterial silver coating technology and magnesium-based implants. These technologies address critical problems in surgery that haven't yet been resolved adequately. In German-speaking Europe aap Implantate AG directly sells its products to hospitals, buying syndicates and hospital groups while it uses a broad network of distributors in more than 25 countries at the international level. aap Implantate AG's stock is listed in the General Standard segment of Frankfurt Stock Exchange (XETRA: AAQ.DE). For more information, please visit www.aap.de.

Forward-looking statement
This 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.




Contact:
For inquiries please contact:
aap Implantate AG, Fabian Franke, Investor Relations, Lorenzweg 5, 12099 Berlin, Germany
Tel.: +49 30 7501 9-134, Fax: +49 30 7501 9-290, e-mail: f.franke@aap.de



28.01.2020 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



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Press Release dated November 21, 2019, 07:15 AM

aap Implantate AG to present at German Equity Forum 2019

aap Implantate AG to present at German Equity Forum 2019

DGAP-News: aap Implantate AG / Key word(s): Conference
21.11.2019 / 07:15
The issuer is solely responsible for the content of this announcement.

aap Implantate AG ("aap") announces that it will present at the German Equity Forum 2019 at the Sheraton Frankfurt Airport Hotel and Conference Center in Frankfurt am Main, Germany, on Tuesday, 26 November 2019. The presentation will be held by Rubino Di Girolamo, Chief Executive Officer, in room Oslo at 05:30 p.m. CET.
 

Following the conference, the accompanying presentation materials will be available on aap's corporate website at https://www.aap.de/ in the section "Investor Relations", subsection "News & Publications" under "Presentations".

 

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aap
Implantate AG (ISIN DE0005066609) - General Standard/Regulated Market - All German stock markets -

About aap Implantate AG
aap Implantate AG is a globally operating medical device company headquartered in Berlin, Germany. The company develops, manufactures and markets trauma products for orthopaedics. The IP protected portfolio includes besides the innovative anatomical plating system LOQTEQ(R) and trauma complementary biomaterials a wide range of cannulated screws as well as standard plates and screws. Furthermore, aap Implantate AG has an innovation pipeline with promising development projects as the antibacterial silver coating technology and magnesium based implants. These technologies address critical problems in surgery that haven't yet been resolved adequately. In German-speaking Europe aap Implantate AG directly sells its products to hospitals, buying syndicates and hospital groups while it uses a broad network of distributors in more than 25 countries at the international level. aap Implantate AG's stock is listed in the General Standard segment of Frankfurt Stock Exchange (XETRA: AAQ.DE). For more information, please visit www.aap.de.


Forward-looking statement
This 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; Investor Relations; Lorenzweg 5; 12099 Berlin, Germany; Phone: +49/30/750 19 - 134; Fax: +49/30/750 19 - 290; f.franke@aap.de


21.11.2019 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



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Press Release dated November 19, 2019, 07:20 AM

aap receives further funding of up to EUR 2.7 million for its innovative antibacterial silver coating technology

aap receives further funding of up to EUR 2.7 million for its innovative antibacterial silver coating technology

DGAP-News: aap Implantate AG / Key word(s): Study/Financing
19.11.2019 / 07:20
The issuer is solely responsible for the content of this announcement.

aap Implantate AG ("aap") announces that its innovative antibacterial silver coating technology will be further funded by the German Federal Ministry of Education and Research ("BMBF"). aap can receive grants of up to around EUR 2.7 million for expenses incurred by carrying out the human clinical study for the intended market approval of its silver coating technology. In a first step, aap received a funding commitment of up to about EUR 0.7 million for the conception and qualification of the human clinical study.
 

Following the recent approval of the human clinical study by the Federal Institute for Drugs and Medical Devices ("BfArM"), aap now still needs the approval of the ethics commissions in view of the start of the study in Germany. Furthermore, the doctors participating in the study have already been trained in recent months and the equipment of the corresponding clinics with silver-coated implants has been prepared.
 

The benefit granted to the company (aap funding code 13GW0449A+B) is part of the BMBF's "Health Industry in the Health Research Framework Programme" field of action. According to the BMBF, funding will be provided for projects on the topic of "Transferring medical technology solutions into patient care - proving clinical evidence without delay". The funding programme aims to introduce small and medium-sized enterprises (SMEs) to changing legal and regulatory conditions and support them in the clinical validation of medical technology solutions. The aim is to promote the rapid transfer of innovations into healthcare and reduce the risk of late failure of investments in research and development. For further information, please refer to the corresponding guideline on the BMBF website: https://www.bmbf.de/foerderungen/ bekanntmachung-1376.html.
 

The further BMBF funding underlines again the innovative character of aap's silver coating technology and its potential to significantly reduce the cost burden on healthcare systems.

 

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aap
Implantate AG (ISIN DE0005066609) - General Standard/Regulated Market - All German stock markets -


About aap Implantate AG
aap Implantate AG is a globally operating medical device company headquartered in Berlin, Germany. The company develops, manufactures and markets trauma products for orthopaedics. The IP protected portfolio includes besides the innovative anatomical plating system LOQTEQ(R) and trauma complementary biomaterials a wide range of cannulated screws as well as standard plates and screws. Furthermore, aap Implantate AG has an innovation pipeline with promising development projects as the antibacterial silver coating technology and magnesium based implants. These technologies address critical problems in surgery that haven't yet been resolved adequately. In German-speaking Europe aap Implantate AG directly sells its products to hospitals, buying syndicates and hospital groups while it uses a broad network of distributors in more than 25 countries at the international level. aap Implantate AG's stock is listed in the General Standard segment of Frankfurt Stock Exchange (XETRA: AAQ.DE). For more information, please visit www.aap.de.


Forward-looking statement
This 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; Investor Relations; Lorenzweg 5; 12099 Berlin, Germany; Phone: +49/30/750 19 - 134; Fax: +49/30/750 19 - 290; f.franke@aap.de
 


19.11.2019 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



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Press Release dated November 14, 2019, 01:19 PM

aap: Solid Q3/2019 with sales and EBITDA in line with expectations; sales growth and improved Recurring EBITDA in 9M/2019

aap: Solid Q3/2019 with sales and EBITDA in line with expectations; sales growth and improved Recurring EBITDA in 9M/2019

DGAP-News: aap Implantate AG / Key word(s): 9 Month figures
14.11.2019 / 13:19
The issuer is solely responsible for the content of this announcement.

aap Implantate AG ("aap") recorded sales and EBITDA in line with expectations in the third quarter of 2019. aap generated sales of EUR 2.7 million and thus a value at the same level as the corresponding period in the previous year (Q3/2018: EUR 2.7 million). EBITDA amounted to EUR -1.7 million (Q3/2018: EUR -1.5 million) and were burdened by one-time effects of EUR 0.3 million. On a nine-month basis, aap was able to maintain the growth trend of the current financial year and increased sales by +6% to EUR 8.7 million (9M/2018: EUR 8.2 million). EBITDA amounted to EUR -4.9 million (9M/2018: EUR -4.6 million) in the first nine months of 2019 and were subject to significant one-time effects of EUR 1.3 million. Adjusted for these one-time effects, aap recorded an improved recurring EBITDA of EUR -3.6 million in the first nine months of 2019 compared with the same period in the previous year (9M/2018: EUR -3.9 million).
 

Q3/2019 and 9M/2019 - Major results and progress

- Sales by region: In traditionally weaker Q3 solid sales growth in Germany and slight temporary decline in USA and international business; USA with positive development since end of September 2019 with almost doubling of weekly number of cases year-on-year and increasing interest from national group purchasing organizations with negotiations on first contracts; 9M: continuation of growth trend driven by Germany and international business, further stabilization in USA
 

- Earnings: EBITDA in 9M subject to significant one-time effects (EUR 1.3 million), primarily from early termination of contract with former CEO, termination of legal disputes and correction of legacies from inventory of US stocks from previous years; in 9M recurring EBITDA, adjusted for one-time effects, improved to EUR -3.6 million (+7%); EBITDA in Q3 burdened by one-time effects (EUR 0.3 million) and temporary decline in gross margin
 

- Gross margin: Increased cost of materials for pre-production of systems for human clinical study for silver coating technology and of sterile products as well as correction of legacies from inventory of US stocks from previous years with total volume of EUR 0.3 million lead to temporary decline in gross margin[1] in Q3/2019; gross margin from operating activities (adjusted for above effects) increases to 79% in 9M (9M/2018: 78%)
 

- Costs: Declining cost level (normalized for one-time effects) for personnel and other expenses both in Q3 (+EUR 0.4 million) and in 9M (+EUR 0.3 million)
 

- Cash flow and balance sheet: Cash need in 9M/2019 totalled EUR 5.8 million; cash holdings amounted to EUR 4.4 million[2]; first-time application of IFRS 16 - Leasing and concluded factoring agreement lead to shifts in balance sheet, income statement and cash flow
 

- LOQTEQ(R): FDA approval for polyaxial LOQTEQ(R) VA foot and calcaneus systems - Launch in USA and further markets planned for beginning of 2020; continuous focus on adaption of processes and documents to new regulatory requirements of MDR and development of sterile packaging for implants
 

- Silver coating technology: BfArM approval received for human clinical study; further funding of human clinical study applied for at BMBF, funding decision expected shortly; training of doctors participating in study and preparation of equipment of corresponding clinics with silver-coated implants; for start of study in Germany approval of ethics committees still required, documents submitted, approval expected
 

- Resorbable magnesium implant technology: Talks with technology-savvy investors to jointly further develop technology; progress on approval pathway agreement with FDA; pilot animal study with University of Colorado started end of September 2019 to generate key preclinical data
 



Q3/2019 and 9M/2019 - Financials

Q3 Sales

In KEUR Q3/2019 Q3/2018 Change
Trauma
Germany
USA[3]
USA distributors
USA global partners

International (excluding USA)
Europe (excluding Germany)
BRICS states
RoW3
2,759
713
419
371
48

1,627
458
299
870
2,761
688
434
427
7

1,639
338
442
859
0%
+4%
-3%
-13%
>+100%

-1%
+36%
-32%
+1%
Other -54 -25 <-100%
Sales 2,705 2,736 -1%
 

9M Sales

In KEUR 9M/2019 9M/2018 Change
Trauma
Germany
USA3
USA distributors
USA global partners

International (excluding USA)
Europe (excluding Germany)
BRICS states
RoW3
8,675
2,193
1,367
1,297
70

5,115
1,561
1,312
2,242
8,235
2,080
1,358
1,297
61

4,797
1,333
1,367
2,097
+5%
+5%
+1%
0%
+15%

+7%
+17%
-4%
+7%
Other 4 -63 >+100%
Sales 8,679 8,172 +6%
 

Q3 EBITDA

In KEUR Q3/2019 Q3/2018 Change
EBITDA -1,739 -1,475 -18%
One-time effects 318* 265** +20%
Recurring EBITDA -1,421 -1,210 -17%
 

*Includes cost of external staff and correction of legacies from inventory of US stocks from previous years.
**Includes cost of evaluation of strategic options, external staff and project Quality First / Fit-4-MDR.

 

9M EBITDA

In KEUR 9M/2019 9M/2018 Change
EBITDA -4,883 -4,592 -6%
One-time effects 1,261* 690** +83%
Recurring EBITDA -3,622 -3,902 +7%
 

* Includes cost of personnel measures, termination of legal disputes (net effect), external staff and correction of legacies from inventory of US stocks from previous years.
**Includes cost of evaluation of strategic options, external staff and project Quality First / Fit-4-MDR.


 

In the traditionally weaker third quarter, aap recorded solid sales growth (+4%) in Germany, while a slight temporary decline was recorded in the USA (-3%) and in international business (-1%). In the USA, this was due to the termination of a sales relationship with an US distributor, while in international business a quarterly fluctuation was recorded in the BRICS states. In the USA, aap has seen a positive development since the end of September 2019. The number of weekly operations almost doubled compared to the same period of the previous year. In addition, aap is registering an increasing interest from national group purchasing organizations with negotiations on first contracts, which is reflected in the current negotiations on the first contracts. These developments should also be reflected in the corresponding sales momentum in the coming months. On a nine-month basis, the existing growth trend (+6%) was mainly driven by Germany (+5%) and international business (+7%), while the sales development in the USA (+1%) was further stabilized.

 

Outlook
For the 2019 financial year, the Management Board continues to expect sales of between
EUR 11.0 million and EUR 13.0 million and EBITDA of between EUR -6.0 million and EUR -5.0 million. This corresponds to an increase in sales of +2% to +21% and an improvement in EBITDA of +6% to +22% compared with the respective prior-year figures.

 

The Management Board will further consistently continue its analysis to identify cost reduction and efficiency enhancement potentials. In this context, measures have already been implemented, such as the change of the stock exchange listing and the discontinuation of parts of the standard trauma portfolio. In addition, aap will in future focus even more on sales expansion with higher-margin customers and products, as well as on further driving forward the marketing of its innovative and promising technologies. With a view to its antibacterial silver coating technology, aap will further intensify talks and negotiations with interested global medical technology companies following the approval of the human clinical study by the Federal Institute for Drugs and Medical Devices ("BfArM"). For its innovative resorbable magnesium implant technology aap aims to push forward the further development of this promising technology jointly with partners under aap's management. In this context the Company is currently in talks with technology-savvy investors. All of these measures shall form the basis for sustainable and profitable growth.

 

[1] Relating to sales revenues, changes in inventories of finished and unfinished products and cost of materials / purchased services.

[2] In the consolidated balance sheet of 30/09/2019 EUR 3.7 million is stated as cash and cash equivalents, while cash with banks totalling EUR 0.7 million is shown under current and non-current other financial assets as it was pledged to secure financial liabilities respectively cash payments were made to secure bank guarantees granted to third parties.

[3] In the previous year, sales with Puerto Rico were reported as part of North America (distributors); from Q3/2019 as part of RoW (= Rest of World).



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aap
Implantate AG (ISIN DE0005066609) - Prime Standard/Regulated Market - All German stock markets -

About aap Implantate AG
aap Implantate AG is a globally operating medical device company headquartered in Berlin, Germany. The company develops, manufactures and markets trauma products for orthopaedics. The IP protected portfolio includes besides the innovative anatomical plating system LOQTEQ(R) and trauma complementary biomaterials a wide range of cannulated screws as well as standard plates and screws. Furthermore, aap Implantate AG has an innovation pipeline with promising development projects as the antibacterial silver coating technology and magnesium based implants. These technologies address critical problems in surgery that haven't yet been resolved adequately. In German-speaking Europe aap Implantate AG directly sells its products to hospitals, buying syndicates and hospital groups while it uses a broad network of distributors in more than 25 countries at the international level. aap Implantate AG's stock is listed in the General Standard segment of Frankfurt Stock Exchange (XETRA: AAQ.DE). For more information, please visit www.aap.de.

Forward-looking statement
This 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; Investor Relations; Lorenzweg 5; 12099 Berlin, Germany; Phone: +49/30/750 19 - 134; Fax: +49/30/750 19 - 290; f.franke@aap.de
 


14.11.2019 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



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Press Release dated August 21, 2019, 07:29 AM

aap receives US-American clearance (FDA) for polyaxial LOQTEQ(R) VA calcaneus system; market launch planned for beginning of 2020

aap receives US-American clearance (FDA) for polyaxial LOQTEQ(R) VA calcaneus system; market launch planned for beginning of 2020

DGAP-News: aap Implantate AG / Key word(s): Product Launch/Market launch

21.08.2019 / 07:29
The issuer is solely responsible for the content of this announcement.


aap Implantate AG ("aap") announces that its new LOQTEQ(R) VA calcaneus plates 3.5 have been cleared by the US-American Food and Drug Administration (FDA). The Company plans to launch the LOQTEQ(R) VA calcaneus system at the beginning of 2020 in the United States and in other markets that accept FDA clearances. The system enables flexible treatment of fractures of the heel bone, which is one of the important load-bearing joints of the lower extremity. The LOQTEQ(R) VA calcaneus plates 3.5 belong to the LOQTEQ(R) VA (VA = Variable Angle) product family. These are polyaxial implants that facilitate inserting angle-stable screws at different angles, thereby improving flexibility within the application.
 

With its new calcaneus system, aap addresses the foot and ankle segment, which with an average annual growth rate of around 9% is one of the fastest growing segments of the trauma market[1] and accounts for almost half of the total extremities market. The treatment of calcaneus or heel bone fractures is very often performed surgically, as these have a high joint involvement rate of 75%. To meet patients' growing demands, a swift and stable treatment is required that enables an early restoration of mobility. The anatomically preformed, angle-stable plates of the LOQTEQ(R) VA systems in conjunction with freely selectable screw angles, user-friendly instruments and a high stability fulfils all the requirements of modern surgery. The LOQTEQ(R) VA calcaneus system 3.5 contains different plates for the treatment of the heel bone in two different sizes and designs, whose low profile height of only 1.6 mm with a type II anodization contributes to the comfort of users and patients.
 

In view of launching the calcaneus plates in the European market, aap is currently preparing the documents for the corresponding conformity assessment procedure for the CE label. With the LOQTEQ(R) VA calcaneus system 3.5 aap takes a further important step on the way to the completion of its portfolio, which will increase the attractiveness for full-service clinics and purchasing groups as well.




[1] Compound Annual Growth Rate (= CAGR) of the years 2019 - 2025; Source: Global Foot and Ankle Devices Market Forecast up to 2025, February 2019.

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aap
Implantate AG (ISIN DE0005066609) - Prime Standard/Regulated Market - All German stock markets -

About aap Implantate AG
aap Implantate AG is a globally operating medical device company headquartered in Berlin, Germany. The company develops, manufactures and markets trauma products for orthopaedics. The IP protected portfolio includes besides the innovative anatomical plating system LOQTEQ(R) and trauma complementary biomaterials a wide range of cannulated screws as well as standard plates and screws. Furthermore, aap Implantate AG has an innovation pipeline with promising development projects as the antibacterial silver coating technology and magnesium based implants. These technologies address critical problems in surgery that haven't yet been resolved adequately. In German-speaking Europe aap Implantate AG directly sells its products to hospitals, buying syndicates and hospital groups while it uses a broad network of distributors in more than 25 countries at the international level. aap Implantate AG's stock is listed in the Prime Standard segment of Frankfurt Stock Exchange (XETRA: AAQ.DE). For more information, please visit www.aap.de, or download the Company's investor relations app from the Apple's App Store or Google Play.

Forward-looking statement
This 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; Tel.: +49/30/750 19 - 134; Fax.: +49/30/750 19 - 290; f.franke@aap.de



21.08.2019 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



show this
Press Release dated August 14, 2019, 08:12 AM

aap: Q2/2019 sales and EBITDA in line with guidance; double-digit sales growth in H1/2019

aap: Q2/2019 sales and EBITDA in line with guidance; double-digit sales growth in H1/2019

DGAP-News: aap Implantate AG / Key word(s): Half Year Results

14.08.2019 / 08:12
The issuer is solely responsible for the content of this announcement.


aap Implantate AG ("aap") achieved its financial objectives in the second quarter of 2019. aap registered sales of EUR 2.5 million (Q2/2018: EUR 2.7 million) and thus a value at the lower end of the forecast of EUR 2.5 million to EUR 3.5 million. EBITDA in the second quarter of 2019 were burdened by significant one-time effects in a volume of about EUR 0.8 million and amounted to EUR -2.1 million (Q2/2018: EUR -1.5 million), thus being also at the lower end of the guidance of EUR -2.1 million to EUR -1.1 million. In contrast, aap increased sales on a half-yearly basis by +10% to EUR 6.0 million (H1/2018: EUR 5.4 million), with all regions contributing with positive growth rates. EBITDA in the first six months of 2019 were EUR -3.1 million (H1/2018: EUR -3.1 million). Based on unchanged recurring EBITDA (adjusted by one-time effects) in the second quarter of 2019 of EUR -1.3 million, recurring EBITDA improved significantly on a half-yearly basis by +18% to EUR -2.2 million.
 

Q2/2019 and H1/2019 - Major results and progress

- Sales by region: Q2: Stable business in Germany, whereas international business was, as expected after a strong Q1, down on the previous year; further stabilisation in North America with a growth trend in distribution business; good growth rates in all regions on a half-yearly basis

- Earnings: EBITDA burdened in Q2 by significant one-time effects due primarily to early termination of contract with former CEO and termination of legal disputes; recurring EBITDA adjusted for one-time effects in Q2 on previous year level, while in H1 considerable improvement was registered (H1/2019: EUR -2.2 million; +18%)

- Gross margin and costs: Improvement of gross margin[1] to 83% in Q2 (Q2/2018: 76%) and 84% in H1 (H1/2018: 77%) along with declining cost level (adjusted for one-time effects)

- Cash flow and balance sheet: Successful completion of capital increase with subscription rights and two further external financings with net inflows totalling around EUR 5.2 million; Cash need in H1 totalled EUR 4.0 million with positive effects of working capital reduction (EUR 1.7 million); cash holdings of EUR 7.6 million[2]; first-time application of IFRS 16 - Leasing and concluded factoring agreement lead to shifts in balance sheet, income statement and cash flow

- LOQTEQ(R): FDA approval for polyaxial LOQTEQ(R) VA foot system - Launch in US and further markets planned for beginning of 2020; continuous focus on adaptation of processes and documents to new regulatory requirements of MDR and development of sterile packaging for implants

- Silver coating technology: In Q2 continued intensive exchange with BfArM on application to conduct a human clinical study; training of participating doctors and preparation of silver-coated implants for hospitals; preparation of application for FDA to conduct the human clinical study in the US; at the beginning of August BfArM granted approval for study and application submitted to FDA



Q2/2019 and H1/2019 - Financials

Q2 Sales

In KEUR Q2/2019 Q2/2018 Change
Trauma
Germany
North America
North America distributors
North America global partners

International (without North America)
Europe (without Germany)
BRICS states
Total key markets
Rest
2,490
728
620
614
6

1,142
451
192
643
499
2,678
735
621
584
37

1,322
493
187
680
642
-7%
-1%
0%
+5%
-84%

-14%
-9%
+3%
-5%
-22%
Other -17 -24 +29%
Sales 2,473 2,654 -7%
 

H1 Sales

In KEUR H1/2019 H1/2018 Change
Trauma
Germany
North America
North America distributors
North America global partners

International (without North America)
Europe (without Germany)
BRICS states
Total key markets
Rest
5,491
1,480
1,266
1,244
22

3,195
1,105
1,013
2,118
1,077
5,473
1,391
1,149
1,095
54

2,933
995
925
1,920
1,013
+9%
+6%
+10%
+14%
-59%

+9%
+11%
+10%
+10%
+6%
Other +33 -37 >+100%
Sales 5,974 5,436 +10%
 


On a half-yearly basis all regions contributed with positive growth rates to the realized increase in sales. That includes Germany (+6%), although no growth was posted in the second quarter of 2019 compared with the same period of the previous year (-1%). In international business, aap recorded an expected quarterly decline (-14%) in the second quarter following strong first three months, although the positive growth trend on a half-yearly basis could be continued in this market as well (+9%). In North America, aap continued to stabilize sales development in both the second quarter and in the first half of 2019 (+10%). Particularly the growth in distribution business (+5% in Q2/2019 and +14% in H1/2019) shows that the implemented measures are bearing fruit and the foundation for the return to dynamic growth has been laid.
 


Q2 EBITDA

In KEUR Q2/2019 Q2/2018 Change
EBITDA -2,146 -1,530 -40%
One-time effects 853* 227** >+100%
Recurring EBITDA 1,293 -1,303 -4%

* Includes cost of personnel measures, termination of legal disputes (net effect) and external staff.
**Includes cost of external staff and project Quality First / Fit-4-MDR.


H1 EBITDA

In KEUR H1/2019 H1/2018 Change
EBITDA -3,144 -3,118 -1%
One-time effects 943* 425** >+100%
Recurring EBITDA -2,201 -2,693 +18%

* Includes cost of personnel measures, external staff and termination of legal disputes (net effect).
** Includes cost of external staff and project Quality First / Fit-4-MDR.



In respect of earnings aap benefited in both the second quarter and the first half of 2019 from an improved gross margin and a declining cost level (adjusted for one-time effects). At the same time, however, earnings were burdened by significant one-time effects in the second quarter, due primarily to the early termination of the contract with the former CEO and the termination of legal disputes. On that basis EBITDA in the second quarter of 2019 were EUR -2.1 million (Q2/2018: EUR -1.5 million) and in the first six months of the current financial year EUR -3.1 million (H1/2018: EUR -3.1 million). Adjusted for one-time effects, recurring EBITDA in the second quarter of 2019 were unchanged at EUR -1.3 million. If compared on a half-yearly basis, recurring EBITDA improved significantly by +18 % to EUR -2.2 million (H1/2018: EUR -2.7 million) and reflect the aimed development: Focus on established markets with higher profit margins and simultaneous a disciplined cost management to improve the operating performance.
 

In the second quarter of 2019 aap also implemented a package of measures to strengthen its financial base. The Company successfully completed a capital increase with subscription rights and two further external financings. The overall inflow from these measures totalled around EUR 5.2 million that the Company uses to finance the planned sales growth and for the further development of its pioneering and innovative silver coating technology.
 

Outlook
In the second half of 2019 a number of challenges lie ahead for aap that the Company must master. Specifically, the Management Board will continue its analysis to identify cost reduction and efficiency enhancement potentials in the Company in the months ahead. On the sales side, the positive first-half growth trend in Germany is to be maintained, while in North America, based on the stabilised sales level in the first six months of 2019, a more dynamic development is to be shown in the distribution business. In addition, aap works focussed on the conclusion of strategic partnerships with global orthopaedic companies (distribution networks as well as product development and approval projects). Further key focal points of our work will be sterile packaging for implants as well as the adaptation of processes and documents to the regulatory requirements of the new EU Medical Device Regulation (MDR).
 

With a view to its antibacterial silver coating technology, aap will further intensify talks and negotiations with interested global medical technology companies after approval of the human clinical study by the Federal Institute for Drugs and Medical Devices ("BfArM"). In detail, the Company discusses in addition to joint product development and approval projects also distribution partnerships as well as licensing deals up to the sale of the technology for specific application areas. For its innovative resorbable magnesium implant technology aap aims to push forward the further development of this promising technology jointly with partners under aap's management.
 

For financial year 2019 the Management Board expects sales of EUR 11.0 million to EUR 13.0 million and EBITDA of EUR -6.0 million to EUR 5.0 million. This corresponds to an increase in sales of 2% to 21% and an improvement in EBITDA of 6% to 22% compared with the previous year's figures.
 

Against the background of the resolved change of the stock exchange listing from the Prime Standard to the General Standard of the regulated market of the Frankfurt Stock Exchange, aap will no longer be publishing a consolidated quarterly statement for the third quarter of 2019. The Company will comply with the high transparency requirements of the regulated market in the General Standard in the future as well and continue to inform its shareholders and the capital market about the developments in a suitable form on a quarterly basis within a financial year.




[1] Relating to sales revenues, changes in inventories of finished and unfinished products and cost of materials / purchased services.
[2] In the consolidated balance sheet of 30/06/2019 EUR 5.2 million is stated as cash and cash equivalents, while cash with banks totalling EUR 2.4 million is shown under current and non-current other financial assets as it was pledged to secure financial liabilities respectively cash payments were made to secure bank guarantees granted to third parties.
 

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aap
Implantate AG (ISIN DE0005066609) - Prime Standard/Regulated Market - All German stock markets -

About aap Implantate AG
aap Implantate AG is a globally operating medical device company headquartered in Berlin, Germany. The company develops, manufactures and markets trauma products for orthopaedics. The IP protected portfolio includes besides the innovative anatomical plating system LOQTEQ(R) and trauma complementary biomaterials a wide range of cannulated screws as well as standard plates and screws. Furthermore, aap Implantate AG has an innovation pipeline with promising development projects as the antibacterial silver coating technology and magnesium based implants. These technologies address critical problems in surgery that haven't yet been resolved adequately. In German-speaking Europe aap Implantate AG directly sells its products to hospitals, buying syndicates and hospital groups while it uses a broad network of distributors in more than 25 countries at the international level. aap Implantate AG's stock is listed in the Prime Standard segment of Frankfurt Stock Exchange (XETRA: AAQ.DE). For more information, please visit www.aap.de, or download the Company's investor relations app from the Apple's App Store or Google Play.

Forward-looking statement
This 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; Tel.: +49/30/750 19 - 134; Fax.: +49/30/750 19 - 290; f.franke@aap.de


14.08.2019 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



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Press Release dated August 08, 2019, 02:10 PM

aap receives BfArM approval for human clinical study and becomes global bellwether in antibacterial coating for trauma implants

aap receives BfArM approval for human clinical study and becomes global bellwether in antibacterial coating for trauma implants

DGAP-News: aap Implantate AG / Key word(s): Study

08.08.2019 / 14:10
The issuer is solely responsible for the content of this announcement.


aap Implantate AG ("aap") is about to start the human clinical study for its innovative antibacterial silver coating technology following today's approval by the Federal Institute for Drugs and Medical Devices ("BfArM"). With the approval of the study, the company has reached a decisive milestone on the way to the targeted market approval. aap is thus the first company worldwide to test an antibacterial silver coating on anatomical plates for fracture treatment in a study of this kind.
 

With a view to the start of the human clinical study in Germany, aap now still needs the approval of the ethics commissions, which has already been applied for. In addition, the application for approval of the human clinical study in the US has been submitted at the Food and Drug Administration (FDA) at the beginning of August 2019. From today's perspective, it is not possible to predict when approval for the study will be granted in the US.
 

aap's antibacterial silver coating technology has, as a platform technology, a wide range of applications. Besides trauma, it can be used in further areas of orthopaedics as well as in cardiology, dentistry or for medical instruments.
 

"The approval of the human clinical study is a very important step for the market approval of the silver coating technology", says Prof. Dr. Dr. Volker Alt, Director of the Clinic for Trauma Surgery at the University Hospital Regensburg and expert in the field of antimicrobial coatings. "This allows a reduction of the risks of major complications during operations, especially from infections. Patients will enormously benefit thereof in future."
 

With its innovative silver coating technology, aap addresses one of the biggest challenges in trauma that has not yet been adequately solved: the reduction of surgical site infections (SSI). Surgical site infections impose a heavy burden on global health care systems. According to World Health Organization (WHO)[1], in the United States alone, SSI lead to costs for health care systems of up to US$ 18.6 billion. In Europe economic costs caused by SSI are up to EUR 19.1 billion. Based on this and due to the wide range of applications, the antibacterial silver coating technology offers aap an enormous market potential.
 

By focussing on hitherto inadequately addressed needs and challenges in trauma and the progress regarding its internationally patent protected silver coating technology, aap has aroused interest among global medical technology companies. In this regard, aap is aware that its silver coating technology is predestined to unfold its full value potential in cooperation with global partners. Product development and approval projects in cooperation with other companies would facilitate a much faster marketing of the silver coating technology, especially in respect of additional areas such as cardiology, dentistry or medical instruments. Against this background, aap will further intensify talks and negotiations with global medical technology companies. In detail, the company is discussing in addition to joint product development and approval projects also distribution partnerships as well as licensing deals up to the sale of the technology for specific application areas.



[1] Source: WHO's Global Guidelines For The Prevention Of Surgical Site Infection, 2016.

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aap
Implantate AG (ISIN DE0005066609) - Prime Standard/Regulated Market - All German stock markets -

About aap Implantate AG
aap Implantate AG is a globally operating medical device company headquartered in Berlin, Germany. The company develops, manufactures and markets trauma products for orthopaedics. The IP protected portfolio includes besides the innovative anatomical plating system LOQTEQ(R) and trauma complementary biomaterials a wide range of cannulated screws as well as standard plates and screws. Furthermore, aap Implantate AG has an innovation pipeline with promising development projects as the antibacterial silver coating technology and magnesium based implants. These technologies address critical problems in surgery that haven't yet been resolved adequately. In German-speaking Europe aap Implantate AG directly sells its products to hospitals, buying syndicates and hospital groups while it uses a broad network of distributors in more than 25 countries at the international level. aap Implantate AG's stock is listed in the Prime Standard segment of Frankfurt Stock Exchange (XETRA: AAQ.DE). For more information, please visit www.aap.de, or download the Company's investor relations app from the Apple's App Store or Google Play.

Forward-looking statement
This 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; Tel.: +49/30/750 19 - 134; Fax.: +49/30/750 19 - 290; f.franke@aap.de


08.08.2019 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



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Press Release dated July 22, 2019, 10:14 AM

aap is granted European patent for its innovative resorbable magnesium implant technology

aap is granted European patent for its innovative resorbable magnesium implant technology

DGAP-News: aap Implantate AG / Key word(s): Patent

22.07.2019 / 10:14
The issuer is solely responsible for the content of this announcement.


aap Implantate AG ("aap") announces that it was recently granted a further key European patent for its innovative magnesium implant technology. The patent (EP 2 593 152 B1) describes and protects the process by which aap's magnesium implants are coated. The European patent will now be nationalised in numerous key European markets and published in different languages.
 

With its resorbable magnesium implant development project aap aims to develop implants that degrade biologically in the body after a successful healing of the fracture or defect, thereby making a second operation to remove the implant unnecessary. The implant must have good biomechanical properties for stabilising and healing the bone and at the same time be resorbable in the patient's body. The implants are small screws and plates consisting of a magnesium alloy and are coated with hydroxyapatite by means of a plasma electrolytic oxidation (PEO) process. The hydroxyapatite coating serves to control the implant's corrosion rate (speed of degradation) respectively the hydrogen development associated with the corrosion.
 

aap's resorbable magnesium implant technology has several unique selling propositions such as cost efficiency as well as good biomechanical properties combined with a moderate and controllable resorption rate. These properties have been proven in several tests with promising results. In addition, the resorbable magnesium implant technology developed by the company has - as a platform technology - a wide range of applications and can be used not only in orthopaedics but also, for example, in areas such as facial surgery, sports medicine or paediatrics.
 

The magnesium implant technology addresses a big cost saving potential in the healthcare industry and therefore offers aap a considerable market potential. aap aims in a first step for the US market for mini and small fragment plates with an estimated volume of around US$ 0.6 bn. The global market volume is estimated to about US$ 1.3 bn. aap plans to push forward the further development of its magnesium implant technology jointly with partners under aap's management.



 

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aap
Implantate AG (ISIN DE0005066609) - Prime Standard/Regulated Market - All German stock markets -

About aap Implantate AG
aap Implantate AG is a globally operating medical device company headquartered in Berlin, Germany. The company develops, manufactures and markets trauma products for orthopaedics. The IP protected portfolio includes besides the innovative anatomical plating system LOQTEQ(R) and trauma complementary biomaterials a wide range of cannulated screws as well as standard plates and screws. Furthermore, aap Implantate AG has an innovation pipeline with promising development projects as the antibacterial silver coating technology and magnesium based implants. These technologies address critical problems in surgery that haven't yet been resolved adequately. In German-speaking Europe aap Implantate AG directly sells its products to hospitals, buying syndicates and hospital groups while it uses a broad network of distributors in more than 25 countries at the international level. aap Implantate AG's stock is listed in the Prime Standard segment of Frankfurt Stock Exchange (XETRA: AAQ.DE). For more information, please visit www.aap.de, or download the Company's investor relations app from the Apple's App Store or Google Play.

Forward-looking statement
This 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; Investor Relations; Lorenzweg 5; 12099 Berlin, Germany;
Tel.: +49/30/750 19 - 134; Fax.: +49/30/750 19 - 290; f.franke@aap.de


22.07.2019 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



show this
Press Release dated July 12, 2019, 11:53 AM

aap receives US-American approval (FDA) for polyaxial LOQTEQ(R) VA foot system; market launch planned for beginning of 2020

aap receives US-American approval (FDA) for polyaxial LOQTEQ(R) VA foot system; market launch planned for beginning of 2020

DGAP-News: aap Implantate AG / Key word(s): Product Launch/Market launch

12.07.2019 / 11:53
The issuer is solely responsible for the content of this announcement.


aap Implantate AG ("aap") announces that its new LOQTEQ(R) VA foot plates 2.5 have been approved by the US-American Food and Drug Administration (FDA). The company plans to launch the LOQTEQ(R) VA foot system at the beginning of 2020 in the United States and in other markets that accept FDA approvals. The system enables flexible treatment of fractures as well as correction of malpositions in the fore- and midfoot area. The LOQTEQ(R) VA foot plates 2.5 belong to the LOQTEQ(R) VA (VA = Variable Angle) product family. These are polyaxial implants that facilitate inserting angle-stable screws at different angles, thereby improving flexibility within the application.
 

With its new foot system aap is addressing the foot and ankle segment, which belongs with an annual average growth rate of about 9% to the fastest growing fields of the trauma market[1]. With a view to the foot segment, the backgrounds are not least the demographic change and the increased requirements of patients in the industrialised countries which constantly increase in particular the number of surgically performed corrections in the fore- and midfoot area. To meet patients' growing demands, a swift and stable treatment is required that enables an early restoration of mobility. The special combination of anatomically preformed, angle-stable plates of the LOQTEQ(R) VA foot system in conjunction with freely selectable screw angles, user-friendly instruments and a high stability fulfils all the requirements of modern foot surgery. The LOQTEQ(R) VA foot system 2.5 contains different fracture as well as arthrodesis and osteotomy plates for correcting joint malpositions of the foot. Revision plates for repeat foot operations complete the set.
 

In view of launching the foot plates in the European market, aap is currently preparing the documents for the corresponding conformity assessment procedure for the CE label. With the LOQTEQ(R) VA foot system 2.5 aap takes an important step on the way to the completion of its portfolio, which will further increase the attractiveness for full-service clinics and purchasing groups.




[1] Compound Annual Growth Rate (= CAGR) of the years 2019 - 2025; Source: Global Foot and Ankle Devices Market Forecast up to 2025, February 2019.
 

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aap
Implantate AG (ISIN DE0005066609) - Prime Standard/Regulated Market - All German stock markets -

About aap Implantate AG
aap Implantate AG is a globally operating medical device company headquartered in Berlin, Germany. The company develops, manufactures and markets trauma products for orthopaedics. The IP protected portfolio includes besides the innovative anatomical plating system LOQTEQ(R) and trauma complementary biomaterials a wide range of cannulated screws as well as standard plates and screws. Furthermore, aap Implantate AG has an innovation pipeline with promising development projects as the antibacterial silver coating technology and magnesium based implants. These technologies address critical problems in surgery that haven't yet been resolved adequately. In German-speaking Europe aap Implantate AG directly sells its products to hospitals, buying syndicates and hospital groups while it uses a broad network of distributors in more than 25 countries at the international level. aap Implantate AG's stock is listed in the Prime Standard segment of Frankfurt Stock Exchange (XETRA: AAQ.DE). For more information, please visit www.aap.de, or download the Company's investor relations app from the Apple's App Store or Google Play.

Forward-looking statement
This 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; Investor Relations; Lorenzweg 5; 12099 Berlin, Germany; Tel.: +49/30/750 19 - 134; Fax.: +49/30/750 19 - 290; f.franke@aap.de


12.07.2019 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



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Press Release dated July 09, 2019, 08:05 AM

aap will discontinue parts of its standard trauma business at the end of FY/2019 within a cost reduction and efficiency enhancement program

aap will discontinue parts of its standard trauma business at the end of FY/2019 within a cost reduction and efficiency enhancement program

DGAP-News: aap Implantate AG / Key word(s): Strategic Company Decision

09.07.2019 / 08:05
The issuer is solely responsible for the content of this announcement.


aap Implantate AG ("aap") announces that after a detailed analysis to identify cost reduction and efficiency enhancement potentials in the company it will discontinue parts of its standard trauma business at the end of financial year 2019. In future, the company aims to concentrate even stronger on its innovative and promising platform technologies LOQTEQ(R), silver coating and resorbable magnesium implants as well as its comprehensive cannulated screws portfolio.
 

The distribution of parts of the standard trauma portfolio is to be ceased at the end of financial year 2019. Sales of these products totalled around EUR 0.7 million in financial year 2018. The existing stocks of products of the standard trauma portfolio are to be sold off by the end of the current year. The decision was also taken against the background of the significantly increased regulatory requirements of the new EU Medical Device Regulation (MDR), which lead to considerable personnel and financial expenditures for aap. On the cost side, the discontinuation of parts of the standard trauma portfolio enables aap to avoid not only the expenditures of adapting processes and documents for these products to the increased regulatory requirements of MDR, but also the costs of maintaining their certification in accordance with the new Medical Device Regulation. The company concluded that it makes more economic sense to concentrate on the distribution of its innovative and higher-margin LOQTEQ(R) portfolio as well as its comprehensive range of cannulated screw products. In addition, the further development respectively market approval of the promising platform technologies silver coating and resorbable magnesium implants are to be pushed forward consequently.


