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Press Release dated May 23, 2024, 07:05 PM

Amendment of the terms and conditions of the bond completed; Bondholders can convert bonds into shares

Amendment of the terms and conditions of the bond completed; Bondholders can convert bonds into shares

EQS-News: aap Implantate AG / Key word(s): Bond
Amendment of the terms and conditions of the bond completed; Bondholders can convert bonds into shares
23.05.2024 / 19:05 CET/CEST
The issuer is solely responsible for the content of this announcement.

Notice to the Holders of the Mandatory Convertible Bond 2023/2028

(ISIN: DE000A351ZH9 / WKN: A351ZH)

 

aap Implantate AG announces today that the resolution adopted in the vote held without a meeting from March 26, 2024, to March 28, 2024, to cancel the vesting period regarding the conversion of the bonds and to allow a first-time conversion right in the period of 14 days before May 31, 2024, has become effective. After the expiry of the statutory challenge period, the resolution on the amendment of the terms and conditions of the Bonds ("Bond Terms") was deposited with the depositary Clearstream Banking Frankfurt and attached to the global certificate. The announcement of the completion of the terms and conditions of the bond is also expected to be published in the Federal Gazette on 24 May 2024.

As a result of the change in the terms and conditions of the bonds, the bondholders are now entitled to convert their bonds into shares of aap Implantate AG during the exercise period in accordance with the terms and conditions of the bond. The last exercise day of the actual exercise period is Wednesday, May 29, 2024.

In order to exercise the conversion right, the bondholder must submit a duly completed and signed declaration to the conversion agent or its custodian bank during normal business hours on a business day using a form available on the website of aap Implantate AG under https://www.aap.de/investoren/wandelschuldverschreibung . Declarations of exercise are irrevocable.

The exercise of the conversion right is subject to the delivery of the bonds for which the conversion right is to be exercised to the conversion agent no later than 29 May 2024, namely by delivery (transfer) of the bonds to the account of the conversion agent at Clearstream Frankfurt.

 

IMPORTANT INFORMATION

THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE AN OFFER OR SOLICITATION OF AN OFFER TO BUY OR SUBSCRIBE FOR ANY SECURITIES. THE DISTRIBUTION OF THIS ANNOUNCEMENT MAY BE SUBJECT TO LEGAL RESTRICTIONS IN CERTAIN JURISDICTIONS. PERSONS READING THIS NOTICE MUST INFORM THEMSELVES ABOUT THESE RESTRICTIONS AND COMPLY WITH THESE RESTRICTIONS

 

 

 

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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 global medical technology company headquartered in Berlin, Germany. The company develops, manufactures, and markets products for traumatology. In addition to the innovative anatomical plate system LOQTEQ®, the IP-protected portfolio includes a wide range of perforated 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 not yet adequately solved problems in traumatology.  In Germany, aap Implantate AG sells its products directly to hospitals, purchasing groups and affiliated clinics, while on an international level, it primarily uses a broad network of distributors in around 25 countries. In the USA, the company and its subsidiary aap Implants Inc. are focusing on a sales strategy via distribution agents. The shares of aap Implantate AG are listed in the General Standard of the Frankfurt Stock Exchange (XETRA: AAQ.DE). For more information, please visit our website at www.aap.de.

 

There may be technical rounding differences in the figures presented in this press release, which do not affect the overall statement.

 

Forward-Looking Statements

This release may contain forward-looking statements based on the current expectations, assumptions and forecasts of the Management Board and information currently available to it. The forward-looking statements are not to be understood as guarantees of future developments and results referred to therein. Various known and unknown risks, uncertainties and other factors could cause the actual results, financial condition, development, or performance of the Company to differ materially from the estimates given herein. These factors also include those described by aap in published reports. Forward-looking statements therefore speak only as of the date on which they are made. We undertake no obligation to update the forward-looking statements made in this release or to conform them to future events or developments.


Contact:

If you have any questions, please contact: aap Implantate AG; Rubino Di Girolamo, Chairman/ CEO, Lorenzweg 5; 12099 Berlin.

Tel.: +49 (0)30 75019 – 170; Fax: +49 (0)30 75019 – 290; Email: r.digirolamo@aap.de



23.05.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com



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Press Release dated April 22, 2024, 07:30 AM

aap closes Q1 2024 with sales growth of 5.6% and positive developments at all operating levels and makes a strong start to Q2 2024

aap closes Q1 2024 with sales growth of 5.6% and positive developments at all operating levels and makes a strong start to Q2 2024

EQS-News: aap Implantate AG / Key word(s): Quarter Results/Development of Sales
aap closes Q1 2024 with sales growth of 5.6% and positive developments at all operating levels and makes a strong start to Q2 2024
22.04.2024 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.

  • Sales increase by 5.6% compared to the same quarter of the previous year
  • Major order and parts of Q1 sales form strong basis for growth in Q2
  • Human clinical trial of the innovative antibacterial implant technology is progressing positively and opens up the possibility of an earlier conclusion

 

aap Implantate AG ("aap" or "Company") continued its good start into the new year. The regions LATAM and APAC contributed significantly to growth.

 

Q1/2024 – Sales

Sales in TEUR Q1/2024 Q1/2023 Change
EMEA (= Europe, Middle East, Africa) 1,456 1,533 -5.0 %
North America 731 897 -18.5 %
LATAM (= Latin America) 788 481 +63.8 %
APAC (= Asia-Pacific) 149 46 >+100 %
Sales 3,124 2,957 +5.6 %

 

In the EMEA region, aap achieved double-digit growth, particularly in South Africa (+21% year-on-year), Spain/Portugal (+11% year-on-year) and Germany (+11% year-on-year). An order placed from the Middle East had to be postponed to Q2 2024 at the customer's request, meaning that the EMEA region cannot report any growth. As a result of the reorganization in North America, unprofitable sales were eliminated, resulting in a decline of ~18% compared to the previous year for the first quarter. The Management Board is confident that this decline will be made up for over the course of the year through the continued focused work of the newly established team and new customers.

In Latin America, investments in aap systems to equip new customers led to a larger order volume compared with the same quarter of the previous year, particularly in Brazil and Mexico. These investment orders contributed significantly to the strong growth in the region. aap is confident that the investments in aap systems made in Q1 2024 will sustainably strengthen the business in the region. In the APAC region, existing and new customers also invested in further aap systems.

 

The Company is making great progress in the ongoing human clinical trial with the antibacterial implant technology and has recruited almost 160 patients to date. Due to the continued very positive progress of the study, there is currently the possibility of significantly reducing the number of patients to be recruited and completing the recruitment phase as early as the middle of this year. This would enable an earlier completion of the follow-up phase and an earlier start to the approval and industrialization phase. This step will again require substantial funds, which the Company will raise together with renowned industry partners and private investors.

 

The German Federal Ministry of Education and Research ("BMBF") is funding the clinical trial. The grant awarded to the company (funding codes 13GW0313A+B, 13GW0449A+B) is part of the BMBF's "Healthcare industry in the healthcare research framework program" field of action (= funding body). According to the BMBF, projects on the topic of "Transferring medical technology solutions to patient care - proving clinical evidence without delay" are being funded. For further information, please refer to the relevant guideline on the BMBF website: https://www.bmbf.de/foerderungen/bekanntmachung-1376.html.

 

The Company also made significant progress towards MDR authorization. Several main product files were submitted to the notified body in the first few months. aap remains committed to its plan to finalize MDR approval by the end of 2024. In the financial/legal area, a partial authorization of shares was completed, a vote without a meeting to lift the lock-up period for investors was carried out with 100% success and a 10% capital increase excluding subscription rights was placed at a premium of 37.5%. Due to personnel bottlenecks in the finance department combined with a new auditing company, the annual financial statements could not be finalized as planned and publication had to be postponed.

 

The second quarter started with a good order basis due to a major order from an international organization and the postponement of orders placed in Q1 2024. The Management Board therefore remains confident about the Company's positive development in 2024.




 

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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. In addition to the innovative LOQTEQ® anatomical plate system, the IP-protected portfolio includes 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 problems in traumatology that have not yet been adequately solved. In Germany, aap Implantate AG sells its products directly to hospitals, purchasing groups and group clinics, while internationally it primarily uses a broad network of distributors in around 25 countries. In the United States, the company relies on a sales strategy via distribution agents through its subsidiary aap Implants Inc. The aap Implantate AG share is listed in the General Standard of the Frankfurt Stock Exchange (XETRA: AAQ.DE). For further information, please visit our website at www.aap.de.

The figures presented in this press release may be subject to technical rounding differences that do not affect the overall picture.

 

Forward-looking statements

This release may contain forward-looking statements that are based on the current expectations, assumptions and forecasts of the Executive 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 results, financial situation, development or performance of the company and the estimates given here. These factors include those that aap has described in published reports. Forward-looking statements therefore speak only as of the date on which they are made. We assume no obligation to update the forward-looking statements made in this release or to conform them to future events or developments.