 

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aap
Implantate AG (ISIN DE0005066609) - Prime Standard/Regulated Market - All German stock markets -

About aap Implantate AG
aap Implantate AG is a globally operating medical device company headquartered in Berlin, Germany. The company develops, manufactures and markets trauma products for orthopaedics. The IP protected portfolio includes besides the innovative anatomical plating system LOQTEQ(R) and trauma complementary biomaterials a wide range of cannulated screws as well as standard plates and screws. Furthermore, aap Implantate AG has an innovation pipeline with promising development projects as the antibacterial silver coating technology and magnesium based implants. These technologies address critical problems in surgery that haven't yet been resolved adequately. In German-speaking Europe aap Implantate AG directly sells its products to hospitals, buying syndicates and hospital groups while it uses a broad network of distributors in more than 25 countries at the international level. aap Implantate AG's stock is listed in the Prime Standard segment of Frankfurt Stock Exchange (XETRA: AAQ.DE). For more information, please visit www.aap.de, or download the Company's investor relations app from the Apple's App Store or Google Play.

Forward-looking statement
This 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, Investor Relations, Lorenzweg 5, 12099 Berlin, Germany; Tel.: +49/30/750 19 - 134; Fax.: +49/30/750 19 - 290; f.franke@aap.de



09.07.2019 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



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Press Release dated July 04, 2019, 02:52 PM

aap: Dr. med. Nathalie Krebs elected as new Supervisory Board Chairwoman

aap: Dr. med. Nathalie Krebs elected as new Supervisory Board Chairwoman

DGAP-News: aap Implantate AG / Key word(s): Personnel

04.07.2019 / 14:52
The issuer is solely responsible for the content of this announcement.


aap Implantate AG ("aap") announces that the members of the company's Supervisory Board have elected Ms. Dr. med. Nathalie Krebs (47) as their new Chairwoman. Before, Ms. Dr. med. Krebs was elected to the Supervisory Board of the company by aap's Annual General Meeting held on 21 June 2019 in Berlin with an overwhelming majority (99.99%). Her election is effective from the end of the Annual General Meeting on 21 June 2019 until the end of the Annual General Meeting that resolves on the discharge of the Supervisory Board for the financial year 2021.
 

"In Ms. Dr. med. Krebs we are delighted to have gained a proven expert in medicine and business as well as a strong personality for aap's Supervisory Board", says Biense Visser, member and previous Chairman of the Supervisory Board at aap. "She looks back on many years of experience in the fields of pharmaceuticals, medical technology and consulting and is additionally active in other Supervisory Bodies of business enterprises with a medical alignment. We are very much looking forward to the cooperation and are firmly convinced that aap will benefit from her comprehensive expertise."
 

Ms. Dr. med. Krebs is a graduated doctor and studied and graduated at University Basel, Switzerland. She is currently a member of the Board of Directors at several companies and has extensive experience based on different responsible positions in the pharmaceutical industry, in medical technology and with consulting companies, such as Bayer and Boston Consulting Group.



 

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aap
Implantate AG (ISIN DE0005066609) - Prime Standard/Regulated Market - All German stock markets -

About aap Implantate AG
aap Implantate AG is a globally operating medical device company headquartered in Berlin, Germany. The company develops, manufactures and markets trauma products for orthopaedics. The IP protected portfolio includes besides the innovative anatomical plating system LOQTEQ(R) and trauma complementary biomaterials a wide range of cannulated screws as well as standard plates and screws. Furthermore, aap Implantate AG has an innovation pipeline with promising development projects as the antibacterial silver coating technology and magnesium based implants. These technologies address critical problems in surgery that haven't yet been resolved adequately. In German-speaking Europe aap Implantate AG directly sells its products to hospitals, buying syndicates and hospital groups while it uses a broad network of distributors in more than 25 countries at the international level. aap Implantate AG's stock is listed in the Prime Standard segment of Frankfurt Stock Exchange (XETRA: AAQ.DE). For more information, please visit www.aap.de, or download the Company's investor relations app from the Apple's App Store or Google Play.

Forward-looking statement
This 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; Investor Relations; Lorenzweg 5; 12099 Berlin, Germany; Tel.: +49/30/750 19 - 134; Fax.: +49/30/750 19 - 290; f.franke@aap.de


04.07.2019 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



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Press Release dated May 13, 2019, 09:50 AM

aap: Good start to 2019 with significant sales growth (+26%) and substantially improved EBITDA (+37%)

aap: Good start to 2019 with significant sales growth (+26%) and substantially improved EBITDA (+37%)

DGAP-News: aap Implantate AG / Key word(s): Quarterly / Interim Statement

13.05.2019 / 09:50
The issuer is solely responsible for the content of this announcement.


aap Implantate AG ("aap") made a successful start to financial year 2019 with significant sales growth and substantially improved EBITDA. The company increased sales in the first quarter of 2019 on the corresponding period in the previous year by 26% to EUR 3.5 million (Q1/2018: EUR 2.8 million). Thereby aap realized a value above the forecast provided in January of EUR 2.0 million to EUR 3.0 million. With a view to EBITDA, the company recorded a substantial year-on-year improvement in the first quarter of 2019 (+37%) to EUR -1.0 million (Q1/2018: EUR -1.6 million). Consequently, EBITDA were also above the guidance of EUR -1.8 million to EUR -1.2 million.
 

Q1/2019 - Major Results and Progress
 

- Sales by region: Double-digit growth rates in all regions: Germany (+15%), international business (+28%) and North America (+22%)

- Gross margin and costs: Improvement of gross margin[1] to 85% (Q1/2018: 79%) primarily due to continued focus on high margin markets and improved product/customer mix; decrease in total costs

- Cash flow and balance sheet: Cash need in Q1/2019 totalled EUR 1.6 million with further positive effects of working capital reduction; cash holdings of EUR 5.3 million[2]; first-time application of IFRS 16 Leases leads to shifts in balance sheet, income statement and cash flow

- LOQTEQ(R): Focus on polyaxial fixation technology, plate systems for foot and ankle area as well as sterile packaging for implants; further focus on adaptation of processes and documents to new regulatory requirements

- Silver coating technology: Exchange with BfArM following submission of application to conduct a human clinical study at the end of 2018; applications submitted to ethics commissions with first positive feedback; preparation of corresponding application for FDA with submission as next step; global orthopaedic companies reaffirmed interest in silver coating technology


Q1/2019 - Financials
 

Sales

In KEUR Q1/2019 Q1/2018 Change on year
Trauma
Germany
North America
North America distributors
North America global partners

International (without North America)
Europe (without Germany)
BRICS states
Total key markets
Rest
3,451
752
646
630
16

2,053
654
821
1,475
578
2,797
656
531
513
18

1,610
502
738
1,240
370
+23%
+15%
+22%
+23%
-11%

+28%
+30%
+11%
+19%
+56%
Other +49 -15 >+100%
Sales 3,501 2,782 +26%
 

With a view to the sales development, all regions contributed with double-digit growth rates to the realised sales increase. aap was able to maintain the last financial year's momentum in Germany (+15%) and in international business (+28%) in the first quarter of 2019 as well and thereby recorded sustainable growth. In North America sales development was stabilised (+22%). This shows that the measures initiated in financial year 2018 are starting to have an effect.
 

EBITDA

In KEUR Q1/2019 Q1/2018 Change on year
EBITDA -998 -1,588 +37%
 


As a result of the higher gross margin and decreased total costs, EBITDA in the first quarter of 2019 improved substantially (+37%) on the corresponding period in the previous year to EUR -1.0 million (Q1/2018: EUR -1.6 million), thereby reflecting the aimed development: a focus on established markets with higher profit margins and simultaneous a disciplined cost management to improve operational performance. These areas of activity are of central significance for the management in the financial year 2019.
 

In connection with the package of measures adopted in April to strengthen the financial base aap recently successfully completed a capital increase with subscription rights with gross issuing proceeds of around EUR 3.5 million. With the cash inflow from the capital increase and two further external financings aap has approx. EUR 5.2 million at its disposal that the company will use to finance its planned sales growth and the further development of its pioneering and innovative silver coating technology.
 

Outlook for Q2/2019

For the second quarter of 2019 aap anticipates sales of EUR 2.5 million to EUR 3.5 million as well as normalized (recurring) EBITDA (before one-time effects) of EUR -1.6 million to EUR -1.0 million respectively reported EBITDA (incl. one-time effects) of EUR -2.1 million to EUR -1.5 million.




[1] Relating to sales revenues, changes in inventories of finished and unfinished products and cost of materials / purchased services.
[2] In the consolidated balance sheet of 03/31/2019 EUR 2.7 million is stated as cash and cash equivalents, while cash with banks totalling EUR 2.6 million is shown under current and non-current other financial assets as it was pledged to secure financial liabilities respectively cash payments were made to secure bank guarantees granted to third parties.

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aap
Implantate AG (ISIN DE0005066609) - Prime Standard/Regulated Market - All German stock markets -

About aap Implantate AG
aap Implantate AG is a globally operating medical device company headquartered in Berlin, Germany. The company develops, manufactures and markets trauma products for orthopaedics. The IP protected portfolio includes besides the innovative anatomical plating system LOQTEQ(R) and trauma complementary biomaterials a wide range of cannulated screws as well as standard plates and screws. Furthermore, aap Implantate AG has an innovation pipeline with promising development projects as the antibacterial silver coating technology and magnesium based implants. These technologies address critical problems in surgery that haven't yet been resolved adequately. In German-speaking Europe aap Implantate AG directly sells its products to hospitals, buying syndicates and hospital groups while it uses a broad network of distributors in more than 25 countries at the international level. aap Implantate AG's stock is listed in the Prime Standard segment of Frankfurt Stock Exchange (XETRA: AAQ.DE). For more information, please visit www.aap.de, or download the Company's investor relations app from the Apple's App Store or Google Play.

Forward-looking statement
This 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; Investor Relations; Lorenzweg 5; D-12099 Berlin Tel.: +49/30/750 19 - 134; Fax.: ++9/30/750 19 - 290; f.franke@aap.de



13.05.2019 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



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Press Release dated May 10, 2019, 03:51 PM

aap: Successful completion of capital increase with subscription rights with gross issuing proceeds of around EUR 3.5 million

aap: Successful completion of capital increase with subscription rights with gross issuing proceeds of around EUR 3.5 million

DGAP-News: aap Implantate AG / Key word(s): Capital Increase/Financing

10.05.2019 / 15:51
The issuer is solely responsible for the content of this announcement.


The information contained in this announcement is not intended for publication or distribution in or within the United States of America, Australia, Canada or Japan.


aap Implantate AG ("aap") successfully completed the capital increase with subscription rights out of authorised capital resolved on 17 April 2019. aap's share capital is increased by issuing a total of 3,360,467 new no-par value bearer shares against cash contributions by EUR 3,360,467.00 from EUR 28,706,910.00 to EUR 32,067,377.00. Based on the determined subscription price of EUR 1.04 per new share the gross issuing proceeds are around EUR 3.5 million. The new shares are entitled to participate in dividends as of 1 January 2018.
 

"We are pleased about the successful capital increase and thank our shareholders for their trust," says Rubino Di Girolamo, Chairman of the Management Board / CEO at aap. "We intend to use the cash inflow from the capital increase to finance our planned sales growth and the human clinical study for our pioneering and innovative silver coating technology."
 

At all, 3,260,467 new shares were subscribed for by exercising subscription and oversubscription rights. They include the exercise by major existing shareholders who had committed themselves to subscribe for a total of 2,211,539 new shares ahead of the transaction. In addition, a total of 100,000 new shares, that were not subscribed for, were placed with qualified institutional investors by means of a private placement after the subscription period had expired.
 

With the cash inflow from the capital increase and two further external financings aap has
EUR 5.2 million at its disposal that the company will use to finance its planned sales growth and the further development of its pioneering and innovative silver coating technology.


 

This announcement constitutes neither an offer nor a solicitation to purchase or subscribe for securities in the United States, Australia, Canada, Japan or any other jurisdiction in which an offer is unlawful.
 

This announcement is not an offer of securities for sale in the United States. Securities may be offered or sold in the United States only upon prior registration or upon exemption from the obligation of prior registration pursuant to the Securities Act. If a public offering of securities were to take place in the United States, it would be effected by means of a securities prospectus which investors could obtain from the Company. This prospectus would contain detailed information about the Company and its management, as well as financial information. There will be no public offering of the securities referred to in this announcement in the United States.
 

Subject to certain exceptions, the securities referred to in this announcement may not be offered or sold in Australia, Canada or Japan, or to or for the account of persons resident in Australia, Canada or Japan.
 

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aap
Implantate AG (ISIN DE0005066609) - Prime Standard/Regulated Market - All German stock markets -

About aap Implantate AG
aap Implantate AG is a globally operating medical device company headquartered in Berlin, Germany. The company develops, manufactures and markets trauma products for orthopaedics. The IP protected portfolio includes besides the innovative anatomical plating system LOQTEQ(R) and trauma complementary biomaterials a wide range of cannulated screws as well as standard plates and screws. Furthermore, aap Implantate AG has an innovation pipeline with promising development projects as the antibacterial silver coating technology and magnesium based implants. These technologies address critical problems in surgery that haven't yet been resolved adequately. In German-speaking Europe aap Implantate AG directly sells its products to hospitals, buying syndicates and hospital groups while it uses a broad network of distributors in more than 25 countries at the international level. aap Implantate AG's stock is listed in the Prime Standard segment of Frankfurt Stock Exchange (XETRA: AAQ.DE). For more information, please visit www.aap.de, or download the Company's investor relations app from the Apple's App Store or Google Play.

Forward-looking statement
This 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.
 

Contact:
aap Implantate AG; Fabian Franke; Investor Relations; Lorenzweg 5; D-12099 Berlin Tel.: +49/30/750 19 - 134; Fax.: +49/30/750 19 - 290; f.franke@aap.de


10.05.2019 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



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Press Release dated April 30, 2019, 10:20 AM

Annual financial statements for 2018: Further progress in strategy implementation with double-digit sales growth in key markets and significant milestones in silver coating technology; North America fell short of expectations

Annual financial statements for 2018: Further progress in strategy implementation with double-digit sales growth in key markets and significant milestones in silver coating technology; North America fell short of expectations

DGAP-News: aap Implantate AG / Key word(s): Annual Results

30.04.2019 / 10:20
The issuer is solely responsible for the content of this announcement.


aap Implantate AG ("aap") realized sales of EUR 10.8 million in financial year 2018 (FY/2017: EUR 10.9 million). EBITDA in the reporting period amounted to EUR -6.4 million (FY/2017: EUR -6.2 million).
 

2018 - Major Results and Progress

- Sales by region: Double-digit growth rates in Germany (+14%) and international key markets (+24% in BRICS and Europe without Germany); North America fell short of expectations (-27%)

- Gross margin and costs: Gross margin[1] at a continued good level of 78%, albeit temporarily influenced by reduced share of high-margin US sales in overall sales; scheduled slight increase in personnel costs; other expenses on previous year level with high one-time costs in connection with extended measures for step-up strategy implementation

- Cash flow and balance sheet: Cash need in FY/2018 totalled EUR 9.0 million with positive effects of working capital reduction (EUR 0.7 million); cash holdings of EUR 7.3 million[2] and a further high equity ratio of 83%

- LOQTEQ(R): Focus on, inter alia, European approval for polyaxial LOQTEQ(R) systems and development of sterile packaging for implants; approval applications submitted to FDA for, among other things, foot and periprosthetic system

- Silver coating technology: Significant milestones with convincing results of an animal study undertaken with the renowned AO Research Institute in Davos and submission of the application for approval of a human clinical study to the Federal Institute for Drugs and Medical Devices (BfArM)


For a detailed evaluation of the Management Agenda 2018 please refer to the consolidated annual financial report for 2018, published today.
 

2018 - Financials

Sales

In KEUR FY/2018 FY/2017 Change on year
Trauma
Germany
North America
North America distributors
North America global partners

International (without North America)
Europe (without Germany)
BRICS states
Total key markets
Rest
10,816
2,774
2,240
2,172
68
5,802
1,864
1,713
3,577
2,225
10,648
2,427
3,071
2,491
580
5,150
1,593
1,297
2,890
2,260
+2%
+14%
-27%
-13%
-88%
+13%
+17%
+32%
+24%
-2%
Other (mainly discontinued activities) -35 254 >-100%
Sales 10,781 10,902 -1%
 

With a view to the sales development in the individual regions, aap recorded a pleasing development in its home market Germany in financial year 2018 and increased sales by 14% to EUR 2.8 million (FY/2017: EUR 2.4 million). Here, the sales activities, such as the listing at major German hospital groups and purchasing associations, show effect. In contrast, the sales development in North America fell short of expectations in 2018. In this market aap could not sign further contracts with global partners in the past financial year, and distribution business was temporarily burdened by the loss of certain distributors and clinics. This shortfall in sales could not be offset on a short-term basis elsewhere. International key markets Europe (without Germany) and BRICS continued to develop positively and aap recorded a significant growth of 24% to EUR 3.6 million (FY/2017: EUR 2.9 million). Growth drivers were both the development of business with existing customers and the acquisition of new customers.
 

EBITDA

In KEUR FY/2018 FY/2017 Change on year
EBITDA -6,406 -6,211 -3%
 

EBITDA in financial year 2018 totalled EUR -6.4 million (FY/2017: EUR -6.2 million) and thus could not be improved in the reporting period. It was mainly influenced by the following developments:

- Increased total operating performance with reduced build-up of inventories and higher volume of own work capitalized due to extensive work on silver coating technology

- Gross margin temporarily burdened by reduced share of high-margin US sales in total sales; decrease from 82% to 78%

- Scheduled slight increase in personnel costs to EUR 7.8 million (FY/2017: EUR 7.4 million) due to new recruitments, in particular at the end of 2017, in order to fulfil increased regulatory requirements and for targeted market approval of silver coating technology

- Other operating expenses unchanged compared to previous year at EUR 9.4 million, but with substantial one-time costs in connection with, inter alia, extended measures for step-up strategy implementation


Outlook for 2019

For financial year 2019 the Management Board anticipates a sales increase to a value of EUR 13.0 million to EUR 15.0 million, corresponding to a growth between about 20% and 40%. aap also plans to improve EBITDA and expects a value of EUR -4.4 million to EUR -2.8 million for the current year.
 

All markets shall contribute to the planned sales growth and earnings improvement. aap is confident that with the measures already initiated in North America a dynamic sales development can be shown again in 2019. At the same time, the positive growth trend in Germany and in international business shall be continued. aap is also working towards strategic partnerships with global orthopaedic companies (distribution networks, licensing deals as well as product development and approval projects).
 

For financial year 2019 and the following years, the Management Board has set itself the goal of achieving significant sales growth, and further developing the company's pioneering and innovative silver coating technology and to receive market approval. Based on these targets different measures to strengthen the financial base are necessary, which have been adopted in mid-April and which will now be implemented at short notice. These include, besides a capital increase with subscription rights, two external financings. With the inflows from these financing measures totalling at least around EUR 4.0 million, the realisation of the planned sales growth and further planned payment inflows, such as from technology-based transactions and public funding, aap aims to secure the financing of the company sustainably until at least the end of 2020.
 

With a 25% sales growth to EUR 3.5 million in the first quarter aap made a good start to 2019 and laid a sound foundation for the planned dynamic sales growth in the full year. The intensive current exchange with the BfArM on aap's application to conduct a human clinical study for its silver coating technology makes the company optimistic and different global orthopaedic companies reaffirmed their interest in the innovative silver coating technology as well as in the products of the LOQTEQ(R) family during talks currently conducted.
 

Based on these developments, the Management Board remains confident to enter into a growth phase now with a magnificent technology pipeline, modern production facilities, international product approvals and a good sales momentum in key markets.





[1] Relating to sales revenues, changes in inventories of finished and unfinished products and cost of materials / purchased services.
[2] In the consolidated balance sheet of 12/31/2018 EUR 4.3 million is stated as cash and cash equivalents, while cash with banks totalling EUR 3.0 million is shown under current and non-current other financial assets as it was pledged to secure financial liabilities respectively cash payments were made to secure bank guarantees granted to third parties.
 

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aap
Implantate AG (ISIN DE0005066609) - Prime Standard/Regulated Market - All German stock markets -

About aap Implantate AG
aap Implantate AG is a globally operating medical device company headquartered in Berlin, Germany. The company develops, manufactures and markets trauma products for orthopaedics. The IP protected portfolio includes besides the innovative anatomical plating system LOQTEQ(R) and trauma complementary biomaterials a wide range of cannulated screws as well as standard plates and screws. Furthermore, aap Implantate AG has an innovation pipeline with promising development projects as the antibacterial silver coating technology and magnesium based implants. These technologies address critical problems in surgery that haven't yet been resolved adequately. In German-speaking Europe aap Implantate AG directly sells its products to hospitals, buying syndicates and hospital groups while it uses a broad network of distributors in more than 25 countries at the international level. aap Implantate AG's stock is listed in the Prime Standard segment of Frankfurt Stock Exchange (XETRA: AAQ.DE). For more information, please visit www.aap.de, or download the Company's investor relations app from the Apple's App Store or Google Play.

Forward-looking statement
This 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.


Contact:
aap Implantate AG; Fabian Franke; Investor Relations; Lorenzweg 5; D-12099 Berlin Tel.: +49/30/750 19 - 134; Fax.: +49/30/750 19 - 290; f.franke@aap.de



30.04.2019 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.

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Press Release dated April 17, 2019, 11:14 AM

aap adopts package of measures to strengthen its financial base - Capital increase as attractive offer for shareholders

aap adopts package of measures to strengthen its financial base - Capital increase as attractive offer for shareholders

DGAP-News: aap Implantate AG / Key word(s): Financing/Capital Increase

17.04.2019 / 11:14
The issuer is solely responsible for the content of this announcement.


The information contained in this announcement is not intended for publication or distribution in or within the United States of America, Australia, Canada or Japan.

 

 

aap Implantate AG ("aap") announces that it has adopted a package of measures to strengthen its financial base and will implement it at short notice. In this context, the capital increase resolved on today as integral part is an attractive offer for all shareholders of the company.
 

For the current and the coming years the Management Board targets to realize a significant sales increase and to further develop the pioneering and innovative silver coating technology of the company. With a view to the silver coating technology, aap strives for the start of a human clinical study in financial year 2019 as prerequisite for the planned market approval.

 

Based on these targets, different measures to strengthen the financial base are necessary. These contain besides a capital increase with subscription rights two asset-based financings. From the capital increase aap will obtain at least EUR 2.3 million on the basis of commitments it has already received from its shareholders. Accompanying to the implementation of the capital increase, the company intends to enter into sale-and-rent-back as well as factoring agreements, which shall lead to an inflow of further financial funds amounting to approx. EUR 1.7 million in financial year 2019. Thereby the company would have a total of at least around EUR 4.0 million available from the financing measures in the coming months. With these inflows and the realization of the planned sales growth the financing requirements are covered for at least the next twelve months.
 

Based on the underlying planning, the Management Board also expects to generate cash inflows to a similar extent from technology-related transactions (e.g. outlicensing of technologies, joint venture agreements with a carve-out of technologies or involving other companies in joint development of products), from public funds and due to the conclusion of legal disputes, which shall sustainably secure the company's financing at least by end of 2020.
 

In the course of the capital increase with subscription rights aap's share capital shall be increased by up to EUR 4,784,485.00 by issuing up to 4,784,485 new shares from the current amount of EUR 28,706,910.00 to up to EUR 33,491,395.00 by partially using the authorized capital. The new shares shall be offered to the shareholders of the company for subscription at a subscription price of EUR 1.04 per new share in an indirect subscription offer. The shareholders can receive 1 new share per 6 held aap shares within a subscription period, which is expected to start on 25 April 2019 (00.00 hours CET) and to end on 9 May 2019 (24.00 hours CET)1). At this time, aap has commitments from its shareholders to exercise subscription and oversubscription rights in a volume of EUR 2.3 million in total. This corresponds to approx. 46% of the capital increase.
 

With a sales growth of 25% to EUR 3.5 million in the first quarter aap had a good start in 2019 and thereby showed a solid kick-off for the planned dynamic sales growth in the entire year. All regions registered double-digit growth rates compared to the previous year. With a view to the targeted market approval of its silver coating technology, aap submitted at the end of 2018 the application to conduct a human clinical study to the Federal Institute for Drugs and Medical Devices ("BfArM") and is now involved in an intensive exchange with the Federal Institute. With this technology aap is addressing one of the biggest not adequately solved challenges in trauma: the reduction of surgical site infections (SSI). The silver coating technology developed by aap has, as a platform technology, a wide range of potential applications and can be used not only in orthopaedics but also in further areas such as cardiology, dentistry or for medical instruments and thereby offers an enormous market potential. The developments in silver coating technology, but also the further completion of the LOQTEQ(R) portfolio, are pursued with keen interest by global orthopaedic companies which reaffirmed their interest in the innovative silver coating technology and the products of aap's LOQTEQ(R) family during talks currently conducted.
 

Based on the aforementioned recent developments, the current price of the aap stock and the fixed confirmed support from our main shareholders, we are convinced that with the capital increase resolved on today we make an attractive offer to all shareholders to participate in the chances of a dynamically growing pure player in trauma.




 

1)For further details regarding the planned capital increase with subscription rights please refer to the subscription offer, which will be published before the start of the subscription period on the corporate website of the company (www.aap.de) in the section "Investors / Capital Increase" as well as in the Federal Gazette under www.bundesanzeiger.de.

This announcement constitutes neither an offer nor a solicitation to purchase or subscribe for securities in the United States, Australia, Canada, Japan or any other jurisdiction in which an offer is unlawful.

This announcement is not an offer of securities for sale in the United States. Securities may be offered or sold in the United States only upon prior registration or upon exemption from the obligation of prior registration pursuant to the Securities Act. If a public offering of securities were to take place in the United States, it would be effected by means of a securities prospectus which investors could obtain from the Company. This prospectus would contain detailed information about the Company and its management, as well as financial information. There will be no public offering of the securities referred to in this announcement in the United States.

Subject to certain exceptions, the securities referred to in this announcement may not be offered or sold in Australia, Canada or Japan, or to or for the account of persons resident in Australia, Canada or Japan.

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aap
Implantate AG (ISIN DE0005066609) - Prime Standard/Regulated Market - All German stock markets -

About aap Implantate AG
aap Implantate AG is a globally operating medical device company headquartered in Berlin, Germany. The company develops, manufactures and markets trauma products for orthopaedics. The IP protected portfolio includes besides the innovative anatomical plating system LOQTEQ(R) and trauma complementary biomaterials a wide range of cannulated screws as well as standard plates and screws. Furthermore, aap Implantate AG has an innovation pipeline with promising development projects as the antibacterial silver coating technology and magnesium based implants. These technologies address critical problems in surgery that haven't yet been resolved adequately. In German-speaking Europe aap Implantate AG directly sells its products to hospitals, buying syndicates and hospital groups while it uses a broad network of distributors in more than 25 countries at the international level. aap Implantate AG's stock is listed in the Prime Standard segment of Frankfurt Stock Exchange (XETRA: AAQ.DE). For more information, please visit www.aap.de, or download the Company's investor relations app from the Apple's App Store or Google Play.

Forward-looking statement
This 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; Investor Relations; Lorenzweg 5; D-12099 Berlin Tel.: +49/30/750 19 - 134; Fax.: +49/30/750 19 - 290; f.franke@aap.de



17.04.2019 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



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Press Release dated April 15, 2019, 02:39 PM

aap: Changes in Management Board and Supervisory Board - Chairman of the Management Board / CEO Bruke Seyoum Alemu to retire early as of 30 April 2019; Rubino Di Girolamo appointed as successor as of 1 May 2019

aap: Changes in Management Board and Supervisory Board - Chairman of the Management Board / CEO Bruke Seyoum Alemu to retire early as of 30 April 2019; Rubino Di Girolamo appointed as successor as of 1 May 2019

DGAP-News: aap Implantate AG / Key word(s): Personnel

15.04.2019 / 14:39
The issuer is solely responsible for the content of this announcement.


The Supervisory Board of aap Implantate AG ("aap") and the Chairman of the Management Board / CEO, Bruke Seyoum Alemu (54), today agreed on an early termination of his term of office as of 30 April 2019. Bruke Seyoum Alemu thereupon resigned his mandate as Member and Chairman of the Management Board / CEO of aap by mutual agreement with the Supervisory Board with effect as of 30 April 2019 and will retire from the Management Board at this time. Also today, the Supervisory Board appointed Mr. Rubino Di Girolamo (57), currently Member of the Supervisory Board at aap, as successor and new Chairman of the Management Board / CEO with effect as of 1 May 2019.
 

Bruke Seyoum Alemu served aap in various top management positions for many years and has been the Chairman of the Management Board / CEO since 2014. Mr. Alemu continues to be in charge of aap's operations as Chairman of the Management Board / CEO by the end of 30 April 2019. He will support the company on a consulting basis after his retirement from the Management Board. This shall ensure a smooth transition in particular with respect to the targeted market approval of the silver coating technology and the ongoing talks with global orthopaedic companies.
 

"Mr. Alemu decisively shaped aap in the past decades with his determination and strong leadership qualities," says Biense Visser, Chairman of the Supervisory Board at aap. "He has consistently and successfully undertaken the transformation of aap from a diversified medical technology company into a pure player in trauma. Under his leadership as co-developer and -owner of the underlying patents our comprehensive screw and plate system LOQTEQ(R) was developed which we have been successfully marketing at home and abroad since 2012. Additionally, the development of our innovative and pioneering silver coating technology significantly bears his signature. I would like to sincerely thank Mr. Alemu for this great commitment and the outstanding work in the name of the Supervisory Board, the Management Board and the entire aap staff."
 

Mr. Di Girolamo is currently still managing a dental technology holding in Switzerland as CEO and has been serving aap in different Supervisory Board functions for several years. Mr. Di Girolamo looks back on long-standing experience in different top management positions, inter alia, at Metalor Dental Holding AG and its affiliates, Bellevue Group and M2 Capital. He studied economics at Zürcher Hochschule für Angewandte Wissenschaften (ZHAW).
 

Biense Visser comments the appointment of Rubino Di Girolamo as follows: "Due to his current position Mr. Di Girolamo has many years of experience in the fields corporate management and control and a proven expertise in the medical technology industry. Additionally, he is very familiar with aap based on his different Supervisory Board activities in the past years. We are firmly convinced that with Mr. Di Girolamo and his Management Board colleague, Mr. Marek Hahn, we are well-positioned to continue to consistently develop aap into a sustainably growing pure player in trauma and to unlock the inherent value of the promising and innovative product and technology base."
 

In addition, the Management Board and Supervisory Board of aap resolved today to propose Ms. Dr. Natalie Krebs (47) to the competent commercial register for a judicial appointment as new Member of the Supervisory Board and successor of Mr. Di Girolamo for the period until the end of the Annual General Meeting of the company on 21 June 2019. Ms. Dr. Krebs is a graduated doctor and studied and graduated at University Basel, Switzerland. She is currently a member of the Board of Directors at several companies and has extensive experience based on different responsible positions in the pharmaceutical industry and at consulting companies.

 

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aap
Implantate AG (ISIN DE0005066609) - Prime Standard/Regulated Market - All German stock markets -

About aap Implantate AG
aap Implantate AG is a globally operating medical device company headquartered in Berlin, Germany. The company develops, manufactures and markets trauma products for orthopaedics. The IP protected portfolio includes besides the innovative anatomical plating system LOQTEQ(R) and trauma complementary biomaterials a wide range of cannulated screws as well as standard plates and screws. Furthermore, aap Implantate AG has an innovation pipeline with promising development projects as the antibacterial silver coating technology and magnesium based implants. These technologies address critical problems in surgery that haven't yet been resolved adequately. In German-speaking Europe aap Implantate AG directly sells its products to hospitals, buying syndicates and hospital groups while it uses a broad network of distributors in more than 25 countries at the international level. aap Implantate AG's stock is listed in the Prime Standard segment of Frankfurt Stock Exchange (XETRA: AAQ.DE). For more information, please visit www.aap.de, or download the Company's investor relations app from the Apple's App Store or Google Play.

Forward-looking statement
This 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.
 

Contact:
aap Implantate AG; Fabian Franke; Investor Relations; Lorenzweg 5; D-12099 Berlin Tel.: +49/30/750 19 - 134; Fax.: +49/30/750 19 - 290; f.franke@aap.de


15.04.2019 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



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Press Release dated April 02, 2019, 12:22 PM

aap: Good start to the year with 25% sales growth in Q1/2019; double-digit growth rates in all regions

aap: Good start to the year with 25% sales growth in Q1/2019; double-digit growth rates in all regions

DGAP-News: aap Implantate AG / Key word(s): Preliminary Results/Development of Sales

02.04.2019 / 12:22
The issuer is solely responsible for the content of this announcement.


aap Implantate AG ("aap") made a successful start in financial year 2019 with significant sales growth. According to preliminary figures, aap increased sales by 25% year on year in the first three months of the current year to EUR 3.5 million (Q1/2018: EUR 2.8 million). Thereby the company realized a value above the forecast provided in January of EUR 2.0 million to EUR 3.0 million.
 

Sales

In KEUR Q1/2019 Q1/2018 Change on year
Trauma
Germany
North America
North America distributors
North America global partners

International (without North America)
Europe (without Germany)
BRICS states
Total key markets
Rest
3,428
749
626
610
16

2,053
654
821
1,475
578
2,797
656
531
513
18

1,610
502
738
1,240
370
+23%
+14%
+18%
+19%
-11%

+28%
+30%
+11%
+19%
+56%
Other +53 -15 >+100%
Sales 3,481 2,782 +25%
 


All regions contributed with double-digit growth rates to the realised sales increase. aap was able to maintain the last financial year's momentum in Germany (+14%) and in international business (+28%) in the first quarter of 2019 as well and thereby recorded sustainable growth. In North America sales development was stabilised (+18%). This shows that the measures initiated in financial year 2018 are starting to have an effect.
 

Against the background of this development the Management Board now anticipates EBITDA of EUR -1.2 million to EUR -0.9 million (previous: EUR -1.8 million to EUR -1.2 million) for the first quarter of 2019.
 

The figures contained in this press release are preliminary as of 31 March 2019, which are subject to change until final publication. aap plans to publish the final figures for the first quarter of 2019 on 13 May 2019.


 

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aap
Implantate AG (ISIN DE0005066609) - Prime Standard/Regulated Market - All German stock markets -

About aap Implantate AG
aap Implantate AG is a globally operating medical device company headquartered in Berlin, Germany. The company develops, manufactures and markets trauma products for orthopaedics. The IP protected portfolio includes besides the innovative anatomical plating system LOQTEQ(R) and trauma complementary biomaterials a wide range of cannulated screws as well as standard plates and screws. Furthermore, aap Implantate AG has an innovation pipeline with promising development projects as the antibacterial silver coating technology and magnesium based implants. These technologies address critical problems in surgery that haven't yet been resolved adequately. In German-speaking Europe aap Implantate AG directly sells its products to hospitals, buying syndicates and hospital groups while it uses a broad network of distributors in more than 25 countries at the international level. aap Implantate AG's stock is listed in the Prime Standard segment of Frankfurt Stock Exchange (XETRA: AAQ.DE). For more information, please visit www.aap.de, or download the Company's investor relations app from the Apple's App Store or Google Play.

Forward-looking statement
This 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.

 

Contact:
aap Implantate AG; Fabian Franke; Investor Relations; Lorenzweg 5; D-12099 Berlin Tel.: +49/30/750 19 - 134; Fax.: +49/30/750 19 - 290; f.franke@aap.de


02.04.2019 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



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Press Release dated March 28, 2019, 03:34 PM

aap Implantate AG / Silver coating technology: Further progress on the way to the targeted market approval - global orthopaedic companies remain keenly interested

aap Implantate AG / Silver coating technology: Further progress on the way to the targeted market approval - global orthopaedic companies remain keenly interested

DGAP-News: aap Implantate AG / Key word(s): Regulatory Admission/Study

28.03.2019 / 15:34
The issuer is solely responsible for the content of this announcement.


aap Implantate AG ("aap") continued the talks with different global orthopaedic companies in mid-March at the American Academy of Orthopaedic Surgeons ("AAOS") in Las Vegas, USA briefing them especially on the current status regarding its antibacterial silver coating technology. These companies remain keenly interested in aap's innovative silver coating technology.
 

With a view to the targeted market approval of its silver coating technology aap submitted at the end of 2018 the application to conduct a human clinical study to the Federal Institute for Drugs and Medical Devices ("BfArM") and is now involved in an intensive exchange with the Federal Institute. At the same time, the applications have been submitted to ethics commissions in the meanwhile with a first positive feedback. The next step is the submission of a corresponding application to the US authority.
 

On the basis of the interaction with the BfArM and the reaffirmation of interest by global orthopaedic companies aap will be further intensifying talks and negotiations with them. Concretely, the Company is discussing in addition to joint product development and approval projects also distribution partnerships as well as licensing deals up to the sale of the technology for specific application areas.


 

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aap
Implantate AG (ISIN DE0005066609) - Prime Standard/Regulated Market - All German stock markets -

About aap Implantate AG
aap Implantate AG is a globally operating medical device company headquartered in Berlin, Germany. The company develops, manufactures and markets trauma products for orthopaedics. The IP protected portfolio includes besides the innovative anatomical plating system LOQTEQ(R) and trauma complementary biomaterials a wide range of cannulated screws as well as standard plates and screws. Furthermore, aap Implantate AG has an innovation pipeline with promising development projects as the antibacterial silver coating technology and magnesium based implants. These technologies address critical problems in surgery that haven't yet been resolved adequately. In German-speaking Europe aap Implantate AG directly sells its products to hospitals, buying syndicates and hospital groups while it uses a broad network of distributors in more than 25 countries at the international level. aap Implantate AG's stock is listed in the Prime Standard segment of Frankfurt Stock Exchange (XETRA: AAQ.DE). For more information, please visit www.aap.de, or download the Company's investor relations app from the Apple's App Store or Google Play.

Forward-looking statement
This 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.



Contact:
aap Implantate AG; Fabian Franke; Investor Relations; Lorenzweg 5; D-12099 Berlin Tel.: +49/30/750 19 - 134; Fax.: +49/30/750 19 - 290; f.franke@aap.de



28.03.2019 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



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Press Release dated March 12, 2019, 04:44 PM

aap Implantate AG: Postponement of publication of annual accounts 2018

aap Implantate AG: Postponement of publication of annual accounts 2018

DGAP-News: aap Implantate AG / Key word(s): Annual Results

12.03.2019 / 16:44
The issuer is solely responsible for the content of this announcement.


The Management Board of aap Implantate AG ("aap") continues to consistently pursue the strategy to develop aap into a sustainably growing pure player in trauma and to unlock the inherent value of the promising and innovative product and technology base.
 

In implementing this strategy new developments and temporal shifts occurred in recent months, which require an evaluation and decision on various issues by Management Board and Supervisory Board. As individual decisions within this upcoming evaluation could have to be considered in the annual and consolidated accounts 2018, the company decided to postpone the publication of the annual financial statements 2018 (HGB) and the consolidated financial statements 2018 (IFRS) to 30 April 2019. aap will report on possible developments within this process again after Management Board and Supervisory Board have jointly taken decisions or terminated the evaluation of the topics by other means.



 

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aap
Implantate AG (ISIN DE0005066609) - Prime Standard/Regulated Market - All German stock markets -

About aap Implantate AG
aap Implantate AG is a globally operating medical device company headquartered in Berlin, Germany. The company develops, manufactures and markets trauma products for orthopaedics. The IP protected portfolio includes besides the innovative anatomical plating system LOQTEQ(R) and trauma complementary biomaterials a wide range of cannulated screws as well as standard plates and screws. Furthermore, aap Implantate AG has an innovation pipeline with promising development projects as the antibacterial silver coating technology and magnesium based implants. These technologies address critical problems in surgery that haven't yet been resolved adequately. In German-speaking Europe aap Implantate AG directly sells its products to hospitals, buying syndicates and hospital groups while it uses a broad network of distributors in more than 25 countries at the international level. aap Implantate AG's stock is listed in the Prime Standard segment of Frankfurt Stock Exchange (XETRA: AAQ.DE). For more information, please visit www.aap.de, or download the Company's investor relations app from the Apple's App Store or Google Play.

Forward-looking statement
This 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; Investor Relations; Lorenzweg 5; D-12099 Berlin; Tel.: +49/30/750 19 - 134; Fax.: +49/30/750 19 - 290; f.franke@aap.de



12.03.2019 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



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Press Release dated January 21, 2019, 01:58 PM

FY/18: Sales with double-digit growth in Germany and International, North America below expectations - milestones in silver coating technology; for FY/19 double-digit sales increase planned and start of human clinical study targeted

FY/18: Sales with double-digit growth in Germany and International, North America below expectations - milestones in silver coating technology; for FY/19 double-digit sales increase planned and start of human clinical study targeted

DGAP-News: aap Implantate AG / Key word(s): Preliminary Results/Forecast

21.01.2019 / 13:58
The issuer is solely responsible for the content of this announcement.


- FY/2018 sales of EUR 10.8 million with double-digit growth rates in Germany (+14%) and international key markets (+24% in Europe without Germany and BRICS); North America below expectations

- Silver coating technology: Significant milestones in FY/2018 reached with convincing results of an animal study conducted with the renowned AO Research Institute Davos and submission of the application for approval of a human clinical study to BfArM - Start of study targeted for H1/2019

- Around 20% - 40% sales growth and earnings improvement planned for FY/2019: Forecast for sales of EUR 13.0 million to EUR 15.0 million and EBITDA[1] of EUR -4.4 million to EUR -2.8 million

 

Sales development in FY/2018 and Q4/2018

aap Implantate AG ("aap") achieved sales of EUR 10.8 million (FY/2017: EUR 10.9 million) according to preliminary figures and thereby a value in line with the guidance of EUR 10.0 million to EUR 11.7 million published in November 2018. In the fourth quarter of 2018 the company registered sales of EUR 2.6 million (Q4/2017: EUR 2.9 million).
 

FY/2018 Sales

In KEUR FY/2018 FY/2017 Change on year
Trauma
Germany
North America
North America distributors
North America global partners

International (without North America)
Europe (without Germany)
BRICS states
Total key markets
Rest
10,816
2,774
2,240
2,172
68
5,802
1,864
1,713
3,577
2,225
10,648
2,427
3,071
2,491
580
5,150
1,593
1,297
2,890
2,260
+2%
+14%
-27%
-13%
-88%
+13%
+17%
+32%
+24%
-2%
Other (mainly discontinued activities) -38 254 <-100%
Sales 10,778 10,902 -1%
 

 

Q4/2018 Sales

In KEUR Q4/2018 Q4/2017 Change on year
Trauma
Germany
North America
North America distributors
North America global partners

International (without North America)
Europe (without Germany)
BRICS states
Total key markets
Rest
2,582
695
557
549
8

1,330
531
346
877
453
2,863
578
620
613
7

1,665
583
421
1,004
661
-10%
+20%
-10%
-10%
+14%

-20%
-9%
-18%
-13%
-31%
Other (mainly discontinued activities) 24 5 >+100%
Sales 2,606 2,868 -9%
 


Viewed by region, aap recorded a pleasing development in its home market Germany in financial year 2018 and increased sales by 14% to EUR 2.8 million (FY/2017: EUR 2.4 million). Here, the sales activities, such as the listing at major German hospital groups and purchasing associations, show effect. In contrast, the sales development in North America fell short of expectations in 2018. In this market aap could not sign further contracts with global partners in the past financial year, and distribution business was temporarily burdened by the loss of certain distributors and clinics. This shortfall in sales could not be offset on a short-term basis elsewhere. International key markets Europe (without Germany) and BRICS developed positively and aap recorded growth of 24% to EUR 3.6 million (FY/2017: EUR 2.9 million).
 

With a view to its innovative antibacterial silver coating technology, aap reached important milestones in financial year 2018 on the way to the start of the human clinical study as prerequisite for the targeted market approval. First, the company achieved convincing results in an animal study undertaken with the renowned AO Research Institute Davos. It was proved that the silver coating developed by aap does not have a negative influence on bone healing, which is a central requirement of the competent authorities. Before the year's end aap then submitted the application to conduct a human clinical study for its silver coating technology to the Federal Institute for Drugs and Medical Devices ("BfArM").
 

Outlook for 2019

For financial year 2019 the Management Board anticipates a sales increase to a value of EUR 13.0 million to EUR 15.0 million, corresponding to a growth between about 20% and 40%. aap also plans to improve EBITDA[2] and expects a value of EUR -4.4 million to EUR -2.8 million for the current year.
 

All markets shall contribute to the planned sales growth and earnings improvement. aap is confident that with the measures already initiated in North America a dynamic sales development can be shown again in 2019. At the same time, the positive growth trend in Germany and in international business shall be continued. aap is also working towards strategic partnerships with global orthopaedic companies (distribution networks, licensing deals as well as product development and approval projects).
 

On the costs side the Management Board anticipates, with the exception of sales-related costs, a declining trend in other expenses. In case of an approval of the human clinical study for the silver coating technology by the competent authorities, development costs and capitalised own work will increase. Last but not least, the one-time effects (e.g. external staff and evaluation of strategic options) burdening in financial year 2018 shall reduce this year.
 

Based on aap's strategic alignment, the planned sales growth and the targeted start of the human clinical study for its silver coating technology, the company is currently evaluating various measures to strengthen its financial base. These range from technology-related transactions (e.g. outlicensing of technologies, joint venture agreements with a carve-out of technologies or involving other companies in joint development of products) via debt capital measures (e.g. bank loans or asset-based financings) to equity instruments (e.g. cash capital increase or convertible bond). Against the background of the confirmation for a funding for costs arising within the scope of the preparation of the human clinical study received from the Federal Ministry of Education and Research ("BMBF") in 2018, aap also targets to receive grants to carry out the study.
 

For the first quarter of 2019 the Management Board anticipates sales of EUR 2.0 million to EUR 3.0 million and EBITDA in the range of EUR -1.8 million to EUR -1.2 million.
 

On the basis of the application to conduct a human clinical study for its silver coating technology submitted to BfArM at the end of 2018, the next step is the submission of applications in the United States and to the ethics commissions of the different German federal states where the hospitals in which the human clinical study is to be undertaken are located. Based on the documents submitted, there will then be an interaction phase with all the authorities involved on the results of which aap will report in due course. Against the background of the current status of the preparations and in particular the required time for interaction with the competent authorities, which is hardly predictable, the company targets to start the study in the first half of 2019.
 

Management Agenda 2019

After the successful first year 2017 as pure player in trauma, with a trauma sales increase of 20%, the year 2018 overall fell short of expectations. Based on the measures already initiated and planned, the Management Board is confident to show a sales development above the average market growth in financial year 2019 again. In detail, the Management Board has specified its targets for the current financial year as a Management Agenda in four strategic and operational action areas as follows:
 

Accelerating Value-Based Innovations
Silver coating technology - Application on LOQTEQ(R): Start of the human clinical study targeted for H1/2019
Silver coating technology - Development projects with global companies: Initiation of joint product development and approval projects
LOQTEQ(R): Further completion of LOQTEQ(R) portfolio with a focus on polyaxial fixation technology, plate systems for the foot and ankle areas as well as implants in sterile packaging
 
Enhancing Market Access
Germany: Increase of market presence
International key markets: Extension of distribution network with focus on North America, Europe and BRICS
Global partnerships: Distribution networks and licensing deals with global orthopaedic companies
 
Optimizing Operational Efficiency
Quality first: Consequent continuation of the company-wide quality improvement program; adaption of processes and documents to new increased regulatory requirements according to MDR
Production and sales efficiency: Increase of ability to provide timely deliveries and performance per sales employee
Working capital: Optimisation of working capital management with a higher inventory turnover inter alia by a strict consignment management
 
 
Realization of Financial Targets
Sales: Sales of EUR 13.0 million and EUR 15.0 million
EBITDA[3]: EBITDA of EUR -4.4 million to EUR -2.8 million
Financing: Strengthening of financial base for sales growth, human clinical study silver and further development magnesium
 

Also in 2019 the company will continue to work on various measures for the step-up strategy implementation to develop aap into a sustainably growing pure player in trauma and to unlock the inherent value of the promising and innovative product and technology base.
 

The sales figures contained in this press release are preliminary as of 31 December 2018 which are subject to change until final publication. aap plans to publish the final, audited figures for the financial year 2018 on 29 March 2019 in its consolidated annual financial statements for 2018.




[1, 2, 3] Including special items and effects of IFRS 16; further details will be explained in the consolidated financial report 2018.
 

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aap
Implantate AG (ISIN DE0005066609) - Prime Standard/Regulated Market - All German stock markets -

About aap Implantate AG
aap Implantate AG is a globally operating medical device company headquartered in Berlin, Germany. The company develops, manufactures and markets trauma products for orthopaedics. The IP protected portfolio includes besides the innovative anatomical plating system LOQTEQ(R) and trauma complementary biomaterials a wide range of cannulated screws as well as standard plates and screws. Furthermore, aap Implantate AG has an innovation pipeline with promising development projects as the antibacterial silver coating technology and magnesium based implants. These technologies address critical problems in surgery that haven't yet been resolved adequately. In German-speaking Europe aap Implantate AG directly sells its products to hospitals, buying syndicates and hospital groups while it uses a broad network of distributors in more than 25 countries at the international level. aap Implantate AG's stock is listed in the Prime Standard segment of Frankfurt Stock Exchange (XETRA: AAQ.DE). For more information, please visit www.aap.de, or download the Company's investor relations app from the Apple's App Store or Google Play.

Forward-looking statement
This 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.
 

Contact:
aap Implantate AG; Fabian Franke; Investor Relations; Lorenzweg 5; D-12099 Berlin Tel.: +49/30/750 19 - 134; Fax.: +49/30/750 19 - 290; f.franke@aap.de


21.01.2019 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



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Press Release dated December 19, 2018, 03:30 PM

Antibacterial silver coating technology: Application for approval of human clinical study submitted to Federal Institute for Drugs and Medical Devices (BfArM)

Antibacterial silver coating technology: Application for approval of human clinical study submitted to Federal Institute for Drugs and Medical Devices (BfArM)

DGAP-News: aap Implantate AG / Key word(s): Regulatory Admission

19.12.2018 / 15:30
The issuer is solely responsible for the content of this announcement.


aap Implantate AG ("aap") announces that the application for approval to conduct a human clinical study for its antibacterial silver coating technology was today submitted to the Federal Institute for Drugs and Medical Devices (BfArM). aap has thus reached a further important milestone on the way to start a human clinical study as precondition for the targeted market approval of the silver coating technology.
 

From the company's viewpoint all the requisite preclinical data and internal validations for the application for approval of the study are now in place so that submission to the BfArM could be undertaken before the year's end. The next step is to submit applications in the United States and to the ethics commissions of the different German federal states where the hospitals in which the human clinical study is to be undertaken are located. On the basis of the documents submitted there will then be an interaction phase with all the authorities involved on the results of which aap will report in due course.
 

The silver coating technology developed by aap, which is covered by international patents, is intended to protect the surface of implants from bacteria colonisation. Thereby aap is addressing one of the biggest not adequately solved challenges in trauma: the reduction of surgical site infections (SSI).
 

aap's silver coating technology has several unique selling propositions such as a high coating stability as well as a good biocompatibility and effectiveness. These properties have been demonstrated in a number of different preclinical test series. Furthermore, it is a cost-effective coating technology that is scalable to higher production volumes with reasonable expense.
 

Furthermore, the silver coating technology developed by the company has, as a platform technology, a wide range of potential applications and can be used not only in orthopaedics but also in further areas such as cardiology, dentistry or for medical instruments.


 

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aap
Implantate AG (ISIN DE0005066609) - Prime Standard/Regulated Market - All German stock markets -

About aap Implantate AG
aap Implantate AG is a globally operating medical device company headquartered in Berlin, Germany. The company develops, manufactures and markets trauma products for orthopaedics. The IP protected portfolio includes besides the innovative anatomical plating system LOQTEQ(R) and trauma complementary biomaterials a wide range of cannulated screws as well as standard plates and screws. Furthermore, aap Implantate AG has an innovation pipeline with promising development projects as the antibacterial silver coating technology and magnesium based implants. These technologies address critical problems in surgery that haven't yet been resolved adequately. In German-speaking Europe aap Implantate AG directly sells its products to hospitals, buying syndicates and hospital groups while it uses a broad network of distributors in more than 25 countries at the international level. aap Implantate AG's stock is listed in the Prime Standard segment of Frankfurt Stock Exchange (XETRA: AAQ.DE). For more information, please visit www.aap.de, or download the Company's investor relations app from the Apple's App Store or Google Play.

Forward-looking statement
This 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.


Contact:
aap Implantate AG; Fabian Franke; Investor Relations; Lorenzweg 5; D-12099 Berlin Tel.: +49/30/750 19 - 134; Fax.: +49/30/750 19 - 290; Email: f.franke@aap.de



19.12.2018 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



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Press Release dated November 22, 2018, 12:34 PM

LOQTEQ(R): Biomechanical study confirms good explantation properties compared with market leader

LOQTEQ(R): Biomechanical study confirms good explantation properties compared with market leader

DGAP-News: aap Implantate AG / Key word(s): Study results

22.11.2018 / 12:34
The issuer is solely responsible for the content of this announcement.


aap Implantate AG ("aap") announces that the clinically observed good explantation properties of its angular stable anatomical plating system LOQTEQ(R) have now also been demonstrated in a biomechanical study. It was noted that over-tightening and cyclic loading are potential causes for screw seizing in locking plate implants. Both effects were found to be less pronounced in the angular stable screw-plate mechanism of aap's LOQTEQ(R) system than in the market leader's mechanism.
 

The seizing of screws is a frequently encountered clinical problem during implant removal of locking compression plates after completion of fracture healing. Consequently, the surgeon has difficulties regarding the explantation and at times has to use auxiliary instruments or must even drill out the entire screw from the plate with an additional drill, thereby creating metal shavings. Seizing is thus a health risk for the patient and can increase treatment times and costs significantly. This seizing of the screw head into the hole of the plate is sometimes incorrectly associated with cold welding, which actually is very unlikely to occur between anodized titanium surfaces.
 

In a study the LOQTEQ(R) technology's explantation properties were analysed in comparison with those of the technology used by the market leader. Specifically, the removal torques before and after cyclic dynamic loading were assessed for screws inserted at the manufacturer's recommended torque or at an increased insertion torque. While over-tightening is a frequently suspected reason for the seizing of screws in locking constructs, cyclic loading of the screws simulated the patient's activity during daily living. As a result, it was shown inter alia that with the market leader's mechanism over-tightening resulted in an increase of about 40% in the removal torque compared to tightening the screw with the manufacturer's recommended torque. In contrast, with aap's LOQTEQ(R) mechanism over-tightening had no effect on seizing of the locking screws. It was further noted that with cyclic loading the removal torque of the locking screws was consistently increased by about 40% to 70% for the market leader's screws, whereas an increase of only 20% was registered for LOQTEQ(R). One conclusion was thus that the LOQTEQ(R) mechanism appeared to be less affected by the seizing effect than the market leader's mechanism.
 

The tests were undertaken by the well-known Institute for Biomechanics of the Berufsgenossenschaftliche Unfallklinik Murnau (= Murnau Trauma Centre) under the direction of Prof. Dr. Peter Augat. The Institute for Biomechanics is an interdisciplinary department for research on trauma surgery and orthopaedic issues with direct clinical relevance. Through the connection of the Institute to the Paracelsus Medical University Salzburg, orientation in clinical practice is supplemented through integration in academic sciences.
 

aap's anatomical plating system LOQTEQ(R) simplifies operation techniques for im- and explantation of implants. The LOQTEQ(R) concept is based on a patented technology featuring a screw-hole geometry, which allows simultaneous fracture compression and angular stable fixation in one step using one single screw. The advantage of this technology is that the surgeon can omit one surgical step by not having to change the drill or other auxiliary instruments to set the LOQTEQ(R) plate at a stable angle and simultaneously perform a compression of the fracture. This plate-screw combination can therefore simplify the surgery as well as reduce the surgery time.
 

In 2011, the LOQTEQ(R) brand was placed on the market for the first time. LOQTEQ(R) stands for "Locking Compression Technology" with a focus on "Made in Germany" quality. Since its market launch, aap has gradually expanded its range of offered anatomical plating systems. Today, the LOQTEQ(R) system already covers more than 90 percent of fracture indications in the field of large bone care, meaning it can be considered a complete system. The extensive, IP-protected portfolio has great appeal among many customers and leading surgeons worldwide.



 

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aap
Implantate AG (ISIN DE0005066609) - Prime Standard/Regulated Market - All German stock markets -

About aap Implantate AG
aap Implantate AG is a globally operating medical device company headquartered in Berlin, Germany. The company develops, manufactures and markets trauma products for orthopaedics. The IP protected portfolio includes besides the innovative anatomical plating system LOQTEQ(R) and trauma complementary biomaterials a wide range of cannulated screws as well as standard plates and screws. Furthermore, aap Implantate AG has an innovation pipeline with promising development projects as the antibacterial silver coating technology and magnesium based implants. These technologies address critical problems in surgery that haven't yet been resolved adequately. In German-speaking Europe aap Implantate AG directly sells its products to hospitals, buying syndicates and hospital groups while it uses a broad network of distributors in more than 25 countries at the international level. aap Implantate AG's stock is listed in the Prime Standard segment of Frankfurt Stock Exchange (XETRA: AAQ.DE). For more information, please visit www.aap.de, or download the Company's investor relations app from the Apple's App Store or Google Play.

Forward-looking statement
This 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.



Contact:
aap Implantate AG; Fabian Franke; Investor Relations; Lorenzweg 5; D-12099 Berlin Tel.: +49/30/750 19 - 134; Fax.: +49/30/750 19 - 290; f.franke@aap.de



22.11.2018 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



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Press Release dated November 20, 2018, 12:29 PM

aap Implantate AG to present at German Equity Forum 2018

aap Implantate AG to present at German Equity Forum 2018

DGAP-News: aap Implantate AG / Key word(s): Conference

20.11.2018 / 12:29
The issuer is solely responsible for the content of this announcement.


aap Implantate AG ("aap") announces that it will present at the German Equity Forum 2018 at the Sheraton Frankfurt Airport Hotel and Conference Center in Frankfurt am Main, Germany, on Tuesday, 27 November 2018. The presentation will be held by Bruke Seyoum Alemu, Chief Executive Officer, in room Oslo at 11:00 a.m. CET.
 

Following the conference, the accompanying presentation materials will be available on aap's corporate website at https://www.aap.de/ in the section "Investor Relations" in the area "News & Publications" under "Presentations".

 

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aap
Implantate AG (ISIN DE0005066609) - Prime Standard/Regulated Market - All German stock markets -

About aap Implantate AG
aap Implantate AG is a globally operating medical device company headquartered in Berlin, Germany. The company develops, manufactures and markets trauma products for orthopaedics. The IP protected portfolio includes besides the innovative anatomical plating system LOQTEQ(R) and trauma complementary biomaterials a wide range of cannulated screws as well as standard plates and screws. Furthermore, aap Implantate AG has an innovation pipeline with promising development projects as the antibacterial silver coating technology and magnesium based implants. These technologies address critical problems in surgery that haven't yet been resolved adequately. In German-speaking Europe aap Implantate AG directly sells its products to hospitals, buying syndicates and hospital groups while it uses a broad network of distributors in more than 25 countries at the international level. aap Implantate AG's stock is listed in the Prime Standard segment of Frankfurt Stock Exchange (XETRA: AAQ.DE). For more information, please visit www.aap.de, or download the Company's investor relations app from the Apple's App Store or Google Play.

Forward-looking statement
This 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.


Contact:
aap Implantate AG; Fabian Franke; Investor Relations; Lorenzweg 5; D-12099 Berlin Tel.: +49/30/750 19 - 134; Fax.: +49/30/750 19 - 290; f.franke@aap.de



20.11.2018 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



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Press Release dated November 14, 2018, 08:27 AM

aap: Growth in Q3 and 9M/2018 with sales and EBITDA in line with guidance; Milestone in silver coating technology on way to human study

aap: Growth in Q3 and 9M/2018 with sales and EBITDA in line with guidance; Milestone in silver coating technology on way to human study

DGAP-News: aap Implantate AG / Key word(s): Quarterly / Interim Statement

14.11.2018 / 08:27
The issuer is solely responsible for the content of this announcement.


aap Implantate AG ("aap") achieved sales and EBITDA in line with the guidance in the third quarter of 2018. Sales in the third quarter of 2018 grew by 5% on the corresponding period in the previous year to EUR 2.7 million (Q3/2017: EUR 2.6 million) and were therefore within the forecast of EUR 2.0 million to EUR 3.8 million. EBITDA improved by 6% in the third quarter of 2018 year-on-year to EUR -1.5 million (Q3/2017: EUR -1.6 million) and was thus also in line with the guidance of EUR -1.8 million to EUR -0.9 million. With respect to the nine-month period, sales increased by 2% to EUR 8.2 million (9M/2017: EUR 8.0 million). EBITDA improved by 6% in the first nine months of 2018 compared to the same period of the previous year to EUR -4.6 million (9M/2017: EUR -4.9 million).
 

Q3/2018 and 9M/2018 - Key results and progress
 

- Sales: Trauma sales increase in Q3 and 9M by 7% to EUR 2.8 million and by 6% to EUR 8.2 million respectively

- Earnings: EBITDA improves in Q3 and 9M by 6% to EUR -1.5 million and EUR -4.6 million respectively

- Gross margin and costs: Gross margin[1] of 80% in Q3 and 78% in 9M remains at a good level, even though temporarily influenced by reduced share of high margin US sales in total sales; slight increase in personnel costs; overall declining trend in other expenses in the nine-month period

- Cash flow and balance sheet: Cash need in 9M/2018 totalling EUR 6.0 million with positive effects of working capital reduction (EUR 0.3 million); cash holdings of EUR 10.3 million[2] and continued high equity ratio of 83%

- Focus on established markets: Continued positive development in Germany with 8% sales growth in Q3 and 12% in 9M; 28% sales growth in international business (ex-US) in Q3 and 9M mainly driven by Europe, Latin America and South Africa

- LOQTEQ(R): Focus on European approval of polyaxial LOQTEQ(R) systems and development of sterile packaging for implants; additional approval applications submitted to FDA for, inter alia, foot and periprosthetic system

- Silver coating technology: Convincing results of animal study conducted with AO Research Institute Davos are a milestone on the way to a human clinical study; EUR 0.7 million funding from Federal Ministry of Education and Research for preparation of human clinical study; finalisation phase of required validations and documents for submission for approval of human clinical study - start targeted for H1/2019


Q3/2018 and 9M/2018 - Financials
 

Q3 Sales (reported)

In KEUR Q3/2018 Q3/2017 Change on year
Trauma
Germany
North America
North America distributors
North America global partners

International
2,763
688
536
529
7
1,539
2,574
639
733
625
108
1,202
+7%
+8%
-27%
-15%
-94%
+28%
Other (mainly activities discontinued in previous year) -27 21 <-100%
Sales 2,736 2,595 +5%
 

Q3 Sales (constant exchange rates)

In KEUR Q3/2018 Q3/2017 Change on year
Trauma 2,763 2,574 +7%
Other (mainly activities discontinued in previous year) -27 21 <-100%
Umsatz 2,736 2,595 +5%
 

9M Sales (reported)

In KEUR 9M/2018 9M/2017 Change on year
Trauma
Germany
North America
North America distributors
North America global partners

International
8,238
2,080
1,687
1,626
61
4,471
7,785
1,849
2,450
1,877
573
3,486
+6%
+12%
-31%
-13%
-89%
+28%
Other (mainly activities discontinued in previous year) -66 249 <-100%
Sales 8,172 8,034 +2%
 

9M Sales (constant exchange rates)

In KEUR 9M/2018 9M/2017 Change on year
Trauma 8,366 7,785 +7%
Other (mainly activities discontinued in previous year) -66 249 <-100%
Sales 8,300 8,034 +3%
 

Assuming constant US$-EUR exchange rates, year-on-year sales grew by 5% and 3% respectively in the third quarter and the first nine months of 2018.
 

Regarding trauma sales, aap registered in the third quarter and the first nine months of 2018 year-on-year growth of 7% to EUR 2.8 million (Q3/2017: EUR 2.6 million) and 6% to EUR 8.2 million (9M/2017: EUR 7.8 million) respectively. In Germany the company continued the positive development of the previous quarters, increasing sales by 8% in the third quarter and by 12% in the first nine months. In contrast, the sales development in North America in the third quarter and thus in the first nine months fell short of expectations. In this market aap could not sign further contracts with global partners in financial year 2018, and distribution business was temporarily burdened by the loss of certain distributors. In response to the current development of the distribution business in North America the company has strengthened its sales team and has already signed 12 new contracts with distributors in recent months that should be reflected in corresponding sales dynamics in coming quarters. The international region has continued to develop positively: In both the third quarter and in the first nine months aap achieved 28% growth. The background to this positive development was primarily the expansion of business with existing customers and the acquisition of new customers, for example in South Africa, and Chile.
 

EBITDA Q3

In KEUR Q3/2018 Q3/2017 Change on year
EBITDA -1,475 -1,567 +6%
 

EBITDA 9M

In KEUR 9M/2018 9M/2017 Change on year
EBITDA -4,593 -4,875 +6%
 

Based on the increased total operating performance, a continued good gross margin level and an overall declining trend in other expenses in the nine-month period, EBITDA improved by 6% both in the third quarter and the first nine months of 2018 to EUR -1.5 million (Q3/2017: EUR -1.6 million) and EUR -4,6 Mio. EUR (9M/2017: EUR -4.9 million).
 

Outlook

We are confident that the measures undertaken in North America will be reflected in corresponding sales dynamics again in coming quarters. At the same time we want to continue the positive development in Germany and at the international level. In addition, we are increasingly working on various measures for the step-up strategy implementation to develop aap into a sustainably growing pure player in trauma and to unlock the inherent value of the promising and innovative product and technology base.
 

For the financial year 2018 aap anticipates sales of EUR 10.0 million to EUR 11.7 million and EBITDA of EUR -6.9 million to EUR -5.9 million.




[1] In terms of sales revenues, changes in inventories of finished goods and work in progress and cost of purchased materials and services.

[2] In the consolidated balance sheet of 09/30/2018 EUR 7.3 million is stated as cash and cash equivalents, while cash with banks totalling EUR 3.0 million is shown under current and non-current other financial assets as it was pledged to secure financial liabilities respectively cash payments were made to secure bank guarantees granted to third parties.

_______________________________________________________________________________________
aap Implantate AG (ISIN DE0005066609) - Prime Standard/Regulated Market - All German stock markets -

About aap Implantate AG
aap Implantate AG is a globally operating medical device company headquartered in Berlin, Germany. The company develops, manufactures and markets trauma products for orthopaedics. The IP protected portfolio includes besides the innovative anatomical plating system LOQTEQ(R) and trauma complementary biomaterials a wide range of cannulated screws as well as standard plates and screws. Furthermore, aap Implantate AG has an innovation pipeline with promising development projects as the antibacterial silver coating technology and magnesium based implants. These technologies address critical problems in surgery that haven't yet been resolved adequately. In German-speaking Europe aap Implantate AG directly sells its products to hospitals, buying syndicates and hospital groups while it uses a broad network of distributors in more than 25 countries at the international level. aap Implantate AG's stock is listed in the Prime Standard segment of Frankfurt Stock Exchange (XETRA: AAQ.DE). For more information, please visit www.aap.de, or download the Company's investor relations app from the Apple's App Store or Google Play.

Forward-looking statement
This 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.


Contact:
aap Implantate AG; Fabian Franke; Investor Relations; Lorenzweg 5; D-12099 Berlin Tel.: +49/30/750 19 - 134; Fax.: +49/30/750 19 - 290; f.franke@aap.de



14.11.2018 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



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Press Release dated November 08, 2018, 07:42 AM

Antibacterial silver coating technology: Convincing results of animal study by aap and AO Research Institute Davos - Completion of preclinical data base on the way to the targeted market approval

Antibacterial silver coating technology: Convincing results of animal study by aap and AO Research Institute Davos - Completion of preclinical data base on the way to the targeted market approval

DGAP-News: aap Implantate AG / Key word(s): Study results

08.11.2018 / 07:42
The issuer is solely responsible for the content of this announcement.


 

aap Implantate AG ("aap") has achieved convincing results for its antibacterial silver coating technology in an animal study undertaken with the renowned AO Research Institute Davos. The study proved that the silver coating developed by aap does not have a negative influence on bone healing. The company has thereby fulfilled one of the central requirements of the competent authorities, reaching an important milestone on the way to start a human clinical study as prerequisite for the targeted market approval.
 

The antibacterial efficacy of aap's silver coating technology has already been proven in various in-vivo and in-vitro studies. In addition, the competent authorities required an animal trial to show that a silver coated implant does not have a negative effect on fracture healing compared to an uncoated implant ("non-inferiority"). Against this background, aap has undertaken jointly with the AO Research Institute Davos a GLP conform study (GLP = "Good Laboratory Practice") on rabbits. Fractures were treated in one group with silver coated implants and in the other group with uncoated implants. As a result, no difference could be noted in course of the healing between the two groups and successful consolidation of the fracture was reached after ten weeks in all animals of both groups. In addition to the antibacterial effect demonstrated in previous trials, these data provide further evidence for the good biocompatibility of the coating developed by aap without negative influence on bone healing.
 

aap deliberately chose the AO Research Institute Davos as its partner for this study. The AO Foundation standing behind is a medical non-profit organisation based in Chur, Switzerland, led by an international group of surgeons specialized in the treatment of bone fractures and disorders of the musculoskeletal system. The AO Research Institute Davos is among the leading research facilities for traumatological studies of so-called "breakthrough technologies". The results of the study will shortly be published jointly with the aap Clinical Advisory Board in various scientific journals.
 

With the positive results of the animal study, aap has made further important progress in preparing the human clinical study for the targeted CE and FDA approval of its antibacterial silver coating technology. aap is now in the finalisation phase of the required validations and documents for submission for approval of the human clinical study. On the basis of the current status of these preparations and in particular against the background of the required time for interaction with the competent authorities, which is hardly predictable, aap targets to start the study in the first half of 2019.
 

The silver coating technology developed by aap, which is covered by international patents, is intended to protect the surface of implants from bacteria colonisation. Thereby aap is addressing one of the biggest not adequately solved challenges in trauma: the reduction of surgical site infections (SSI).
 

aap's silver coating technology has several unique selling propositions such as a high coating stability as well as a good biocompatibility and effectiveness. These properties have been demonstrated in a number of different preclinical test series. Furthermore, it is a cost-effective coating technology that is scalable to higher production volumes with reasonable expense.
 

Furthermore, the silver coating technology developed by the company has, as a platform technology, a wide range of potential applications and can be used not only in orthopaedics but also in further areas such as cardiology, dentistry or for medical instruments.


 

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aap
Implantate AG (ISIN DE0005066609) - Prime Standard/Regulated Market - All German stock markets -

About aap Implantate AG
aap Implantate AG is a globally operating medical device company headquartered in Berlin, Germany. The company develops, manufactures and markets trauma products for orthopaedics. The IP protected portfolio includes besides the innovative anatomical plating system LOQTEQ(R) and trauma complementary biomaterials a wide range of cannulated screws as well as standard plates and screws. Furthermore, aap Implantate AG has an innovation pipeline with promising development projects as the antibacterial silver coating technology and magnesium based implants. These technologies address critical problems in surgery that haven't yet been resolved adequately. In German-speaking Europe aap Implantate AG directly sells its products to hospitals, buying syndicates and hospital groups while it uses a broad network of distributors in more than 25 countries at the international level. aap Implantate AG's stock is listed in the Prime Standard segment of Frankfurt Stock Exchange (XETRA: AAQ.DE). For more information, please visit www.aap.de, or download the Company's investor relations app from the Apple's App Store or Google Play.

Forward-looking statement
This 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.


Contact:
aap Implantate AG; Fabian Franke; Investor Relations; Lorenzweg 5; D-12099 Berlin Tel.: +49/30/750 19 - 134; Fax.: +49/30/750 19 - 290; f.franke@aap.de



08.11.2018 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.

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Archive at www.dgap.de



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Press Release dated October 01, 2018, 01:55 PM

aap receives funding for its innovative antibacterial silver coating technology

aap receives funding for its innovative antibacterial silver coating technology

DGAP-News: aap Implantate AG / Key word(s): Study/Financing

01.10.2018 / 13:55
The issuer is solely responsible for the content of this announcement.


aap Implantate AG ("aap") announces that its innovative antibacterial silver coating technology receives funding from the German Federal Ministry of Education and Research ("BMBF"). aap shall first receive grants for costs arising within the scope of the preparation of the human clinical study for the aimed market approval of the silver coating technology of up to around EUR 0.7 million. The funding relates in particular to expenses in connection with the conception and qualification of the study. In a next step aap also aims to receive a funding to carry out the human clinical study, for which, however, a further application will be required.
 

The BMBF funding underlines the innovative character of aap's silver coating technology and its potential to significantly disburden healthcare systems at the cost level. The internationally IP-protected silver coating technology developed by aap is intended to protect the surface of implants from colonisation by bacteria. Thereby aap is addressing one of the biggest not adequately solved challenges in trauma: the reduction of surgical site infection (SSI) risks.
 

The benefit granted to the company (aap's contract number is 13GW0313A+B) is part of the "Healthcare Industry in the Medical Research Framework Programme" action area of the BMBF (= grant authority). It is granted, according to the BMBF, for projects on "Transferring Medical Technology Solutions to Patient Care - Verifying Clinical Evidence without Delay". As part of the funding programme small and medium-sized businesses (SMBs) are to be introduced to changing legal and regulatory framework conditions and assisted with the clinical validation of medical technology solutions. The swift transfer of innovations to healthcare is thereby to be promoted and the late failure risk of investments in research and development to be reduced. For further information please see the guidelines on the BMBF website at: https://www.bmbf.de/foerderungen/ bekanntmachung-1376.html.

 

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aap
Implantate AG (ISIN DE0005066609) - Prime Standard/Regulated Market - All German stock markets -

About aap Implantate AG
aap Implantate AG is a globally operating medical device company headquartered in Berlin, Germany. The company develops, manufactures and markets trauma products for orthopaedics. The IP protected portfolio includes besides the innovative anatomical plating system LOQTEQ(R) and trauma complementary biomaterials a wide range of cannulated screws as well as standard plates and screws. Furthermore, aap Implantate AG has an innovation pipeline with promising development projects as the antibacterial silver coating technology and magnesium based implants. These technologies address critical problems in surgery that haven't yet been resolved adequately. In German-speaking Europe aap Implantate AG directly sells its products to hospitals, buying syndicates and hospital groups while it uses a broad network of distributors in more than 25 countries at the international level. aap Implantate AG's stock is listed in the Prime Standard segment of Frankfurt Stock Exchange (XETRA: AAQ.DE). For more information, please visit www.aap.de, or download the Company's investor relations app from the Apple's App Store or Google Play.

Forward-looking statement
This 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, Investor Relations, Lorenzweg 5, 12099 Berlin, Germany; Tel.: +49 30 7501 9-134, fax: +49 30 7501 9-290, e-mail: f.franke@aap.de



01.10.2018 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



 

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Press Release dated August 14, 2018, 08:17 AM

aap Implantate AG: Double-digit Q2/2018 sales growth; sales and EBITDA at upper end of guidance

aap Implantate AG: Double-digit Q2/2018 sales growth; sales and EBITDA at upper end of guidance

DGAP-News: aap Implantate AG / Key word(s): Half Year Results

14.08.2018 / 08:17
The issuer is solely responsible for the content of this announcement.


aap Implantate AG ("aap") realized sales and EBITDA at the upper end of the guidance in the second quarter of 2018. Sales in the second quarter of 2018 rose by 13% on the corresponding period in the previous year to EUR 2.7 million (Q2/2017: EUR 2.3 million) and were therefore at the upper end of the forecast of EUR 1.8 million to EUR 3.0 million. EBITDA improved by 7% in the second quarter of 2018 year-on-year to EUR -1.5 million (Q2/2017: EUR -1.6 million) and was thus also at the upper end of the guidance of EUR -1.9 million and EUR -1.4 million. First-half sales totalled EUR 5.4 million (H1/2017: EUR 5.4 million EUR). EBITDA improved by 6% in the first six months of 2018 compared to the same period in the last year to EUR -3.1 million (H1/2017: EUR -3.3 million).


Q2/2018 and H1/2018 - Key results and progress

- Sales: Trauma sales increase in Q2 and H1 by 16% to EUR 2.7 million (Q2/2017: EUR 2.3 million) and by 5% to EUR 5.5 million (H1/2017: EUR 5.2 million) respectively

- Earnings: EBITDA improves in Q2 and H1 by 7% to EUR -1.5 million (Q2/2017: EUR -1.6 million) and by 6% to EUR -3.1 million (H1/2017: EUR -3,3 million) respectively

- Gross margin and costs: Gross margin[1] remains at a good level with 76% in Q2 and 77% in H1, even though temporarily influenced by reduced share of high margin US sales in total sales; personnel costs nearly unchanged and decreasing trend in other expenses in both periods under review

- Cash flow and balance sheet: Cash need in H1/2018 totalling EUR 3.7 million with positive effects of working capital reduction (EUR 0.8 million); cash holdings of EUR 12.7 million[2] and a further high equity ratio of 84%

- Focus on established markets: Positive development in focus market Germany with 28% sales growth in Q2 and 15% in H1

- LOQTEQ(R): Continued focus on European approval of fully developed polyaxial LOQTEQ(R) systems, adapting internal processes and documentations to new regulatory requirements and development of sterile packaging for implants

- Silver coating technology: Focus on intensive preparation of various applications for human clinical study at the competent authorities, internal validation of relevant processes and start of training for physicians participating in the study


Q2/2018 and H1/2018 - Financials


Q2 Sales (reported)

In KEUR Q2/2018 Q2/2017 Change on year
Trauma
Germany
North America
North America distributors
North America global partners

International
2,678
735
621
584
37
1,322
2,310
576
675
675
0
1,059
+16%
+28%
-8%
-13%
>+100%
+25%
Other (mainly activities discontinued in previous year) -24 34 <-100%
Sales 2,654 2,344 +13%
 

Q2 Sales (constant exchange rates)

In KEUR Q2/2018 Q2/2017 Change on year
Trauma 2,746 2,310 +19%
Other (mainly activities discontinued in previous year) -25 34 <-100%
Sales 2,722 2,344 +16%
 

H1 Sales (reported)

In KEUR H1/2018 H1/2017 Change on year
Trauma
Germany
North America
North America distributors
North America global partners

International
5,475
1,391
1,151
1,097
55
2,932
5,210
1,210
1,718
1,253
465
2,282
+5%
+15%
-33%
-13%
-88%
+28%
Other (mainly activities discontinued in previous year) -39 229 <-100%
Sales 5,436 5,439 0%
 

H1 Sales (constant exchange rates)

In KEUR H1/2018 H1/2017 Change on year
Trauma 5,603 5,211 +8%
Other (mainly activities discontinued in previous year) -39 228 <-100%
Sales 5,564 5,439 +2%
 


Assuming constant US$-EUR exchange rates, year-on-year sales grew by 16% and 2% respectively in the second quarter of 2018 and the first six months of 2018.


With regard to trauma sales, aap registered year-on-year growth by 16% in in the second quarter and by 5 % in the first half of the year to EUR 2.7 million (Q2/2017: EUR 2.3 million) and to EUR 5.5 million (H1/2017: EUR 5.2 million) respectively. Growth drivers were in particular the German market and the international business. In Germany aap increased sales by 28% in the second quarter and by 15% in the first six months. This pleasing development shows that sales activities in recent months, such as listing at major German hospital groups, are gradually bearing fruit. In contrast, the company could not conclude any further agreements with global partners in North America in the second quarter. Furthermore, changes at the end customer side at an important US distributor occurred which had a temporary negative influence on second quarter sales. In the international region aap achieved year-on-year sales growth in the second quarter and the first half of the year of 25% and 28% respectively. The background to this positive development was the expansion of business with existing customers and the acquisition of new customers, for example in South Africa.


EBITDA Q2

In KEUR Q2/2018 Q2/2017 Change on year
EBITDA -1,530 -1,642 +7%
 

EBITDA H1

In KEUR H1/2018 H1/2017 Change on year
EBITDA -3,118 -3,307 +6%
 


Based on the increase in total operating performance, a further good gross margin level, almost unchanged personnel costs and a decreasing trend in other expenses, EBITDA improved by 7% in the second quarter of 2018 to EUR -1.5 million (Q2/2017: EUR -1.6 million) and in the first half of 2018 by 6% to EUR -3.1 million (H1/2017: EUR -3.3 million).



Outlook
For the third quarter of 2018 aap expects sales of EUR 2.0 million to EUR 3.8 million and EBITDA of EUR -1.8 million to EUR -0.9 million. Overall, the company confirms its outlook for financial year 2018 and expects sales and EBITDA at the lower end of the guidance of EUR 13 million to EUR 15 million and EUR -5.0 million to EUR -3.4 million respectively.




1]In terms of sales revenues, changes in inventories of finished goods and work in progress and cost of purchased materials and services.