 

If you have any questions, please contact: aap Implantate AG; Rubino Di Girolamo, Chairman of the Management Board/ CEO, Lorenzweg 5; 12099 Berlin

Phone: +49 (0)30 75019 - 170; Fax: +49 (0)30 75019 - 290; Email: r.digirolamo@aap.de

 



22.04.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com



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Press Release dated April 19, 2024, 07:30 AM

aap successfully places a 10% capital increase from authorized capital at EUR 1.10 with exclusion of subscription rights

aap successfully places a 10% capital increase from authorized capital at EUR 1.10 with exclusion of subscription rights

EQS-News: aap Implantate AG / Key word(s): Capital Increase
aap successfully places a 10% capital increase from authorized capital at EUR 1.10 with exclusion of subscription rights
19.04.2024 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.

  • The premium to the current share price of EUR 0.8 amounted to 37.5%
  • The cash inflow will strengthen the company's own resources for the ongoing human clinical trial of the innovative antibacterial implant technology

 

aap Implantate AG ("aap" or "Company") successfully completed the 10% capital increase announced on March 18, 2024 with exclusion of subscription rights at a placement price of EUR 1.10, which corresponds to a premium of 37.5%. The company will thus receive liquid funds of EUR 986,311.70. This cash inflow will strengthen the company's own resources for the ongoing human clinical trial of the innovative antibacterial implant technology. The investors have also already signaled that they will provide further funds if business develops positively.




 

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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. In addition to the innovative LOQTEQ® anatomical plate system, the IP-protected portfolio includes 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 problems in traumatology that have not yet been adequately solved. In Germany, aap Implantate AG sells its products directly to hospitals, purchasing groups and group clinics, while internationally it primarily uses a broad network of distributors in around 25 countries. In the United States, the company relies on a sales strategy via distribution agents through its subsidiary aap Implants Inc. The aap Implantate AG share is listed in the General Standard of the Frankfurt Stock Exchange (XETRA: AAQ.DE). For further information, please visit our website at www.aap.de.

The figures presented in this press release may be subject to technical rounding differences that do not affect the overall picture.

 

Forward-looking statements

This release may contain forward-looking statements that are based on the current expectations, assumptions and forecasts of the Executive 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 results, financial situation, development or performance of the company and the estimates given here. These factors include those that aap has described in published reports. Forward-looking statements therefore speak only as of the date on which they are made. We assume no obligation to update the forward-looking statements made in this release or to conform them to future events or developments.

 

If you have any questions, please contact:

aap Implantate AG; Rubino Di Girolamo, Chairman of the Management Board/ CEO, Lorenzweg 5; 12099 Berlin

Phone: +49 (0)30 75019 - 170; Fax: +49 (0)30 75019 - 290; Email: r.digirolamo@aap.de
 

 



19.04.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com



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Press Release dated April 03, 2024, 05:35 PM

aap 100% approval of the proposed resolution to amend the terms and conditions of the mandatory convertible bond 2023/2028

aap 100% approval of the proposed resolution to amend the terms and conditions of the mandatory convertible bond 2023/2028

EQS-News: aap Implantate AG / Key word(s): Financing
aap 100% approval of the proposed resolution to amend the terms and conditions of the mandatory convertible bond 2023/2028
03.04.2024 / 17:35 CET/CEST
The issuer is solely responsible for the content of this announcement.

  • 86.03% of the nominal amount and the votes of all outstanding bonds participated in the vote
  • Approval by 100% of the votes cast

aap Implantate AG ("aap" or "Company") successfully completed the vote without a meeting of bondholders on an amendment to the terms and conditions of the Bonds with an approval of 100% of the votes cast and the nominal value of the Bonds. 86.03% of the nominal amount and the votes of all outstanding bonds participated in the vote. The company thanks the creditors for this strong result and their support of the company.

The main amendment to the terms and conditions of the bond relates to the option of granting bondholders the right to elect conversion without observing a lock-up period and also to grant them the right to exercise their conversion right for the first time as early as May 2024.

 

 

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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. In addition to the innovative LOQTEQ® anatomical plate system, the IP-protected portfolio includes 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 problems in traumatology that have not yet been adequately solved. In Germany, aap Implantate AG sells its products directly to hospitals, purchasing groups and group clinics, while internationally it primarily utilises a broad network of distributors in around 25 countries. In the USA, the company relies on a sales strategy with its subsidiary aap Implants Inc. via distribution agents. The aap Implantate AG share is listed in the General Standard segment of the Frankfurt Stock Exchange (XETRA: AAQ.DE). For further information, please visit our website at www.aap.de.

The figures presented in this press release may be subject to technical rounding differences that do not affect the overall picture.

 

Forward-looking statements

This release may contain forward-looking statements that are based on the current expectations, assumptions and forecasts of the Executive 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 results, financial situation, development or performance of the company and the estimates given here. These factors include those that aap has described in published reports. Forward-looking statements therefore only apply on the date 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.

 

Contact:
aap Implantate AG; aap Implantate AG; Rubino Di Girolamo, Chairman of the Management Board/ CEO, Lorenzweg 5; 12099 Berlin


03.04.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com



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Press Release dated February 15, 2024, 01:04 PM

After a mixed 2023 financial year, aap makes a strong start to the 2024 financial year

After a mixed 2023 financial year, aap makes a strong start to the 2024 financial year

EQS-News: aap Implantate AG / Key word(s): Interim Report/Corporate Action
After a mixed 2023 financial year, aap makes a strong start to the 2024 financial year
15.02.2024 / 13:04 CET/CEST
The issuer is solely responsible for the content of this announcement.

  • Silver: significant acceleration in patient recruitment with over 130 patients
    as of the end of January 2024.
  • Sales: very good start to the 2024 financial year
  • Start of MDR certification

In the past financial year, aap Implantate AG ("aap" or "Company") was able to significantly accelerate patient recruitment with the realignment of the world's first clinical human study for its innovative antibacterial implant technology. At the same time, the number of predefined, product-related incidents has so far been significantly lower than assumed values, which, if the results remain the same, would enable early completion of patient recruitment in mid-2024 and thus the completion of the study after the end of the follow-up period in mid-2025. Building on these promising developments, aap will continue its efforts to attract significant third-party funding for the industrial expansion of the technology in the 2024 financial year.

After a mixed 2023 financial year in the LOQTEQ® trauma division, aap was able to make a positive start to the new 2024 financial year. In January, sales in Germany increased significantly by 30% compared to sales in January 2023. International business was up 10% year-on-year and the U.S. stayed within budget for Q1 with the aim of increasing profitability and consolidating sales. With the conclusion of a distribution agreement with a leading global medical technology company and supplier of products in the field of spine treatment and orthopedics for the French market with the highest-selling system LOQTEQ® VA-Radius system, a further step in the sustainable sales development could be made. Due to the difficult forecast for annual sales, aap is cautiously optimistic about sales in 2024 of between EUR 11.5 million and EUR 13.0 million.

In the operational area, the looming delay in MDR certification could be used for a successful re-certification according to ISO 13485 and monitoring under MDD. The process with the Notified Body for MDR certification has been started and is expected to be completed in 2024 according to the timetable agreed with the Notified Body.

To strengthen the liquidity base, aap evaluates the timely implementation of an initial capital measure. These and other measures are primarily necessary to finance the ongoing activities for aap's antibacterial implant technology, which is causing increased costs due to the acceleration, and secondarily to manage the additional burdens in the trauma business due to the MDR changeover.

The clinical trial is funded by the German Federal Ministry of Education and Research ("BMBF"). The grant granted to the company (funding code 13GW0313A+B, 13GW0449A+B) is part of the BMBF's field of action "Healthcare Economy in the Health Research Framework Program" (= funding body). According to the BMBF, projects on the topic of "Transferring medical technology solutions into patient care - proving clinical evidence without delay" will be funded. For further information, please refer to the corresponding guideline on the BMBF website: https://www.bmbf.de/foerderungen/bekanntmachung-1376.html.

 

 

 

 

 

 

 

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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 global medical technology company headquartered in Berlin, Germany. The company develops, manufactures and markets products for traumatology. In addition to the innovative anatomical plate system LOQTEQ®, the IP-protected portfolio includes a wide range of perforated 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 problems in traumatology that have not yet been adequately solved.  In Germany, aap Implantate AG sells its products directly to hospitals, purchasing groups and affiliated clinics, while on an international level it primarily uses a broad network of distributors in around 25 countries. In the U.S., the company and its subsidiary aap Implants Inc. are pursuing a hybrid sales strategy. Distribution is carried out both through distribution agents and through partnerships with global orthopaedic companies. The shares  of aap Implantate AG are listed in the General Standard of the Frankfurt Stock Exchange (XETRA: AAQ.DE). For more information, please visit our website at www.aap.de.

The figures presented in this press release may be subject to technical rounding differences that do not affect the overall statement.

Forward-Looking Statements

This release may contain forward-looking statements that are based on the current expectations, assumptions and forecasts of the Management Board and information currently available to it. The forward-looking statements are not guarantees of future developments and results. Various known and unknown risks, uncertainties and other factors may cause the actual results, financial position, development or performance of the Company to differ materially from the estimates given herein. These factors also include those  described by aap in published reports. Forward-looking statements speak only as of the date on which they are made. We undertake no obligation to update the forward-looking statements contained in this release or to conform them to future events or developments.

If you have any questions, please contact: aap Implantate AG; Rubino Di Girolamo, CEO, Lorenzweg 5; 12099 Berlin

Tel.: +49 (0)30 75019 – 170; Fax: +49 (0)30 75019 – 290; Email : r.digirolamo@aap.de
 

 



15.02.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com



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Press Release dated January 09, 2024, 07:30 AM

aap concludes distribution agreement for LOQTEQ® VA Radius System with leading global spine and orthopedics company

aap concludes distribution agreement for LOQTEQ® VA Radius System with leading global spine and orthopedics company

EQS-News: aap Implantate AG / Key word(s): Alliance
aap concludes distribution agreement for LOQTEQ® VA Radius System with leading global spine and orthopedics company
09.01.2024 / 07:30 CET/CEST
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® VA Radius System with a leading global spine and orthopedics company.

The distribution agreement for the LOQTEQ® VA Radius System, the top selling product of aap`s anatomical plates and screws portfolio, is exclusively distributed in the entire territory of France and has a five-year term with a renewal option and an expected business volume of around EUR 2.0 – 2.5 million for the initial term with potential upsides.

The conclusion of the agreement represents further important progress in the aimed distribution focus in established markets and will sustainably strengthen the planned sales growth.

 

 

 

 

 

 

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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 headquartered in Berlin, Germany. The company develops, manufactures and markets products for traumatology. In addition to the innovative anatomical plate system LOQTEQ®, the IP-protected portfolio includes 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 problems in traumatology that have not yet been adequately solved. In Germany, aap Implantate AG sells its products directly to hospitals, purchasing groups and group clinics, while at international level it primarily uses a broad network of distributors in around 25 countries. In the USA, the company relies on a hybrid sales strategy through its subsidiary aap Implants Inc. This involves sales both via distribution agents and as part of partnerships with global orthopedic companies. The aap Implantate AG share is listed in the General Standard of the Frankfurt Stock Exchange (XETRA: AAQ.DE). For further information, please visit our website at www.aap.de.

 

The figures presented in this press release may be subject to technical rounding differences which do not affect the overall presentation.

 

Forward-looking statements

This release may contain forward-looking statements based on current expectations, beliefs and projections of the Management Board and currently available information. The forward-looking statements are not guarantees of future performance or results. 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 discussed in aap's public reports. Forward-looking statements therefore speak only as of the date they are made. We assume no obligation to update the forward-looking statements made in this release or to conform them to future events or developments.

Contact:

If you have any questions, please contact: aap Implantate AG; Rubino Di Girolamo, Chairman of the Management Board, CEO; Lorenzweg 5; 12099 Berlin

Phone: +49 (0)30 75019 - 294; Fax: +49 (0)30 75019 - 290; E-Mail: r.digirolamo@aap.de



09.01.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com



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Press Release dated October 30, 2023, 11:44 AM

Visible acceleration in clinical trial with already more than 60 patients; increase in funding of around EUR 0.4 million underscores innovative strength of silver coating technology

Visible acceleration in clinical trial with already more than 60 patients; increase in funding of around EUR 0.4 million underscores innovative strength of silver coating technology

EQS-News: aap Implantate AG / Key word(s): Study
Visible acceleration in clinical trial with already more than 60 patients; increase in funding of around EUR 0.4 million underscores innovative strength of silver coating technology
30.10.2023 / 11:44 CET/CEST
The issuer is solely responsible for the content of this announcement.

 

  • Clinical trial: Visible acceleration with already more than 60 patients recruited since clinical trial resumption in April; completion of patient recruitment planned in 2024
  • BMBF funding: increase in total funding by around EUR 0.4 million to up to EUR 3.1 million underscores the strategic innovative character of aap's antibacterial silver coating technology

 

aap Implantate AG ("aap" or the "Company") announces that, at aap's request, the German Federal Ministry of Education and Research (BMBF) has increased the overall funding framework for the conduct of the human clinical trial for the intended market approval of its silver coating technology by approximately EUR 0.4 million. In addition to the funding of up to EUR 2.7 million already committed by the BMBF in 2019, this now results in a funding framework of up to EUR 3.1 million over the entire duration of the study. The BMBF funding underscores the innovative and strategic nature of aap's silver coating technology and its potential to significantly relieve healthcare systems at the cost level.

In the human clinical trial, which was able to enroll the first patient according to the adapted study protocol in May, a visible acceleration in patient recruitment was achieved. By mid-October, more than 60 patients were enrolled in the study as planned. Overall, the study has been very successful to date. This is reflected, among other things, in the significantly lower number of incidents of predefined, product-dependent adverse events than originally assumed in the study planning. If this trend continues, the necessary number of patients to be included would be reduced in order to make the statistical statements. Depending on patient volume and possible events as mentioned above, aap expects to complete patient recruitment in the course of 2024.

With its groundbreaking surface modification technology, in which elemental silver is incorporated into the titanium surface in an extremely low but highly effective concentration, aap is aiming for a unique selling proposition that effectively counters increasing antibiotic resistance in medicine and has the potential to become the gold standard in traumatology. Depending on the human clinical trial and the regulatory authorities, aap expects the first market launch of the new technology in 3 years.

The execution of the clinical study is funded by the German Federal Ministry of Education and Research ("BMBF"). The grant awarded to the company (grant numbers 13GW0313A+B, 13GW0449A+B) is part of the BMBF's (= grantor) field of action "Healthcare Industry in the Health Research Framework Program". According to the BMBF, projects on the topic of "Transferring medical technology solutions into patient care - proving clinical evidence without delay" are being funded. For further information, please refer to the corresponding guideline on the BMBF website: https://www.bmbf.de/foerderungen/bekanntmachung-1376.html.





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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 headquartered in Berlin, Germany. The company develops, manufactures and markets products for traumatology. In addition to the innovative anatomical plate system LOQTEQ®, the IP-protected portfolio includes 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 problems in traumatology that have not yet been adequately solved. In Germany, aap Implantate AG sells its products directly to hospitals, purchasing groups and group clinics, while at international level it primarily uses a broad network of distributors in around 25 countries. In the USA, the company relies on a hybrid sales strategy through its subsidiary aap Implants Inc. This involves sales both via distribution agents and as part of partnerships with global orthopedic companies. The aap Implantate AG share is listed in the General Standard of the Frankfurt Stock Exchange (XETRA: AAQ.DE). For further information, please visit our website at www.aap.de.

 

The figures presented in this press release may be subject to technical rounding differences which do not affect the overall presentation.

 

Forward-looking statements
This release may contain forward-looking statements based on current expectations, beliefs and projections of the Management Board and currently available information. The forward-looking statements are not guarantees of future performance or results. 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 discussed in aap's public reports. Forward-looking statements therefore speak only as of the date they are made. We assume no obligation to update the forward-looking statements made in this release or to conform them to future events or developments.



Contact:
Marek Hahn; Member of the Management Board/ CFO; Lorenzweg 5; 12099 Berlin
Phone: +49 (0)30 75019 - 134; Fax: +49 (0)30 75019 - 290; Email: m.hahn@aap.de



30.10.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com



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Press Release dated August 31, 2023, 07:43 PM

Hiring of Jochen Rahner as Director Finance, IR and IT to succeed CFO Marek Hahn

Hiring of Jochen Rahner as Director Finance, IR and IT to succeed CFO Marek Hahn

EQS-News: aap Implantate AG / Key word(s): Personnel
Hiring of Jochen Rahner as Director Finance, IR and IT to succeed CFO Marek Hahn
31.08.2023 / 19:43 CET/CEST
The issuer is solely responsible for the content of this announcement.


aap Implantate AG ("aap" or the "Company") announces that Mr. Jochen Rahner will succeed CFO Mr. Marek Hahn as Director Finance, IR and IT as of November 1, 2023. Mr. Rahner has over 20 years of financial experience in various functions and holds a degree in mechanical engineering. We are convinced that Mr. Rahner will confidently lead the areas of Finance, Investor Relations and IT and are pleased to welcome him to aap on November 1, 2023.





-------------------------------------------------------
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 headquartered in Berlin, Germany. The company develops, manufactures and markets products for traumatology. In addition to the innovative anatomical plate system LOQTEQ®, the IP-protected portfolio includes 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 problems in traumatology that have not yet been adequately solved. In Germany, aap Implantate AG sells its products directly to hospitals, purchasing groups and group clinics, while at international level it primarily uses a broad network of distributors in around 25 countries. In the USA, the company relies on a hybrid sales strategy through its subsidiary aap Implants Inc. This involves sales both via distribution agents and as part of partnerships with global orthopedic companies. The aap Implantate AG share is listed in the General Standard of the Frankfurt Stock Exchange (XETRA: AAQ.DE). For further information, please visit our website at www.aap.de.

 

The figures presented in this press release may be subject to technical rounding differences which do not affect the overall presentation.

 

Forward-looking statements
This release may contain forward-looking statements based on current expectations, beliefs and projections of the Management Board and currently available information. The forward-looking statements are not guarantees of future performance or results. 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 discussed in aap's public reports. Forward-looking statements therefore speak only as of the date they are made. We assume no obligation to update the forward-looking statements made in this release or to conform them to future events or developments.