[2]In the consolidated balance sheet of 06/30/2018 EUR 9.5 million is stated as cash and cash equivalents, while cash with banks totalling EUR 3.2 million is shown under current and non-current other financial assets as it was pledged to secure financial liabilities respectively cash payments were made to secure bank guarantees granted to third parties.


 

_______________________________________________________________________________________
aap Implantate AG (ISIN DE0005066609) - Prime Standard/Regulated Market - All German stock markets -

About aap Implantate AG
aap Implantate AG is a globally operating medical device company headquartered in Berlin, Germany. The company develops, manufactures and markets trauma products for orthopaedics. The IP protected portfolio includes besides the innovative anatomical plating system LOQTEQ(R) and trauma complementary biomaterials a wide range of cannulated screws as well as standard plates and screws. Furthermore, aap Implantate AG has an innovation pipeline with promising development projects as the antibacterial silver coating technology and magnesium based implants. These technologies address critical problems in surgery that haven't yet been resolved adequately. In German-speaking Europe aap Implantate AG directly sells its products to hospitals, buying syndicates and hospital groups while it uses a broad network of distributors in more than 25 countries at the international level. aap Implantate AG's stock is listed in the Prime Standard segment of Frankfurt Stock Exchange (XETRA: AAQ.DE). For more information, please visit www.aap.de, or download the Company's investor relations app from the Apple's App Store or Google Play.

Forward-looking statement
This 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.


Contact:
aap Implantate AG; Fabian Franke; Investor Relations; Lorenzweg 5; D-12099 Berlin Tel.: ++49/30/750 19 - 134; Fax.: ++49/30/750 19 - 290; f.franke@aap.de



14.08.2018 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



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Press Release dated May 14, 2018, 08:57 AM

aap Implantate AG: Sound start to 2018 with sales and EBITDA at the upper end of the guidance

aap Implantate AG: Sound start to 2018 with sales and EBITDA at the upper end of the guidance

DGAP-News: aap Implantate AG / Key word(s): Quarterly / Interim Statement

14.05.2018 / 08:57
The issuer is solely responsible for the content of this announcement.


aap Implantate AG ("aap") got off to a sound start in financial year 2018, achieving its financial targets for the first quarter of 2018. The company realized sales of EUR 2.8 million in the first three months of the current year (Q1/2017: EUR 3.1 million) which were thus at the upper end of the guidance (EUR 1.8 million to EUR 3.0 million). EBITDA in the first quarter of 2018 improved by 5% on the corresponding period in the previous year to EUR -1.6 million (Q1/2017: EUR -1.7 million) and was therefore at the upper end of February's forecast of EUR -1.9 million to EUR -1.4 million as well. Regarding trauma sales aap achieved with EUR 2.8 million a value roughly at the level of the corresponding period last year (Q1/2017: EUR 2.9 million).
 

Q1/2018 - Key results and progress

- Sales and earnings: Sales with EUR 2.8 million and EBITDA with EUR -1.6 million at upper end of guidance

- Gross margin and costs: Positive development of gross margin thanks to focus on established markets; decrease in other operating costs

- Cash flow and balance sheet: Cash need in Q1/2018 totalled EUR 2.1 million with further positive effects of working capital reduction; cash holdings of EUR 14.7 million[1] and a further high equity ratio of 85%

- Focus on established markets: Stable development in focus market Germany with slight sales increase (+3%)

- LOQTEQ(R): Completion of portfolio with focus on polyaxial fixation technology, plate systems for the foot and ankle areas as well as implants in sterile packaging planned for 2018

- Silver coating technology: Continued intensive preparation of various applications at authorities involved for clinical study; in addition currently intensive work on validation of relevant internal processes, which is a further important prerequisite for beginning of the study; start of a multicentric two arm single blind study with about 200 patients in several countries strived for 2018
 

Q1/2018 - Financials

Sales

In KEUR Q1/2018 Q1/2017 Change on year
Trauma
Germany
North America
North America distributors
North America global partners

International
2,797
656
530
513
18
1,610
2,901
634
1,043
578
465
1,224
-4%
+3%
-49%
-11%
-96%
+32%
Other (mainly discontinued activities) -15 194 -108%
Sales 2,782 3,095 -10%
 

With regard to the sales development, aap realized a significant sales increase in the international region (+32%) in the first quarter of 2018. Growth drivers were the expansion of business with existing customers and the acquisition of new customers, including in South Africa. In contrast, the distribution business in North America was below expectations in the first three months of the current financial year, while the decline in business with global partners in this market was due primarily to an extensive initial order in the first quarter of 2017. Overall, however, aap continues to see many promising opportunities in North America, meaning that the region will be a central pillar of growth this year. Furthermore, in Germany, which is also a focus of the growth strategy, the company was again able to report a slight sales increase (+3%) and therefore a continued stable development.
 

EBITDA

In KEUR Q1/2018 Q1/2017 Change on year
EBITDA -1,588 -1,665 +5%
 


EBITDA improved due to the positive development of the gross margin and decreased other costs in the first quarter of 2018 by 5% on the first three months of the previous year to EUR -1.6 million (Q1/2017: EUR -1.7 million), thereby reflecting the aimed development: a focus on established markets with higher profit margins and simultaneous a disciplined cost management to improve operational performance. These areas of activity are of central significance for the management in the financial year 2018.
 

Outlook for Q2/2018
For the second quarter of 2018 aap anticipates sales of EUR 1.8 million to EUR 3.0 million and EBITDA of EUR -1.9 million to EUR -1.4 million.



[1] In the consolidated balance sheet of 03/31/2018 EUR 11.2 million is stated as cash and cash equivalents, while cash with banks totalling EUR 3.5 million is shown under current and non-current other financial assets as it was pledged to secure financial liabilities respectively cash payments were made to secure bank guarantees granted to third parties.

_______________________________________________________________________________________
aap Implantate AG (ISIN DE0005066609) - Prime Standard/Regulated Market - All German stock markets -

About aap Implantate AG
aap Implantate AG is a globally operating medical device company headquartered in Berlin, Germany. The company develops, manufactures and markets trauma products for orthopaedics. The IP protected portfolio includes besides the innovative anatomical plating system LOQTEQ(R) and trauma complementary biomaterials a wide range of cannulated screws as well as standard plates and screws. Furthermore, aap Implantate AG has an innovation pipeline with promising development projects as the antibacterial silver coating technology and magnesium based implants. These technologies address critical problems in surgery that haven't yet been resolved adequately. In German-speaking Europe aap Implantate AG directly sells its products to hospitals, buying syndicates and hospital groups while it uses a broad network of distributors in more than 25 countries at the international level. aap Implantate AG's stock is listed in the Prime Standard segment of Frankfurt Stock Exchange (XETRA: AAQ.DE). For more information, please visit www.aap.de, or download the Company's investor relations app from the Apple's App Store or Google Play.

Forward-looking statement
This 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.



Contact:
aap Implantate AG; Fabian Franke; Investor Relations; Lorenzweg 5; D-12099 Berlin Tel.: ++49/30/750 19 - 134; Fax.: ++49/30/750 19 - 290; f.franke@aap.de



14.05.2018 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



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Press Release dated March 29, 2018, 04:21 PM

Annual financial statements for 2017: Successful first year as pure player in trauma with 20% trauma sales growth / Sales and EBITDA in line with guidance

Annual financial statements for 2017: Successful first year as pure player in trauma with 20% trauma sales growth / Sales and EBITDA in line with guidance

DGAP-News: aap Implantate AG / Key word(s): Final Results

29.03.2018 / 16:21
The issuer is solely responsible for the content of this announcement.


aap Implantate AG ("aap") looks back on a successful first year as a pure player in trauma. This is particularly reflected by the pleasing development of trauma sales. Here, the company realized a growth of 20% in financial year 2017 compared to the previous year. Overall, aap achieved its financial objectives in the reporting period. Both sales at EUR 10.9 million (forecast: EUR 10.0 million to EUR 13.0 million) and EBITDA at EUR -6.2 million (forecast: EUR -6.5 million to EUR -4.5 million) were in line with the guidance.
 

2017 - Major results and progress

- Trauma sales: Trauma sales grow by 20% to EUR 10.6 million (FY/2016: EUR 8.9 million)

- Earnings: EBITDA improves despite one-time effects to EUR -6.2 million (FY/2016: EUR -7.9 million); recurring EBITDA in FY/2017 at EUR -4.7 million (FY/2016: EUR -5.6 million)

- Gross margin and costs: Significant increase in gross margin (+15 PP) especially due to trauma sales growth in established markets; reduction in personnel costs (EUR 1.3 million) due to personnel measures implemented in 2016

- Cash flow and balance sheet: Cash need in FY/2017 totalled EUR 7.1 million with positive effects of working capital reduction (EUR 0.1 million); cash holdings of EUR 17.1 million[1] and a further high equity ratio of 84%

- Focus on established markets: Sales in North America increase by 26% to EUR 3.1 million (FY/2016: EUR 2.4 million) with distribution business as main driver (+70%); extension of customer access in Germany and 3% sales growth

- LOQTEQ(R): Successful completion of development activities of LOQTEQ(R) VA foot and ankle system and other polyaxial LOQTEQ(R) systems

- Silver coating technology: Preparation of human clinical study with focus on coordination of scope and design of the study with authorities; CRO selected and aap development team reinforced with experienced specialist and management staff from leading global companies

- Voluntary public share buyback offer: Purchase of approx. 2.25 million shares followed by withdrawal and capital reduction leads to cash outflow of around EUR 3.4 million


For a detailed evaluation of the Management Agenda 2017 please refer to the consolidated annual financial report for 2017, published today.

 

2017 - Financials

Sales

In KEUR FY/2017 FY/2016 Change on year
Trauma
Germany
North America
North America Distributors
North America Global Partners

International
10,648
2,428
3,071
2,491
580
5,149
8,877
2,352
2,436
1,464
972
4,089
+20%
+3%
+26%
+70%
-40%
+26%
Other (mainly discontinued activities) 254 1,609 -84%
Sales 10,902 10,486 +4%
 


In respect of sales development 2017 was a positive financial year which was mainly characterized by the following effects: In North America, which is one of the core markets within the growth strategy, aap increased sales by 26% year-on-year to EUR 3.1 million (FY/2016: EUR 2.4 million). Here, distribution business was the growth driver with a growth of 70% to EUR 2.5 million (FY/2016: EUR 1.5 million). In Germany, aap was able to extend customer access by means of numerous activities and realized year-on-year sales growth of 3%. On the international level the company expanded business with existing customers and gained new customers. At the same time sales in the BRICS and SMIT countries showed a positive trend toward stabilization. As a result, aap realized in the international region a sales growth of 26% in financial year 2017 compared to the previous year to EUR 5.1 million (FY/2016: EUR 4.1 million). Overall, the company increased sales by 4% in financial year 2017 to EUR 10.9 million (FY/2016: EUR 10.5 million) despite the divestments made in 2016 and the consequent loss of sales revenues realized with these companies.

 

EBITDA

In KEUR FY/2017 FY/2016 Change on year
EBITDA -6,211 -7,888 +21%
One-time effects 1,479* 2,257** -34%
Recurring EBITDA -4,732 -5,631 +16%
 

*Includes costs of Quality First project, expenses for voluntary product recalls, costs for personnel measures, costs of evaluating strategic options, reduction in value on raw materials, costs of share buyback programme and recertification costs in connection with the disposal of aap Joints GmbH
**Includes pre-operating costs set-up distribution business North America, marketability discounts non-core products, costs for personnel measures, costs of early termination of license agreement and recertification costs in connection with the disposal of aap Joints GmbH
 


EBITDA improved to EUR -6.2 million (FY/2016: EUR -7.9 million) in financial year 2017 in spite of various one-time effects. EBITDA was mainly influenced in the reporting period by the following developments:

- Increase in gross margin (with regard to sales revenues, changes in inventories and cost of materials) from 67% to 82% due to trauma sales growth in established and higher margin markets

- Personnel costs decrease from EUR 8.7 million to EUR 7.4 million, reflecting personnel measures implemented in 2016 in order to adjust the cost structure to future sales streams and the reduced size of the company

- Slight increase in other operating costs due to higher legal advice costs and one-time effects totalling EUR 1.2 million arising from, inter alia, increased consulting expenditure in connection with the company-wide "Quality First" quality management programme, the evaluation of strategic alternatives and one-time costs of voluntary product recalls - in contrast decreasing trend in other cost positions


As EBITDA was burdened both in financial year 2017 and the previous year by significant one-time effects, a comparison based on recurring EBITDA (EBITDA without one-time effects) makes sense. Adjusted for one-time effects, recurring EBITDA improved in financial year 2017 to EUR -4.7 million (FY/2016: EUR -5.6 million).


Outlook for 2018

For financial year 2018 the Management Board anticipates the continuation of the dynamic sales growth and expects sales of EUR 13.0 million to EUR 15.0 million. aap thus aims for growth between about 20% and about 40%, which is significantly higher than the average growth rate of the global trauma market of 4 - 5%[2]. Regarding EBITDA the company plans an improvement in the current financial year as well and anticipates a value of EUR -5.0 million to EUR -3.4 million.
 

All markets shall contribute to the planned sales growth and earnings improvement, with both distribution business and partnerships with global orthopaedic companies (distribution networks, licensing deals as well as product development and approval projects) especially in North America as their main drivers. Overall, the Management Board expects a more moderate development over the first six months and a more dynamic growth in particular in the second half of the year.
 

This reflects the aimed development: a focus on established markets with higher profit margins and simultaneous a disciplined cost management to improve operational performance. These areas of activity are of central significance for the management in the financial year 2018.
 

The implementation of a human clinical study is a major milestone on the path to the planned CE and FDA approval for aap's innovative antibacterial silver coating technology. The company aims to start this study during the financial year 2018.
 

The Management Board is confident to continue aap's dynamic sales growth by consistently implementing the strategy and to unlock the inherent value of the innovative product and technology base.



[1] In the consolidated balance sheet of 12/31/2017 EUR 13.3 million is stated as cash and cash equivalents, while cash with banks totalling EUR 3.8 million is shown under current and non-current other financial assets as it was pledged to secure financial liabilities respectively cash payments were made to secure bank guarantees granted to third parties.

[2] Source: "The Orthopaedic Industry Annual Report 2017" from Orthoworld Inc.

_______________________________________________________________________________________
aap Implantate AG (ISIN DE0005066609) - Prime Standard/Regulated Market - All German stock markets -

About aap Implantate AG
aap Implantate AG is a globally operating medical device company headquartered in Berlin, Germany. The company develops, manufactures and markets trauma products for orthopaedics. The IP protected portfolio includes besides the innovative anatomical plating system LOQTEQ(R) and trauma complementary biomaterials a wide range of cannulated screws as well as standard plates and screws. Furthermore, aap Implantate AG has an innovation pipeline with promising development projects as the antibacterial silver coating technology and magnesium based implants. These technologies address critical problems in surgery that haven't yet been resolved adequately. In German-speaking Europe aap Implantate AG directly sells its products to hospitals, buying syndicates and hospital groups while it uses a broad network of distributors in more than 25 countries at the international level. aap Implantate AG's stock is listed in the Prime Standard segment of Frankfurt Stock Exchange (XETRA: AAQ.DE). For more information, please visit www.aap.de, or download the Company's investor relations app from the Apple's App Store or Google Play.

Forward-looking statement
This 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, Investor Relations, Lorenzweg 5, 12099 Berlin, Germany
Tel.: +49 30 7501 9-134, fax: +49 30 7501 9-290, e-mail: f.franke@aap.de


 


29.03.2018 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



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Press Release dated March 29, 2018, 08:45 AM

Antibacterial silver coating technology: Good progress regarding preparations for human clinical study - Start aimed for 2018

Antibacterial silver coating technology: Good progress regarding preparations for human clinical study - Start aimed for 2018

DGAP-News: aap Implantate AG / Key word(s): Study

29.03.2018 / 08:45
The issuer is solely responsible for the content of this announcement.


aap Implantate AG ("aap") has made substantial progress in preparing the human clinical study for the aimed CE and FDA approval of its antibacterial silver coating technology in recent months. Against this backdrop the company aims to start the human clinical study in the course of the current financial year.
 

At present, aap is still in intensive coordination with the involved authorities regarding scope and design of the clinical study. Based on the information currently available, the company plans the implementation of a multicentric two arm single blind study with about 200 patients in several countries. aap expects a duration of about two years for patient acquisition, implantation and subsequent patient follow-up. In a next step the collected data will be prepared and evaluated. All information is currently still subject to approval by the involved authorities. In this connection the company notes in particular the hardly predictable response times of the European notified body involved, the regulatory authorities BfArM (= Federal Institute for Drugs and Medical Devices) and FDA (= Food and Drug Administration) as well as the ethics commissions of the different German federal states where the hospitals in which the human clinical study is to be undertaken are located.
 

aap has already selected a renowned internationally active CRO (= clinical research organisation) with extensive experience in approval studies of this kind. Together with the CRO and a group of well-known physicians the study design has been drawn up and, for example, inclusion and exclusion criteria for the study have been discussed. In this constellation various documents have also been prepared for the authorities involved. They include documents on, for instance, proof of biocompatibility and mechanical stability. aap has also already lined up many large and well-known university hospitals in different countries to carry out the human clinical study. Furthermore, aap has made great progress on internal validation of processes and products in recent months. That is necessary in order to ensure the availability of a sufficient number of silver-coated LOQTEQ(R) 3.5 distal tibia and fibula plates for the human clinical study.
 

The internationally IP-protected silver coating technology developed by aap protects the surface of implants from bacterial colonisation. Thereby aap is addressing one of the biggest not adequately solved challenges in trauma: the reduction of surgical site infections (SSI). Surgical site infections are burdening global health care systems enormously. According to World Health Organization (WHO)[1], in the US alone, SSI cases were associated with 406,730 extra hospital days and hospital costs of more than US$ 900 million. In Europe economic costs caused by SSI are between EUR 1.47 to EUR 19.1 billion.
 

aap's silver coating technology has several unique selling propositions such as a high coating stability as well as a good biocompatibility and effectiveness. These properties have been demonstrated in a number of different test series. Furthermore, it is a cost-effective coating technology that is scalable to higher production volumes with reasonable expense.
 

As a platform technology aap's silver coating technology has a wide range of applications and can be used not only in orthopaedics but also in different further areas such as cardiology, dentistry or for medical instruments.
 

Alongside the preparations for the human clinical study the company is engaged in ongoing talks with various global companies on potential joint development projects in the field of silver coating technology.




[1] Source: WHO's Global Guidelines For The Prevention Of Surgical Site Infection, 2016
______________________________________________________________________________________________________________
aap Implantate AG (ISIN DE0005066609) - Prime Standard/Regulated Market - All German stock markets -

About aap Implantate AG
aap Implantate AG is a globally operating medical device company headquartered in Berlin, Germany. The company develops, manufactures and markets trauma products for orthopaedics. The IP protected portfolio includes besides the innovative anatomical plating system LOQTEQ(R) and trauma complementary biomaterials a wide range of cannulated screws as well as standard plates and screws. Furthermore, aap Implantate AG has an innovation pipeline with promising development projects as the antibacterial silver coating technology and magnesium based implants. These technologies address critical problems in surgery that haven't yet been resolved adequately. In German-speaking Europe aap Implantate AG directly sells its products to hospitals, buying syndicates and hospital groups while it uses a broad network of distributors in more than 25 countries at the international level. aap Implantate AG's stock is listed in the Prime Standard segment of Frankfurt Stock Exchange (XETRA: AAQ.DE). For more information, please visit www.aap.de, or download the Company's investor relations app from the Apple's App Store or Google Play.

Forward-looking statement
This 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, Investor Relations, Lorenzweg 5, 12099 Berlin, Germany
Tel.: +49 30 7501 9-134, fax: +49 30 7501 9-290, e-mail: f.franke@aap.de


 


29.03.2018 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



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Press Release dated February 15, 2018, 08:40 AM

aap Implantate AG: 20% trauma sales growth in 2017; for 2018 further dynamic sales growth and start of human clinical study for silver coating technology aimed

aap Implantate AG: 20% trauma sales growth in 2017; for 2018 further dynamic sales growth and start of human clinical study for silver coating technology aimed

DGAP-News: aap Implantate AG / Key word(s): Preliminary Results/Forecast

15.02.2018 / 08:40
The issuer is solely responsible for the content of this announcement.


 

- Successful first year as pure player in trauma with 20% trauma sales growth

- Sales with around EUR 11 million in line with guidance of EUR 10.0 million to EUR 13.0 million

- Further dynamic sales growth and earnings improvement planned for FY/2018: Forecast for sales between EUR 13.0 million and EUR 15.0 million and EBITDA between EUR -5.0 million and EUR -3.4 million

- Start of human clinical study for planned CE and FDA approval of innovative antibacterial silver coating technology aimed for FY/2018



Sales development in 2017

aap Implantate AG ("aap") looks back on a successful first year as a pure player in trauma. This is reflected by the pleasing development of trauma sales. In the fourth quarter of 2017, according to preliminary figures, the company achieved a trauma sales growth of 42% on the same period in the previous year to EUR 2.9 million (Q4/2016: EUR 2.0 million). In the full financial year aap increased trauma sales by 20% to EUR 10.6 million (FY/2016: EUR 8.9 million). The main growth drivers were the distribution business in North America with a sales increase of 70% and the expansion of the existing business as well as the acquisition of new customers in international markets.
 

Q4/2017 Sales

In KEUR Q4/2017 Q4/2016 Change on year
Trauma
Germany
North America
North America Distributors
North America Global Partners
International
2,863
578
621
613
7

1,665
2,016
559
477
445
32

980
+42%
+3%
+30%
+38%
-78%

+70%
Other (mainly discontinued activities) 5 389 -99%
Sales 2,869 2,405 +19%
 

FY/2017 Sales

In KEUR FY/2017 FY/2016 Change on year
Trauma
Germany
North America
North America Distributors
North America Global Partners
International
10,648
2,427
3,071
2,491
580
5,149
8,877
2,352
2,436
1,464
972
4,089
+20%
+3%
+26%
+70%
-40%
+26%
Other (mainly discontinued activities) 254 1,609 -84%
Sales 10,902 10,486 +4%



The decline in other sales revenues in the quarter and in the financial year results from the divestments (aap Joints and aap Biomaterials) in 2016.
 

Overall, aap achieved in the fourth quarter of 2017 significant year-on-year sales growth of 19% to EUR 2.9 million (Q4/2016: EUR 2.4 million) according to preliminary figures. Despite the divestments made in 2016 and the consequent loss of sales revenues realized with these companies sales in financial year 2017 increased by 4% to EUR 10.9 million (FY/2016: EUR 10.5 million) and were thereby within the guidance of EUR 10.0 million to EUR 13.0 million.
 

Outlook for 2018

For financial year 2018 the Management Board anticipates the continuation of the dynamic sales growth and expects sales of EUR 13.0 million to EUR 15.0 million. The company thus aims for growth between about 20% and about 40%, which is significantly higher than the average growth rate of the global trauma market of 4 - 5%[1]. Regarding EBITDA the company plans an improvement in the current financial year as well and anticipates a value of EUR -5.0 million to EUR -3.4 million.
 

All markets shall contribute to the planned sales growth and earnings improvement, with both distribution business and partnerships with global orthopaedic companies (distribution networks, licensing deals as well as product development and approval projects) especially in North America as their main drivers.
 

With respect to the cost development the Management Board anticipates increased sales costs in financial year 2018 as part of the planned sales growth. Besides, the company expects increasing personnel and other costs against the background of significantly higher regulatory requirements and the extensive work in view of the planned approval of the silver coating technology. The expected cost increases in connection with the human clinical study will also lead to an increase in capitalised own work in 2018. Furthermore, aap was affected by various one-time effects on the cost level in the last year that shall reduce in the current financial year.
 

Overall, the Management Board expects a more moderate development over the first six months and a more dynamic growth in particular in the second half of the year.
 

For the first quarter of 2018 the Management Board anticipates sales of EUR 1.8 million to EUR 3.0 million and EBITDA to be in a range of EUR -1.9 million to EUR -1.4 million.
 

Management Agenda 2018

The Management Board has specified its targets for the current financial year as a Management Agenda in four strategic and operational action areas.
 

Accelerating Value-Based Innovations
Silver coating technology - Application on LOQTEQ(R): Start of the human clinical study aimed
Silver coating technology - Development projects with global companies: Initiation of joint product development and approval projects
LOQTEQ(R): Completion of LOQTEQ(R) portfolio with a focus on polyaxial fixation technology, plate systems for the foot and ankle areas as well as implants in sterile packaging
 
Enhancing Market Access
Established countries: Focus on North America, Germany and Western Europe as key markets; North America as the main growth driver
Emerging countries: Further stabilisation of sales development in the BRICS and SMIT countries
Global partnerships: Distribution networks and licensing deals with global orthopaedic companies
 
Optimizing Operational Efficiency
Quality first: Consequent continuation of the company-wide quality improvement program
Production efficiency: Reduction of manufacturing costs and increase of ability to provide timely deliveries
Working capital: Optimisation of working capital management with a higher inventory turnover and further reduction of the figure DSO (days sales outstanding); strict consignment management
 
 
Realization of Financial Targets
Sales: Sales of EUR 13.0 million and EUR 15.0 million
EBITDA: EBITDA of EUR -5.0 million to EUR -3.4 million
 


The sales figures contained in this press release are preliminary as of 31 December 2017 which are subject to change until final publication. aap plans to publish the final, audited figures for the financial year 2017 on 29 March 2018 in its consolidated annual financial statements for 2017.


[1] Source: "The Orthopaedic Industry Annual Report 2017" from Orthoworld Inc.
 

_______________________________________________________________________________________
aap Implantate AG (ISIN DE0005066609) - Prime Standard/Regulated Market - All German stock markets -

About aap Implantate AG
aap Implantate AG is a globally operating medical device company headquartered in Berlin, Germany. The company develops, manufactures and markets trauma products for orthopaedics. The IP protected portfolio includes besides the innovative anatomical plating system LOQTEQ(R) and trauma complementary biomaterials a wide range of cannulated screws as well as standard plates and screws. Furthermore, aap Implantate AG has an innovation pipeline with promising development projects as the antibacterial silver coating technology and magnesium based implants. These technologies address critical problems in surgery that haven't yet been resolved adequately. In German-speaking Europe aap Implantate AG directly sells its products to hospitals, buying syndicates and hospital groups while it uses a broad network of distributors in more than 25 countries at the international level. aap Implantate AG's stock is listed in the Prime Standard segment of Frankfurt Stock Exchange (XETRA: AAQ.DE). For more information, please visit www.aap.de, or download the Company's investor relations app from the Apple's App Store or Google Play.

Forward-looking statement
This 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; Investor Relations; Lorenzweg 5; D-12099 Berlin Tel.: +49/30/750 19 - 134; Fax.: +49/30/750 19 - 290; f.franke@aap.de



15.02.2018 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



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Press Release dated November 27, 2017, 11:34 AM

aap Implantate AG to present at German Equity Forum 2017

aap Implantate AG to present at German Equity Forum 2017

DGAP-News: aap Implantate AG / Key word(s): Conference/Miscellaneous

27.11.2017 / 11:34
The issuer is solely responsible for the content of this announcement.


aap Implantate AG ("aap") announces that it will present at the German Equity Forum 2017 at the Sheraton Frankfurt Airport Hotel and Conference Center in Frankfurt am Main, Germany on Wednesday, 29 November 2017. Bruke Seyoum Alemu, Chief Executive Officer, will present in room Zürich at 11:00 a.m. CET.

Following the conference the accompanying presentation materials will be available on aap's corporate website at https://www.aap.de/ in the section "Investor Relations" in the area "News & Publications" under "Presentations".

 

_______________________________________________________________________________________
aap Implantate AG (ISIN DE0005066609) - Prime Standard/Regulated Market - All German stock markets -

About aap Implantate AG
aap Implantate AG is a globally operating medical device company headquartered in Berlin, Germany. The company develops, manufactures and markets trauma products for orthopaedics. The IP protected portfolio includes besides the innovative anatomical plating system LOQTEQ(R) and trauma complementary biomaterials a wide range of cannulated screws as well as standard plates and screws. Furthermore, aap Implantate AG has an innovation pipeline with promising development projects as the antibacterial silver coating technology and magnesium based implants. These technologies address critical problems in surgery that haven't yet been resolved adequately. In German-speaking Europe aap Implantate AG directly sells its products to hospitals, buying syndicates and hospital groups while it uses a broad network of distributors in more than 25 countries at the international level. aap Implantate AG's stock is listed in the Prime Standard segment of Frankfurt Stock Exchange (XETRA: AAQ.DE). For more information, please visit www.aap.de, or download the Company's investor relations app from the Apple's App Store or Google Play.

Forward-looking statement
This 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.


Contact:
aap Implantate AG; Fabian Franke; Investor Relations; Lorenzweg 5; D-12099 Berlin Tel.: +49/30/750 19 - 134; Fax.: +49/30/750 19 - 290; f.franke@aap.de


27.11.2017 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



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Press Release dated November 14, 2017, 08:50 AM

aap Implantate AG: Double-digit trauma sales growth in Q3 and 9M/2017

aap Implantate AG: Double-digit trauma sales growth in Q3 and 9M/2017

DGAP-News: aap Implantate AG / Key word(s): Quarter Results/Quarterly / Interim Statement

14.11.2017 / 08:50
The issuer is solely responsible for the content of this announcement.


aap Implantate AG ("aap") achieved sales and EBITDA in line with the guidance in the third quarter of 2017, thereby reaching its financial targets. The company posted sales of EUR 2.6 million (Q3/2016: EUR 2.9 million) in the reporting period which were thus within the forecast corridor of EUR 1.8 million and EUR 3.0 million. EBITDA improved in the third quarter of 2017 by 11% year-on-year to EUR -1.6 million (Q3/2016: EUR -1.8 million) and were thereby likewise in line with the guidance of EUR -1.8 million and EUR -1.2 million. In the first nine months of the current financial year aap realised sales of EUR 8.0 million (9M/2016 like-for-like: EUR 8.1 million[1]), while EBITDA improved by 8% to EUR -4.9 million (9M/2016: EUR -5.3 million).


Q3/2017 and 9M/2017 - Key results and progress

- Sales: Trauma sales +11% in Q3 to EUR 2.6 million (Q3/2016: EUR 2.3 million) and +13% in 9M to EUR 7.8 million (9M/2016 like-for-like: EUR 6.9 million1)

- Earnings: Recurring EBITDA +12% in Q3 to EUR -1.3 million (Q3/2016: EUR -1.5 million) and +27% in 9M to EUR -3.7 million (9M/2016: EUR -5.0 million)

- Gross margin and costs: Significantly higher gross margin than in previous year (Q3 and 9M) due to higher sales share in established markets and trauma sales growth; decrease in personnel costs (Q3 and 9M) as a result of personnel measures implemented in 2016

- Cash flow and balance sheet: Cash need in 9M/2017 totalled EUR 5.4 million with positive effects of working capital reduction (EUR 0.4 million); cash holdings of EUR 19.1 million[2] and a further high equity ratio of 84%

- Focus on established markets: North America and DACH region as growth drivers; sales in North America +14% in Q3 and +23% in 9M and sales in DACH region +8% in 9M

- LOQTEQ(R): Completion of development activities in connection with the aap foot system and other polyaxial LOQTEQ(R) systems

- Silver coating technology: Focus on preparation of the clinical study for CE and FDA approval

- Voluntary public share buyback offer: Purchase of approx. 2.25 million shares followed by withdrawal and capital reduction leads to cash outflow of around EUR 3.4 million

 

Q3/2017 and 9M/2017 - Financials

Q3 Sales

In KEUR Q3/2017 Q3/2016 Change on year
Sales 2,595 2,875 -10%
Trauma
thereof North America and Europe
thereof Other
2,574
1,657
917
2,325
1,723
602
+11%
-4%
+52%
Other (mainly discontinued activities) 21 550 -96%
 

9M Sales

In KEUR 9M/2017 9M/2016 Change on year
Sales (reported) 8,033 8,820 -9%
less Q2/2016 initial sales revoked in Q4/2016 0 756 -
Sales (like-for-like) 8,033 8,064 N/C
Trauma
thereof North America and Europe
thereof Other
7,785
5,332
2,453
6,860
5,291
1,569
+13%
+1%
+56%
Other (mainly discontinued activities) 248 1,204 -79%
 

Trauma sales developed especially pleasing. Here, aap achieved double-digit growth rates both in the third quarter and the nine-month period. In the third quarter of 2017 trauma sales increased by 11% compared to the corresponding period in the last year to EUR 2.6 million (Q3/2016: EUR 2.3 million) and in the first nine months by 13% to EUR 7.8 million (9M/2016 like-for-like: EUR 6.9 million). Growth drivers were, in particular, the strategically important core markets North America and the DACH region. While sales in North America were up by 14% in the third quarter and by 23% in the first nine months, the DACH region posted an 8% increase in the nine-month period. This reflects the progress achieved in the targeted distribution focus on established markets such as North America, the DACH region and further European countries. The decline in other sales revenues in the quarter and the nine-month period results from the previous year's divestments (aap Joints and aap Biomaterials) and the consequent loss of sales revenues realized with these companies.


Q3 EBITDA

In KEUR Q3/2017 Q3/2016 Change on year
EBITDA -1,567 -1,764 +11%
One-time effects 286* 315** -9%
Recurring EBITDA -1,281 -1,449 +12%
 

*Includes costs of evaluating strategic options, costs of "Quality First" project, costs of share buyback programme and risk provision for voluntary product recalls
**Includes costs of early termination of long-term licence agreement

 


EBITDA 9M

In KEUR 9M/2017 9M/2016 Change on year
EBITDA -4,874 -5,325 +8%
One-time effects 1,191* 298** >+100%
Recurring EBITDA -3,683 -5,027 +27%
 

*Includes risk provision for voluntary product recalls, costs of "Quality First" project, costs of evaluating strategic options, costs of share buyback programme, costs for personnel measures and recertification costs in connection with the disposal of aap Joints GmbH
**Includes Q2/2016 initial sales revoked in Q4/2016, costs for personnel measures, costs of early termination of long-term licence agreement and recertification costs in connection with the disposal of aap Joints GmbH



EBITDA was burdened both in the third quarter and the first nine months of 2017 and in the same periods of the previous year by one-time effects, so a comparison based on Recurring EBITDA (EBITDA without one-time effects) makes sense. Adjusted for the above-mentioned one-time effects, recurring EBITDA improved by 12% in the third quarter of 2017 to EUR -1.3 million (Q3/2016: EUR -1.5 million) and by 27% in the first nine months of the current financial year to EUR -3.7 million (9M/2016: EUR -5.0 million). This reflects the aimed development: a focus on established markets with higher profit margins and simultaneous a disciplined cost management to improve operational performance. These areas of activity are of central significance for the management in the financial year 2017.


Outlook for FY/2017
Against the background of the results realised in the year to date and the outlook for the fourth quarter, aap expects sales and EBITDA to be at the lower end of the guidance for financial year 2017.



[1] Like-for-like 9M/2016 sales of EUR 8.1 million are based on reported sales of EUR 8.8 million taking into account initial sales invoiced in Q2/2016 and revoked in course of drawing up the annual financial statements for 2016; like-for-like trauma sales of EUR 6.9 million in 9M/2016.

[2] In the consolidated balance sheet of 09/30/2017 EUR 14.9 million is stated as cash and cash equivalents, while cash with banks totalling EUR 4.2 million is shown under current and non-current other financial assets as it was pledged to secure financial liabilities respectively cash payments were made to secure bank guarantees granted to third parties.

_______________________________________________________________________________________
aap Implantate AG (ISIN DE0005066609) - Prime Standard/Regulated Market - All German stock markets -

About aap Implantate AG
aap Implantate AG is a globally operating medical device company headquartered in Berlin, Germany. The company develops, manufactures and markets trauma products for orthopaedics. The IP protected portfolio includes besides the innovative anatomical plating system LOQTEQ(R) and trauma complementary biomaterials a wide range of cannulated screws as well as standard plates and screws. Furthermore, aap Implantate AG has an innovation pipeline with promising development projects as the antibacterial silver coating technology and magnesium based implants. These technologies address critical problems in surgery that haven't yet been resolved adequately. In German-speaking Europe aap Implantate AG directly sells its products to hospitals, buying syndicates and hospital groups while it uses a broad network of distributors in more than 25 countries at the international level. aap Implantate AG's stock is listed in the Prime Standard segment of Frankfurt Stock Exchange (XETRA: AAQ.DE). For more information, please visit www.aap.de, or download the Company's investor relations app from the Apple's App Store or Google Play.

Forward-looking statement
This 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.
 

Contact:
aap Implantate AG; Fabian Franke; Investor Relations; Lorenzweg 5; D-12099 Berlin Tel.: ++49/30/750 19 - 134; Fax.: ++49/30/750 19 - 290; f.franke@aap.de


14.11.2017 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



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Press Release dated August 14, 2017, 10:43 AM

aap Implantate AG: aap Announces Exploration of Strategic Alternatives to Create More Value

aap Implantate AG: aap Announces Exploration of Strategic Alternatives to Create More Value

DGAP-News: aap Implantate AG / Key word(s): Miscellaneous

14.08.2017 / 10:43
The issuer is solely responsible for the content of this announcement.


aap Implantate AG (XETRA: AAQ) ("aap" or the "Company"), a globally operating medical device company headquartered in Berlin, Germany, today announced that its Management Board is exploring strategic alternatives for more value creation from, among other things, co-development-/license agreements, joint venture agreements to corporate transactions (e.g. merger, share or asset deal, carve out).

This step belongs to the Company's overall current strategic planning and related efforts to explore the full spectrum of possible options to unlock the inherent value of aap's comprehensive trauma product portfolio and its diverse patented platform technologies as well as to build upon its strengthened financial position.

There is no set time table for this process of exploring strategic alternatives. The Company stated that no decision has been made with regard to any alternatives and that there can be no assurance that the Management Board's exploration of strategic alternatives will result in any transaction being entered into or consummated. aap does not intend to discuss or disclose developments with respect to this process until the Management Board has approved a definitive course of action or otherwise concludes the review of strategic alternatives.

_______________________________________________________________________________________
aap Implantate AG (ISIN DE0005066609) - Prime Standard/Regulated Market - All German stock markets -

About aap Implantate AG
aap Implantate AG is a globally operating medical device company headquartered in Berlin, Germany. The company develops, manufactures and markets trauma products for orthopaedics. The IP protected portfolio includes besides the innovative anatomical plating system LOQTEQ(R) and trauma complementary biomaterials a wide range of cannulated screws as well as standard plates and screws. Furthermore, aap Implantate AG has an innovation pipeline with promising development projects as the antibacterial silver coating technology and magnesium based implants. These technologies address critical problems in surgery that haven't yet been resolved adequately. In German-speaking Europe aap Implantate AG directly sells its products to hospitals, buying syndicates and hospital groups while it uses a broad network of distributors in more than 25 countries at the international level. aap Implantate AG's stock is listed in the Prime Standard segment of Frankfurt Stock Exchange (XETRA: AAQ.DE). For more information, please visit www.aap.de, or download the Company's investor relations app from the Apple's App Store or Google Play.

Forward-looking statement
This 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.
 


Contact:
aap Implantate AG; Fabian Franke; Investor Relations; Lorenzweg 5; D-12099 Berlin Tel.: ++49/30/750 19 - 134; Fax.: ++49/30/750 19 - 290; f.franke@aap.de


14.08.2017 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



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Press Release dated August 14, 2017, 08:25 AM

aap Implantate AG: Q2 sales and EBITDA in line with guidance; 14% sales growth in trauma in H1/2017

aap Implantate AG: Q2 sales and EBITDA in line with guidance; 14% sales growth in trauma in H1/2017

DGAP-News: aap Implantate AG / Key word(s): Half Year Results

14.08.2017 / 08:25
The issuer is solely responsible for the content of this announcement.


aap Implantate AG ("aap") posted sales and EBITDA in line with the guidance in the second quarter of 2017 and thereby achieved its financial targets. Sales in the reporting period totalled EUR 2.3 million (Q2/2016 like-for-like: EUR 2.7 million) and were thus within the forecast corridor of EUR 1.8 million to EUR 2.7 million. The company realized an EBITDA in the second quarter of 2017 of EUR -1.6 million (Q2/2016: EUR -1.4 million) and thereby likewise a value in line with the guidance of EUR -1.7 million to EUR -1.3 million. In the first half of 2017 aap increased sales year-on-year by 5% to EUR 5.4 million (H1/2016 like-for-like: EUR 5.2 million). Similarly, EBITDA improved in the first six months of 2017 compared to the corresponding period in the last year by 7% to EUR -3.3 million (H1/2016: EUR
-3.6 million).