Contact:
aap Implantate AG; Marek Hahn; Member of the Management Board, CFO; Lorenzweg 5; 12099 Berlin
Phone: +49 (0)30 75019 - 134; Fax: +49 (0)30 75019 - 290; E-Mail: m.hahn@aap.de



31.08.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com



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Press Release dated August 14, 2023, 12:17 PM

Q2/2023: Revenue growth in all regions (+8 %) and adjusted earnings improvement (EBITDA +21 %)

Q2/2023: Revenue growth in all regions (+8 %) and adjusted earnings improvement (EBITDA +21 %)

EQS-News: aap Implantate AG / Key word(s): Quarter Results/Half Year Report
Q2/2023: Revenue growth in all regions (+8 %) and adjusted earnings improvement (EBITDA +21 %)
14.08.2023 / 12:17 CET/CEST
The issuer is solely responsible for the content of this announcement.

 

  • Sales: Q2 at EUR 2.9 million (+8 % yoy) and H1 at EUR 5.9 million (+6 % yoy); all regions in Q2 above previous year with LATAM (Q2: +13 %; H1: +29 % yoy) and North America (Q2: +7 %; H1: +11 % yoy) as main growth drivers
  • EBITDA: improvement in Q2 (+21 %) with EUR 0.6 million (Q2/2022 corr.: EUR 0.7 million) and H1 (+13 %) with EUR 1.0 million (H1/2022.corr.: EUR -1.2 million) as a result of sales growth and cost savings
  • Silver: Clinical trial resumed with revised study protocol in April; acceleration in patient recruitment visible.
  • Outlook H2/2023: Sales expected to increase compared to H1/2023 with sales/EBITDA targets within previously communicated guidance range

 

aap Implantate AG ("aap" or the "Company") can look back on a good second quarter. The Company was able to increase sales and EBITDA compared to the previous year both in the second quarter and in the first months. The Company's revenues increased by 8 % to EUR 2.9 million in Q2/2023 compared to the same period last year (Q2/2022: EUR 2.7 million). In the first six months of the current fiscal year, sales increased by 6 % to EUR 5.9 million compared to the first half of 2022 (H1/2022: EUR 5.6 million). Regarding earnings, the Company recorded improved EBITDA of EUR ‑0.6 million (Q2/2022 corr.: EUR ‑0.7 million) in the second quarter and of EUR‑ 1.0 million (H1/2022 corr.: EUR‑ 1.2 million) in the first six months of 2023, respectively, mainly reflecting revenue growth combined with lower other costs.

Q2/2023 and H1/2023 - Key financial figures

After the publication of the 2022 half-year financial statements, technical errors were identified in the determination of the inventory valuation of work in progress. These errors were corrected and the results of the 2022 half-year financial statements were subsequently adjusted. In the published consolidated interim report as of June 30, 2023, the published figures and the corrected figures are presented for the previous year. In the following, only the corrected figures are compared with the figures as of June 30, 2023 as prior-year comparatives. For further details, please refer to the published interim Group report as of June 30, 2023.

 

Sales Q2/2023 and H1/2023

in TEUR Q2/2023 Q2/2022 Change
Sales
 EMEA (= Europe, Middle East, Africa)
 North America
 LATAM (= Latin America)
 APAC (= Asia-Pacific)
2.909
1.328
937
564
80
2.693
1.256
872
500
65
+8 %
+6 %
+7 %
+13 %
+23 %
Sales 2.909 2.693 +8 %

 

in TEUR H1/2023 H1/2022 Change
Sales
 EMEA (= Europe, Middle East, Africa)
 North America
 LATAM (= Latin America)
 APAC (= Asia-Pacific)
5.866
2.861
1.834
1.045
126
5.552
2.940
1.655
810
147
+6 %
-3 %
+11 %
+29 %
-14 %
Sales 5.866 5.552 +6 %

 

Looking at the individual regions, aap achieved in some cases very significant sales increases. Business in the LATAM markets developed particularly strongly, with growth in the second quarter and the first half of the year of +13 % and +29 % respectively. This positive development is due to the continuous expansion of our distributors in important markets such as Mexico and Brazil, the progressing market development by the new distributor in Colombia, and the growing activities in the entire Latin American region.

In the EMEA region, Germany performed well again after a long period of stagnation and grew across the board in the second quarter, resulting in an overall increase in sales of +16 %. As a result of the upturn in the second quarter, Germany can therefore report an increase of +5 % for the first half of the year. In the other central EMEA markets, customers were still reluctant to make new investments and build up inventories due to the continuing difficult economic situation, particularly as a result of severely delayed payment flows from healthcare facilities/systems. Sales excluding Germany declined slightly (Q2: ‑2 % yoy, H1: ‑8 % yoy). We expect a catch-up effect here in the second half of the year.

In the North America, aap continued its growth path with +7 % sales growth in the second quarter and thus half-year growth of +11 %. In addition to the growing number of surgeries performed, sales growth was also supported by higher-value fittings.

 

EBITDA Q2/2023 and H1/2023

in TEUR Q2/2023 Q2/2022
EBITDA reported -555 -207
Previous year's correction 0 -495
EBITDA corrected -555 -702
External employees / personnel placement 5 5
Corona Auxiliary Programs 0 -269
Reversal of accruals, derecognition of accrued liabilities -1 -65
Recurring EBITDA -551 -1.031

 

in TEUR H1/2023 H1/2022
EBITDA reported -1.028 -684
Previous year's correction 0 -495
EBITDA corrected -1.028 -1.179
External employees / personnel placement 5 75
Dissolution of distribution contracts 0 57
Corona Auxiliary Programs 0 -269
Reversal of accruals, derecognition of accrued liabilities -1 -65
Recurring EBITDA -1.025 -1.381

 

aap thus realized an improved EBITDA in the second quarter as well as in the first half of 2023 compared to the same period of the previous year of EUR‑ 0.6 million (Q2/2022: EUR -0.7 million) and EUR‑ 1.0 million (H1/2022: EUR‑ 1.2 million), respectively. The following developments were the main factors here:

  • Sales growth (Q2: +8 %; H1: +6 % yoy) and increased total output (Q2: +10 %; H1: +1 % yoy) in Q2 and H1/2023,
  • Improved gross margin[1] in Q2 and stable high gross margin (in %) in H1 with increase in gross margin[2] in absolute figures (Q2: EUR +0.5 million, H1: EUR +0.3 million),
  • Slight decline in personnel expenses in the second quarter and in the first six months compared with the same period of the previous year,
  • Decrease in other costs mainly from decreased costs for external consulting and premises and incidental rental costs mainly due to decreased costs for electricity,
  • increased net cost effect[3] from the conduct of the human clinical trial as a result of restarting the study in Q2/2023 under a modified study protocol,
  • reduced non-recurring effects that had an earnings-improving impact on EBITDA in the previous year.

Based on the aforementioned developments, - Recurring EBITDA adjusted for non-recurring effects - improved to EUR ‑0.6 million (Q2/2022: EUR ‑1.0 million) and EUR ‑1.0 million (H1/2022: EUR ‑1.4 million) in both the second quarter and the first half of 2023.

Cash flow

in TEUR H1/2023 H1/2022 Change
Cash flow Operating -1.542 -1.319 -17 %
Cash flow investment -140 -300 +53 %
Cash flow financing 2.847 -179 >+100 %
  30.06.2023 31.12.2022  
Cash and cash equivalents 1.402 236 >+100 %
Net debt 1.516 2.989 -49 %

 

aap's operating cash flow decreased by 17 % year-on-year in H1/2023 to EUR ‑1.5 million mainly due to the reduction of operating and other liabilities following the capital increase. Cash flow from investing activities showed an outflow of EUR 0.1 million in H1/2023 and was attributable to investments in development projects of EUR 59 thousand (H1/2022: EUR 67 thousand) and property, plant and equipment of EUR 93 thousand (H1/2022: EUR 249 thousand). In the area of financing activities, there was a cash inflow totaling EUR 2.8 million for the first half of 2023 (H1/2022: cash outflow of EUR 0.2 million), which was primarily due to the payment from the capital increase of net EUR 3.3 million EUR, taking up a shareholder loan in the amount of EUR 0.1 million, repayment of financial liabilities and shareholder loans in the amount of EUR 0.5 million (H1/2022: EUR 0.3 million), and payment of interest in the amount of EUR 80 thousand (H1/2022: EUR 130 thousand). As a result, cash and cash equivalents increased to EUR 1.4 million at the end of the second quarter. Net debt (total of all cash and cash equivalents less all interest-bearing liabilities) was EUR 1.5 million on June 30, 2023 (December 31, 2022: EUR 3.0 million).

Silver coating technology

In the field of silver coating technology, aap was able to successfully resume the recruitment phase in the ongoing human clinical trial with an adapted study design in the first half of 2023 and, after only a short time, enroll more patients with the new study protocol than with the previous study protocol. During the reporting period, the focus was on the resumption of the human clinical study and the provision of a sufficient number of test samples for the new study design and the corresponding infrastructure in the clinical study centers required for this purpose. In addition, discussions continued on possible co-funding of the human clinical trial and further cooperation opportunities.

Outlook

Not included in the following forecast statements:

  • A significant tightening of sanctions against Russia or a change in the interpretation of existing sanctions,
  • An expansion of the conflict situation outside Ukraine,
  • Further additional significant increases in energy and commodity prices above currently foreseeable levels or restrictions on the Company's ability to operate due to partial or total cessation of gas and/or energy supplies due to, among other things, the war in Ukraine,
  • Financial risks from ongoing interest rate increases in various markets and their impact on government finances in healthcare.

In the second half of 2023, in addition to stabilizing aap's financial position, the focus will be on expanding the human clinical trial for the innovative antibacterial silver coating technology to all planned clinic centers and preparing for the currently planned MDR audit in Q4.

Based on the aap share price loss, the conversion of the remaining amount of the convertible bond will become due for repayment and will thus burden liquidity by around EUR 0.5 million. Depending on the economic development of aap in the second half of the year as well as the further macroeconomic development, this may lead to an early refinancing of the Company, which was planned in the Annual Report 2022 only for the financial year 2024. The Management Board is currently evaluating various options in this context.

On the revenue side, the Executive Board plans for an increase in the second half of 2023 compared to the first six months and expects the planned revenue level of EUR 12 million to EUR 14 million for fiscal year 2023. For EBITDA in fiscal year 2023, the Executive Board expects a value of EUR ‑2.5 million to EUR ‑1.7 million, considering the full project costs for the further implementation of the human clinical trial for the antibacterial silver coating technology.





-------------------------------------------------------
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 headquartered in Berlin, Germany. The company develops, manufactures and markets products for traumatology. In addition to the innovative anatomical plate system LOQTEQ®, the IP-protected portfolio includes 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 problems in traumatology that have not yet been adequately solved. In Germany, aap Implantate AG sells its products directly to hospitals, purchasing groups and group clinics, while at international level it primarily uses a broad network of distributors in around 25 countries. In the USA, the company relies on a hybrid sales strategy through its subsidiary aap Implants Inc. This involves sales both via distribution agents and as part of partnerships with global orthopedic companies. The aap Implantate AG share is listed in the General Standard of the Frankfurt Stock Exchange (XETRA: AAQ.DE). For further information, please visit our website at www.aap.de.

 

The figures presented in this press release may be subject to technical rounding differences which do not affect the overall presentation.

 

Forward-looking statements
This release may contain forward-looking statements based on current expectations, beliefs and projections of the Management Board and currently available information. The forward-looking statements are not guarantees of future performance or results. 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 discussed in aap's public reports. Forward-looking statements therefore speak only as of the date they are made. We assume no obligation to update the forward-looking statements made in this release or to conform them to future events or developments.

 

 

[1] Gross margin in % = (sales revenue +/- change in inventories of finished goods and work in progress - cost of materials / cost of purchased services)/ sales revenue

[2] Gross margin absolute = sales revenue +/- change in inventories of finished goods and work in progress - cost of materials / cost of purchased services

[3] Cost of conducting the clinical trial less grant funding

 


Contact:
aap Implantate AG; Marek Hahn; Member of the Management Board, CFO; Lorenzweg 5; 12099 Berlin
Phone: +49 (0)30 75019 - 134; Fax: +49 (0)30 75019 - 290; E-Mail: m.hahn@aap.de


14.08.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com



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Press Release dated July 27, 2023, 04:39 PM

Results of aap Implantate AG's Annual General Meeting underpin support for corporate strategy pursued

Results of aap Implantate AG's Annual General Meeting underpin support for corporate strategy pursued

EQS-News: aap Implantate AG / Key word(s): AGM/EGM
Results of aap Implantate AG's Annual General Meeting underpin support for corporate strategy pursued
27.07.2023 / 16:39 CET/CEST
The issuer is solely responsible for the content of this announcement.

 
  • aap shareholders met for the Annual General Meeting in Berlin on July 25, 2023
  • Around 63 percent of the capital stock was represented at the Annual General Meeting
  • All items on the agenda were approved with approval rates of >99 %

 
aap Implantate AG ("aap" or the "Company") had invited its shareholders to the Annual General Meeting on July 25, 2023, at the Panorama Congress Center at Wernerwerk in Berlin.

In the Ernst von Siemens Hall, the chairman of the meeting and chairwoman of the Supervisory Board, Dr. med. Nathalie Krebs, welcomed the shareholders and guests. Following the speech by the Management Board, CEO Rubino di Girolamo, CFO Marek Hahn and COO Agnieszka Mierzejewska answered the shareholders' questions about the Group and the course of business.

Of the Company's capital stock, 62.61 percent was represented. The shareholders approved the items on the agenda with large majorities (all agenda items put to the vote had approval rates of over 99 percent). In addition to the ratification of the actions of the Management Board and Supervisory Board, the election of the auditor, an amendment to the Articles of Association to allow virtual Annual General Meetings, the compensation report for the Management Board and Supervisory Board, and an authorization to acquire and use treasury shares, the resolution on the creation of a new Authorized Capital 2023/I was also put to the vote.

"I am very pleased with the results of the Annual General Meeting and, on behalf of the entire Management Board, would like to thank our shareholders for their trust and support," says Rubino Di Girolamo, Chairman / CEO of aap. "We see this as a clear appreciation of the performance of the management and employees of the company in further challenging times. We also see these results as a sign of support for the corporate strategy pursued, both in terms of short-term performance metrics and long-term value creation."

The voting results on the agenda items are published on the aap website under Investors / Annual General Meeting.





------------------------------------------------------
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 headquartered in Berlin, Germany. The company develops, manufactures and markets products for traumatology. In addition to the innovative anatomical plate system LOQTEQ®, the IP-protected portfolio includes 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 problems in traumatology that have not yet been adequately solved. In Germany, aap Implantate AG sells its products directly to hospitals, purchasing groups and group clinics, while at international level it primarily uses a broad network of distributors in around 25 countries. In the USA, the company relies on a hybrid sales strategy through its subsidiary aap Implants Inc. This involves sales both via distribution agents and as part of partnerships with global orthopedic companies. The aap Implantate AG share is listed in the General Standard of the Frankfurt Stock Exchange (XETRA: AAQ.DE). For further information, please visit our website at www.aap.de.

 

The figures presented in this press release may be subject to technical rounding differences which do not affect the overall presentation.

 

Forward-looking statements
This release may contain forward-looking statements based on current expectations, beliefs and projections of the Management Board and currently available information. The forward-looking statements are not guarantees of future performance or results. 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 discussed in aap's public reports. Forward-looking statements therefore speak only as of the date they are made. We assume no obligation to update the forward-looking statements made in this release or to conform them to future events or developments.



Contact:
aap Implantate AG; Marek Hahn; Member of the Management Board, CFO; Lorenzweg 5; 12099 Berlin
Phone: +49 (0)30 75019 - 134; Fax: +49 (0)30 75019 - 290; E-Mail: m.hahn@aap.de



27.07.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com



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Press Release dated July 20, 2023, 07:30 AM

Accelerated patient recruitment; adapted study protocol meets expectations for human clinical trial of breakthrough silver antibacterial coating technology

Accelerated patient recruitment; adapted study protocol meets expectations for human clinical trial of breakthrough silver antibacterial coating technology

EQS-News: aap Implantate AG / Key word(s): Study
Accelerated patient recruitment; adapted study protocol meets expectations for human clinical trial of breakthrough silver antibacterial coating technology
20.07.2023 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.

 

With regard to its innovative antibacterial silver coating technology, aap was able to successfully resume recruitment in the ongoing human clinical trial with an adapted study design and achieve a significant acceleration in patient recruitment after only a short time with the new study protocol.

Currently, aap expects patient recruitment to be completed in 12 to 18 months involving 12 to 14 clinical trial centers. Cure trials that have been very successful so far make aap optimistic that this result will also be reflected in the clinical trial.

With its groundbreaking surface modification technology, in which elemental silver is incorporated into the titanium surface in an extremely low but highly effective concentration, aap is aiming for a unique selling proposition that effectively counters increasing antibiotic resistance in medicine and has the potential to become the gold standard in traumatology. Depending on the human clinical trial and the regulatory authorities, aap expects the first market launch of the new technology in 3 years.

In addition to the human clinical trial, the Company will increasingly start to participate in events of the medical scientific societies, nationally and internationally, in the coming months and thus prepare the first steps of the market introduction phase to make the product better known in the market.





-------------------------------------------------------
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 traumatology. In addition to the innovative anatomical plate system LOQTEQ®, the IP-protected portfolio includes 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 problems in traumatology that have not yet been adequately solved. In Germany, aap Implantate AG sells its products directly to hospitals, purchasing groups and group clinics, while at international level it primarily uses a broad network of distributors in around 25 countries. In the USA, the company relies on a hybrid sales strategy through its subsidiary aap Implants Inc. This involves sales both via distribution agents and as part of partnerships with global orthopedic companies. The aap Implantate AG share is listed in the General Standard of the Frankfurt Stock Exchange (XETRA: AAQ.DE). For further information, please visit our website at www.aap.de.

 

The figures presented in this press release may be subject to technical rounding differences which do not affect the overall presentation.