Starting with the sales figures as reported of EUR 3.4 million in the second quarter of 2016 respectively of EUR 5.9 million in the first half of 2016 and taking into account an initial sale invoiced in the second quarter of 2016 which was revoked in course of drawing up the annual financial statements for 2016, like-for-like sales values in the second quarter of 2016 and the first half of 2016 were EUR 2.7 million and EUR 5.2 million respectively. Accordingly, like-for-like trauma sales in the second quarter of 2016 amounted to EUR 2.3 million and to EUR 4.5 million in the first six months of 2016.

Q2/2017 and H1/2017 - Key results and progress

- Sales: Trauma sales up by 14% on a half year basis to EUR 5.2 million (H1/2016 like-for-like: EUR 4.5 million); trauma sales in Q2 unchanged if compared to previous year level (EUR 2.3 million)

- Earnings: Recurring EBITDA at EUR -1.1 million in Q2 (Q2/2016: EUR -1.5 million) and at EUR -2.4 million in H1 (H1/2016: EUR -3.6 million)

- Gross margin and costs: Strong year-on-year improvement in gross margin (both Q2 and H1) through focussing on trauma and growing sales share in established markets; continued decrease in personnel costs in Q2 and perceptible reduction in H1 due to personnel measures implemented in 2016

- Cash flow and balance sheet: Cash need in H1/2017 totalled EUR 3.4 million with positive effects from working capital reduction (EUR 0.6 million); cash holdings of EUR 24.8 million[1] and a further high equity ratio of 86%

- Focus on established markets: Share of sales attributable to North America and Europe together rose in H1 to EUR 3.7 million (H1/2016: EUR 3.6 million); growth drivers are North America (+26%) and DACH region (+10%); conclusion of a distribution agreement for the LOQTEQ(R) Radius System with worldwide leading US medical technology company Integra LifeSciences

- LOQTEQ(R): Completion of portfolio with a focus on preparations of approvals of further polyaxial LOQTEQ(R) systems and continued product development steps towards completion of the aap foot system

- Silver coating technology: Focus on coordination process regarding scope and design of the clinical study with involved authorities; renowned international CRO (clinical research organisation) with extensive experience in clinical studies of this kind selected; aap team strengthened by experienced specialist and management staff from globally leading companies

- Successful voluntary public share buyback offer: Purchase of around 2.25 million shares for EUR 1.52 per share; transaction oversubscribed with about 3.9 million shares offered for buyback

Q2/2017 and H1/2017 - Financials

Q2 Sales

In KEUR Q2/2017 Q2/2016 Change on year
Sales (reported) 2,344 3,427 -32%
less Q2/2016 initial sales revoked in Q4/2016 0 756 -
Sales (like-for-like) 2,344 2,670 -12%
Trauma
North America and Europe
Other
2,288
1,608
680
2,309
1,799
510
-1%
-11%
+33%
Other (mainly discontinued activities) 57 361 -84%
 

H1 Sales

In KEUR H1/2017 H1/2016 Change on year
Sales (reported) 5,439 5,945 -9%
less Q2/2016 initial sales revoked in Q4/2016 0 756 -
Sales (like-for-like) 5,439 5,188 +5%
Trauma
North America and Europe
Other
5,189
3,653
1,536
4,535
3,568
967
+14%
+2%
+59%
Other (mainly discontinued activities) 250 653 -62%
 

In the second quarter of 2017 sales were down 12% from EUR 2.7 million to EUR 2.3 million, whereas the first half showed a 5% increase to EUR 5.4 million. The decline in other sales revenues in the quarter and the half year results from the previous year's divestments (aap Joints and aap Biomaterials) and the consequent loss of sales revenues realized with these companies.

Trauma sales remained on the previous year level of EUR 2.3 million in the second quarter of 2017. On the basis of half year figures trauma sales increased by 14% to EUR 5.2 million (H1/2016: EUR 4.5 million) if compared to the corresponding period in the last year. Growth drivers in the first six months were, in particular, North America (+26%) and the DACH region (+10%). This reflects the progress achieved in the targeted distribution focus on established markets such as North America, the DACH region and further European countries. Sales development in the BRICS and SMIT states showed a positive trend towards stabilization in the first half year.

Q2 EBITDA

In KEUR Q2/2017 Q2/2016 Change on year
EBITDA -1,642 -1,390 -18%
One-time effects 553* -95** >+100%
Recurring EBITDA -1,089 -1,485 +27%
 

*Includes risk provision for voluntary product recalls and costs for personnel measures
**Includes Q2/2016 initial sales revoked in Q4/2016, costs for personnel measures and recertification costs in connection with the disposal of aap Joints GmbH

H1 EBITDA

In KEUR H1/2017 H1/2016 Change on year
EBITDA -3,307 -3,561 +7%
One-time effects 905* -18** >+100%
Recurring EBITDA -2,402 -3,579 +33%
 

* Includes risk provision for voluntary product recalls and costs for personnel measures
**Includes Q2/2016 initial sales revoked in Q4/2016, costs for personnel measures and recertification costs in connection with the disposal of aap Joints GmbH

In the second quarter of 2017 EBITDA was at EUR -1.6 million (Q2/2016: EUR -1.4 million) and improved in the first half of 2017 by 7% to EUR -3.3 million (H1/2016: EUR -3.6 million).

EBITDA was burdened by one-time effects both in the second quarter and in the first half of 2017 and in the same periods of the previous year so that a comparison on the basis of the Recurring EBITDA (EBITDA without one-time effects) makes sense. Adjusted for the above-mentioned one-time effects, recurring EBITDA increased in the second quarter of 2017 by 27% to EUR -1.1 million (Q2/2016: EUR
-1.5 million) and in the first six months of the current financial year by 33% to EUR -2.4 million (H1/2016: EUR -3.6 million). This reflects the aimed development: a focus on established markets with higher profit margins and simultaneous a disciplined cost management to improve operational performance. These areas of activity are of central significance for the management in the financial year 2017.

Outlook for Q3/2017
For the third quarter of 2017 aap anticipates sales of EUR 1.8 million to EUR 3.0 million and an EBITDA of EUR -1.8 million to EUR -1.2 million.


[1] In the consolidated balance sheet of 06/30/2017, EUR 20.3 million is stated as cash and cash equivalents, while cash with banks totalling EUR 4.4 million is shown under current and non-current other financial assets as it was pledged to secure financial liabilities respectively cash payments were made to secure bank guarantees granted to third parties.

_______________________________________________________________________________________
aap Implantate AG (ISIN DE0005066609) - Prime Standard/Regulated Market - All German stock markets -

About aap Implantate AG
aap Implantate AG is a globally operating medical device company headquartered in Berlin, Germany. The company develops, manufactures and markets trauma products for orthopaedics. The IP protected portfolio includes besides the innovative anatomical plating system LOQTEQ(R) and trauma complementary biomaterials a wide range of cannulated screws as well as standard plates and screws. Furthermore, aap Implantate AG has an innovation pipeline with promising development projects as the antibacterial silver coating technology and magnesium based implants. These technologies address critical problems in surgery that haven't yet been resolved adequately. In German-speaking Europe aap Implantate AG directly sells its products to hospitals, buying syndicates and hospital groups while it uses a broad network of distributors in more than 25 countries at the international level. aap Implantate AG's stock is listed in the Prime Standard segment of Frankfurt Stock Exchange (XETRA: AAQ.DE). For more information, please visit www.aap.de, or download the Company's investor relations app from the Apple's App Store or Google Play.

Forward-looking statement
This 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.
 


Contact:
aap Implantate AG; Fabian Franke; Investor Relations; Lorenzweg 5; D-12099 Berlin Tel.: ++49/30/750 19 - 134; Fax.: ++49/30/750 19 - 290; f.franke@aap.de


14.08.2017 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



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Press Release dated June 30, 2017, 04:39 PM

aap Implantate AG: Update regarding antibacterial silver coating technology - Preparations for clinical human study under way

aap Implantate AG: Update regarding antibacterial silver coating technology - Preparations for clinical human study under way

DGAP-News: aap Implantate AG / Key word(s): Study/Regulatory Admission

30.06.2017 / 16:39
The issuer is solely responsible for the content of this announcement.


aap Implantate AG ("aap") provides an update on the recent developments regarding the aimed CE and FDA approval for its antibacterial silver coating technology. Based on the previous talks with the involved authorities as well as the internal development progress, aap will initiate various further preparations for the implementation of a clinical human study in the second half of 2017. In addition, the coordination of the design and the extent of the human study with the competent authorities will be continued. The company will publish further details about the study at the beginning of 2018.

The internationally IP-protected silver coating technology developed by aap protects the surface of implants from bacterial colonisation. The technology thus addresses one of the critical and not yet adequately solved problems of surgery: the reduction of infection risks when using metal implants. aap's silver coating technology has several unique selling propositions such as a high coating stability as well as a good biocompatibility and effectiveness. These properties have been demonstrated in a number of different test series. Furthermore, it is a cost-effective coating technology that is scalable to higher production volumes with reasonable expense as investments for the required coating machinery are relatively low.

As a platform technology aap's silver coating technology has a wide range of applications and can be used not only in orthopaedics but also in different further areas such as cardiology, dentistry or for medical instruments.

Along with preparing for the clinical human study aap is currently in talks with various global companies on potential joint development projects in the field of silver coating technology.

_______________________________________________________________________________________

aap Implantate AG (ISIN DE0005066609) - Prime Standard/Regulated Market - All German stock markets -

About aap Implantate AG
aap Implantate AG is a globally operating medical device company headquartered in Berlin, Germany. The company develops, manufactures and markets trauma products for orthopaedics. The IP protected portfolio includes besides the innovative anatomical plating system LOQTEQ(R) and trauma complementary biomaterials a wide range of cannulated screws as well as standard plates and screws. Furthermore, aap Implantate AG has an innovation pipeline with promising development projects as the antibacterial silver coating technology and magnesium based implants. These technologies address critical problems in surgery that haven't yet been resolved adequately. In German-speaking Europe aap Implantate AG directly sells its products to hospitals, buying syndicates and hospital groups while it uses a broad network of distributors in more than 25 countries at the international level. aap Implantate AG's stock is listed in the Prime Standard segment of Frankfurt Stock Exchange (XETRA: AAQ.DE). For more information, please visit www.aap.de, or download the Company's investor relations app from the Apple's App Store or Google Play.

Forward-looking statement
This 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.

Contact:
aap Implantate AG; Fabian Franke; Investor Relations; Lorenzweg 5; D-12099 Berlin Tel.: ++49/30/750 19 - 134; Fax.: ++49/30/750 19 - 290; f.franke@aap.de


30.06.2017 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



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Press Release dated June 15, 2017, 08:15 PM

aap Implantate AG: Supervisory Board extends both Management Board members' contracts prematurely until the end of 2020

aap Implantate AG: Supervisory Board extends both Management Board members' contracts prematurely until the end of 2020

DGAP-News: aap Implantate AG / Key word(s): Change of Personnel/Miscellaneous

15.06.2017 / 20:15
The issuer is solely responsible for the content of this announcement.


aap Implantate AG ("aap") announces that the Supervisory Board decided today to extend the contracts of Management Board Chairman Bruke Seyoum Alemu (CEO) and Chief Financial Officer Marek Hahn (CFO) prematurely for a further three years until the end of 2020.

Bruke Seyoum Alemu (52) has served aap in various top management positions for many years and has been the Chairman of the Management Board (CEO) since June 2014. He is responsible for Corporate Development, Research & Development, Production, Quality Assurance and Control, Regulatory Affairs as well as Sales and Marketing.

Marek Hahn (42) has been a member of the Management Board (CFO) at aap since April 2010. In his role as Chief Financial Officer he is responsible in the company for Finance/ Controlling, Human Resources, IT, Legal Affairs, Investor and Public Relations as well as Administration.

"By extending the contracts with Mr. Alemu and Mr. Hahn we focus on continuity at the top management level in the years ahead as well," says Biense Visser, Chairman of the Supervisory Board at aap. "In recent years Mr. Alemu and Mr. Hahn have consistently and successfully undertaken the transformation of aap from a diversified medical technology company into a pure player in trauma. The company now has a comprehensive IP-protected product and technology portfolio as well as a strong liquidity position and can take even better advantage of the opportunities in the growing trauma market with its focused business model. Management Board and Supervisory Board must now continue to consequently implement the strategy in order to unlock the inherent value of our innovative product and technology base and thereby create sustainable value for aap's shareholders."

_______________________________________________________________________________________

aap Implantate AG (ISIN DE0005066609) - Prime Standard/Regulated Market - All German stock markets -

About aap Implantate AG
aap Implantate AG is a globally operating medical device company headquartered in Berlin, Germany. The company develops, manufactures and markets trauma products for orthopaedics. The IP protected portfolio includes besides the innovative anatomical plating system LOQTEQ(R) and trauma complementary biomaterials a wide range of cannulated screws as well as standard plates and screws. Furthermore, aap Implantate AG has an innovation pipeline with promising development projects as the antibacterial silver coating technology and magnesium based implants. These technologies address critical problems in surgery that haven't yet been resolved adequately. In German-speaking Europe aap Implantate AG directly sells its products to hospitals, buying syndicates and hospital groups while it uses a broad network of distributors in more than 25 countries at the international level. aap Implantate AG's stock is listed in the Prime Standard segment of Frankfurt Stock Exchange (XETRA: AAQ.DE). For more information, please visit www.aap.de, or download the Company's investor relations app from the Apple's App Store or Google Play.

Forward-looking statement
This 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.
 


Contact:
aap Implantate AG; Fabian Franke; Investor Relations; Lorenzweg 5; D-12099 Berlin Tel.: ++49/30/750 19 - 134; Fax.: ++49/30/750 19 - 290; f.franke@aap.de


15.06.2017 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



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Press Release dated June 15, 2017, 11:25 AM

aap Implantate AG: First-time shareholder participation in the form of a share buyback following the sale of aap Biomaterials GmbH in financial year 2016

aap Implantate AG: First-time shareholder participation in the form of a share buyback following the sale of aap Biomaterials GmbH in financial year 2016

DGAP-News: aap Implantate AG / Key word(s): Share Buyback/Corporate Action

15.06.2017 / 11:25
The issuer is solely responsible for the content of this announcement.


aap Implantate AG ("aap") announces that the stated partial distribution of proceeds to shareholders from last year's sale of the subsidiary aap Biomaterials GmbH shall be implemented in form of a share buyback. Overall, the company intends to purchase up to 2.25 million aap shares by means of a voluntary public share buyback offer at an offer price of EUR 1.52 per aap share. The maximum total purchase price (including incidental costs), and thereby the amount which shall be distributed among shareholders, will accordingly be up to EUR 3.5 million. aap plans to redeem the shares acquired following the acceptance period.

With the divestments of its subsidiary aap Biomaterials GmbH and the remaining stake in aap Joints GmbH in financial year 2016 aap has successfully completed the transformation into a pure player in trauma. The company now has a comprehensive IP-protected product and technology portfolio, as well as a strong liquidity position, and can take even better advantage of the growing global trauma market with its focused business model. As previously announced, aap will use part of the proceeds from the sale of aap Biomaterials GmbH to finance further growth and to distribute part of them to its shareholders. In the course of the transaction the company reported a total cash inflow of around EUR 34 million at 31 December 2016. After careful examination and consideration of the different options to distribute proceeds taking into account the company's growth plans for the years ahead the Management Board and Supervisory Board have decided to distribute to aap shareholders up to EUR 3.5 million (including incidental costs) by means of a public share buyback. From the company's viewpoint a public share buyback offer is a shareholder-friendly measure that does justice to the nature of an one-off special payout most likely. At the same time a share buyback followed by redeeming the shares takes into account the reduced size of the company and lower revenue streams following the recent divestments.

"We are delighted to be able for the first time since aap went public in 1999 to give something back to our shareholders in the form of a share buyback programme," said Bruke Seyoum Alemu, Chairman of the Management Board (CEO) at aap. "We are also convinced that in offering our shareholders a price that is significantly above the average price over the past 12 months we are making a fair and attractive offer."

The acceptance period starts on Tuesday, 20 June 2017, 00.00 hours (CEST) and ends on Monday, 10 July 2017, 24.00 hours (CEST). The offer document will be published before the start of the acceptance period on the corporate website of the company (www.aap.de) in the section "Investors / Share Buyback" as well as in the Federal Gazette under www.bundesanzeiger.de.

After the successful completion of its transformation into a focussed trauma company aap will invest the major part of the proceeds from the sale of aap Biomaterials GmbH in further growth and the acceleration of its innovations such as the silver coating technology. The Management Board and Supervisory Board continue to consequently pursue the overarching target to unlock the inherent value of aap's innovative product and technology base and thereby creating sustainable value for the company's shareholders.

 

_______________________________________________________________________________________
aap Implantate AG (ISIN DE0005066609) - Prime Standard/Regulated Market - All German stock markets -

About aap Implantate AG
aap Implantate AG is a globally operating medical device company headquartered in Berlin, Germany. The company develops, manufactures and markets trauma products for orthopaedics. The IP protected portfolio includes besides the innovative anatomical plating system LOQTEQ(R) and trauma complementary biomaterials a wide range of cannulated screws as well as standard plates and screws. Furthermore, aap Implantate AG has an innovation pipeline with promising development projects as the antibacterial silver coating technology and magnesium based implants. These technologies address critical problems in surgery that haven't yet been resolved adequately. In German-speaking Europe aap Implantate AG directly sells its products to hospitals, buying syndicates and hospital groups while it uses a broad network of distributors in more than 25 countries at the international level. aap Implantate AG's stock is listed in the Prime Standard segment of Frankfurt Stock Exchange (XETRA: AAQ.DE). For more information, please visit www.aap.de, or download the Company's investor relations app from the Apple's App Store or Google Play.

Forward-looking statement
This 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.
 


Contact:
aap Implantate AG; Fabian Franke; Investor Relations; Lorenzweg 5; D-12099 Berlin Tel.: ++49/30/750 19 - 134; Fax.: ++49/30/750 19 - 290; f.franke@aap.de


15.06.2017 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



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Press Release dated May 15, 2017, 04:11 PM

aap Implantate AG: Successful start in 2017 with sales and EBITDA increase - 30% sales growth in trauma in Q1/2017

aap Implantate AG: Successful start in 2017 with sales and EBITDA increase - 30% sales growth in trauma in Q1/2017

DGAP-News: aap Implantate AG / Key word(s): Quarter Results/Quarterly / Interim Statement

15.05.2017 / 16:11
The issuer is solely responsible for the content of this announcement.


aap Implantate AG ("aap") made a successful start in financial year 2017 as a pure player in trauma with sales and EBITDA growth and achieving its financial targets for the first quarter of 2017. The company increased trauma sales in the first quarter of 2017 by 30% compared to the corresponding period in the previous year to EUR 2.9 million (Q1/2016: EUR 2.2 million). Overall, total sales in the first three months of the current year were up by 23% year on year to EUR 3.1 million (Q1/2016: EUR 2.5 million), and thereby slightly above the February forecast of EUR 1.8 million to EUR 2.8 million. EBITDA also increased by 23% in the reporting period compared to the first three months of 2016 to EUR -1.7 million (Q1/2016: EUR -2.2 million) and was thus at the upper end of the guidance, which was between EUR -2.3 million and EUR -1.7 million.


Q1/2017 - Key results and progress

- Sales and earnings: Sales increased to EUR 3.1 million (Q1/2016: EUR 2.5 million) and EBITDA to EUR -1.7 million (Q1/2016: EUR -2.2 million); recurring EBITDA at EUR -1.2 million (Q1/2016:
EUR -2.0 million)

- Gross margin and costs: First positive effects in increasing gross margin through focussing on trauma and growing sales share in established markets; perceptible reduction in personnel and other costs inter alia as a result of personnel measures undertaken in 2016

- Cash flow and balance sheet: Cash need in Q1/2017 totalled EUR 1.1 million with positive effects from working capital reduction; liquidity position of EUR 27.4 million[1] and a further high equity ratio of 86%

- Focus on established markets: Share of sales attributable to North America and Europe together increased by 16% to EUR 2.1 million (Q1/2016: EUR 1.8 million); conclusion of a distribution agreement for the LOQTEQ(R) Radius System with a worldwide leading US medical technology company

- LOQTEQ(R): Completion of portfolio with a focus on the preparation of approvals for further polyaxial LOQTEQ(R) systems

- Silver coating technology: Focus on coordinating scope of clinical study with notified body and US FDA; approach, timetable and required resources will be published in a separate release


Q1/2017 - Financials

Sales

In EUR million Q1/2017 Q1/2016 Change on year
Trauma
thereof North America and Europe
thereof RoW
2.9
2.1
0.8
2.2
1.8
0.4
+30%
+16%
+87%
Other (mainly discontinued activities) 0.2 0.3 -34%
Sales 3.1 2.5 +23%
 

With regard to the sales development, it turns out that the dynamic development in North America and Europe continued in the first quarter of 2017. This reflects simultaneously the progress in the targeted distribution focus on established markets such as North America, the DACH region and further European countries. Besides this the sales development in BRICS and SMIT states shows a positive trend towards stabilization.
 

EBITDA

In EUR million Q1/2017 Q1/2016 Change on year
EBITDA -1.7 -2.2 +23%
One-time effects 0.5* 0.2** >100%
Recurring EBITDA -1.2 -2.0 +39%

*Includes costs for "Quality First" project, depreciation on raw materials and pre-operating costs set-up distribution business North America
**Includes pre-operating costs set-up distribution business North America and recertification costs in connection with the disposal of aap Joints GmbH
 

Based on the realized sales growth with a higher gross margin and lower overall costs at the same time, aap improved EBITDA in the first quarter of 2017 by 23% compared to the first three months of the previous year to EUR -1.7 million (Q1/2016: EUR -2.2 million).

Given that the figures for both Q1/2017 and the same period in the previous year contain one-time effects, a comparison based on Recurring EBITDA (EBITDA without one-time effects) makes sense. Adjusted for the one-time effects mentioned above, recurring EBITDA in the reporting period rose by 39% to EUR -1.2 million (Q1/2016: EUR -2.0 million), reflecting the aimed development: a focus on established markets with higher profit margins and simultaneous a disciplined cost management to improve operational performance. These areas of activity are of central significance for the management in the financial year 2017.


Outlook for Q2/2017
For the second quarter of 2017 aap expects sales of EUR 1.8 million to EUR 2.7 million and EBITDA of EUR -1.7 million to EUR -1.3 million. Regarding the above mentioned sales forecast it has to be considered with respect to the year on year comparison (Total sales Q2/2016 reported at EUR 3.4 million) that in course of drawing up the annual financial statements for 2016 the Management Board decided as a precautionary measure to revoke an initial sale with a distribution partner invoiced in the second quarter. The reason was a delayed payment of the contractual due purchase price. After adjusting for this effect this results in comparable trauma sales of EUR 2.3 million for the second quarter of 2016 respectively total sales (incl. discontinued activities) of EUR 2.7 million.

 

[1] In the consolidated balance sheet of 03/31/2017, EUR 22.7 million is stated as cash and cash equivalents, while cash with banks totalling EUR 4.7 million is shown under other financial assets as it was pledged to secure financial liabilities respectively cash payments were made to secure bank guarantees granted to third parties.
 

_______________________________________________________________________________________
aap Implantate AG (ISIN DE0005066609) - Prime Standard/Regulated Market - All German stock markets -

About aap Implantate AG
aap Implantate AG is a globally operating medical device company headquartered in Berlin, Germany. The company develops, manufactures and markets trauma products for orthopaedics. The IP protected portfolio includes besides the innovative anatomical plating system LOQTEQ(R) and trauma complementary biomaterials a wide range of cannulated screws as well as standard plates and screws. Furthermore, aap Implantate AG has an innovation pipeline with promising development projects as the antibacterial silver coating technology and magnesium based implants. These technologies address critical problems in surgery that haven't yet been resolved adequately. In German-speaking Europe aap Implantate AG directly sells its products to hospitals, buying syndicates and hospital groups while it uses a broad network of distributors in more than 25 countries at the international level. aap Implantate AG's stock is listed in the Prime Standard segment of Frankfurt Stock Exchange (XETRA: AAQ.DE). For more information, please visit www.aap.de, or download the Company's investor relations app from the Apple's App Store or Google Play.

Forward-looking statement
This 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, Investor Relations, Lorenzweg 5, 12099 Berlin, Germany
Tel.: +49 30 7501 9-134, fax: +49 30 7501 9-290, e-mail: f.franke@aap.de



 


15.05.2017 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.

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Press Release dated May 03, 2017, 03:44 PM

aap Implantate AG to present at 8th DVFA Frühjahrskonferenz 2017

aap Implantate AG to present at 8th DVFA Frühjahrskonferenz 2017

DGAP-News: aap Implantate AG / Key word(s): Conference/Miscellaneous

03.05.2017 / 15:44
The issuer is solely responsible for the content of this announcement.


aap Implantate AG ("aap") announces that it will present at the 8th DVFA Frühjahrskonferenz 2017 on Monday, 08 May 2017, at the Marriott Hotel in Frankfurt am Main, Germany. Bruke Seyoum Alemu, Chief Executive Officer, will present at 01:00 p.m. CEST.

The accompanying presentation materials will be available on aap's corporate website at http://www.aap.de/en under "Investor Relations" and "Financial Calendar / Presentations" following the conference.

_______________________________________________________________________________________
aap Implantate AG (ISIN DE0005066609) - Prime Standard/Regulated Market - All German stock markets -

About aap Implantate AG
aap Implantate AG is a globally operating medical device company headquartered in Berlin, Germany. The company develops, manufactures and markets trauma products for orthopaedics. The IP protected portfolio includes besides the innovative anatomical plating system LOQTEQ(R) and trauma complementary biomaterials a wide range of cannulated screws as well as standard plates and screws. Furthermore, aap Implantate AG has an innovation pipeline with promising development projects as the antibacterial silver coating technology and magnesium based implants. These technologies address critical problems in surgery that haven't yet been resolved adequately. In German-speaking Europe aap Implantate AG directly sells its products to hospitals, buying syndicates and hospital groups while it uses a broad network of distributors in more than 25 countries at the international level. aap Implantate AG's stock is listed in the Prime Standard segment of Frankfurt Stock Exchange (XETRA: AAQ.DE). For more information, please visit www.aap.de, or download the Company's investor relations app from the Apple's App Store or Google Play.

Forward-looking statement
This 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.
 


Contact:
aap Implantate AG; Fabian Franke; Investor Relations; Lorenzweg 5; D-12099 Berlin Tel.: ++49/30/750 19 - 134; Fax.: ++49/30/750 19 - 290; f.franke@aap.de


03.05.2017 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.
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Press Release dated April 24, 2017, 10:35 AM

aap Implantate AG: 30% sales growth in trauma in the first quarter of 2017

aap Implantate AG: 30% sales growth in trauma in the first quarter of 2017

DGAP-News: aap Implantate AG / Key word(s): Preliminary Results/Quarter Results

24.04.2017 / 10:35
The issuer is solely responsible for the content of this announcement.


aap Implantate AG ("aap") made a successful start in financial year 2017 as a pure player in trauma with significant sales growth. According to preliminary figures, trauma sales rose in the first three months of the current year compared to the corresponding period in the last year by 30% to EUR 2.9 million (Q1/2016: EUR 2.2 million). Overall, aap increased total sales in the first quarter of 2017 in comparison to the first three months of last year by 23% to EUR 3.1 million (Q1/2016: EUR 2.5 million). Thereby the company realized a value slightly above the guidance provided in February of EUR 1.8 million to EUR 2.8 million.

Sales

In EUR million Q1/2017 Q1/2016 Change on year
Trauma
thereof North America and Europe
thereof RoW
2.9
2.1
0.8
2.2
1.8
0.4
+30%
+16%
+87%
Other (mainly discontinued activities) 0.2 0.3 -33%
Sales 3.1 2.5 +23%
 

Overall, it turns out that the dynamic development in North America and Europe continued in the first quarter of 2017. This reflects simultaneously the progress in the aimed distribution focus on established markets such as North America, the DACH region and further European countries. Besides this the sales development in BRICS and SMIT states shows a positive trend towards stabilization.

The preliminary results contained in this press release are based on management's initial analysis of operations for the period ended on 31 March 2017, and are therefore subject to change. aap plans to publish its final results for the first quarter of 2017 on 15 May 2017.

_______________________________________________________________________________________
aap Implantate AG (ISIN DE0005066609) - Prime Standard/Regulated Market - All German stock markets -

About aap Implantate AG
aap Implantate AG is a globally operating medical device company headquartered in Berlin, Germany. The company develops, manufactures and markets trauma products for orthopaedics. The IP protected portfolio includes besides the innovative anatomical plating system LOQTEQ(R) and trauma complementary biomaterials a wide range of cannulated screws as well as standard plates and screws. Furthermore, aap Implantate AG has an innovation pipeline with promising development projects as the antibacterial silver coating technology and magnesium based implants. These technologies address critical problems in surgery that haven't yet been resolved adequately. In German-speaking Europe aap Implantate AG directly sells its products to hospitals, buying syndicates and hospital groups while it uses a broad network of distributors in more than 25 countries at the international level. aap Implantate AG's stock is listed in the Prime Standard segment of Frankfurt Stock Exchange (XETRA: AAQ.DE). For more information, please visit www.aap.de, or download the Company's investor relations app from the Apple's App Store or Google Play.

Forward-looking statement
This 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, Investor Relations, Lorenzweg 5, 12099 Berlin, Germany
Tel.: +49 30 7501 9-134, fax: +49 30 7501 9-290, e-mail: f.franke@aap.de



24.04.2017 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



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Press Release dated April 21, 2017, 10:26 AM

aap Implantate AG: aap concludes distribution agreement for LOQTEQ(R) Radius System with leading US medical technology company

aap Implantate AG: aap concludes distribution agreement for LOQTEQ(R) Radius System with leading US medical technology company

DGAP-News: aap Implantate AG / Key word(s): Alliance/Agreement

21.04.2017 / 10:26
The issuer is solely responsible for the content of this announcement.


aap Implantate AG ("aap") announces the conclusion of a distribution agreement for its LOQTEQ(R) Radius System with a worldwide leading US medical technology company.

According to the agreement, the LOQTEQ(R) Radius System is non-exclusively distributed in the entire territory of the United States. aap relies on a hybrid distribution strategy in North America. Distribution takes place both via distribution agents and through partnerships with global orthopaedic and medical technology companies.

The conclusion of the agreement represents further important progress in the aimed distribution focus on established markets such as North America, the DACH region and further European countries. The partnership with this customer will additionally support the dynamic development in North America and thus contribute to the further planned sales growth in this strategic core market.

_______________________________________________________________________________________
aap Implantate AG (ISIN DE0005066609) - Prime Standard/Regulated Market - All German stock markets -

About aap Implantate AG
aap Implantate AG is a globally operating medical device company headquartered in Berlin, Germany. The company develops, manufactures and markets trauma products for orthopaedics. The IP protected portfolio includes besides the innovative anatomical plating system LOQTEQ(R) and trauma complementary biomaterials a wide range of cannulated screws as well as standard plates and screws. Furthermore, aap Implantate AG has an innovation pipeline with promising development projects as the antibacterial silver coating technology and magnesium based implants. These technologies address critical problems in surgery that haven't yet been resolved adequately. In German-speaking Europe aap Implantate AG directly sells its products to hospitals, buying syndicates and hospital groups while it uses a broad network of distributors in more than 25 countries at the international level. aap Implantate AG's stock is listed in the Prime Standard segment of Frankfurt Stock Exchange (XETRA: AAQ.DE). For more information, please visit www.aap.de, or download the Company's investor relations app from the Apple's App Store or Google Play.

Forward-looking statement
This 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, Investor Relations, Lorenzweg 5, 12099 Berlin, Germany
Tel.: +49 30 7501 9-134, fax: +49 30 7501 9-290, e-mail: f.franke@aap.de
 



21.04.2017 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



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Press Release dated April 01, 2017, 01:07 AM

aap Implantate AG: Annual financial statements for 2016: aap with fundamental progress in strategy implementation - Transformation to a pure player in trauma completed

aap Implantate AG: Annual financial statements for 2016: aap with fundamental progress in strategy implementation - Transformation to a pure player in trauma completed

DGAP-News: aap Implantate AG / Key word(s): Final Results

01.04.2017 / 01:07
The issuer is solely responsible for the content of this announcement.


aap Implantate AG (aap) made fundamental progress in financial year 2016 in its transformation into a focussed trauma company. In the past financial year the company sold its subsidiary aap Biomaterials GmbH and the remaining stake in aap Joints GmbH, thereby taking the last steps on the way to a pure player in trauma. Now, with our IP-protected product and technology base and our strong liquidity position, we are well positioned to take even better advantage of the opportunities presented in the fast-growing global trauma market. Our three innovative platform technologies LOQTEQ(R), silver coating and absorbable magnesium address needs in the health system that to date have largely not been addressed adequately and offer significant growth potential.

2016 - Key results and progress

- Sales and Earnings: Sales totalling EUR 10.5 million (FY/2015: EUR 12.3 million) and EBITDA of EUR -7.9 million (FY/2015: EUR -6.8 million) in the continued operations; recurring EBITDA 2016 at EUR -5.6 million

- Cash flow and balance sheet: Positive effect from working capital reduction mainly through significant decrease in trade receivables (EUR 2.9 million); sound balance sheet structure for further growth with an equity ratio of 86% and a liquidity position of EUR 28.9 million[1]

- Focus on trauma: Sale of aap Biomaterials GmbH on favourable terms leading to a deconsolidation profit of EUR 23.2 million and a cash inflow of around EUR 34 million; sale of the remaining stake in aap Joints GmbH completes transformation to a pure player in trauma

- Focus on established markets: Share of sales attributable to North America and Europe together increases by 50% to EUR 6.8 million (FY/2015: EUR 4.5 million); sales in North America grows to EUR 2.5 million (FY/2015: EUR 0.5 million; extended customer access in the DACH region and listing at important hospital groups (Helios and Asklepios)

- LOQTEQ(R): Completion of the portfolio with inter alia the market launch of the periprosthetic system and development of various polyaxial systems; more than 90% indication coverage for the treatment of major bone fractures creates high attractiveness for full service hospital and purchasing groups; umbrella patent granted in the United States

- Silver coating technology: Submission of the design dossier for a CE conformity assessment procedure at a notified body; submission of documents for pre-submission meetings at the FDA

- Costs: Implementation of extensive personnel measures leading to an effective saving of around EUR 1 million in 2017; amicable agreement with co-developer of the LOQTEQ(R) technology for early termination of a long-term licence agreement leading to a sustainable discharge of the earnings level in the medium and long term

For a detailed evaluation of the Management Agenda 2016 please refer to the consolidated annual financial report for 2016, published today.

2016 - Financials

Sales

In EUR million FY/2016 FY/2015 Change on year
Trauma
thereof North America and Europe
thereof RoW
8.9
6.8
2.1
10.8
4.5
6.3
-18%
+50%
-67%
Other 1.6 1.5 +12%
Sales continued operation 10.5 12.3 -15%
       
Sales discontinued operation 4.2* 15.7 -73%
Group sales 14.7* 28.0 -48%
 

* Includes aap Biomaterials GmbH business from 01/01/2016 to 05/11/2016.

Overall, with a view to the sales development of the continued operation in financial year 2016 an ambivalent picture appears which was significantly impacted by two opposite effects. On the one hand, aap achieved substantial progress in connection with the aimed focus on established markets such as North America and Europe in financial year 2016. The share of sales attributable to North America and Europe together increased in financial year 2016 year on year by about 50% to EUR 6.8 million (FY/2015: EUR 4.5 million). Development is especially pleasing in North America, representing one of the core markets within the growth strategy, with sales rising significantly in the reporting period to EUR 2.5 million (FY/2015: EUR 0.5 million). On the other hand, China, which was despite halted growth a main sales market in 2015, could not make a contribution towards sales in financial year 2016 (Sales FY/2015: about EUR 3.3 million). Overall, the realized pleasing sales increases in North America and Europe in financial year 2016 could not compensate the missing sales contributions from China. On the basis of an indication coverage of more than 90% for the treatment of major bone fractures we could successfully extend our customer access in the DACH region and are now relisted at important hospital groups such as Helios and Asklepios, which will contribute towards our planned sales growth in financial year 2017.

 

EBITDA

In EUR million FY/2016 FY/2015 Change on year
EBITDA continued operations -7.9 -6.8 -16%
       
EBITDA discontinued operations 23.9* 4.9 > +100%
Group EBITDA 16.0* -1.9 > +100%
 

* Includes aap Biomaterials GmbH business from 01/01/2016 to 05/11/2016 and deconsolidation profit of sale of aap Biomaterials GmbH.

EBITDA in the continued operation amounted to EUR -7.9 million in the financial year 2016 (FY/2015: EUR -6.8 million). The background of this development are mainly to the following factors that had a major effect on EBITDA in the reporting period:

- Improvement in sales margin (Sum of sales revenues, change in inventory and cost of materials in relation to sales revenues) from 68% to 71% as a result of a transfer to focus markets with higher margins and a simultaneous strongly reduced inventory build-up and significant reduction in the cost of materials

- Further pre-operating costs for developing sales business in North America with dynamic sales development already apparent

- Personnel expenses burdened by one-time cost of redundancy payments while adjusting the cost structure to future sales streams and the reduced size of the company

- A positive trend with lower other operating costs, which in 2016 were additionally burdened by one-time expenses for the early termination of a licence agreement with a co-developer of the LOQTEQ(R) technology, essential recertification work as part of the aap Joints transaction and legal fees in connection with the personnel measures implemented and the two above-mentioned agreements

In EUR million FY/2016 FY/2015 Change on year
EBITDA continued operation -7.9 -6.8 -16%
One-time effects 2.3* 1.3** +77%
Recurring EBITDA continued operation -5.6 -5.5 -1%
 

*Includes e.g. pre-operating costs set-up distribution business North America (EUR 0.9 million), marketability discounts non-core products (EUR 0.45 million), redundancy payments incl. advisory costs for personnel measures (EUR 0.4 million) as well as expenses for the early termination of a LOQTEQ(R) license agreement incl. advisory costs (EUR 0.4 million)
**Includes e.g. pre-operating costs set-up distribution business North America (EUR 0.6 million), reduction in value on inventory as a consequence of cannibalization effects (EUR 0.7 million)

Based on the above, recurring EBITDA, adjusted for one-off effects, was EUR -5.6 million in the financial year 2016 and reflects the aimed development: a focus on established markets with higher profit margins and simultaneous a disciplined cost management to improve operational performance. These areas of activity will continue to be of central significance for the management in the financial year 2017.

In financial year 2016 the discontinued operation posted an EBITDA of EUR 23.9 million, which along with the deconsolidation profit totalling EUR 23.2 million includes current earnings subject to the provisions of IFRS 5 for the period from 1 January to 11 May 2016.

Outlook for 2017

aap intends to return to the growth track in financial year 2017. In line with the strategic focus in particular established markets such as North America, the DACH region and further European countries shall serve as drivers of the sales increase. At the same time sales development in BRICS and SMIT countries shall be stabilized. The Management Board anticipates a moderate development over the first six months and a more dynamic growth in particular in the second half of the year. Overall, the company expects sales of EUR 10.0 million to EUR 13.0 million for 2017.

Furthermore, aap intends to improve EBITDA in financial year 2017 by raising gross margin while at the same time reducing costs. aap plans to increase gross margin, in particular by growing sales in higher margin markets, such as North America or the DACH region. The company also plans to close a technology deal (e.g. co-development agreement, licensing, granting of distribution rights etc.) in financial year 2017 for its LOQTEQ(R) and/or silver coating technology. Overall, the Management Board expects an EBITDA in financial year 2017 of EUR -6.5 million to EUR -4.5 million.

The Management Board is confident with the consequent implementation of the measures derived from the strategy to lead aap back on the growth track and to unlock the inherent value of its innovative product and technology base.

-------------------------------------------------------------------------------------------------------------------------------------------
aap
Implantate AG (ISIN DE0005066609) - Prime Standard/Regulated Market - All German stock markets -

About aap Implantate AG
aap Implantate AG is a globally operating medical device company headquartered in Berlin, Germany. The company develops, manufactures and markets trauma products for orthopaedics. The IP protected portfolio includes besides the innovative anatomical plating system LOQTEQ(R) and trauma complementary biomaterials a wide range of cannulated screws as well as standard plates and screws. Furthermore, aap Implantate AG has an innovation pipeline with promising development projects as the antibacterial silver coating technology and magnesium based implants. These technologies address critical problems in surgery that haven't yet been resolved adequately. In German-speaking Europe aap Implantate AG directly sells its products to hospitals, buying syndicates and hospital groups while it uses a broad network of distributors in more than 25 countries at the international level. aap Implantate AG's stock is listed in the Prime Standard segment of Frankfurt Stock Exchange (XETRA: AAQ.DE). For more information, please visit www.aap.de, or download the Company's investor relations app from the Apple's App Store or Google Play.