 

Forward-looking statements
This release may contain forward-looking statements based on current expectations, beliefs and projections of the Management Board and currently available information. The forward-looking statements are not guarantees of future performance or results. 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 discussed in aap's public reports. Forward-looking statements therefore speak only as of the date they are made. We assume no obligation to update the forward-looking statements made in this release or to conform them to future events or developments.



Contact:
aap Implantate AG; Marek Hahn; Member of the Management Board, CFO; Lorenzweg 5; 12099 Berlin
Phone: +49 (0)30 75019 - 134; Fax: +49 (0)30 75019 - 290; E-Mail: m.hahn@aap.de



20.07.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com



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Press Release dated July 18, 2023, 07:30 AM

US and LATAM businesses continue with double-digit growth; Q2 sales increase of +8%; solid growth of +6% in H1/2023

US and LATAM businesses continue with double-digit growth; Q2 sales increase of +8%; solid growth of +6% in H1/2023

EQS-News: aap Implantate AG / Key word(s): Preliminary Results/Quarterly / Interim Statement
US and LATAM businesses continue with double-digit growth; Q2 sales increase of +8%; solid growth of +6% in H1/2023
18.07.2023 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.

  • Sales Q2: EUR 2.9 million (+8 % yoy); LATAM (+13 % yoy), USA (+7 % yoy) and EMEA (+6 % yoy, resulting from growth in Germany).
  • Revenue half-year 2023: EUR 5.9 million (+6 % yoy); LATAM (+29 % yoy) and USA (+11 % yoy) with significant double-digit growth; EMEA at -3 % yoy, recovery trend after Q1 due to upturn in Q2.


aap Implantate AG ("aap" or the "Company") recorded solid sales growth in both the second quarter and the first half of 2023. According to preliminary figures, aap increased sales in the second quarter of 2023 by +8 % year-on-year to EUR 2.9 million (Q2/2022: EUR 2.7 million). In the first six months of the current financial year, sales thus also increased by +6 % compared with the first half of 2022 to EUR 5.9 million (H1/2022: EUR 5.6 million). Overall, aap is still on a growth track after the solid start in the first quarter and underlines its growth targets for the financial year 2023 with the accelerated sales increase in the second quarter.

Sales Q2/2023

in TEUR Q2/2023 Q2/2022 Change
Sales
EMEA (= Europe, Middle East, Africa)
North America
LATAM (= Latin America)
APAC (= Asia-Pacific)
2.909
1.328
937
564
80
2.693
1.256
872
500
65
+8 %
+6 %
+7 %
+13 %
+23 %
Sales 2.909 2.693 +8 %

 

Sales H1/2023

in TEUR H1/2023 H1/2022 Change
Sales
EMEA (= Europe, Middle East, Africa)
North America
LATAM (= Latin America)
APAC (= Asia-Pacific)
5.866
2.861
1.834
1.045
126
5.552
2.940
1.655
810
147
+6 %
-3 %
+11 %
+29 %
-14 %
Sales 5.866 5.552 +6 %

 

Looking at the individual regions, aap achieved in some regions very significant sales increases. Business in the LATAM markets developed particularly strongly, with growth in the second quarter and the first half of the year of +13 % and +29 % respectively. This positive development can be attributed to the continuous expansion of our distributors in important markets such as Mexico and Brazil, the progressing market development through the new distributor in Colombia, as well as the growing activities in the entire Latin American region. In the EMEA region, Germany in particular performed well again after a long period of stagnation and grew across the board in the second quarter, resulting in an overall increase in sales of +16 %. As a result of the upswing in the second quarter, Germany recorded an increase of +5 % for the first half of the year. In the other central EMEA markets, customers continued to hold back on new investments and inventory build-up due to the ongoing difficult economic situation, particularly because of severely delayed payment flows from healthcare facilities/systems. Sales excluding Germany declined slightly (Q2: -2 % y-o-y, H1: -8 % y-o-y). aap expects a positive catch-up effect here in the second half of the year.

In the USA, aap continued its growth path with +7 % sales growth in the second quarter and thus half-year growth of
+11 %. In addition to the growing number of surgeries performed, sales growth was also supported by higher-valued cases.

The figures contained in this press release are preliminary as of June 30, 2023, which are subject to change until final publication. aap plans to publish a press release on July 20, 2023, on the study progress of the human clinical trial of the promising antibacterial silver coating technology and to announce the final results of the second quarter and the first half of 2023 on August 14, 2023.





-------------------------------------------------------------------------------------------------------------------------------------------

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 traumatology. In addition to the innovative anatomical plate system LOQTEQ®, the IP-protected portfolio includes 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 problems in traumatology that have not yet been adequately solved. In Germany, aap Implantate AG sells its products directly to hospitals, purchasing groups and group clinics, while at international level it primarily uses a broad network of distributors in around 25 countries. In the USA, the company relies on a hybrid sales strategy through its subsidiary aap Implants Inc. This involves sales both via distribution agents and as part of partnerships with global orthopedic companies. The aap Implantate AG share is listed in the General Standard of the Frankfurt Stock Exchange (XETRA: AAQ.DE). For further information, please visit our website at www.aap.de.

The figures presented in this press release may be subject to technical rounding differences which do not affect the overall presentation.

 

Forward-looking statements

This release may contain forward-looking statements based on current expectations, beliefs and projections of the Management Board and currently available information. The forward-looking statements are not guarantees of future performance or results. 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 discussed in aap's public reports. Forward-looking statements therefore speak only as of the date they are made. We assume no obligation to update the forward-looking statements made in this release or to conform them to future events or developments.




If you have any questions, please contact: aap Implantate AG; Marek Hahn; Member of the Management Board, CFO; Lorenzweg 5; 12099 Berlin; Phone: +49 (0)30 75019 - 134; Fax: +49 (0)30 75019 - 290; E-Mail: m.hahn@aap.de



18.07.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com



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Press Release dated June 14, 2023, 07:30 AM

Proposed capital measures in connection with the convening of the Annual General Meeting: Maintaining freedom of action in a macroeconomic environment characterized by high uncertainties

Proposed capital measures in connection with the convening of the Annual General Meeting: Maintaining freedom of action in a macroeconomic environment characterized by high uncertainties

EQS-News: aap Implantate AG / Key word(s): AGM/EGM/Corporate Action
Proposed capital measures in connection with the convening of the Annual General Meeting: Maintaining freedom of action in a macroeconomic environment characterized by high uncertainties
14.06.2023 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.


The Management Board and Supervisory Board of aap Implantate AG ("aap" or the "Company") have, in the run-up to the adoption of the notice convening the Annual General Meeting to be held on July 25, 2023, intensively considered the Company's situation, its future development and the current and assumed macroeconomic environment in the further course of 2023. Based on the existing high macroeconomic uncertainties in connection with the war in Ukraine, the inflation-related interest rate and cost increases (e.g. development of energy prices and prices for raw materials), but also the current share price of the Company close to the EUR 1 line with a very low daily trading volume, the Executive Board and the Supervisory Board have decided to propose to the Annual General Meeting, among other things, the reduction of the share capital of the Company from currently EUR 8,955,849.00 by EUR 6,716,887.00 to EUR 2,238,962.00 for resolution. This is particularly intended to safeguard the Company's freedom of action for any financing measures.





-------------------------------------------------------
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 traumatology. In addition to the innovative anatomical plate system LOQTEQ®, the IP-protected portfolio includes 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 problems in traumatology that have not yet been adequately solved. In Germany, aap Implantate AG sells its products directly to hospitals, purchasing groups and group clinics, while at international level it primarily uses a broad network of distributors in around 25 countries. In the USA, the company relies on a hybrid sales strategy through its subsidiary aap Implants Inc. This involves sales both via distribution agents and as part of partnerships with global orthopedic companies. The aap Implantate AG share is listed in the General Standard of the Frankfurt Stock Exchange (XETRA: AAQ.DE). For further information, please visit our website at https://www.aap.de/.

 

The figures presented in this press release may be subject to technical rounding differences which do not affect the overall presentation.

 

Forward-looking statements
This release may contain forward-looking statements based on current expectations, beliefs and projections of the Management Board and currently available information. The forward-looking statements are not guarantees of future performance or results. 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 discussed in aap's public reports. Forward-looking statements therefore speak only as of the date they are made. We assume no obligation to update the forward-looking statements made in this release or to conform them to future events or developments.



Contact:
aap Implantate AG; Marek Hahn; Member of the Management Board, CFO; Lorenzweg 5; 12099 Berlin
Tel.: Phone: +49 (0)30 75019 - 134; Fax: +49 (0)30 75019 - 290; E-Mail: m.hahn@aap.de



14.06.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com



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Press Release dated May 25, 2023, 05:52 PM

aap CFO Marek Hahn ends his Management Board activities at the end of the year; contracts of CEO and COO extended until the end of 2025

aap CFO Marek Hahn ends his Management Board activities at the end of the year; contracts of CEO and COO extended until the end of 2025

EQS-News: aap Implantate AG / Key word(s): Personnel
aap CFO Marek Hahn ends his Management Board activities at the end of the year; contracts of CEO and COO extended until the end of 2025
25.05.2023 / 17:52 CET/CEST
The issuer is solely responsible for the content of this announcement.