Forward-looking statement
This 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, Investor Relations, Lorenzweg 5, 12099 Berlin, Germany
Tel.: +49 30 7501 9-134, fax: +49 30 7501 9-290, e-mail: f.franke@aap.de[1] In the consolidated statement of financial position to 12/31/2016, EUR 23.8 million is stated as cash and cash equivalents, while cash with banks totalling EUR 5.1 million is shown under other financial assets as it was pledged to secure financial liabilities respectively cash payments were made to secure bank guarantees granted to third parties in the financial year.




Contact:
Contact:
aap Implantate AG; Fabian Franke; Investor Relations; Lorenzweg 5; D-12099 Berlin Tel.: ++49/30/750 19 - 134; Fax.: ++49/30/750 19 - 290; f.franke@aap.de


01.04.2017 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



show this
Press Release dated March 31, 2017, 12:00 AM

Annual financial statements for 2016: aap with fundamental progress in strategy implementation – Transformation to a pure player in trauma completed

Annual financial statements for 2016: aap with fundamental progress in strategy implementation – Transformation to a pure player in trauma completed

aap Implantate AG (aap) made fundamental progress in financial year 2016 in its transformation into a focussed trauma company. In the past financial year the company sold its subsidiary aap Biomaterials GmbH and the remaining stake in aap Joints GmbH, thereby taking the last steps on the way to a pure player in trauma. Now, with our IP-protected product and technology base and our strong liquidity position, we are well positioned to take even better advantage of the opportunities presented in the fast-growing global trauma market. Our three innovative platform technologies LOQTEQ®, silver coating and absorbable magnesium address needs in the health system that to date have largely not been addressed adequately and offer significant growth potential.

2016 – Key results and progress

  • Sales and Earnings: Sales totalling EUR 10.5 million (FY/2015: EUR 12.3 million) and EBITDA of EUR -7.9 million (FY/2015: EUR -6.8 million) in the continued operations; recurring EBITDA 2016 at EUR -5.6 million
  • Cash flow and balance sheet: Positive effect from working capital reduction mainly through significant decrease in trade receivables (EUR 2.9 million); sound balance sheet structure for further growth with an equity ratio of 86% and a liquidity position of EUR 28.9 million*)
  • Focus on trauma: Sale of aap Biomaterials GmbH on favourable terms leading to a deconsolidation profit of EUR 23.2 million and a cash inflow of around EUR 34 million; sale of the remaining stake in aap Joints GmbH completes transformation to a pure player in trauma
  • Focus on established markets: Share of sales attributable to North America and Europe together increases by 50% to EUR 6.8 million (FY/2015: EUR 4.5 million); sales in North America grows to EUR 2.5 million (FY/2015: EUR 0.5 million; extended customer access in the DACH region and listing at important hospital groups (Helios and Asklepios)
  • LOQTEQ®: Completion of the portfolio with inter alia the market launch of the periprosthetic system and development of various polyaxial systems; more than 90% indication coverage for the treatment of major bone fractures creates high attractiveness for full service hospital and purchasing groups; umbrella patent granted in the United States
  • Silver coating technology: Submission of the design dossier for a CE conformity assessment procedure at a notified body; submission of documents for pre-submission meetings at the FDA
  • Costs: Implementation of extensive personnel measures leading to an effective saving of around EUR 1 million in 2017; amicable agreement with co-developer of the LOQTEQ® technology for early termination of a long-term licence agreement leading to a sustainable discharge of the earnings level in the medium and long term

For a detailed evaluation of the Management Agenda 2016 please refer to the consolidated annual financial report for 2016, published today.

2016 - Financials

Sales

In EUR million

FY/2016

FY/2015

Change on year

Trauma
thereof North America and Europe
thereof RoW

8.9
6.8
2.1

10.8
4.5
6.3

-18%
+50%
-67%

Other

1.6

1.5

+12%

Sales continued operation

10.5

12.3

-15%

 

 

 

 

Sales discontinued operation

4.2*

15.7

-73%

Group sales

14.7*

28.0

-48%

* Includes aap Biomaterials GmbH business from 01/01/2016 to 05/11/2016.

Overall, with a view to the sales development of the continued operation in financial year 2016 an ambivalent picture appears which was significantly impacted by two opposite effects. On the one hand, aap achieved substantial progress in connection with the aimed focus on established markets such as North America and Europe in financial year 2016. The share of sales attributable to North America and Europe together increased in financial year 2016 year on year by about 50% to EUR 6.8 million (FY/2015: EUR 4.5 million). Development is especially pleasing in North America, representing one of the core markets within the growth strategy, with sales rising significantly in the reporting period to EUR 2.5 million (FY/2015: EUR 0.5 million). On the other hand, China, which was despite halted growth a main sales market in 2015, could not make a contribution towards sales in financial year 2016 (Sales FY/2015: about EUR 3.3 million). Overall, the realized pleasing sales increases in North America and Europe in financial year 2016 could not compensate the missing sales contributions from China. On the basis of an indication coverage of more than 90% for the treatment of major bone fractures we could successfully extend our customer access in the DACH region and are now relisted at important hospital groups such as Helios and Asklepios, which will contribute towards our planned sales growth in financial year 2017.

EBITDA

In EUR million

FY/2016

FY/2015

Change on year

EBITDA continued operations

-7.9

-6.8

-16%

 

 

 

 

EBITDA discontinued operations

23.9*

4.9

> +100%

Group EBITDA

16.0*

-1.9

> +100%

* Includes aap Biomaterials GmbH business from 01/01/2016 to 05/11/2016 and deconsolidation profit of sale of aap Biomaterials GmbH.

EBITDA in the continued operation amounted to EUR -7.9 million in the financial year 2016 (FY/2015: EUR -6.8 million). The background of this development are mainly to the following factors that had a major effect on EBITDA in the reporting period:

  • Improvement in sales margin (Sum of sales revenues, change in inventory and cost of materials in relation to sales revenues) from 68% to 71% as a result of a transfer to focus markets with higher margins and a simultaneous strongly reduced inventory build-up and significant reduction in the cost of materials
  • Further pre-operating costs for developing sales business in North America with dynamic sales development already apparent
  • Personnel expenses burdened by one-time cost of redundancy payments while adjusting the cost structure to future sales streams and the reduced size of the company
  • A positive trend with lower other operating costs, which in 2016 were additionally burdened by one-time expenses for the early termination of a licence agreement with a co-developer of the LOQTEQ® technology, essential recertification work as part of the aap Joints transaction and legal fees in connection with the personnel measures implemented and the two above-mentioned agreements

In EUR million

FY/2016

FY/2015

Change on year

EBITDA continued operation

-7.9

-6.8

-16%

One-time effects

2.3*

1.3**

+77%

Recurring EBITDA continued operation

-5.6

-5.5

-1%

*Includes e.g. pre-operating costs set-up distribution business North America (EUR 0.9 million), marketability discounts non-core products (EUR 0.45 million), redundancy payments incl. advisory costs for personnel measures (EUR 0.4 million) as well as expenses for the early termination of a LOQTEQ® license agreement incl. advisory costs (EUR 0.4 million)
**Includes e.g. pre-operating costs set-up distribution business North America (EUR 0.6 million), reduction in value on inventory as a consequence of cannibalization effects (EUR 0.7 million)

Based on the above, recurring EBITDA, adjusted for one-off effects, was EUR -5.6 million in the financial year 2016 and reflects the aimed development: a focus on established markets with higher profit margins and simultaneous a disciplined cost management to improve operational performance. These areas of activity will continue to be of central significance for the management in the financial year 2017.

In financial year 2016 the discontinued operation posted an EBITDA of EUR 23.9 million, which along with the deconsolidation profit totalling EUR 23.2 million includes current earnings subject to the provisions of IFRS 5 for the period from 1 January to 11 May 2016.

Outlook for 2017

aap intends to return to the growth track in financial year 2017. In line with the strategic focus in particular established markets such as North America, the DACH region and further European countries shall serve as drivers of the sales increase. At the same time sales development in BRICS and SMIT countries shall be stabilized. The Management Board anticipates a moderate development over the first six months and a more dynamic growth in particular in the second half of the year. Overall, the company expects sales of EUR 10.0 million to EUR 13.0 million for 2017. 

Furthermore, aap intends to improve EBITDA in financial year 2017 by raising gross margin while at the same time reducing costs. aap plans to increase gross margin, in particular by growing sales in higher margin markets, such as North America or the DACH region. The company also plans to close a technology deal (e.g. co-development agreement, licensing, granting of distribution rights etc.) in financial year 2017 for its LOQTEQ® and/or silver coating technology. Overall, the Management Board expects an EBITDA in financial year 2017 of EUR -6.5 million to EUR -4.5 million.

The Management Board is confident with the consequent implementation of the measures derived from the strategy to lead aap back on the growth track and to unlock the inherent value of its innovative product and technology base.


*) In the consolidated statement of financial position to 12/31/2016, EUR 23.8 million is stated as cash and cash equivalents, while cash with banks totalling EUR 5.1 million is shown under other financial assets as it was pledged to secure financial liabilities respectively cash payments were made to secure bank guarantees granted to third parties in the financial year.


This release contains 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 further information, please contact:

aap Implantate AG
Lorenzweg 5
12099 Berlin

Fabian Franke
Manager Investor Relations
Tel.: +49 (0)30 / 750 19 134
Fax: +49 (0)30 / 750 19 290

Press Release dated February 28, 2017, 10:12 PM

aap: Sales in Q4/2016 at EUR 2.4 million and in FY/2016 at EUR 11.2 million; sales growth in established markets and EBITDA improvement planned for FY/2017

aap: Sales in Q4/2016 at EUR 2.4 million and in FY/2016 at EUR 11.2 million; sales growth in established markets and EBITDA improvement planned for FY/2017

DGAP-News: aap Implantate AG / Key word(s): Preliminary Results/Forecast

28.02.2017 / 22:12
The issuer is solely responsible for the content of this announcement.


- Challenging FY/2016 with progress in strategic implementation - Transformation into pure player in trauma completed

- Forecast for FY/2017: Sales between EUR 10.0 million and EUR 13.0 million and EBITDA between EUR -6.5 million and EUR -4.5 million; dynamic development expected from the second half of the year

- Growth drivers of planned sales development are established markets, such as North America, the DACH region, and further European countries

- EBITDA improvement shall be achieved by raising gross margin from sales in higher margin markets while at the same time reducing costs
 

Sales development in 2016

aap Implantate AG ("aap") achieved sales of EUR 2.4 million in the continued operation in the fourth quarter of 2016 (Q4/2015: EUR 2.4 million) according to preliminary figures. As such, the company generated sales of EUR 11.2 million in the continued operation in financial year 2016 as a whole (FY/2015: EUR 12.3 million), which were therefore within the guidance of EUR 11.0 million to EUR 12.1 million as published in December 2016.

Q4/2016 Sales

In EUR million Q4/2016 Q4/2015 Change on year
Trauma 2.0 2.0 N/C
Other 0.4 0.4 N/C
Sales continued operation 2.4 2.4 N/C
 

FY/2016 Sales

In EUR million FY/2016 FY/2015 Change on year
Trauma 9.6 10.8 -11%
Other 1.6 1.5 +9%
Sales continued operation 11.2 12.3 -9%
       
Sales discontinued operation 4.2* 15.7 < -100%
Group sales 15.4* 28.0 -45%
 

*Includes aap Biomaterials GmbH business from 01/01/2016 to 05/11/2016.

aap is looking back on a challenging financial year 2016 in which the financial targets could not be met but nevertheless good progress was made with the implementation of the strategy. In the last year, the company sold its subsidiary aap Biomaterials GmbH and its remaining stake of 33% in aap Joints GmbH, which marked the final steps on the way to a pure player in trauma. In its efforts to focus on established markets, aap also managed to increase the share of sales attributable to North America and Europe together year on year, by around 50% to EUR 6.8 million in financial year 2016 (FY/2015: EUR 4.5 million). Overall, the realized pleasing sales increases in North America and Europe could however not compensate the missing sales contributions from China. Furthermore, delays in the sales development in various markets led to a sales shift in financial year 2017.

Outlook for 2017

aap intends to return to the growth track in financial year 2017. In line with the strategic focus in particular established markets such as North America, the DACH region and further European countries shall serve as drivers of the sales increase. At the same time sales development in BRICS and SMIT countries shall be stabilized. Overall, the Management Board anticipates a moderate development over the first six months and a more dynamic growth in particular in the second half of the year.

Following its recent divestments, the sales structure of aap will change in financial year 2017. In the past financial year the company generated total sales of around EUR 1.6 million from its product business with aap Joints GmbH (EUR 1.0 million) and from distribution services for the sold former subsidiary aap Biomaterials GmbH (EUR 0.6 million). These sales will not be repeated in 2017.

In light of these changes the Management Board expects sales of EUR 10.0 million to EUR 13.0 million for this financial year. For the first quarter of 2017, the Management Board anticipates that sales will be in a range between EUR 1.8 million and EUR 2.8 million.

aap intends to improve EBITDA in financial year 2017 by raising gross margin while at the same time reducing costs. aap plans to increase gross margin, in particular by growing sales in higher margin markets, such as North America or the DACH region. aap also plans to close a technology deal (e.g. co-development agreement, licensing, granting of distribution rights etc.) in financial year 2017 for its LOQTEQ(R) and/or silver coating technology.

In terms of costs, firstly, the personnel measures already implemented in financial year 2016 and the actions taken to improve operational efficiency will produce their effect during the current financial year. Secondly, the company is planning to further optimize its cost structure with the aim of realizing additional saving effects.

In contrast, to sustainably improve the entire quality management system and against the background of the higher requirements of the new EU Medical Devices Regulation, aap has launched the comprehensive quality management program "Quality First". It will result in one-time costs of around EUR 0.5 million in the current financial year.

Another fact worth mentioning is that aap generated not insignificant earnings in financial year 2016 from central services provided for aap Joints GmbH and from transitional services for aap Biomaterials GmbH, which were reported under other operating income and will not be repeated this year.

Based on the planned measures and developments as described above, the Management Board expects an EBITDA in financial year 2017 of EUR -6.5 million to EUR -4.5 million. For the first quarter of 2017, the Management Board anticipates that the EBITDA will be in a range between EUR -2.3 million and EUR -1.7 million.

Value-based innovations 2017

Building on the indication coverage level of more than 90% that has already been achieved in the treatment of major bone fractures, aap is planning to further complete the LOQTEQ(R) portfolio in financial year 2017. Its product development activities will focus particularly on polyaxial fixation technology as well as foot and ankle.

In light of the increased regulatory requirements and based on the recent exchange with the regulatory authorities aap now assumes that the performance of a clinical study will be a necessary condition for the granting of a CE and FDA approval for the silver coating technology. As the coordination process with the regulatory authorities about the extent of the clinical study is still running, aap will inform about the related approach as well as the corresponding timetable and the required resources in a separate release in the second quarter of 2017.

Management Agenda 2017

The Management Board of aap has specified its targets for the current financial year as a Management Agenda in four strategic and operational action areas.

Management Agenda Targets for 2017

Accelerating Value-Based Innovations
LOQTEQ(R): Completion of LOQTEQ(R) portfolio with a focus on polyaxial fixation technology as well as foot and ankle
Silver coating technology - Application on LOQTEQ(R): Decisive steps regarding CE and FDA approval with focus on clinical study
 
Silver coating technology - Development projects with global companies: Initiation of joint product development and product approval projects
 
Enhancing Market Access
Established countries: Focus on DACH, Western Europe and North America as key markets
Emerging Countries: Stabilization of sales development in BRICS and SMIT states
Global partnerships: Distribution networks and licensing deals with global orthopaedic companies
  
Optimizing Operational Efficiency
Quality First: Comprehensive program to improve the entire quality management system
Production efficiency: Reduction of manufacturing costs and increase of ability to provide timely deliveries
Working capital: Optimization of working capital management with a higher inventory turnover and a reduction of the figure DSO (days sales outstanding)
 
 
Realization of Financial Targets
Sales and EBITDA: Sales between EUR 10.0 million and EUR 13.0 million, and EBITDA between EUR -6.5 million and EUR -4.5 million
Costs: Further optimization of the cost structure with the aim of realizing additional saving effects
Innovations: Maintenance of a freshness index of at least 20%
 

The Management Board is confident with the consequent implementation of the measures derived from the strategy to lead aap back on the growth track and to unlock the inherent value of its innovative product and technology base.

aap plans to publish its consolidated annual financial report 2016 on 31 March 2017.

_______________________________________________________________________________________
aap Implantate AG (ISIN DE0005066609) - Prime Standard/Regulated Market - All German stock markets -

About aap Implantate AG
aap Implantate AG is a globally operating medical device company headquartered in Berlin, Germany. The company develops, manufactures and markets trauma products for orthopaedics. The IP protected portfolio includes besides the innovative anatomical plating system LOQTEQ(R) and trauma complementary biomaterials a wide range of cannulated screws as well as standard plates and screws. Furthermore, aap Implantate AG has an innovation pipeline with promising development projects as the antibacterial silver coating technology and magnesium based implants. These technologies address critical problems in surgery that haven't yet been resolved adequately. In German-speaking Europe aap Implantate AG directly sells its products to hospitals, buying syndicates and hospital groups while it uses a broad network of distributors in more than 25 countries at the international level. aap Implantate AG's stock is listed in the Prime Standard segment of Frankfurt Stock Exchange (XETRA: AAQ.DE). For more information, please visit www.aap.de, or download the Company's investor relations app from the Apple's App Store or Google Play.

Forward-looking statement
This 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.
 


Contact:
aap Implantate AG; Fabian Franke; Investor Relations; Lorenzweg 5; D-12099 Berlin Tel.: ++49/30/750 19 - 134; Fax.: ++49/30/750 19 - 290; f.franke@aap.de


28.02.2017 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



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Press Release dated December 16, 2016, 12:00 AM

aap completes sale of remaining stake in aap Joints GmbH

aap completes sale of remaining stake in aap Joints GmbH

Final step on the way to a pure player in trauma

aap Implantate AG (“aap”) announces the successful completion of the sale of the remaining stake of 33% in aap Joints GmbH. The company fulfilled the conditions agreed on in the share purchase agreement of 23 September 2016 so that the share transfer will now be executed.

By completing this transaction, aap receives an amount of about EUR 0.4 million by year end. According to calculations to date, the company generated sales of about EUR 1 million with a relative low margin share with aap Joints GmbH in financial year 2016. In the next year the business relationship will be restricted to few manufacturing services and service activities which will only make a low contribution towards sales.

In aap Joints GmbH all the orthopaedic activities (knee, hip and shoulder) were bundled together with the C~Ment®-line. In the course of the consequent focusing on the trauma business aap has already sold 67% of the shares in aap Joints GmbH in 2013. By selling the remaining stake of 33% aap now takes the final step on the way to a pure player in trauma.


This release contains 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 further information, please contact:

aap Implantate AG
Lorenzweg 5
12099 Berlin

Fabian Franke
Manager Investor Relations
Tel.: +49 (0)30 / 750 19 134
Fax: +49 (0)30 / 750 19 290

Press Release dated December 15, 2016, 12:00 PM

aap concludes distribution contract with leading US healthcare service provider

aap concludes distribution contract with leading US healthcare service provider

Further important progress in the aimed distribution focus on established markets

aap Implantate AG (“aap”) announces the conclusion of a distribution contract for its LOQTEQ® products with a leading US healthcare service provider.

The contract initially provides for a 12-month pilot phase in which the contractual partner will sell LOQTEQ® products in a number of selected US states. If it proves to be successful, distribution will gradually be rolled out to further states. aap relies on a hybrid distribution strategy in North America. Distribution takes place both via distribution agents and through partnerships with global orthopaedic and medical technology companies.

The conclusion of the distribution contract represents further important progress in the aimed distribution focus on established markets such as North America, the DACH region and further European countries. The partnership with this new customer will additionally support the dynamic development in North America to date and thus contribute to the further planned sales growth in this strategic core market.


This release contains 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 further information, please contact:

aap Implantate AG
Lorenzweg 5
12099 Berlin

Fabian Franke
Manager Investor Relations
Tel.: +49 (0)30 / 750 19 134
Fax: +49 (0)30 / 750 19 290

Press Release dated November 14, 2016, 12:00 AM

aap: Q3/2016 sales and EBITDA within the guidance; North America sales in 9M/2016 above expectations; important progress in LOQTEQ® portfolio expansion

aap: Q3/2016 sales and EBITDA within the guidance; North America sales in 9M/2016 above expectations; important progress in LOQTEQ® portfolio expansion

  • Sales and EBITDA in Q3/2016 at EUR 2,9 million (Guidance: EUR 2.5 million to EUR 4.0 million) and
    EUR -1.8 million (Guidance: EUR -2.0 million to EUR -1.2 million)
  • EBITDA burdened by one-time effects in Q3/2016 and in nine-month period (Q3/2016: EUR 0.5 million; 9M/2016: EUR 0.8 million), which will largely result in savings effects on the earnings level in the future
  • North America sales in Q3/2016 at EUR 0.7 million (Q3/2015: EUR 0.1 million) and in 9M/2016 at EUR 2.0 million (9M/2015: EUR 0.4 million)
  • LOQTEQ®: Important progress in portfolio completion through market launchs of periprosthetic and polyaxial LOQTEQ® systems – further launches planned shortly
  • Silver coating technology: good progress in CE conformity assessment procedure; preparation of approval documents for US FDA
  • Signing of a notarial share purchase agreement about the remaining stake of 33% in aap Joints GmbH – Completion planned until year end 2016
  • Change in the Supervisory Board: Jacqueline Rijsdijk follows Ronald Meersschaert

aap Implantate AG („aap“) achieved in the third quarter of 2016 sales and EBITDA in line with the expectations. In the continued operation sales in the reporting period amounted to EUR 2.9 million (Q3/2015: EUR 3.4 million) and were thus within the guidance of EUR 2.5 million to EUR 4.0 million. Furthermore, aap realized an EBITDA of EUR -1.8 million (Q3/2015: EUR -1.4 million) in the continued operation in the third quarter of 2016 and thereby a value within the forecasted corridor of EUR -2.0 million to EUR -1.2 million as well. EBITDA in the reporting period was burdened by one-time effects from the termination of a long-term license agreement in connection with the LOQTEQ® technology (EUR 0.3 million) and a value adjustment to customer receivables (EUR 0.2 million) totaling about EUR 0.5 million. The license agreement with a co-developer of the LOQTEQ® technology initially had a long maturity which was tied to the terms of the LOQTEQ® patents. By terminating the license agreement aap has succeeded in providing mid- and long-term as well as sustainable relief on the earnings level. Adjusted for the mentioned special effects recurring EBITDA in the third quarter was at EUR -1.3 million and thereby at the upper end of the guidance. 

Q3 Sales

In EUR million

Q3/2016

Q3/2015

Change on year

Trauma

2.3

2.9

-18%

Other

0.6

0.5

+2%

Sales continued operation

2.9

3.4

-15%


Q3 EBITDA

In EUR million

Q3/2016

Q3/2015

Change on year

EBITDA continued operation

-1.8

-1.4

-30%

One-time effects

0.5

0

> +100%

Recurring EBITDA continued operation

-1.3

-1.4

-5%

In connection with the aimed focus on established markets such as North America, the DACH region and further European countries, aap succeeded in increasing sales in North America significantly and extending customer access in the DACH region. In contrast, China could not make a contribution towards sales in the third quarter of 2016 as well as in the year to date. In 2015 China was despite halted growth a main sales market. We are currently still in negotiations about a continuation of the distribution business and expect a conclusion as well as a corresponding recovery of the business until the end of the financial year. Overall it appears with respect to the sales development that the realized pleasing sales increases in North America in financial year 2016 could not compensate the so far missing sales contributions from China.   

9M Sales

In EUR million

9M/2016

9M/2015

Change on year

Trauma

7.6

8.8

-14%

Other

1.2

1.1

+14%

Sales continued operation

8.8

9.9

-11%

 

 

 

 

Sales discontinued operation

4.2*

12.1

< -100%

Group sales

13.0*

22.0

-41%

* Includes aap Biomaterials GmbH business from 01/01/2016 to 05/11/2016.

9M EBITDA

In EUR million

9M/2016

9M/2015

Change on year

EBITDA continued operation

-5.3

-4.5

-19%

One-time effects

0.8

0.2

> +100%

Recurring EBITDA continued operation

-4.5

-4.3

-6%

  

In EUR million

9M/2016

9M/2015

Change on year

EBITDA continued operation

-5.3

-4.5

-19%

 

 

 

 

EBITDA discontinued operation

24.1*

4.2

> +100%

Group EBITDA

18.8*

-0.3

> +100%

* Includes aap Biomaterials GmbH business from 01/01/2016 to 05/11/2016 and deconsolidation profit of sale of aap Biomaterials GmbH.

In the first nine months of 2016 aap realized sales of EUR 8.8 million (9M/2015: EUR 9.9 million) in the continued operation and an EBITDA of EUR -5.3 million (9M/2015: EUR -4.5 million). EBITDA in the nine-month period of the current financial year was additionally burdened by an one-time effect from personnel measures implemented in the second quarter of EUR 0.3 million besides the special effects already mentioned. Consequently one-time effects in the first nine months total EUR 0.8 million. In particular the termination of the long-term license agreement and the personnel measures will result in noticeable cost savings and thereby earnings improvements of the company in the years to come. Adjusted for all special effects recurring EBITDA in the nine-month period 2016 was at EUR -4.5 million and thereby almost at the level of the corresponding prior year period.   

The following highlights indicate the progress aap made in the third quarter of 2016 in implementing the Management Agenda for 2016:

  • North America sales: sales with local distributors and global partners who sell aap products under their own name or the aap label in North America totaled EUR 0.7 million in Q3/2016 (Q3/2015: EUR 0.1 million) and EUR 2.0 million in 9M/2016 (9M/2015: EUR 0.4 million) and were thus significantly above expectations
  • LOQTEQ®: important progress in portfolio completion through recent market launchs of periprosthetic LOQTEQ® system and polyaxial LOQTEQ® VA ankle system – Shortly further launchs of various polyaxial LOQTEQ® systems for different anatomical areas
  • Silver coating technology: good progress in CE conformity assessment procedure for silver-coated LOQTEQ® plate – Intensive and constructive exchange with notified body; preparation of approval documents for US Food and Drug Administration (FDA)
  • Signing of a notarial share purchase agreement about the remaining stake of 33% in aap Joints GmbH for EUR 0.4 million on 23 September 2016; prerequisite for closing is the recertification of three products until year end 2016; prolongation of the CE approval is a very challenging task as these are so-called class III products which are in a difficult approval environment with constantly increasing requirements and partly long reaction times of approval authorities; conclusion of the contract led to a value adjustment on the stake in aap Joints GmbH of EUR 0.4 million in Q3/2016
  • Amicable agreement with co-developer of LOQTEQ® technology about premature termination of a long-term license agreement and compensation with an indemnity payment which is provided as a first fixed payment in 2016 and will subsequently be payed out in tranches if certain sales targets are reached only in the next three years; termination leads to a mid- and long-term as well as sustainable discharge of earnings level; first indemnity payment of EUR 0.3 million leads to an one-off extraordinary charge on earnings in Q3/2016     
  • Change in the Supervisory Board: Jacqueline Rijsdijk follows Ronald Meersschaert who resigned from his office for personal reasons; Jacqueline Rijsdijk has acknowledged economic and financial expertise and an excellent network

Outlook for 2016

In the fourth quarter of 2016, aap aims to achieve further progress in its strategy implementation. The Management Board will be focusing on the following topics:

To accelerate value-based innovations, aap will be taking forward in a targeted manner the further expansion of the LOQTEQ® portfolio for certain indication areas respectively functionalities and plans the market launch of further polyaxial LOQTEQ® systems for different anatomical regions.

In the area of silver coating technology, the active interaction with the approval authorities will be continued regarding the current CE conformity assessment procedure. For the US approval the necessary approval documents are being prepared for submission to the US authorities.  

The company wants to enhance market access by means of two approaches: Firstly, sales activities in the established markets in North America and Western Europe are to be expanded further. Based on the very pleasing sales development in North America in the first nine months of 2016 we expect a continuation of the sales dynamics in the fourth quarter of 2016. Secondly, further endeavours will be undertaken to stabilize sales in growth markets such as the BRICS and SMIT countries.

Following the successful divestment of aap Biomaterials GmbH, aap has already initiated extensive measures to reduce personnel and material costs in order to take into account the reduced size of the company. We will push this cost optimization process further in the next quarters.

Based on the business performance to date and taking into account the one-time effects as well as the ongoing negotiations, the Management Board expects sales and EBITDA to be at the lower end of the guidance for financial year 2016.


This release contains 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 further information, please contact:

aap Implantate AG
Lorenzweg 5
12099 Berlin

Fabian Franke
Manager Investor Relations
Tel.: +49 (0)30 / 750 19 134
Fax: +49 (0)30 / 750 19 290

Press Release dated October 20, 2016, 12:00 AM

aap: Market launch of polyaxial LOQTEQ® VA ankle system

aap: Market launch of polyaxial LOQTEQ® VA ankle system

Polyaxial system enables flexible treatment of ankle fractures

aap Implantate AG (“aap”) announces the market launch of the polyaxial LOQTEQ® VA Distal Tibia and Fibula Plates 2.7/3.5. The system enables the flexible treatment of ankle fractures, thereby addressing one of the most frequent fractures of load-bearing joints. The LOQTEQ® VA Distal Tibia and Fibula Plates 2.7/3.5 belong to the LOQTEQ® VA (VA = Variable Angle) product family, which are polyaxial implants that facilitate inserting angle-stable screws at different angles. Polyaxial implants are required for treating areas such as the ankle that in surgery require both angle stability and flexibility in the insertion of screws.

Ankle fractures are among the most frequent fractures that receive trauma surgery treatment. To meet patients’ growing demands, a fast, mobilization-stable treatment with a permanent retention of the repositioning result is required. The special combination of anatomically preformed and angle-stable plates in conjunction with freely selectable screw angles and user-friendly instruments fulfils all the requirements of modern fracture management.

The LOQTEQ® VA ankle system 2.7/3.5 consists of distal plates for the treatment of medial and anterolateral fractures of the tibia and plates for treating lateral fractures of the fibula. Variable, angle-stable round holes in the part of the plate that is close to the joint have been added to the monoaxial version of the LOQTEQ® ankle system that is already successful on the market and the profile of the tibia plates has been further optimised. The LOQTEQ® Fibula Plate 3.5 was additionally converted for 2.7 mm diameter screws in the distal part in order to fix small fracture fragments and minimise protrusion of screw heads in the event of deviations from the pre-set angle. The anatomical fit of the system as well as the low profile, the rounded edges and the smooth surfaces reduce the risk of soft tissue irritation.

aap will shortly be launching further polyaxial variants of different LOQTEQ® products for various anatomical areas in the market.


This release contains 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 further information, please contact:

aap Implantate AG
Lorenzweg 5
12099 Berlin

Fabian Franke
Manager Investor Relations
Tel.: +49 (0)30 / 750 19 134
Fax: +49 (0)30 / 750 19 290

Press Release dated October 18, 2016, 12:00 AM

aap: LOQTEQ® VA Distal Radius System has clinically proven and receives high level of market acceptance

aap: LOQTEQ® VA Distal Radius System has clinically proven and receives high level of market acceptance

First polyaxial system in LOQTEQ® product family since one year successful in the market

The evaluation following the market launch one year ago shows that the LOQTEQ® VA Distal Radius System 2.5 from aap Implantate AG (“aap”) has clinically proven and enjoys a high level of market acceptance. Both the implant and the related instruments meet with a positive response by users and customers. The LOQTEQ® VA Distal Radius System 2.5 is the first product in the LOQTEQ® VA (VA = Variable Angle) product family, which are polyaxial implants that facilitate inserting angle-stable screws at different angles. Polyaxial implants are required for treating areas such as the hand that in surgery require both angle stability and flexibility in the insertion of screws.

The LOQTEQ® VA Distal Radius System 2.5 was developed for the treatment of fractures of the distal radius (radius close to the wrist) and the distal ulna (ulna close to the wrist). Radius fractures account for about a quarter of all fractures. To meet patients’ growing demands, a fast, mobilization-stable treatment with a permanent retention of the repositioning result is required. The special combination of anatomically preformed and small, angle-stable plates in conjunction with freely selectable screw angles and user-friendly instruments fulfils all the requirements of modern fracture management.

After already granted FDA approval the polyaxial radius system has been in use in the USA since this year as well and receives an especially high acceptance there. A sterilizing and a sieve system were developed specially for the U.S. market. Overall the wide range of plates in a compact set and specially developed instruments such as the screwdriver, co-designed by users, meet with a positive response. As radius fractures belong to the most frequent fractures the system is a sales driver. aap will shortly be launching further polyaxial variants of different LOQTEQ® products for various anatomical areas in the market.


This release contains 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 further information, please contact:

aap Implantate AG
Lorenzweg 5
12099 Berlin

Fabian Franke
Manager Investor Relations
Tel.: +49 (0)30 / 750 19 134
Fax: +49 (0)30 / 750 19 290

Press Release dated October 14, 2016, 12:00 AM

aap: Market launch of innovative periprosthetic LOQTEQ® system

aap: Market launch of innovative periprosthetic LOQTEQ® system

New fixation technology enables flexible treatment of periprosthetic fractures

aap Implantate AG (“aap”) announces the market launch of its innovative periprosthetic LOQTEQ® system with the distal lateral femur plate 4.5 PP (periprosthetic). The system is based on a new patent pending fixation technology and enables the treatment of bone fractures in the immediate vicinity of joint implants already existing in the body. Thereby the periprosthetic LOQTEQ® system addresses one of the most demanding procedures in orthopaedics. The distal lateral femur plate 4.5 PP has a CE mark.

Implantations of artificial hip and knee joints are among the most frequent procedures in Germany. With such implantations bone fractures can occur in the immediate vicinity of the treated site during the life of the used joint implants. Treating such fractures poses a particular challenge in orthopaedics because the screws for the bone plates must be fixed around the joint implant. This is where aap’s periprosthetic LOQTEQ® system becomes effective with its innovative fixation technology.

The core of the new technology are special LOQTEQ® hinges that can be fixed to the plate both distally and proximally. They remain flexible within a 45° angle range and are anchored in the bone at a variable angle (±15°) by angle-stable 3.5 mm screws. In this way the fixation can be adapted for a wide range of bone diameters and the plates can be securely fixed past a prosthesis or a nail, especially in an osteoporotic bone. The hinges ensure that the surgeon has maximum flexibility in planning and carrying out the operational stabilisation by means of optional use at the proximal and distal end of the plate. aap’s offering in this area is complemented by cerclage trays for cable or wire cerclages.

In recent months the periprosthetic LOQTEQ® system has proven its worth in clinical initial applications in respect of user friendliness and flexibility. In the future, aap plans to extend the periprosthetic fixation technology to other relevant plates in the LOQTEQ® portfolio for different anatomical regions.


This release contains 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 further information, please contact:

aap Implantate AG
Lorenzweg 5
12099 Berlin

Fabian Franke
Manager Investor Relations
Tel.: +49 (0)30 / 750 19 134
Fax: +49 (0)30 / 750 19 290

Press Release dated September 12, 2016, 12:00 AM

Change in the Supervisory Board at aap Implantate AG

Change in the Supervisory Board at aap Implantate AG

aap Implantate AG ("aap") announces that Ronald Meersschaert will resign from his office as a member of the Supervisory Board for personal reasons. His duties will conclude on 5 October 2016. Ronald Meersschaert was first elected as a member of aap's Supervisory Board by the annual general meeting in financial year 2009. His successor will be Ms. Jacqueline Rijsdijk (60), who was elected as a substitute member for Mr. Meersschaert. Jacqueline Rijsdijk is a Board Advisor in the Netherlands and member of several Supervisory Boards and control committees of reputable companies such as Deloitte Netherlands and Royal Cosun.

Biense Visser, Chairman of the Supervisory Board at aap, praises the work of Ronald Meersschaert over the past years: "We thank Ronald Meersschaert for his great commitment and the outstanding work for aap on the way to a focused trauma company in recent years. As a recognised financial expert and seasoned investor, he was always a competent and trusted contact for the Supervisory and Management Boards and made a significant contribution in both financial and strategic matters."

In addition Biense Visser welcomes Jacqueline Rijsdijk's acceptance of the Supervisory Board mandate: "Jacqueline Rijsdijk is a regarded Board Advisor with comprehensive economic and financial knowledge and an excellent network. We are very much looking forward to our cooperation and are sure that aap will benefit from her distinctive financial expertise and many years of experience.


This release contains 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 further information, please contact:

aap Implantate AG
Lorenzweg 5
12099 Berlin

Fabian Franke
Manager Investor Relations
Tel.: +49 (0)30 / 750 19 134
Fax: +49 (0)30 / 750 19 290

Press Release dated August 12, 2016, 12:00 AM

aap: Q2/2016 sales and EBITDA at upper end of guidance; further important progress with LOQTEQ® and Silver Technology

aap: Q2/2016 sales and EBITDA at upper end of guidance; further important progress with LOQTEQ® and Silver Technology

  • Sales and EBITDA in Q2/2016 at EUR 3.4 million (guidance: EUR 2.5 million to EUR 3.5 million) and
    EUR -1.4 million (guidance: EUR -2.5 million to EUR -1.5 million) respectively 
  • US sales in Q2/2016 at EUR 0.7 million (Q2/2015: EUR 0.2 million) and in H1/2016 at EUR 1.3 million (H1/2015: EUR 0.3 million)
  • Silver coating technology: good progress in CE conformity assessment procedure; encouraging pre-submission meeting with US Food and Drug Administration (FDA)
  • LOQTEQ®: Notice of allowance received for further US patent; “umbrella patent” with comprehensive protection in the USA
  • Cost reduction measures: extensive personnel measures with a total annualised effect of up to EUR 1.5 million implemented
  • Completed sale of aap Biomaterials GmbH leads to net cash inflow of approx. EUR 34.5 million as at 30 June 2016 and a consolidation profit of about EUR 23.3 million
  • Successful course of 2016 annual general meeting

aap Implantate AG (“aap) was able to achieve its set targets in the second quarter of 2016 for both sales and earnings. In the continued operation the company generated sales of EUR 3.4 million in the reporting period (Q2/2015: EUR 3.6 million) which were thus at the upper end of the EUR 2.5 million to EUR 3.5 million guidance. Furthermore, aap reported an EBITDA of EUR -1.4 million in the continued operation in the second quarter of 2016 (Q2/2015: EUR -1.4 million) and thereby a value slightly above the forecast of EUR -2.0 to EUR -1.5 million.

Q2 Sales

In EUR million

Q2/2016

Q2/2015

Change on year

Trauma

3.0

3.3

-8%

Other

0.4

0.3

+73%

Sales continued operation

3.4

3.6

-3%

 

 

 

 

Sales discontinued operation

1.7*

2.9

-43%

Group sales

5.1*

6.5

-21%

*Includes aap Biomaterials GmbH business from 04/01/2016 to 05/11/2016.

Q2 EBITDA

In EUR million

Q2/2016

Q2/2015

Change on year

EBITDA continued operation

-1.4

-1.4

0%

 

 

 

 

EBITDA discontinued operation

23.8*

0.6

>+100%

Group EBITDA

22.4*

-0.8

>+100%

* Includes aap Biomaterials GmbH business from 04/01/2016 to 05/11/2016 and deconsolidation profit of sale of aap Biomaterials GmbH.

Compared with Q1/2016 it therefore appears that the sales measures initiated are now also reflected in a corresponding sales and earnings development. In particular, aap put a stronger focus on established markets and has expanded its sales organisation with experienced managerial staff. It must, however, be noted that due to continuing tense economic and political framework conditions in a number of BRICS and SMIT states markets such as China, Turkey and Russia continued in the second quarter to make no contribution towards sales.

H1 Sales

In EUR million

H1/2016

H1/2015

Change on year

Trauma

5.2

6.0

-11%

Other

0.7

0.5

+28%

Sales continued operation

5.9

6.5

-8%

 

 

 

 

Sales discontinued operation

4.2*

7.1

-41%

Group sales

10.1*

13.6

-25%

* Includes aap Biomaterials GmbH business from 01/01/2016 to 05/11/2016.

EBITDA H1

In EUR million

H1/2016

H1/2015

Veränderung

EBITDA continued operation

-3.6

-3.1

-13%

 

 

 

 

EBITDA discontinued operation

24.1*

2.5

>+100%

Group EBITDA

20.5*

-0.6

>+100%

* Includes aap Biomaterials GmbH business from 01/01/2016 to 05/11/2016 and deconsolidation profit of sale of aap Biomaterials GmbH.

In the first half of 2016 aap realised sales of EUR 5.9 million in the continued operation (H1/2015: EUR 6.5 million). EBITDA in the first six months of the current financial year was at EUR -3.6 million (H1/2015: EUR -3.1 million).

The following highlights indicate the progress aap made in the second quarter of 2016 in implementing the Management Agenda for 2016:

  • US sales: Initiated sales measures are taking effect: sales with local distributors and global partners who sell aap products under their own name or the aap label in the USA totalled EUR 0.7 million in Q2/2016 (Q2/2015: EUR 0.2 million) and EUR 1.3 million in H1/2016 (H1/2015: EUR 0.3 million); growing number of weekly operations with LOQTEQ® products
  • DACH and International sales: successful new customer acquisition in Austria; presence in Spain and Italy further enhanced; successful new customer acquisition in Latin America and expansion of business in South Africa
  • Silver coating technology: good progress in CE conformity assessment procedure for silver-coated LOQTEQ® plate – intensive and constructive exchange with notified body; encouraging pre-submission meeting with US Food and Drug Administration (FDA) at the beginning of July
  • LOQTEQ®: Notice of Allowance received for further US patent – comprehensive protection (“umbrella patent”) combining and extending many existing patents; scheduled progress in completing the LOQTEQ® product portfolio – focus of research and development activities on new polyaxial LOQTEQ® systems and on additions to already existing LOQTEQ® systems
  • Cost reduction measures: implementation of extensive personnel measures corresponding to a total effect of up to EUR 1.5 million if projected for a 12-month period combined with one-off effects of EUR 0.3 million in Q2/2016
  • Successful completion of the sale of aap Biomaterials GmbH on 11 May 2016 leads to net cash inflow of approx. EUR 34.5 million as at 30 June 2016 and deconsolidation profit of about EUR 23.3 million; proceeds are to be used to finance further growth and to be distributed to shareholders – for example a dividend payment in FY/2017 based on the annual financial statements for 2016 seems to be conceivable
  • 2016 annual general meeting: Counter-motions of Westlake GmbH & Co. Beratungs KG rejected by an overwhelming majority and all resolutions approved by a large majority

 Outlook for 2016

In the third quarter of 2016, aap aims to achieve further progress in its strategy implementation. The Management Board will be focusing on the following topics:

To accelerate value-based innovations, aap will be taking forward in a targeted manner the further expansion of the LOQTEQ® portfolio for certain indication areas respectively functionalities. In the area of silver coating technology, the active interaction with the approval authorities will be continued regarding the current CE conformity assessment procedure. For the US American approval, based on a very encouraging pre-submission meeting with the FDA, the necessary approval documents are now being prepared for submission to the US authorities.

The company wants to enhance market access by means of two approaches: Firstly, sales activities in the established markets in Western Europe as well as in the United States are to be expanded further. Secondly, further endeavours are to be undertaken to stabilize sales in growth markets such as the BRICS and SMIT countries.

Following the successful divestment of aap Biomaterials GmbH, aap has already initiated extensive measures to reduce personnel and material costs in order to take into account the reduced size of the company. In the third quarter, the company will also continue to work tirelessly to further optimize the cost base.

For the third quarter of 2016, aap is expecting for the continued operation sales to range between EUR 2.5 million and EUR 4.0 million and an EBITDA of EUR -2.0 million to EUR -1.2 million.


This release contains 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 further information, please contact:

aap Implantate AG
Lorenzweg 5
12099 Berlin

Fabian Franke
Manager Investor Relations
Tel.: +49 (0)30 / 750 19 134
Fax: +49 (0)30 / 750 19 290

Press Release dated May 13, 2016, 12:00 AM

aap: Q1/2016 sales and EBITDA in line with expectations

aap: Q1/2016 sales and EBITDA in line with expectations

aap Implantate AG ("aap") achieved in the first quarter of 2016 sales and EBITDA at the group level in line with the guidance. Sales in the reporting period totalled EUR 5.1 million (Q1/2015: EUR 7.1 million) and were thus within the forecast published in February 2016 of EUR 4.5 million to EUR 6.0 million. For the first quarter of 2016 the company posted an EBITDA of EUR -1.9 million (Q1/2015: EUR 0.2 million) that was also within the forecasted corridor of EUR -2.0 million to EUR -1.0 million.

Deteriorated macroeconomic developments in BRICS and SMIT countries negatively influenced our planned sales development in the last year and presented a challenge in the first quarter of 2016 as well. This is characterized by the fact that markets as China, Turkey and Russia did not contribute to the sales in the first quarter. aap has reacted to this and focussed increasingly on established markets and already initiated necessary sales activities in these markets. Overall the company expects the measures to become effective in the second half of 2016.


Sales

In EUR million

Q1/2016

Q1/2015

Change on year

Trauma

2.2

2.6

-16%

Other

0.3

0.3

-3%

Sales continued operation

2.5

2.9

-14%

 

 

 

 

Sales discontinued operation

2.6

4.2

-39%

Group sales

5.1

7.1

-29%


EBITDA

In EUR million

Q1/2016

Q1/2015

Change on year

Group EBITDA

-1.9

0.2

> -100%

EBITDA discontinued operation

0.3

2.0

-85%

EBITDA continued operation

-2.2

-1.8

-23%

 

In the continued operation aap generated sales in the first quarter of 2016 of EUR 2.5 million (Q1/2015: EUR 2.9 million). The company's sales in the discontinued operation amounted to EUR 2.6 million (Q1/ 2015: EUR 4.2 million) in the reporting period.

EBITDA in the continued operation totalled EUR -2,2 million (Q1/2015: EUR -1.8 million) in the first three months of the current financial year. In the discontinued operation aap realized EBITDA of EUR 0.3 million (Q1/2015: EUR 2.0 million) in the first quarter of 2016.

The following highlights show the progress that aap made in implementing its 2016 Management Agenda in the first quarter of 2016:

  • Signing of a share purchase agreement for the sale of 100% of the company shares in aap Biomaterials GmbH on 22 March 2016; the transaction was closed on 11 May 2016
  • LOQTEQ®: Progress on schedule in completing the LOQTEQ® product portfolio; focus of research and development activities on implants for lower extremities and the launch of the periprosthetic treatment system
  • Silver coating technology: Submission of design dossier for CE conformity assessment procedure at a notified body in January 2016; first steps in the approval process by the US Food and Drug Administration (FDA) undertaken


Outlook for 2016

In the second quarter of 2016 aap aims to achieve further progress in its strategy implementation. The Management Board will be focussing on the following topics:

To accelerate value-based innovations aap will be taking forward in a targeted manner the further expansion of the LOQTEQ® portfolio for certain indication areas respectively functionalities. In the area of silver coating technology an active interaction with the approval authorities is to be pursued for the approval process under way.

The company wants to enhance market access by means of two approaches: Firstly, sales activities in the established markets in Western Europe as well as in the United States are to be expanded further. Secondly, further endeavours are to be undertaken to stabilize sales in growth markets such as the BRICS and SMIT countries.

Following the successful divestment of aap Biomaterials GmbH, aap will in the second quarter also be concentrating on optimizing operational efficiency with a focus on adjusting the cost structure to the company's new size.

According to preliminary calculations, the completion of the aap Biomaterials GmbH transaction will result in a positive one-time overall effect on the earnings level of about EUR 19.6 million in the second quarter of 2016.

Thus the Management Board confirms its forecast for the entire year of 2016: The company anticipates for the EDITDA of the Group (continued and discontinued operation) incl. deconsolidation gain a value of between EUR 14.1 million and EUR 15.7 million. For the continued operation sales between EUR 13.0 million and EUR 15.0 million and an EBITDA between EUR -5.5 million and EUR -3.9 million are expected.

For the second quarter of 2016, aap is expecting for the continued operation sales to range between EUR 2.5 million and EUR 3.5 million and an EBITDA of EUR -2.0 million to EUR -1.5 million.


This release contains 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 further information, please contact:

aap Implantate AG
Lorenzweg 5
12099 Berlin

Fabian Franke
Manager Investor Relations
Tel.: +49 (0)30 / 750 19 134
Fax: +49 (0)30 / 750 19 290

Press Release dated May 11, 2016, 12:00 AM

aap completes sale of biomaterials business

aap completes sale of biomaterials business

aap Implantate AG (“aap”) today completed the sale of 100% of the company shares in its subsidiary aap Biomaterials GmbH. The buyer is Keensight Capital, a leading player in European Growth Private Equity.

By completing this transaction, aap receives proceeds of about EUR 36.6 million. After deduction of the estimated transaction costs the net inflow amounts to around EUR 35 million. According to preliminary calculations, the completion of the transaction will result in a positive one-time overall effect on the earnings level of EUR 19 million – EUR 20 million.

The company will use part of the proceeds to finance further growth and to distribute part of them to its shareholders. In this context aap evaluates different options without having taken a measure into closer consideration or decided on it. For example the set up of a share buyback program in the current financial year and/or a dividend payment in financial year 2017 based on the annual financial statements 2016 seem to be conceivable.

By closing the transaction, aap becomes a pure player in trauma with an innovative product and technology portfolio. The three IP-protected platform technologies LOQTEQ®, silver coating and magnesium offer enormous growth potential in the mid term. Unlocking the inherent value of these innovative product and technology basis is an essential goal of aap's further strategic development.

With the “new” aap as a pure player in trauma, the Management Board is confident to realize a compelling growth story and to sustainably increase shareholder value.


This release contains 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 further information, please contact:

aap Implantate AG
Lorenzweg 5
12099 Berlin

Fabian Franke
Manager Investor Relations
Tel.: +49 (0)30 / 750 19 134
Fax: +49 (0)30 / 750 19 290

Press Release dated April 29, 2016, 12:00 AM

Annual financial statements for 2015: Challenging financial year with significant progress on strategy implementation

Annual financial statements for 2015: Challenging financial year with significant progress on strategy implementation

aap Implantate AG ("aap") was able to achieve many of the targets that it set itself for the financial year 2015 and made significant progress on strategy implementation. It was nevertheless a challenging year, especially because many of the strategic growth markets that have earned the company positive growth rates in recent years failed to live up to expectations in 2015. In financial year 2015 aap's sales totalled EUR 28.0 million (FY/2014: EUR 30.6 million) and EBITDA closed the year at EUR -1.9 million (FY/2014: EUR 2.2 million).

2015 – Substantial Progress

  • Significant development of the LOQTEQ® portfolio with an indication coverage of more than 90% of large bone fractures, thereby making the portfolio more attractive for established markets, purchasing and hospital groups and tender business
  • Conclusion to the very largest extent of approval-relevant work for silver coating technology and submission of the design dossier to a notified body in January 2016 for CE conformity assessment process
  • Disposal process for aap Biomaterials GmbH recommenced in Q4/2015 and signing of a share purchase agreement in March 2016
  • Conclusion of a contract in Q3/2015 which provides for the automatic sale of the remaining 33% stake in aap Joints GmbH depending on the successful extension of eight products
  • Signing of a total of 12 distribution agreements as part of developing the US market; initial use of LOQTEQ® products in different hospitals and first sales realized
  • Successful new customer acquisition and sales start in Mexico, Argentina, Brazil and South Africa

All of these developments clearly represent shareholder value increasing factors for us that have not yet been reflected in measurable results in the profit and loss statement or cash flow.
For a detailed evaluation of the 2015 Management Agenda aap refers to the consolidated annual financial report for 2015, published today.

On March 22, 2016, aap signed a notarized share purchase agreement with a leading European private equity firm regarding the sale of 100% of the company shares in its subsidiary aap Biomaterials GmbH, based in Dieburg. The operation sold within the transaction consists of aap Biomaterials GmbH, which is specialized in the development, production and marketing of bone cements, mixing systems and related accessories, and aap's distribution business in this area.

Based on this transaction and the fulfilment of the requirements of IFRS 5 in November 2015, the disposed operation will be presented in the consolidated financial statements of December 31, 2015 as a discontinued operation. The consolidated statement of income of the Group will therefore be split into two parts: continued operation and discontinued operation. The continued operation includes the activities bundled in aap Implantate AG, Berlin, aap Implants Inc., Dover, Delaware, USA, and MAGIC Implants GmbH, Berlin. The discontinued operation for financial year 2015 includes aap Biomaterials GmbH, Dieburg, the distribution business of aap in bone cements, mixing systems and related accessories, as well as, for financial year 2014, EMCM B.V., Nijmegen, Netherlands, which was sold in February 2014 to a private equity firm.

2015 – Financials

Sales

In EUR million

FY/2015

FY/2014

Change on year

Trauma

10.8

12.8

-16%

Trauma - implants

10.3

12.2

-16%

Trauma - biomaterials

0.5

0.6

-9%

Other

1.5

1.8

-17%

Sales continued operation

12.3

14.6

-16%

 

 

 

 

Sales discontinued operation

15.7

16.0*

-2%

Group sales

28.0

30.6*

-9%

*Discontinued operation: Consists of aap Biomaterials GmbH and aap's distribution business in bone cements, mixing systems and accessories for the period 1-12/2015 excluding EMCM B.V. for the period 1-2/2014.   

EBITDA

In EUR million

FY/2015

FY/2014

Change on year

EBITDA continued operation

-6,8

-3.9

-73%

EBITDA discontinued operation

4,9

6.2*

-20%

Group EBITDA

-1,9

2.2*

> -100%

*Discontinued operation: Consists of aap Biomaterials GmbH and aap's distribution business in bone cements, mixing systems and accessories for the period 1-12/2015 excluding EMCM B.V. for the period 1-2/2014.   

2015 - Sales and EBITDA

In its continued operation aap's sales in financial year 2015 totalled EUR 12.3 million (FY/2014: EUR 14.6 million). So the company was unable to achieve its trauma sales growth target as originally planned. That was mainly due to delays in sales development in a number of strategic growth markets (China, Russia and Turkey) due to deteriorated economic framework conditions and in the US market entry due to protracted administrative processes in hospitals.

aap has responded to these developments and will focusing more strongly on established markets as the USA, DACH region and further European countries in future, while at the same time also stabilising sales development in the BRICS and SMIT countries. In addition, the company has strengthened its sales organisation significantly by recruiting experienced sales managers that used to work for leading international companies.

Furthermore, as a result of mergers and acquisitions in the global orthopaedic industry and the related priorities set by decision makers, delays have occurred in concluding pending project deals in the biomaterials business. As a consequence sales in the discontinued operation were nearly unchanged on the year in the reporting period at EUR 15.7 million (FY/2014: EUR 16.0 million).   

EBITDA in the continued operation amounted to EUR -6.8 million in financial year 2015 (FY/2014 EUR
-3.9 million). This was due largely to the following effects that affected EBITDA significantly in the reporting period:

  • A EUR 0.9 million decline in other operating income due to the aap BM productions GmbH share disposal in 2014
  • An extraordinary and one-off value adjustment (EUR -0.7 million) on standard trauma and recon product inventories as a result of cannibalization effects and the decision on the divestment of the remaining stake in aap Joints GmbH
  • Pre-operating costs for developing sales in the United States (EUR -0.6 million)
  • Higher cost of risk provisions for trade receivables and customer credits for sales in previous years due to poorer payment practice (EUR -0.3 million)
  • Margin loss because of reversal of initial sales due to non-fulfilment of contractual obligations by a distributor (EUR -0.3 million)

In the discontinued operation aap's EBITDA was at EUR 4.9 million in financial year 2015 (FY/2014: EUR 6.2 million) due to a decline in high-margin project business. 

Outlook for 2016

On conclusion of the aap Biomaterials GmbH transaction aap will become a pure player in trauma with innovative and patented technologies. The company will thereby be able with a focussed business model to make even better use of opportunities in the fast-growing global trauma market. The new aap has a comprehensive IP-protected technology and product portfolio with a broad portfolio of LOQTEQ® plates and screws and an innovation pipeline with the silver coating technology and magnesium-based implants. As a consequence the company will enjoy short- and medium-term growth opportunities in three of the fastest-growing areas in orthopaedics: mainstream trauma, foot and ankle, and trauma complementary biomaterials. In view of this starting point, the "new" aap should be regarded a start-up company whose value creation is not derived from the financial figures of an income statement, but rather from the inherent value generation of an IP-based product and technology base.

In fiscal year 2016, aap wants to put particular focus on sustainably increasing sales with its trauma products while simultaneously adapting the cost structure to sufficiently account for future expected sales streams and the reduced size of the company. The focus of the company's growth strategy will especially be on established markets like the United States, the DACH region and other European countries. At the same time sales development is to be stabilised in the BRICS and SMIT countries. The LOQTEQ® portfolio is to be extended to or completed by further indication areas. The focus here will be on polyaxial fixation technology and on foot and ankle. In addition, the further acceleration of the projects "silver coating of trauma implants" and "magnesium-based trauma implants" remains a key focus, in order to sustainably strengthen and further develop competitiveness through innovations.

The Management Board has set the following concrete financial targets for the financial year 2016:

  • Sales of between EUR 13.0 million and EUR 15.0 million in the continued operation with 20% growth in trauma products (FY/2015: EUR 12.3 million)
  • An EBITDA of between EUR -5.5 million and EUR -3.9 million for the continued operation (FY/2015: EUR -6.8 million)
  • EDITDA of the Group (continued and discontinued operation) incl. deconsolidation gain of between EUR 14.1 million and EUR 15.7 million
  • Implementation of cost-reduction measures with an annualized overall effect of EUR 2.0 million; possibly one-time additional costs in 2016 through termination of contractual relations

In the mid term the three IP-protected platform technologies LOQTEQ®, silver coating and magnesium have enormous growth potential. Furthermore the Management Board is convinced the three core technologies are destined to achieve their full value potential in cooperation with global partners. Unlocking the inherent value of these innovative product and technology basis is an essential goal of the company's further strategic development. In this connection aap is currently working with a leading corporate finance firm to determine and evaluate the various possibilities for value generation.

With the new aap as a pure player in trauma, the Management Board is confident to realize a compelling growth story and to sustainably increase shareholder value.


This release contains 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 further information, please contact:

aap Implantate AG
Lorenzweg 5
12099 Berlin

Fabian Franke
Manager Investor Relations
Tel.: +49 (0)30 / 750 19 134
Fax: +49 (0)30 / 750 19 290

Press Release dated March 22, 2016, 12:00 AM

aap sells biomaterials business for EUR 36 million and becomes a pure player in trauma with innovative technologies

aap sells biomaterials business for EUR 36 million and becomes a pure player in trauma with innovative technologies

•    Upon closing of the transaction, aap becomes a pure player in trauma with innovative technologies
•    Focused business model enables to better exploit the opportunities in the fast-growing global trauma market
•    Closing of the transaction will result in a positive one-time deconsolidation effect on the earnings level
•    Proceeds shall be used to finance further growth and to distribute them to shareholders

aap Implantate AG (“aap”) signed a notarized share purchase agreement today with a leading European private equity firm for the sale of 100% of the company shares in its subsidiary aap Biomaterials GmbH, which has its registered office in Dieburg. The purchase price is based on an assumed enterprise value of aap Biomaterials GmbH of EUR 36 million and will be due for payment after closing of the transaction. The closing of the transaction is subject to the market standard conditions precedent, which are to be met within the next three months. Upon closing of the transaction, the existing profit and loss transfer agreement between aap and aap Biomaterials GmbH will be terminated.

“The closing of the transaction is the final step in our consistently implemented strategy to transform aap into a pure player in trauma,” said Bruke Seyoum Alemu, Chairman of the Management Board of aap. “The divestment of our private label business leads to a focused business model which will enable us to better exploit the opportunities in the fast-growing global trauma market.”

The operation sold within the transaction (discontinued operation) consists of aap Biomaterials GmbH, which is specialized in the development, production and marketing of bone cements, mixing systems and related accessories, and aap’s distribution business in this area. In 2015, the operation sold recorded sales based on preliminary figures amounting to EUR 16.0 million.

The closing of the transaction will result in a positive one-time deconsolidation effect on the earnings level. The company plans to use part of the proceeds to finance further growth and to distribute part of them to its shareholders.

“Last year we had to stop the divestment process due to unacceptable closing conditions,” said Marek Hahn, Member of the Management Board (CFO) of aap. “This time we are pleased to have concluded the transaction on favorable terms and conditions. In a next step we will align the cost structure of the new aap with the strategy of a pure player in trauma.”

The complete consolidated and annual financial statements as of 31 December 2015 of aap will be published by 29 April 2016 the latest. The reason for the delay in the publication is the sale of aap Biomaterials GmbH, which must already be stated as a so-called discontinued operation in the consolidated financial statements for 2015. This leads to extensive reporting requirements in the notes and the management report as well as in various presentations of results in the consolidated financial statements.

Upon closing of the transaction, aap’s previous sales and EBITDA forecast for the 2016 financial year will be no longer valid. The company will publish a new and updated guidance for the current financial year after closing. In this context, aap aims to announce also further details regarding the use of a part of the proceeds for the benefit of the shareholders.

“As a pure player in trauma with innovative technologies we will now concentrate in particular on the extension of our trauma portfolio as well as the accelerated access to established and growth markets,” continued Bruke Seyoum Alemu. “It is a core element of our strategy to build a strong IP portfolio with a focus on unmet medical needs. Our IP protected technologies in the areas of silver coating and magnesium implants address problems in surgery that haven’t yet been resolved adequately.”

In the course of the transaction aap is advised by Altium Capital (M&A advice) and Taylor Wessing (legal advice).


This release contains 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 further information, please contact:

aap Implantate AG
Lorenzweg 5
12099 Berlin

Fabian Franke
Manager Investor Relations
Tel.: +49 (0)30 / 750 19 134
Fax: +49 (0)30 / 750 19 290

Press Release dated February 18, 2016, 12:00 AM

Outlook for financial year 2016: aap aims for more than 20% trauma sales growth

Outlook for financial year 2016: aap aims for more than 20% trauma sales growth

  • Sales forecast for FY/2016 between EUR 30 million and EUR 34 million
  • Sales organisation expanded and stronger focus on established markets
  • Dynamic sales development expected from second half of the year
  • Cost reduction planned in all divisions except sales


aap
Implantate AG (XETRA: AAQ.DE) aims to return to the growth track in financial year 2016. In this context in particular the trauma business shall serve as the growth driver. The Management Board anticipates trauma sales growth of 20% to 25% this year. The company’s growth strategy is focused especially on established markets as the U.S., the DACH (Germany, Austria, Switzerland) region and other European countries. At the same time sales development in the BRICS and SMIT countries shall be stabilised.

In response to the business development in recent quarters aap significantly expanded its sales organisation. The sales team was strengthened with several executives with extensive experience and proven track records in the industry based on many years of service with renowned international medical technology companies.

Thanks to the substantial extension of the LOQTEQ® portfolio in financial year 2015 aap can now provide with an indication coverage of more than 90% for the treatment of big bone fractures. As a result the product family’s attractiveness further increases, both for established markets and for hospital and purchasing groups as well as tendering procedures.

Based on the measures initiated and against the background of current global market developments the Management Board expects sales of EUR 30 million to EUR 34 million and an EBITDA of EUR 0.0 million to EUR 1.0 million for financial year 2016.

For the first quarter of 2016 the Management Board anticipates sales of EUR 4.5 million to EUR 6.0 million and an EBITDA of EUR -2.0 million to EUR -1.0 million. The background of this forecast is on the one hand a quarterly fluctuation in the biomaterials business primarily due to the ordering behaviour of the major customers for bone cements and mixing systems. On the other hand the Management Board expects that the sales measures initiated in the trauma business will become effective from the second half of 2016 and should then be reflected in a perceptibly more dynamic sales development. In this regard, it should be mentioned that the development of sales and earnings figures should be evaluated as an overall economic review on an annual basis rather than on a quarterly basis.

Management Agenda 2016

aap’s Management Board has specified its targets for the current financial year as Management Agenda in four strategic and operational action areas.

Management Agenda Targets for 2016

Accelerating value-based innovations

Completion of LOQTEQ® portfolio with a focus on polyaxial fixation technology as well as foot and ankle

CE mark for the antibacterial silver coating technology

Maintenance of a freshness index of at least 20%

 

Enhancing market access

Substantial sales contribution from the US business

Establishment of DACH region and further European countries as core markets

Stabilisation of sales development in BRICS and SMIT states

 

Optimising operational efficiency

Cost reduction in all divisions except sales

Increase of sales efficiency

Optimisation of working capital management

 

Focus on trauma

Conclude divestment of aap Biomaterials GmbH (bone cements and mixing systems as well as biomaterials)

Sale of the remaining interest of 33% in aap Joints GmbH
(Contract manufacturing for joint implants)

 

A key element of the corporate strategy is the development of innovative and IP protected technologies and products, which build the basis for continuous value creation. aap’s patented antibacterial silver coating technology addresses on the one hand a problem in surgery which hasn’t yet been resolved adequately (infection risk when using metal implants) and has on the other hand a high value creation potential due to its wide range of applications. The superior target the Management Board continues to pursue within its strategy is to transform aap into a focused trauma company.    

In the course of its future financial communication aap will report on sales developments in the trauma business (LOQTEQ®, standard trauma and trauma complementary biomaterials) and the biomaterials business (Bone cements and corresponding accessories as well as biomaterials).

aap plans to publish its consolidated annual financial report 2015 on 30 March 2016.


This release contains 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 further information, please contact:

aap Implantate AG
Lorenzweg 5
12099 Berlin

Fabian Franke
Manager Investor Relations
Tel.: +49 (0)30 / 750 19 134
Fax: +49 (0)30 / 750 19 290

Press Release dated January 26, 2016, 12:00 AM

aap submits CE marking application for its innovative antibacterial silver coating technology

aap submits CE marking application for its innovative antibacterial silver coating technology

aap Implantate AG (XETRA: AAQ.DE) announces that the design dossier for the performance of a CE conformity assessment procedure for the antibacterial silver coating technology developed by the company was recently submitted to a notified body leading in the field of medical products. The conformity assessment procedure will initially be undertaken for a silver-coated LOQTEQ® plate. In case of a successful conformity assessment, the company plans to extend the approval to further trauma products.

aap Implantate AG’s silver coating technology addresses infection prevention, which is one of the critical problems in surgery that haven’t yet been resolved adequately. During a procedure medical implants can become colonized by bacteria from the surrounding area forming a biofilm thereafter which can cause serious infections later. Both antibiotics and the human immune system have only a very limited effect against biofilms. It is therefore desirable to combat the biofilm formation at an early stage. This is where aap Implantate AG’s silver coating technology becomes effective by protecting the implants’ surface against bacterial colonisation. As there are no considerable resistances against silver the coating also protects against the colonisation by the particular problematic multiresistant germs.

The unique selling propositions of the silver coating technology developed by aap Implantate AG have been demonstrated in diverse trials and consist of the high coating stability as well as the good  biocompatibility and effectiveness. It is furthermore a cost-efficient coating technology due to the relatively short coating time and the comparatively low capital investment for the required coating machines.

Overall aap Implantate AG’s silver coating technology has a wide range of applications as a platform technology and can in a next step be used inter alia in other areas such as cardiology and dentistry or for a variety of medical instruments.

By submitting the design dossier for the performance of a CE conformity assessment procedure for the silver coating technology aap Implantate AG makes important progress regarding its strategic objective to accelerate value-based innovations.


This release contains 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 further information, please contact:

aap Implantate AG
Lorenzweg 5
12099 Berlin

Fabian Franke
Manager Investor Relations
Tel.: +49 (0)30 / 750 19 134
Fax: +49 (0)30 / 750 19 290

Press Release dated January 18, 2016, 12:00 AM

aap: Sales in Q4/2015 at EUR 6.7 million and in FY/2015 at EUR 28.7 million

aap: Sales in Q4/2015 at EUR 6.7 million and in FY/2015 at EUR 28.7 million

aap Implantate AG (XETRA: AAQ.DE) generated sales of EUR 6.7 million (Q4/2014: EUR 8.6 million) in the fourth quarter of 2015 according to preliminary figures. Sales in the full financial year 2015 totalled EUR 28.7 million (FY/2014: EUR 30.6 million) and were thus within the guidance of EUR 27.5 million to EUR 31.5 million announced in November 2015.

In EUR millionQ4/2015Q4/2014Change
Sales6.78.6-22%
Trauma2.73.9-31%
thereof LOQTEQ®1.62.9-45%
Biomaterials3.73.70%
Projects0.10.9-90%
Other0.20.1>100%
    
In EUR millionFY/2015FY/2014Change
Sales28.730.6-6%
Trauma11.012.2-10%
thereof LOQTEQ®6.88.2-17%
Biomaterials16.816.42%
Projects0.31.2-76%
Other0.60.8-20%


In the trauma business, aap Implantate AG realized sales of EUR 2.7 million (Q4/2014: EUR 3.9 million) in the fourth quarter of 2015. In the full year 2015 sales in the trauma business totalled EUR 11.0 million (FY/2014: EUR 12.2 million). The background to the decline in year-on-year trauma sales is, especially, the deteriorated economic framework conditions in several markets in the BRICS and SMIT states, which have been focal points of the company’s growth strategy so far, and led to deviations from the sales development originally anticipated. At the same time the planned sales contribution from the US market has not yet materialised due to protracted administrative processes in hospitals.
The Management Board is confident the company will return to its growth path in the current financial year by means of the measures initiated, which are aimed primarily at intensifying sales activities in relatively more stable markets in Europe.  In addition, the US market is to become a mainstay of aap Implantate AG’s growth strategy in 2016.

In the biomaterials business, aap Implantate AG generated sales of EUR 3.7 million in the fourth quarter of 2015 which were at the same level as in the previous year (Q4/2014: EUR 3.7 million). Overall, the biomaterials business registered again a satisfactory sales development in financial year 2015, with sales up slightly on the previous year to EUR 16.8 million (FY/2014: EUR 16.4 million). As part of the strategy to transform aap Implantate AG into a focussed trauma company the necessary steps for a divestment of aap Biomaterials GmbH have been initiated already in the previous financial year. The company has put in place a structured process to take this forward and will be reporting on its progress.

In the silver coating technology area, approval-relevant work went ahead on schedule in the fourth quarter of 2015. On the basis of the current state of development and subject to the results of current consultations with the approval authorities aap Implantate AG plans to submit the CE approval application for the silver coating technology by the end of January 2016.

The results contained in this press release are preliminary figures based on an initial analysis by the Management Board for the period ended on 31 December 2015 and are therefore subject to change. aap Implantate AG plans to publish the final, audited results for the financial year 2015 on 30 March 2016.

In a further press release at the beginning of February 2016 the company will provide information about the outlook for the first quarter of 2016 and the full financial year 2016.

In the trauma business, aap Implantate AG realized sales of EUR 2.7 million (Q4/2014: EUR 3.9 million) in the fourth quarter of 2015. In the full year 2015 sales in the trauma business totalled EUR 11.0 million (FY/2014: EUR 12.2 million). The background to the decline in year-on-year trauma sales is, especially, the deteriorated economic framework conditions in several markets in the BRICS and SMIT states, which have been focal points of the company’s growth strategy so far, and led to deviations from the sales development originally anticipated. At the same time the planned sales contribution from the US market has not yet materialised due to protracted administrative processes in hospitals. 
The Management Board is confident the company will return to its growth path in the current financial year by means of the measures initiated, which are aimed primarily at intensifying sales activities in relatively more stable markets in Europe.  In addition, the US market is to become a mainstay of aap Implantate AG’s growth strategy in 2016.  
In the biomaterials business, aap Implantate AG generated sales of EUR 3.7 million in the fourth quarter of 2015 which were at the same level as in the previous year (Q4/2014: EUR 3.7 million). Overall, the biomaterials business registered again a satisfactory sales development in financial year 2015, with sales up slightly on the previous year to EUR 16.8 million (FY/2014: EUR 16.4 million). As part of the strategy to transform aap Implantate AG into a focussed trauma company the necessary steps for a divestment of aap Biomaterials GmbH have been initiated already in the previous financial year. The company has put in place a structured process to take this forward and will be reporting on its progress. 
In the silver coating technology area, approval-relevant work went ahead on schedule in the fourth quarter of 2015. On the basis of the current state of development and subject to the results of current consultations with the approval authorities aap Implantate AG plans to submit the CE approval application for the silver coating technology by the end of January 2016.  
The results contained in this press release are preliminary figures based on an initial analysis by the Management Board for the period ended on 31 December 2015 and are therefore subject to change. aap Implantate AG plans to publish the final, audited results for the financial year 2015 on 30 March 2016. 

In a further press release at the beginning of February 2016 the company will provide information about the outlook for the first quarter of 2016 and the full financial year 2016.


This release contains 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 further information, please contact:

aap Implantate AG
Lorenzweg 5
12099 Berlin

Fabian Franke
Manager Investor Relations
Tel.: +49 (0)30 / 750 19 134
Fax: +49 (0)30 / 750 19 290

Press Release dated November 13, 2015, 12:00 AM

aap: Q3/2015 sales and EBITDA in line with expectations

				
					

aap: Q3/2015 sales and EBITDA in line with expectations

aap Implantate AG (XETRA: AAQ.DE) was able to achieve its financial targets for the third quarter of 2015 in terms of both sales and earnings. Sales in the reporting period were 7% up year-on-year to EUR 8.4 million (Q3/2014: EUR 7.8 million) and thus within the guidance of EUR 7.5 million to EUR 9.0 million announced in August. In the first nine months of financial year 2015, aap Implantate AG's sales totalled EUR 22.0 million (9M/2014: EUR 22.1 million).

In the third quarter of 2015 the company earned EBITDA of EUR 0.3 million (Q3/2014: EUR 0.8 million), which also came within the forecast of EUR 0.1 million to EUR 0.6 million. Overall, aap Implantate AG's EBITDA in the first nine months of the current financial year was EUR -0.3 million (9M/2014: EUR 2.4 million).

In EUR millionQ3/2015Q3/2014Change
Sales8.47.87%
Trauma2.93.3-14%
thereof LOQTEQ®1.52.4-37%
Biomaterials5.44.227%
Projects0.00.1-92%
Other0.10.2-30%
In EUR millionQ3/2015Q3/2014Change
EBITDA0.30.8 -60%
EBIT-0.40.2< -100%
In EUR million9M/20159M/2014Change
Sales22.022.10%
Trauma8.58.41%
thereof LOQTEQ®5.25.3-2%
Biomaterials13.012.72%
Projects0.20.3-25%
Other0.30.7-59%
In EUR million9M/20159M/2014Change
EBITDA-0.32.4< -100%
EBIT-2.30.8< -100%

Sales growth in the third quarter of 2015 was based on the positive sales development in the biomaterials business. Biomaterials sales increased year-on-year by 27% to EUR 5.4 million (Q3/2014: EUR 4.2 million). The growth driver was in particular the bone cement business with global leading companies. In the trauma business, in contrast, sales in the third quarter of the current financial year were down year-on-year (Q3/2015: EUR 2.9 million vs. Q3/2014: EUR 3.3 million). Reasons for this are mainly delays in sales development in a number of strategic growth markets (China, Russia and Turkey) due to deteriorated economic framework conditions, in the US market entry due to protracted administrative processes in hospitals and in product approval in Brazil.

aap Implantate AG has already reacted to recent developments in the BRICS and SMIT countries and will intensify sales activities in relatively more stable markets such as for example the DACH region and push the development of new European markets. At the same time the United States will from 2016 be one of the core markets in the company's growth strategy.

In EUR millionQ3/2015Q3/2014Change
Sales (normalised)8.47.88%
EBITDA (normalised)0.41.0-54%
In EUR million9M/20159M/2014Change
Sales (normalised)21.821.90%
EBITDA (normalised)0.31.4-77%

On a comparable basis (without the one-time effects of share disposals, one-time costs incurred in connection with strategic measures, project earnings and related costs) normalised sales in the third quarter of 2015 totalled EUR 8.4 million (Q3/2014: EUR 7.8 million) and in the first nine months of the current financial year EUR 21.8 million (9M/2014: EUR 21.9 million). Adjusted for project and one-time effects EBITDA amounted to EUR 0.4 million in the third quarter of 2015 (Q3/2014: EUR 1.0 million) and to EUR 0.3 million in the first nine months of 2015 (9M/2014: EUR 1.4 million).

The following highlights show the progress that aap Implantate AG achieved in the third quarter of 2015 with regard to the implementation of the 2015 Management Agenda:

  • Financial targets achieved: Sales of EUR 8.4 million and EBITDA of EUR 0.3 million were both within the guidance announced in August
  • Sales growth in the biomaterials business (+27% to EUR 5.4 million)
  • US market development: In total conclusion of 11 distribution contracts so far; first procedures with LOQTEQ® products in various hospitals and first sales
  • Trauma: Scheduled LOQTEQ® portfolio expansion with a focus on, inter alia, the periprosthetic treatment with LOQTEQ® and the introduction of the polyaxial fixation technology at various LOQTEQ® plate systems
  • Silver coating technology: Approval-relevant animal studies accomplished to a large extent

Outlook for 2015

With regard to the development of the US market aap Implantate AG will further push the acquisition of distributors in the coming months and intensify distribution activities. The target is to reach an optimal geographic coverage and to extend the presence in this strategic market.

In the trauma business the focus in the fourth quarter continues to be on the further expansion of the LOQTEQ® portfolio.

On the basis of the current state of development and subject to the results of current consultations with the approval authorities the company still plans to submit its CE approval application for the silver coating technology this financial year. The approval process with the US Food and Drug Administration (FDA) is expected to be launched subsequently.

aap Biomaterials GmbH recorded a very satisfactory sales and earnings development in the 2015 fiscal year and there continues to be interest from potential buyers. After evaluating various courses of action, aap Implantate AG has taken the necessary steps for a divestment of its subsidiary. The basis for this step continues to be the transformation of aap Implantate AG into a focused trauma company.


This release contains 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 further information, please contact:

aap Implantate AG
Lorenzweg 5
12099 Berlin

Fabian Franke
Manager Investor Relations
Tel.: +49 (0)30 / 750 19 134
Fax: +49 (0)30 / 750 19 290

Press Release dated October 13, 2015, 12:00 AM

aap: Q3/2015 sales with EUR 8.4 million (+7%) in line with expectations; strong quarter in Biomaterials business (+27%)

				
					

aap: Q3/2015 sales with EUR 8.4 million (+7%) in line with expectations; strong quarter in Biomaterials business (+27%)

aap Implantate AG (XETRA: AAQ.DE) generated sales of EUR 8.4 million in the third quarter of 2015 (Q3/2014: EUR 7.8 million) according to preliminary figures, thereby achieving a result within the August forecast of EUR 7.5 million to EUR 9.0 million. Sales in the first nine months of the current financial year totalled EUR 22.0 million (9M/2014: EUR 22.1 million).

In EUR million

Q3/2015

Q3/2014

Change

Sales

8.4

7.8

7%

Trauma

2.9

3.3

-14%

thereof LOQTEQ®

1.5

2.4

-37%

Biomaterials

5.4

4.2

27%

Projects

0.0

0.1

-92%

Other

0.1

0.2

-30%

 In EUR million

9M/2015

9M/2014

Change

Sales

22.0

22.1

0%

Trauma

8.5

8.4

1%

thereof LOQTEQ®

5.2

5.3

-2%

Biomaterials

13.0

12.7

2%

Projects

0.2

0.3

-25%

Other

0.3

0.7

-59%

In the trauma business aap Implantate AG reached sales of EUR 2.9 million (Q3/2014: EUR 3.3 million) in the third quarter of 2015. The background to this decline were various developments in our strategically important growth markets in the BRICS and SMIT countries which weighed perceptibly on demand. Crucial were in particular a significantly reduced willingness to invest in China as a consequence of the recent stock market crash and the devaluation of the Chinese currency, the continuing weak Rouble including the trade sanctions imposed against Russia as well as the increasing unfavourable development of the Euro/Turkish Lira exchange rate in connection with a reimbursement reduction already implemented at the beginning of the year. Furthermore the first shipments to Brazil which were planned for the third quarter could not be carried out due to delays in product approval.

Although customer interest in aap Implantate AG’s trauma portfolio remains intact, the company was unable to escape these external developments entirely. Furthermore, the US market has yet to make a significant contribution toward sales due to in part protracted administrative processes.

In contrast sales in the biomaterials business rose by 27% year-on-year in the third quarter of the current financial year to EUR 5.4 million (Q3/2014: EUR 4.2 million). The growth driver in the third quarter of 2015 was in particular the bone cement business with global leading companies.

In the first nine months of 2015, aap Implantate AG’s sales in the trauma business totalled EUR 8.5 million (9M/2014: EUR 8.4 million). In the biomaterials business sales totalled EUR 13.0 million (9M/2014: EUR 12.7 million) in the nine-month period 2015.