 

  • CFO Marek Hahn recently informed the company of his wish not to accept the offered contract extension and to terminate his Executive Board activities as of Dec. 31, 2023
  • Dr. Nathalie Krebs, Chairwoman of the Supervisory Board, praises Hahn's "dedication, strategic clarity and leadership"
  • CEO Rubino di Girolamo and COO Agnieszka Mierzejewska will continue to lead the company together after Hahn's departure; both contracts extended ahead of schedule until the end of 2025

 

The CFO of aap Implantate AG ("aap" or the "Company") recently informed the Chairwoman of the Company's Supervisory Board, Dr. Nathalie Krebs, of his wish not to accept the offered contract extension and to terminate his Management Board activities upon expiry of the currently valid Management Board contract on December 31, 2023. Dr. Nathalie Krebs announced that the Supervisory Board will work with Marek Hahn to implement the scheduled termination of his contract, which runs until December 31, 2023. In parallel, the Executive Board contracts of Rubino di Girolamo, CEO and Agnieszka Mierzejewska, COO have been extended by a further 2 years until the end of 2025.

CFO Marek Hahn says: "My decision is the result of careful consideration. After more than fifteen unique years in which aap was my priority, I would like to give my life a new direction. I would now like to devote more time to my grown family and obligations in the parental environment. For my own professional future, I would like more freedom to pursue new interests beyond aap. For me, it has always been a gift and a privilege to be part of aap, and it will be incredibly difficult for me to leave it all behind. aap has enabled me to be part of and actively shape the very varied and exciting history of the company. I will leave aap at a time when the company is accelerating its growth again and is best positioned for the future. Until my departure, I will continue to ensure that we press ahead with the implementation of our strategy at full speed."

Dr. Nathalie Krebs, Chairwoman of the Supervisory Board: "The Supervisory Board regrets Marek's decision, but we have the highest respect for his personal motives. We appreciate Marek's transparency and openness, which give the Supervisory Board and the company sufficient time for the transition phase. In the past four years of our collaboration, I have experienced first-hand Marek's commitment, strategic clarity and leadership combined with his profound expertise, which he has brought to bear for the benefit of aap. Examples include the extensive restructuring, refinancing and repositioning of aap both strategically and financially despite severely hampered conditions due to the COVID-19 pandemic with most recently always fully placed or oversubscribed capital rounds, which were significantly driven by Marek. We take these results as a clear appreciation of the performance of the management team but also as a sign of support for the pursued corporate strategy, both in terms of short-term performance metrics and long-term value creation. We look forward to continuing to work closely together in the coming months and are confident that Marek will remain closely associated with aap in the long term."

Marek Hahn was appointed to the Management Board as CFO with effect from January 1, 2010 and has led aap with Rubino di Girolamo as CEO since 2019 and jointly with Agnieszka Mierzejewska as COO since 2021. Rubino di Girolamo and Agnieszka Mierzejewska will continue to lead the company as CEO and COO after Marek Hahn's departure.

Rubino di Girolamo, CEO: "When I took on the role as CEO in 2019, we could not have imagined where this journey would take us. Marek's impact on the results and successes we have achieved since then cannot be put into words. We will greatly miss him as a strategic thinker, leader and critical sparring partner." Agnieszka Mierzejewska, COO: "I had the privilege to get to know Marek in various responsibilities. We owe him a lot, as a business partner and as a colleague. I am sure that he will continue to follow aap's further development intensively in the future."





------------------------------------------------------
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 headquartered in Berlin, Germany. The company develops, manufactures and markets products for traumatology. In addition to the innovative anatomical plate system LOQTEQ®, the IP-protected portfolio includes 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 problems in traumatology that have not yet been adequately solved. In Germany, aap Implantate AG sells its products directly to hospitals, purchasing groups and group clinics, while at international level it primarily uses a broad network of distributors in around 25 countries. In the USA, the company relies on a hybrid sales strategy through its subsidiary aap Implants Inc. This involves sales both via distribution agents and as part of partnerships with global orthopedic companies. The aap Implantate AG share is listed in the General Standard of the Frankfurt Stock Exchange (XETRA: AAQ.DE). For further information, please visit our website at www.aap.de.

 

The figures presented in this press release may be subject to technical rounding differences which do not affect the overall presentation.

 

Forward-looking statements
This release may contain forward-looking statements based on current expectations, beliefs and projections of the Management Board and currently available information. The forward-looking statements are not guarantees of future performance or results. 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 discussed in aap's public reports. Forward-looking statements therefore speak only as of the date they are made. We assume no obligation to update the forward-looking statements made in this release or to conform them to future events or developments.



Contact:
aap Implantate AG; Marek Hahn, Member of the Management Board, CFO; Lorenzweg 5; 12099 Berlin
Phone: +49 (0)30 75019 - 134; Fax: +49 (0)30 75019 - 290; Email: m.hahn@aap.de



25.05.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com



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Press Release dated May 15, 2023, 10:32 AM

Q1/2023: Solid start with slight sales growth (+3 %) and unchanged EBITDA; US and LATAM business grow well into double digits

Q1/2023: Solid start with slight sales growth (+3 %) and unchanged EBITDA; US and LATAM business grow well into double digits

EQS-News: aap Implantate AG / Key word(s): Quarter Results
Q1/2023: Solid start with slight sales growth (+3 %) and unchanged EBITDA; US and LATAM business grow well into double digits
15.05.2023 / 10:32 CET/CEST
The issuer is solely responsible for the content of this announcement.

 

  • Sales: EUR 3.0 million (+3 % yoy; CER[1] : +2 % yoy); LATAM (+55 % yoy) and USA (+15 % yoy) with significant double-digit growth; EMEA with -9 % yoy remains below expectations
  • EBITDA unchanged year-on-year at EUR -0.5 million in cost- and interest-rate-inflationary environment; operating cash flow +74 % year-on-year
  • Silver: Clinical trial resumed with revised study protocol in April; significant acceleration in patient recruitment expected
  • Successful capital round: Full placement of capital increase with subscription rights with net inflow of around EUR 3.2 million 

 

aap Implantate AG ("aap" or the "Company") has made a solid start to the financial year 2023. Even though the first quarter was characterized by inflation-related interest rate and cost increases as well as continuing uncertainties due to the war in Ukraine, the Company was able to slightly increase sales and keep EBITDA constant compared to the previous year. In the process, aap increased sales by 3 % year-on-year to EUR 3.0 million (Q1/2022: EUR 2.9 million) and realized EBITDA of EUR -0.5 million (Q1/2022: EUR -0.5 million). Starting from an unchanged EBITDA, the company was able to significantly improve the operating cash flow (+74 % compared to previous year), which resulted mainly from working capital management measures. In addition, aap successfully carried out a capital increase with subscription rights in the first quarter that was fully subscribed by shareholders or placed with investors by way of private placement, resulting in a net inflow of around EUR 3.2 million.

Q1/2023 - Key financial figures

Sales

in TEUR Q1/2023 Q1/2022 Change
Sales
EMEA (= Europe, Middle East, Africa)
North America
LATAM (= Latin America)
APAC (= Asia-Pacific)
2,957
1,533
897
481
46
2,860
1,684
783
311
82
+3 %
-9 %
+15 %
+55 %
-44 %
Sales 2,957 2,860 +3 %


Looking at the individual regions, the development of sales in the first quarter of 2023 varied. In the EMEA region (= Europe, Middle East, Africa; -9 % year-on-year), growth was achieved above all in Spain (+15 % year-on-year) and in Saudi Arabia (+23 % year-on-year), although this was unable to compensate for the development in markets such as Germany, Egypt, South Africa and Romania, which were in some cases significantly below the level of the previous year. Overall, the region fell short of the company's expectations in the first quarter of 2023 despite numerous ongoing sales activities.

In the USA, the sales momentum was continued, and double-digit growth was achieved (+15 % compared to the previous year). The absolute increase in trauma cases treated with higher-priced LOQTEQ® plate systems was the background for the sales increase.

In Latin America (+55 % year-on-year), the company also achieved significant double-digit growth, resulting primarily from the central markets of Mexico (+43 % year-on-year) and Brazil (+20 % year-on-year). In the Asia-Pacific region, aap recorded a 44 % year-on-year decline in sales, resulting primarily from a reduced volume of business with the Chinese distributor due to a sharp drop in the price situation.