The preliminary results contained in this press release are based on management's initial analysis of operations for the period ended on 30 September 2015, and are therefore subject to change. aap Implantate AG plans to announce its final results for the third quarter respectively the first nine months of 2015 on 13 November 2015.


This release contains 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 further information, please contact:

aap Implantate AG
Lorenzweg 5
12099 Berlin

Fabian Franke
Manager Investor Relations
Tel.: +49 (0)30 / 750 19 134
Fax: +49 (0)30 / 750 19 290

Press Release dated August 14, 2015, 12:00 AM

aap: Q2/2015 sales and EBITDA above guidance; further continuous sales growth in Trauma business and with LOQTEQ®

				
					

aap: Q2/2015 sales and EBITDA above guidance; further continuous sales growth in Trauma business and with LOQTEQ®

aap Implantate AG (XETRA: AAQ.DE) was able to exceed its financial targets in the second quarter of 2015 for both sales and earnings and further on realized continuous sales growth in the trauma business and especially with the LOQTEQ® product family. The company’s sales in the reporting period totalled EUR 6.5 million (Q2/2014: EUR 8.1 million) and were thus above the EUR 5.0 million to EUR 6.1 million guidance issued in May. In the first half of 2015, aap Implantate AG reported sales of EUR 13.6 million (H1/2014: EUR 14.2 million).  

EBITDA in the second quarter of 2015 amounted to EUR -0.8 million (Q2/2014: EUR 1.5 million), thereby also exceeding the forecast of EUR -1.5 million to EUR -1.0 million. In the first six months of the current financial year the company’s EBITDA was at EUR -0.6 million (H1/2014: EUR 1.6 million).

In EUR millionQ2/2015Q2/2014Change
Sales6.58.1-20%
Trauma3.22.98%
thereof LOQTEQ®2.01.815%
Biomaterials3.24.9-34%
Projects0.00.1-82%
Other0.10.2-50%
     
In EUR millionQ2/2015Q2/2014Change
EBITDA-0.81.5< -100%
EBIT-1.51.0< -100%
    
In EUR millionH1/2015H1/2014Change
Sales13.614.2-4%
Trauma5.65.111%
thereof LOQTEQ®3.72.927%
Biomaterials7.68.4-9%
Projects0.20.210%
Other0.20.5-72%
    
 In EUR millionH1/2015H1/2014Change
EBITDA-0.61.6< -100%
EBIT-1.90.5< -100%


Sales development in the second quarter of financial year 2015 was significantly influenced by the sales decline in the biomaterials business (Q2/2015: EUR 3.2 million vs. Q2/2014: EUR 4.9 million). This decline was merely a quarterly fluctuation primarily due to the ordering behaviour of the major customers in the area of bone cement and mixing systems. In contrast the company again reported continuous growth rates in the trauma business and with the LOQTEQ® portfolio on both a quarterly and a half-yearly basis.

 In EUR millionQ2/2015Q2/2014Change
Sales (normalised)6.58.0-19%
EBITDA (normalised)-0.50.3< -100%
    
 In EUR millionH1/2015H1/2014Change
Sales (normalised)13.414.0-5%
EBITDA (normalised)-0.20.4< -100%


On a comparable basis (without the one-time effects of share disposals, one-time costs incurred in connection with strategic measures, project earnings and related costs) normalised sales in the second quarter of 2015 totalled EUR 6.5 million (Q2/2014: EUR 8.0 million) and in the first half of the current financial year amounted to EUR 13.4 million (H1/2014: EUR 14.0 million). Adjusted for project and one-time effects EBITDA in the second quarter of 2015 totalled EUR -0.5 million (Q2/2014: EUR 0.3 million) and amounted to EUR -0.2 million in the first half of the current financial year (H1/2014: EUR 0.4 million). When comparing the normalised EBITDA figures it has to be stated that the sales decrease in the highly profitable biomaterials business led especially to the decline in normalised EBITDA in the second quarter.

The following highlights show the progress that aap Implantate AG achieved in the second quarter of 2015 with regard to the implementation of the 2015 Management Agenda:

  • Financial targets achieved: EUR 6.5 million in sales and EUR -0.8 million in EBITDA were above the guidance provided in May
  • Further continuous sales growth in the trauma business (+8% to EUR 3.2 million) and with the LOQTEQ® portfolio (+15% to EUR 2.0 million)
  • US market development: Eight contracts signed with non-stocking distributors for the distribution of LOQTEQ® products
  • Trauma: Scheduled expansion of the LOQTEQ® portfolio with a focus on, inter alia, the introduction of the radius system with a variable locking technology, the development of new foot and ankle joint plate systems and plates with polyaxial locking technology
  • Silver coating technology: Approval-relevant animal studies and other work further running on schedule
  • Biomaterials: Further targeted expansion of aap Biomaterials GmbH’s business with a situation appraisal and deduction of specific action options in H2/2015

Outlook for 2015

With a view to developing the US market the first eight contracts have been signed with non-stocking distributors. The next steps include the provision of necessary inventories and the execution of various product training courses and sessions for the distributors’ sales employees. In order to reach an optimal geographic coverage as well as to extend the presence in this strategically important market, aap Implantate AG will further push the acquisition of distributors in the coming months and intensify distribution activities. For this purpose the US team will be strengthened again in a targeted manner in product management and distribution. Initial more significant sales are to be expected from the fourth quarter of 2015.

In the trauma business the LOQTEQ® portfolio is to be further expanded in the second half. In this connection the company plans, inter alia, the market launch of a periprosthetic LOQTEQ® plate for use in the area of the femur near the knee and the extension of the polyaxial locking technology to further LOQTEQ® plate systems.

In the silver coating technology area all approval-relevant work continues to go ahead on schedule. The company still aims to submit its CE approval application for the first silver coated products by the end of 2015.

For the third quarter of 2015, aap Implantate AG is expecting sales to range between EUR 7.5 million and EUR 9.0 million and an EBITDA of EUR 0.1 million to EUR 0.6 million. In this regard, it should be noted that the development of the most important key figures should be evaluated as an overall economic review on an annual basis rather than on a quarterly basis.


This release contains 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 further information, please contact:

aap Implantate AG
Lorenzweg 5
12099 Berlin

Fabian Franke
Manager Investor Relations
Tel.: +49 (0)30 / 750 19 134
Fax: +49 (0)30 / 750 19 290

Press Release dated July 16, 2015, 12:00 AM

aap: Q2/2015 sales above guidance at EUR 6.5 million; 27% LOQTEQ® growth in H1/2015

				
					

aap: Q2/2015 sales above guidance at EUR 6.5 million; 27% LOQTEQ® growth in H1/2015

aap Implantate AG (XETRA: AAQ.DE) generated sales totalling EUR 6.5 million in the second quarter of 2015 (Q2/2014: EUR 8.1 million) according to preliminary figures, thereby exceeding the guidance provided in May of EUR 5.0 million to EUR 6.1 million. Total sales in the first half of the current financial year thus amounted to EUR 13.6 million (H1/2014: EUR 14.2 million).

Sales in EUR million

Q2/2015

Q2/2014

Change

Trauma3.22.98 %
     thereof LOQTEQ®2.01.815 %
Biomaterials3.24.9-34 %
Projects0.00.1-82 %
Other0.10.2-50 %
Total sales6.58.1-20 %

   

Sales in EUR million

H1/2015

H1/2014

Change

Trauma5.65.111 %
     thereof  LOQTEQ®3.72.927 %
Biomaterials7.68.4-9 %
Projects0.20.210 %
Other0.20.5-72 %
Umsatz13.614.2-4 %

 

In the second quarter of 2015, aap Implantate AG increased its LOQTEQ® portfolio sales by 15% compared to the corresponding period in the last year to EUR 2.0 million (Q2/2014: EUR 1.8 million). Sustained by the positive sales development of the LOQTEQ® product family, overall sales in the trauma business were up by 8% year-on-year to EUR 3.2 million (Q2/2014: EUR 2.9 million).

In the biomaterials business the company generated sales of EUR 3.2 million (Q2/2014: EUR 4.9 million) in the second quarter of the current financial year. This decline was merely a quarterly fluctuation primarily due to the ordering behaviour of the major customers in the area of bone cement and mixing systems.

In the first half of 2015 aap Implantate AG continued the positive sales development of the LOQTEQ® portfolio with an increase of 27% year-on-year to EUR 3.7 million (H1/2014: EUR 2.9 million). In the biomaterials business the company realized sales of EUR 7.6 million (H1/2014: EUR 8.4 million) in the first six months of the current financial year.

The preliminary results contained in this press release are based on management's initial analysis of operations for the period ended on 30 June 2015, and are therefore subject to change. aap Implantate AG plans to announce its final results for the second quarter respectively the first half of 2015 on 14 August 2015.


This release contains 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 further information, please contact:

aap Implantate AG
Lorenzweg 5
12099 Berlin

Fabian Franke
Manager Investor Relations
Tel.: +49 (0)30 / 750 19 134
Fax: +49 (0)30 / 750 19 290

Press Release dated July 03, 2015, 12:00 AM

aap: Supervisory Board extends contract of CFO Marek Hahn prematurely until end of 2017

				
					

aap: Supervisory Board extends contract of CFO Marek Hahn prematurely until end of 2017

aap Implantate AG (XETRA: AAQ.DE) announces that the Supervisory Board decided at the end of June 2015 to extend the contract of Management Board member Marek Hahn (CFO) prematurely by two more years until the end of 2017.

Marek Hahn (40) has been member of the Management Board (CFO) of aap Implantate AG since April 2010. He is responsible in the Group for Finance/ Controlling, Human Resources, IT, Legal Affairs, Administration as well as Investor and Public Relations.

“The contract extension of Mr. Hahn will guarantee continuity at the executive management level also in the years to come as well as a trusting and constructive cooperation between Supervisory Board and Management Board”, says Biense Visser, Chairman of the Supervisory Board of aap Implantate AG. “Mr. Hahn together with the Management Board and all employees will further carry forward aap’s transformation process to a focused MedTech company.”


This release contains 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 further information, please contact:

aap Implantate AG
Lorenzweg 5
12099 Berlin

Fabian Franke
Manager Investor Relations
Tel.: +49 (0)30 / 750 19 134
Fax: +49 (0)30 / 750 19 290

Press Release dated June 10, 2015, 12:00 AM

aap signs several agreements with US distributors – Kick off for LOQTEQ® sales in Q3/2015

				
					

aap signs several agreements with US distributors – Kick off for LOQTEQ® sales in Q3/2015

aap Implantate AG (XETRA: AAQ.DE) has reached a further, decisive milestone in developing the strategically important US market. The company has signed the first eight contracts for the distribution of its LOQTEQ® products with non-stocking distributors. On the basis of these agreements these distributors will cover different regions in the federal states California, Texas, Ohio, Tennessee, Oklahoma and Utah. The company anticipates initial sales in the US market in the third quarter of the current financial year.

aap Implantate AG is banking in the United States on a hybrid distribution model. The company plans to sell its LOQTEQ® products locally via both stocking (distributor buys the products) and non-stocking distributors (distributor is supplied with the products and pays after usage). Here, it should be noted that most of the sales in the USA are handled via non-stocking distributors.

In recent months the company has successfully built up the necessary infrastructure for the distribution of its LOQTEQ® products in the United States. The first move was to set up a US distribution company, aap Implants Inc., and all distribution activities are managed by a new experienced Sales Director. In addition, an agreement was signed with a logistics service provider who will be responsible for the logistics of products to distributors and hospitals.

With the contracts signed, sales of LOQTEQ® products in the US now get kicked off. The next steps include the provision of necessary inventories and the execution of various product training courses and sessions for the distributors’ sales employees. Furthermore, aap Implantate AG will be stepping up significantly its presence at the leading relevant trade shows and events in the United States.

In order to reach an optimal geographic coverage as well as to extend the presence in this strategically important market, aap Implantate AG will further push the acquisition of distributors in the coming months and intensify distribution activities.


This release contains 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 further information, please contact:

aap Implantate AG
Lorenzweg 5
12099 Berlin

Fabian Franke
Manager Investor Relations
Tel.: +49 (0)30 / 750 19 134
Fax: +49 (0)30 / 750 19 290

Press Release dated May 15, 2015, 12:00 AM

aap: Good start in 2015 with sales and EBITDA increase; growth drivers in Q1 were LOQTEQ® (+ 45%) und Biomaterials (+ 23%)

				
					

aap: Good start in 2015 with sales and EBITDA increase; growth drivers in Q1 were LOQTEQ® (+ 45%) und Biomaterials (+ 23%)

aap Implantate AG (XETRA: AAQ.DE) had a successful start to the 2015 fiscal year, showing growth in sales and EBITDA and achieving its financial targets. The company increased its sales during the first quarter of the 2015 fiscal year by 16% to EUR 7.1 million compared with the same period in the previous year (Q1/2014: EUR 6.1 million). The EBITDA grew by 91% to EUR 0.2 million during the reporting period in comparison to the first three months of 2014 (Q1/2014: EUR 0.1 million).
 in EUR million

 in EUR million

Q1/2015

Q1/2014

Change

Trauma

2.5

2.2

15%

thereof LOQTEQ®

1.7

1.1

45%

Biomaterials

4.4

3.6

23%

Projects

0.1

0.1

109%

Other

0.1

0.2

-81%

Sales

7.1

6.1

16%

 in EUR million

Q1/2015

Q1/2014

Change

EBITDA

0.2

0.1

91%

EBIT

-0.4

-0.4

-3%


On a comparable basis (excluding one-time costs in connection with strategic measures and project revenues and thus with associated costs in each case), normalized sales in the first quarter of 2015 amounted to EUR 7.0 million (Q1/2014: EUR 6.1 million) and normalized EBITDA to EUR 0.3 million (Q1/2014: EUR 0.1 million).
The following highlights show the progress that aap Implantate AG achieved in the first quarter of 2015 with regard to the implementation of the 2015 Management Agenda:

  • Financial targets were achieved: sales amounting to EUR 7.1 million and EBITDA of EUR 0.2 million exceed the guidance issued in February of EUR 6.5 million to EUR 7.0 million (sales) and
    EUR -0.5 million to EUR 0.1 million (EBITDA)
  • Growth drivers in sales revenues are LOQTEQ® with +45% to EUR 1.7 million and the Biomaterials business with +23% to EUR 4.4 million
  • LOQTEQ®: European key patent obtained for LOQTEQ® core technology; progress in the expansion of LOQTEQ® product portfolio is on schedule
  • US distribution: advanced discussions with various distributors and the potential conclusion of a contract in Q2/2015 and initial sales in the second half of 2015
  • Silver coating technology: important European patent obtained for silver coating as well as corresponding technology and coating apparatuses
  • Biomaterials: various negotiations with globally active medtech companies with regard to the ongoing targeted expansion of the bone cement business

Outlook for 2015

With regard to the development of the US market, aap Implantate AG’s negotiations with potential distribution partners for sales of its trauma products are at an advanced stage. In the process the company is using a hybrid distribution model: the products are to be sold locally through stocking (distributor buys the products) and through non-stocking distributors (products are placed with the distributor and payment is based on respective consumption). aap Implantate AG is expecting first sales on the US market in the second half of 2015. In addition, in the trauma business the market launch of the LOQTEQ® fibula plate and the product launch of the new polyaxial LOQTEQ® radius plate system are scheduled for the second quarter of 2015. In the silver coating technology area, all approval-related work continues on schedule and the company is aiming to submit the CE approval application for the first silver-coated products in the second half of 2015. Immediately following the CE approval application the FDA approval application will be submitted in a next step.

Furthermore, the Management Board confirms its sales and EBITDA forecast for the entire year of 2015. The company continues to anticipate sales between EUR 33 million and EUR 35 million and an EBITDA between EUR 2.5 million and EUR 3.5 million.

For the second quarter of 2015, aap Implantate AG is expecting sales to range between EUR 5.0 million and EUR 6.1 million and an EBITDA of EUR -1.5 million to EUR -1.0 million. This is a quarterly fluctuation that is in particular influenced by the ordering behavior of our major customers in the area of bone cement and mixing systems. In this regard, it should be noted that the development of the most important key figures should be evaluated as an overall economic review on an annual basis rather than on a quarterly basis.

 


This release contains 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 further information, please contact:

aap Implantate AG
Lorenzweg 5
12099 Berlin

Fabian Franke
Manager Investor Relations
Tel.: +49 (0)30 / 750 19 134
Fax: +49 (0)30 / 750 19 290

Press Release dated April 30, 2015, 12:00 AM

aap publishes annual financial statements for fiscal year 2014

				
					

aap publishes annual financial statements for fiscal year 2014

aap Implantate AG announces that both the consolidated annual financial statement and the annual financial statement for fiscal year 2014 have been published today.

The consolidated annual financial statement is available both in English and German and the annual financial statement in German on the corporate website (http://www.aap.de/) and on our Investor Relations App.


This release contains 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 further information, please contact:

aap Implantate AG
Lorenzweg 5
12099 Berlin

Fabian Franke
Manager Investor Relations
Tel.: +49 (0)30 / 750 19 134
Fax: +49 (0)30 / 750 19 290

Press Release dated April 20, 2015, 12:00 AM

aap is granted European patent for silver coating technology

				
					

aap is granted European patent for silver coating technology

aap Implantate AG (XETRA: AAQ.DE), a developer, manufacturer, and distributor of innovative trauma products and biomaterials, announced that the European Patent Office recently granted it an important patent for its silver coating technology for medical implants.

The European patent (EP 2 437 798 B1) protects both the multifunctional antibacterial silver coating developed by the company for implants and relevant medical tools and the method as well as apparatuses for the production of such a coating. In a next step the European patent will be nationalized in many key European markets and published in different languages. After the company was granted a patent for the silver coating technology last year by the US Patent and Trademark Office (USPTO) and has this year already been granted further European patents for its LOQTEQ® and magnesium technology, the patent now granted represents an important further expansion of the IP portfolio.

The fundamental added value of the silver coating technology lies in the antibacterial property of silver. When using medical implants a biofilm can grow on the surface, in which multi-resistant bacteria and germs are embedded. As a consequence infections can be caused. Silver can prevent the formation of such a biofilm leading to a potential reduction in the number of infections and reoperations. Silver coating technology can thereby make a decisive contribution to improving patient care and reducing healthcare costs. Overall, the silver coating technology is not limited to use solely with aap Implantate AG’s existing portfolio; it can also be used for other orthopaedic implants and surgical instruments. The company plans the submission of the CE approval application for the first silver coated products in the second half of 2015.


This release contains 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 further information, please contact:

aap Implantate AG
Lorenzweg 5
12099 Berlin

Fabian Franke
Manager Investor Relations
Tel.: +49 (0)30 / 750 19 134
Fax: +49 (0)30 / 750 19 290

Press Release dated April 14, 2015, 12:00 AM

aap: Successful start in 2015 with 45% LOQTEQ® sales increase and 23% growth in biomaterials business

				
					

aap: Successful start in 2015 with 45% LOQTEQ® sales increase and 23% growth in biomaterials business

aap Implantate AG (XETRA: AAQ.DE) made a successful start to financial year 2015 with significant sales growth. According to preliminary figures, sales increased in the first three months of this year compared to the corresponding period in the last year by 16% to EUR 7.1 million (Q1/2014: EUR 6.1 million). Thereby the company exceeded its guidance provided in February of EUR 6.5 million to EUR 7.0 million.

Sales in EUR million

Q1/2015

Q1/2014

Change

Trauma

     thereof LOQTEQ®

2.5

1.7

2.2

1.1

15 %

45 %

Biomaterials

4.4

3.6

23 %

Projects

0.1

0.1

109 %

Other

0.1

0.2

-81 %

Total Sales 

7.1

6.1

16 %

  

 

The growth drivers of this positive sales performance in the first three months of the current financial year were the LOQTEQ® product family and the biomaterials business. aap Implantate AG significantly increased sales with the LOQTEQ® portfolio in the first quarter of 2015 year-on-year by 45% to EUR 1.7 million (Q1/2014: EUR 1.1 million). Performance in the reporting period testifies to the anatomic plate system continuing to establish itself in the market.

Sustained by the significant growth in LOQTEQ® product sales, aap Implantate AG’s overall sales in the trauma business rose year-on-year by 15% to EUR 2.5 million (Q1/2014: EUR 2.2 million). On a full year basis the company’s target is to achieve sales growth of more than 20% in the trauma business. In order to achieve this target, aap Implantate AG intends to expand the LOQTEQ® product family further in the current financial year and thereby achieving an indication coverage of more than 90%. Furthermore the company plans to push the internationalisation with a focus on the US American market.

In the biomaterials business the company also achieved a significant sales increase in the first quarter of 2015. Sales grew in the reporting period compared to the first three months of financial year 2014 by 23% to EUR 4.4 million (Q1/2014: EUR 3.6 million). The growth driver in the first quarter of the current year was in particular the bone cement business with global leading companies.

Overall, it can be furthermore stated that aap Implantate AG generates dynamic sales growth and pushes geographic expansion with its innovative and IP protected LOQTEQ® products, while the biomaterials business is characterized by continuous and profitable growth with strong cash flows.

The preliminary results contained in this press release are based on management's initial analysis of operations for the period ended on 31 March 2015, and are therefore subject to change. aap Implantate AG plans to announce its final results for the first quarter of 2015 on 15 May 2015.


This release contains 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 further information, please contact:

aap Implantate AG
Lorenzweg 5
12099 Berlin

Fabian Franke
Manager Investor Relations
Tel.: +49 (0)30 / 750 19 134
Fax: +49 (0)30 / 750 19 290

Press Release dated March 31, 2015, 12:00 AM

Annual financial statement for 2014: Significant growth with LOQTEQ® (+63%) leads to expansion of trauma business (+27%)

				
					

Annual financial statement for 2014: Significant growth with LOQTEQ® (+63%) leads to expansion of trauma business (+27%)

aap Implantate AG (XETRA: AAQ.DE) was able to further implement its growth strategy in financial year 2014 and at the same time achieved progress in focussing on its trauma business. That is demonstrated by the significant increase in sales in the trauma business and, above all, in LOQTEQ® product family sales. Furthermore, during the reporting period two business activities –the Dutch subsidiary EMCM B.V. (contract manufacturing business) and the remaining 50% shareholding in the dental joint venture aap BM productions GmbH – which no longer formed a part of the company's core business were disposed. In addition, aap Implantate AG succeeded in 2014 inter alia in expanding its IP portfolio, especially in the area of the strategically important LOQTEQ® range and in continuing to accelerate development of its highly promising silver coating technology.
2014 – Successes and Milestones


Operative performance: Continued operations (normalised*)

in EUR million

2014

2013

Change

Sales revenue

29.8

25.8

16%

EBITDA

1.4

0.4

250%

 *Sales/EBITDA excluding one-off effects of equity disposal, one-off costs in connection with strategic measures and
project proceeds and costs incurred in connection with them
In financial year 2014 the company achieved important successes here summarised once more as follows:

  • The financial targets were achieved: sales at EUR 31.6 million were within the October 2014 guidance of between EUR 30 million and EUR 34 million; EBITDA at EUR 2.3 million was also in line with expectations (October 2014 target corridor: EUR 2.0 million to EUR 4.5 million)
  • Trauma sales went up by 27% on the previous year to EUR 12.2 million, underlining the strategy of transformation into a pure trauma company
  • Significant sales growth of the LOQTEQ® portfolio shows that the anatomic plate system is increasingly gaining market acceptance (sales up by 63% to EUR 8.2 million)
  • Sale of all shares in the Dutch subsidiary EMCM B.V. for EUR 18 million
  • Disposal of remaining 50% shareholding in dental joint venture aap BM productions GmbH for EUR 1 million
  • Notice of allowance from the United States Patent and Trademark Office (USPTO) for core patent claims in respect of the LOQTEQ® system; scheduled expansion of the LOQTEQ® portfolio to cover further indication areas (such as the polyaxial LOQTEQ® radius plate system and the periprosthetic plate system)
  • Patent for silver coating technology received from the United States Patent and Trademark Office
  • Conclusion of a supply contract for a PMMA bone cement for the United States, Canada and Puerto Rico with a leading US healthcare services company


Evaluation of the 2014 Management Agenda

Customers

Targets of the
2014 Management Agenda

Results of the
2014 Management Agenda

Target achieved?

Growing trauma sales to > EUR 15 million (>50%); driven by LOQTEQ®

Trauma sales increased by 27% to EUR 12.2 million; LOQTEQ® as main driver with +63% to EUR 8.2 million

Partly

Expanding the LOQTEQ® portfolio; striving for >90% indication coverage

Scheduled expansion of LOQTEQ® portfolio to cover further indication areas (e.g. polyaxial LOQTEQ® radius plate system and periprosthetic plate system)

Yes

Appointing a distributor in the USA and further expansion of distribution network beyond BRICS and SMIT countries

Infrastructure set up with the founding of a US subsidiary and the signing of a contract with a logistics service provider; negotiations with different distributors

Partly

Appointing a new global partner for a bone cement

Conclusion of supply contract for PMMA bone cement to USA, Canada and Puerto Rico with a leading US healthcare services company

Yes

Innovation

Targets of the
2014 Management Agenda

Results of the
2014 Management Agenda

Target achieved?

Sustain freshness index of at >20%

LOQTEQ® sales growth of 63%

Yes

Accelerate the development of silver coated trauma products; aiming for market introduction in 2015

Final reports on the results of initial animal experiments on toxicity and infection model received

Yes

Extend co-development network for resorbable magnesium products; aiming for market introduction in 2-3 years

Negotiations with leading companies in the magnesium sector

Partly

Interim analysis of the LOQTEQ® study for phase 1 products in the second quarter of 2014

Study of LOQTEQ® osteotomy plate's fatigue strength reveals outstanding proven properties compared with market leader; initial results of cold welding study show that no case of cold welding has been observed with LOQTEQ® plates and screws so far

Partly

Finance

Targets of the
2014 Management Agenda

Results of the
2014 Management Agenda

Target achieved?

Profitable growth: sales of EUR 35 million (+22%) and EBITDA between EUR 5 million and EUR 6 million

Adjusted guidance; sales between EUR 30 million and EUR 34 million; EBITDA between EUR 2 million and EUR 4 million

Yes

Working capital ratio > 2.4 (in relation to sales)

Working capital ratio at 1.8; 2014 sales growth with 70% of Q4 sales in December 2014

No

Strengthening the balance sheet by ongoing reduction of the percentage of intangible assets as of the balance sheet total

Intangible assets as a proportion of the balance sheet total down to around 26%

Yes

DCR < 3 and ICR > 8

DCR = 1.6 and ICR = 16.8

Yes

Organisation/IT

Targets of the
2014 Management Agenda

Results of the
2014 Management Agenda

Target achieved?

Further improvements of the ERP functionality

Planning and consolidation software implemented

Yes

Optimisation of supply chain management with a focus on Trauma products

Improvement of supply capability in screw production and increase in plate production

Yes

Divestment/out licensing of non-core products and IP

Disposal of remaining 50% shareholding in dental joint venture aap BM productions GmbH for EUR 1 million in cash

Yes


Key financials of aap Group in 2014

in EUR million

2014

2013

Change

Trauma

12.2

9.6

27%

of which LOQTEQ®

8.2

5.0

63%

Biomaterials

16.4

15.0

10%

Projects

1.2

2.8

-58%

Other

0.8

1.2

-31%

Sales continued operations

30.6

28.6

7%

Sales discontinued operations

1.0*

11.4**

-91%

Total sales

31.6

40.0

-21%

* EMCM B.V. sales 01-02/2014: EUR 1.2 million less consolidation effects (EUR 0.2 million)
** EMCM B.V. sales 01-12/2013: EUR 12.3 million less consolidation effects (EUR 0.9 million)

aap Implantate AG's sales totalled EUR 31.6 million in financial year 2014. Of these EUR 31.6 million an amount of EUR 30.6 million is attributable to the continued operations (aap Implantate AG excluding EMCM B.V.). As a result of the sale of EMCM B.V. on February 28, 2014, the sales figures for the financial year 2014 include sales from EMCM for January and February totalling EUR 1.0 million.
The positive sales development in the reporting period was particularly driven by the trauma business. This underlines the strategic alignment of the management board transforming aap Implantate AG in a leading European trauma company. In financial year 2014 the company reported sales of EUR 12.2 million in the trauma business, corresponding to a growth rate of 27% with respect to the result in the previous year (FY 2013: EUR 9.6 million).
Considering the sales in the trauma business more detailed, the development of the LOQTEQ® product family has to be emphasized particularly. Here the company was able to increase sales in the reporting period by 63% to EUR 8.2 million (FY 2013: EUR 5.0 million). The positive sales development of LOQTEQ® demonstrates that the IP protected product family is increasingly well established at the market and has a strong appeal among several customers. All in all, the growth dynamic in financial year 2014 underlines the successful implementation of the strategy sustainably aligning aap Implantate AG on the trauma business.
In its biomaterials business the company achieved year-on-year sales growth of 10% in financial year 2014 to EUR 16.4 million (FY 2013: EUR 15.0 million).

in EUR million

2014

2013

Change

EBITDA continued operations

2.3

5.1

-55%

EBITDA discontinued operations

0.0

2.2

n.a.

EBITDA

2.3

7.4

-69%

in EUR million

2014

2013

Change

EBITDA continued operations

2.3

5.1

-55%

of which projects

0.8

4.4

-82%

of which one-off effects

0.1

0.3

-67%

EBITDA continued operations (normalised)

1.4

0.4

250%

in EUR million

2014

2013

Change

EBIT continued operations

-0.1

0.8

-113%

EBIT discontinued operations

0.0

-2.9

n.a.

Total EBIT

-0.1

-2.1

95%

In financial year 2014 aap Implantate AG's EBITDA amounted to EUR 2.3 million (FY 2013: EUR 7.4 million). EBIT improved by 95% from EUR -2.1 million in financial year 2013 to EUR -0.1 million in the reporting period. For continued operations, EBITDA in the last financial year was at EUR 2.3 million (FY 2013: EUR 5.1 million), whereas EBIT amounted to EUR -0.1 million (FY 2013: EUR 0.8 million). Both financial years include special effects so that an assessment of year-on-year operative development should be based on normalised EBITDA (excluding special effects).
In financial year 2014 the company earned project income totalling EUR 0.8 million from a development contract for a bone cement and the mixing system to go with it. On the basis of the abovementioned contract and of a further contract covering the outlicensing of a bone cement to a Chinese partner aap Implantate AG reported project income totalling EUR 4.4 million in the previous year. Furthermore, there were one-off effects in both financial years. In financial year 2014 the company sold the remaining 50% shareholding in its dental joint venture, including operating resources, leading to a EUR 1.2 million effect on EBITDA. One-off expenses totalling roughly the same amount were also incurred in the reporting period. They related, for example, to up-front costs for the planned sale of aap Biomaterials GmbH, extensive negotiations on existing contracts with various major customers, expenses incurred in connection with structural measures at the level of the management holding company and consulting costs in connection with ongoing audits by the Deutsche Prüfstelle für Rechnungslegung and company audits in years gone by. The special effects contained in the EBITDA for financial year 2013 were based on a positive effect arising from the disposal of a shareholding in aap Joints GmbH (EUR 0.6 million) and on costs already incurred in connection with the disposal of the contract manufacturing business (EMCM B.V.; EUR 0.2 million). Excluding special effects, normalised EBITDA in the financial year 2014 totalled EUR 1.4 million (FY 2013: EUR 0.4 million), which corresponds to a growth rate of more than 100% on the previous year. Overall, it can be said that in respect of the operative development of continued operations profitable growth was achieved in both core areas, Trauma and Biomaterials, on the basis of normalised results.


Outlook for 2015

aap Implantate AG aims to continue to implement its growth strategy in financial year 2015. Its focus continues to be on transformation into a pure trauma company. As a consequence the company aims especially to achieve strong trauma sales growth, with the LOQTEQ® product family continuing to be acting as the main driver of this development.

The Management Board has set itself the main targets as follows for the financial year 2015:

  • Sales growth to a value of between EUR 33 million and EUR 35 million (FY 2014: EUR 30.6 million)
  • EBITDA of between EUR 2.5 million and EUR 3.5 million (FY 2014: EUR 2.3 million)
  • Trauma sales growth of between 20% and 25% to between EUR 14.8 million and EUR 15.4 million (FY 2014: EUR 12.3 million)
  • Development of US market; appointment of distributors in BRICS and SMIT countries not yet covered; impact on business development expected for the second half of 2015
  • Implementation and conclusion of all approval-relevant work (CE) in the silver technology sector and submission of approval application for silver technology
  • Further expansion of LOQTEQ® portfolio with target of >90% indication coverage
  • Maintenance of a freshness index of at least 20%
  • Increase in biomaterials sales by 10%

For the first quarter of 2015 aap Implantate AG expects sales of between EUR 6.5 million and EUR 7.0 million. For EBITDA the company anticipates a value of between EUR -0.5 million and EUR 0.1 million for the first three months of the current financial year.
After negotiations with a consortium of private equity bidders on the sale of aap Biomaterials GmbH have been broken off shortly before their conclusion the subsidiary is now to be developed further as planned. aap Implantate AG plans to measure the progress of this process in the second half of 2015 and derive concrete options for action.

On its way to becoming a pure trauma company aap Implantate AG aims to pursue the targeted further development of its trauma business and, especially, to add further indication areas to the LOQTEQ® portfolio to complete it. There is a further focus on accelerating the silver coating project in order to strengthen and extend competitiveness on a lasting basis by means of innovations. In financial year 2015 aap Implantate AG intends in particular to concentrate on lasting sales growth of its trauma products. The company's aim is to achieve annual trauma sales growth of more than 20% in the years ahead. These growth rates are to be generated in particular by opening up new markets, which will increase costs in the short term. As sales increase and a critical mass is reached there will be a perceptible improvement in results. Furthermore aap Implantate AG continues to screen the market for potential smaller bolt-on acquisition targets.

aap Implantate AG's complete consolidated annual financial statement will be published by 30 April 2015 at the latest. The reason for the delay is the recent abortion of negotiations on the sale of aap Biomaterials GmbH with the result that a disposal of the subsidiary any time soon could no longer be considered likely. aap Biomaterials GmbH accordingly had to be treated and stated as part of the aap Group, requiring extensive adjustments.

This press release is based on the consolidated and audited results for the financial year 2014, including besides an overview of key financials the consolidated balance sheet, the consolidated income statement, the consolidated cash flow statement and the consolidated statement of changes in equity.

Attachments


This release contains 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 further information, please contact:

aap Implantate AG
Lorenzweg 5
12099 Berlin

Fabian Franke
Manager Investor Relations
Tel.: +49 (0)30 / 750 19 134
Fax: +49 (0)30 / 750 19 290

Press Release dated March 23, 2015, 12:00 AM

aap stops negotiations on the sale of aap Biomaterials GmbH shortly before completion – Strategy of transformation into a pure trauma company continues to be pursued consistently

				
					

aap stops negotiations on the sale of aap Biomaterials GmbH shortly before completion – Strategy of transformation into a pure trauma company continues to be pursued consistently

aap Implantate AG (XETRA: AAQ.DE) today announced that negotiations on the sale of its subsidiary aap Biomaterials GmbH have been broken off at short notice. The company had reached a very advanced stage in discussions with a consortium of private equity bidders. A sale was not agreed, however, because the final transaction terms and conditions of aap Implantate AG could not be met.

“We were convinced until the end that we could close the transaction at attractive and mutual acceptable conditions but negotiations stalled at a critical point”, says Bruke Seyoum Alemu, CEO of aap Implantate AG. “We were however – and still are – under no pressure to go ahead with the sale of our subsidiary. For us the focus was, from the outset, on concluding a transaction subject only to terms and conditions that are implementable in a reasonable period and reflect the right value of the company from a comparable transaction point of view. aap Biomaterials GmbH is a healthy and very profitable company which is especially characterized by strong cash flows. We will continue to grow our subsidiary and re-evaluate our options at a later date. As part of our strategy we continue to consistently pursue the objective of transforming aap Implantate AG into a leading European trauma company.”

On the basis of the joint resolution by the Management Board and Supervisory Board to sell aap Biomaterials GmbH and the advanced state of the negotiations, aap Implantate AG drew up its consolidated financial statement as of December 31, 2014 on the assumption that the disposal of its subsidiary was imminent, requiring it to be stated as a discontinued operation. That led to extensive reporting requirements in the Notes and the Management Report as well as in various presentations of results in the consolidated financial statement. On the basis of all available information and in light of the breakdown of the negotiations a timely disposal of aap Biomaterials GmbH cannot be considered as likely. Consequently the subsidiary must be treated and presented as part of the aap Group. The extensive adjustments that this requires will lead to a delay in publication of the complete consolidated financial statement as of December 31, 2014. aap Implantate AG will nevertheless, as stated in the financial calendar, publish its consolidated and audited results of financial year 2014 (consolidated balance sheet, consolidated statement of comprehensive income, consolidated cash flow statement, consolidated statement of changes in equity and an overview of key financials) on March 31, 2015 in the form of a press release.

Publication of aap Implantate AG’s complete consolidated financial statement for 2014 is scheduled for April 30, 2015 at the latest.


This release contains 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 further information, please contact:

aap Implantate AG
Lorenzweg 5
12099 Berlin

Fabian Franke
Manager Investor Relations
Tel.: +49 (0)30 / 750 19 134
Fax: +49 (0)30 / 750 19 290

Press Release dated February 04, 2015, 12:00 AM

aap announces outlook for 2015: Further strong trauma sales growth anticipated with LOQTEQ®

				
					

aap announces outlook for 2015: Further strong trauma sales growth anticipated with LOQTEQ®

aap Implantate AG aims to continue implementing its growth strategy in financial year 2015. The company plans growth in the trauma sector in particular, with the LOQTEQ® product family continuing to be seen as the main driver of this development. For the full year 2015 the Management Board anticipates trauma sales growth by 20% to 25% to between EUR 14.8 million and EUR 15.4 million. In this area aap Implantate AG is growing twice to three times faster than the global trauma market with an average growth rate of 6% to 8%. In addition sales in the biomaterials business are expected to grow by 10% contributing positively to the corporate development as well. For the company as a whole the Management Board expects sales to total between EUR 33 million and EUR 35 million. aap Implantate AG forecasts EBITDA in the financial year 2015 of between EUR 2.5 million and EUR 3.5 million.

For the first quarter of 2015 the company anticipates sales in a range of between EUR 6.5 million and EUR 7.0 million and EBITDA of between EUR -0.5 million and EUR 0.1 million. In this connection it must be mentioned that the company's economic development in the individual quarters of the financial year is expected to be in line with previous years. So the development of key financials, in sense of a holistic economical consideration, is best assessed on the basis of an annual rather than a quarterly basis. The background is that significant fluctuation can occur in both growth and profitability from one quarter to the next.

Management Agenda 2015

On the basis of the 2014 Management Agenda the aap Implantate AG Management Board has identified five action areas that have been combined to constitute the new Management Agenda for the financial year 2015: "Accelerating value-based innovation," "Enhancing market access," "Optimising operational efficiency," "Focus on trauma" and "Growth supplemented with acquisitions." The Management Agenda is intended to make the company's strategic focal points transparent so that the capital market and the general public have an even better understanding of the company's strategic alignment and its implementation.

Management Agenda Targets for 2015

Accelerating value-based innovation

Further expansion of the LOQTEQ® portfolio with a view to exceeding a 90% indication coverage
Implementation and conclusion of all approval-relevant work (CE) in the silver technology area by the beginning of Q3/2015 as well as submission of approval application for silver technology
Maintenance of a freshness index of at least 20%

Enhancing market access

Increase in trauma sales by 20% to 25%

Development of the US market

Appointment of distributors in previously uncovered BRICS and SMIT countries

Optimising operational efficiency

Implementation of action plan to reduce manufacturing costs

Implementation of action plan to improve timely delivery capability

Further improvements in ERP functionalities as well as implementation of action plan to improve IT infrastructure and utilisation

Focus on trauma / Growth supplemented with acquisitions

Conclusion of a transaction for aap Biomaterials GmbH (bone cements and mixing systems and biomaterials) insofar as achievable on terms and conditions that reflect the right value from a comparable transaction point of view

Divestment/outlicensing of products/IP/investments that are not part of the company's core business

Active market screening for suitable acquisition targets (companies and technologies) to speed up organic growth and, possibly, conclusion of a transaction

 

The company still holds talks with selected strategic investors and private equity companies on a transaction for aap Biomaterials GmbH (bone cements and mixing systems and biomaterials) that is anticipated in the first quarter of 2015. In the final analysis, however, aap Implantate AG will only go ahead with a transaction if terms and conditions that reflect the right value from a comparable transaction point of view can be achieved.

aap Implantate AG plans to publish its full annual report for 2014 on March 31, 2015.

 


This release contains 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 obligatio