EBITDA

in TEUR Q1/2023 Q1/2022 Change
EBITDA -474 -477 +1 %
One-time effects 0 57 -100 %
Recurring EBITDA -474 -420 -13 %


aap realized in the first quarter a constant EBITDA and an only slightly worsened Recurring EBITDA (EBITDA without one-off effects) of EUR -0.5 million (Q1/2022: EUR -0.5 million) and EUR -0.5 million (Q1/2022: EUR -0.4 million), respectively. The following developments in the first quarter of 2023 were the main factors here:

  • Slight decrease in total output (-6 %) due to lower inventory changes in inventories,
  • slightly improved gross margin[2] (in %; +0.3 percentage points) with an increased gross margin in absolute terms as a result of the increase in sales,
  • virtually unchanged level in personnel costs,
  • Decrease in other costs mainly due to lower costs for legal advice and external consulting as well as costs for the termination of legal disputes (previous year: one-time effect),
  • reduced net effect[3] from conducting the human clinical trial for aap's innovative silver coating technology,
  • reduced non-recurring effects that had a negative impact on EBITDA in the previous year (termination of legal disputes)


Cash flow

in TEUR Q1/2023 Q1/2022 Change
Cash flow Operating -212 -818 +74 %
Cash flow Investment -74 -101 n. a.
Cash flow Financing 1,201 -272 >+100 %
  03/31/2023 12/31/2022  
Cash and cash equivalents 1,150 236 >+100 %
Net debt 2,094 2,989 -30 %


aap's operating cash flow in Q1/2023 improved by +74 % year-on-year to EUR -0.2 million mainly due to better working capital management. Cash flow from investing activities showed an outflow of EUR 0.1 million in Q1/2023, with investments in development projects accounting for EUR 25 thousand (Q1/2022: EUR 16 thousand) and property, plant and equipment for EUR 50 thousand (Q1/2022: EUR 85 thousand). In the area of financing activities, there was a cash inflow totaling EUR 1.2 million for the first quarter of 2023, which was primarily characterized by the partial payment from the capital increase in the amount of EUR 1.3 million, taking out a shareholder loan in the amount of EUR 0.1 million, repayment of financial liabilities in the amount of EUR 0.2 million (Q1/2022: EUR 0.2 million) and payment of interest in the amount of EUR 39 thousand (Q1/2022: EUR 84 thousand). As a result, cash and cash equivalents increased to EUR 1.2 million at the end of the first quarter. Net debt (total of all cash and cash equivalents less all interest-bearing liabilities) was EUR 2.1 million on March 31, 2023 (December 31, 2022: EUR 3.0 million).
 

Silver coating technology

In the area of silver coating technology, the focus in the first quarter of 2023 was primarily on completing all preparatory work to be able to continue the clinical study in the second quarter under a modified study protocol. In this context, the study was resumed in the first trial centers at the end of April as planned. Under the leadership of the University Hospital Regensburg, Prof. Dr. Alt, the Company plans to include 17 study centers in Germany in the clinical study by late summer. With the new study protocol, aap expects a massive acceleration of the study so that the necessary number of patients can be recruited within 12 to 18 months.





------------------------------------------------------
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 traumatology. In addition to the innovative anatomical plate system LOQTEQ®, the IP-protected portfolio includes 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 problems in traumatology that have not yet been adequately solved. In Germany, aap Implantate AG sells its products directly to hospitals, purchasing groups and group clinics, while at international level it primarily uses a broad network of distributors in around 25 countries. In the USA, the company relies on a hybrid sales strategy through its subsidiary aap Implants Inc. This involves sales both via distribution agents and as part of partnerships with global orthopedic companies. The aap Implantate AG share is listed in the General Standard of the Frankfurt Stock Exchange (XETRA: AAQ.DE). For further information, please visit our website at www.aap.de.

 

The figures presented in this press release may be subject to technical rounding differences which do not affect the overall presentation.

 

Forward-looking statements
This release may contain forward-looking statements based on current expectations, beliefs and projections of the Management Board and currently available information. The forward-looking statements are not guarantees of future performance or results. 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 discussed in aap's public reports. Forward-looking statements therefore speak only as of the date they are made. We assume no obligation to update the forward-looking statements made in this release or to conform them to future events or developments.



[1]CER = Constant exchange rates

[2] Gross margin = sales revenue +/- change in inventories of finished goods and work in progress - cost of materials / cost of purchased services.

[3] Cost of conducting the clinical trial less grant funding



Contact:
aap Implantate AG; Marek Hahn; Member of the Management Board, CFO; Lorenzweg 5; 12099 Berlin
Phone: +49 (0)30 75019 - 134; Fax: +49 (0)30 75019 - 290; E-Mail: m.hahn@aap.de



15.05.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com



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Press Release dated April 28, 2023, 11:50 AM

Consolidation in FY/2022: Small decline in sales with stable cost base and strong improvement in operating cash flow (+23 %) in challenging environment

Consolidation in FY/2022: Small decline in sales with stable cost base and strong improvement in operating cash flow (+23 %) in challenging environment

EQS-News: aap Implantate AG / Key word(s): Annual Report/Annual Results
Consolidation in FY/2022: Small decline in sales with stable cost base and strong improvement in operating cash flow (+23 %) in challenging environment
28.04.2023 / 11:50 CET/CEST
The issuer is solely responsible for the content of this announcement.

 

  • Sales: EUR 11.5 million (-6 % yoy; CER[1] : -9 % yoy); markets generally in difficult environment with mixed results; USA in H2/2022 with solid growth and excluding one-off effects +16 % yoy
  • EBITDA: EUR -1.7 million (FY/2021: EUR -0.8 million); operating cash flow +23 % yoy
  • Silver: Release revised study protocol in Q4/2022 with restart study in Q2/2023; Ongoing promising clinical data from individual healing trials
  • Successful refinancing: approx. 10 % capital increase via strategic investor and shareholder loan; exercise of conversion rights with EUR 1.6 million equity effect
  • Outlook FY/2023: Sales between EUR 12.0 and 14.0 million (+4 % to +22 %); EBITDA total company (incl. costs silver coating technology) of EUR -2.5 to -1.7 million

 

aap Implantate AG ("aap" or the "Company") consolidated its basis and operating business in a particularly challenging financial year 2022. The year started turbulently with the beginning of the war in Europe, subsequent inflation explosion, interest rate hikes and cost explosions for energy sources and raw materials as well as a continuing COVID-19 pandemic situation. The first half of the year left its mark and the Company was unable to achieve the targeted sales increases despite investments in distribution. The second half of the year then showed signs of recovery in markets such as LATAM and the USA, with the result that the last two quarters closed just above the previous year. The sales forecast revised in the summer was achieved with EUR 11.5 million and a slight decline in sales (-6 % y-o-y; FY/2021: EUR 12.2 million). EBITDA deteriorated to EUR -1.7 million (FY/2021: EUR -0.8 million) but remained within the originally forecast range. Despite the deterioration in earnings, aap improved operating cash flow by +23 % year-on-year in FY2022 (FY/2021: EUR -2.5 million). Overall, the trend of previous years towards a positive result and a balanced cash flow in 2022 was thus stopped by the accumulation of external negative events.

 

FY/2022 - Key financial figures

Sales

in EUR million FY/2022 FY/2021 Change
Sales
 EMEA (= Europe, Middle East, Africa)
North America*
 LATAM (= Latin America)
APAC (= Asia-Pacific)
11.5
5.8
3.4
2.0
0.3
12.2
6.4
3.5
1.8
0.5
-6 %
-9 %
-3 %*
+11 %
-40 %
Sales 11.5 12.2 -6%

* In North America, two special effects amounting to EUR 0.4 million are to be excluded from the sales comparison. Excluding these non-recurring effects results in growth of +16 % for the fiscal year 2022
 

Looking at the individual regions, sales for fiscal 2022 were ambivalent. In the EMEA region (= Europe, Middle East, Africa; -9 % y-o-y), growth was realized above all in South Africa (+14 % y-o-y) as well as in Israel and smaller European markets, which, however, could not compensate for the development of the central markets such as Spain and Germany, among others, which were below the previous year's level. In both central markets, the sales measures initiated did not yet lead to a turnaround compared to the pre-COVID 19 level due to staff shortages in hospitals and low trauma cases up to postponements of unnecessary operations.

The picture in the USA is divided: While at first glance there is a decline in sales for the region in fiscal year 2022 (‑ 3 % compared to the previous year), two special effects amounting to EUR 0.4 million must be excluded from the sales comparison. A one-off effect in the previous year resulted from the termination of the contractual relationship with a long-standing distribution partner, while another revenue effect resulted from the crediting of revenue reported in the previous year due to financing problems of the customer. Excluding these non-recurring effects, growth of +16 % for the financial year 2022 was achieved, mainly driven by the increased number of trauma cases treated with LOQTEQ® products, the increased average invoiced price per surgery performed and the development of the USD/EUR exchange rate. Overall, despite the generally unsteady environment, aap succeeded in stabilizing business in the USA and underpinning its dynamic development.

In Latin America (+11 %), the Company achieved significant growth in key markets such as Mexico (+48 %) and Brazil (+30 %), but also established new markets with Ecuador and Venezuela. In the Asia-Pacific region, aap recorded a 40 % year-on-year decline in sales, mainly because of a massive reduction in business volume due to a sharp drop in the price situation with the Chinese distribution partner.
 

EBITDA

in EUR million FY/2022 FY/2021 Change
EBITDA -1.7 -0.8 >-100 %
One-time effects -0.6 -0.4 -50 %
Recurring EBITDA -2.3 -1.2 -92 %


aap realized a deteriorated EBITDA and Recurring EBITDA (EBITDA excluding one-off effects) of EUR ‑1.7 million (FY/2021: EUR -0.8 million) and EUR -2.3 million (FY/2021: EUR -1.2 million) respectively, in fiscal year 2022. The largest one-off effects resulted from the sharply reduced Corona help programs of EUR 0.6 million, an adjustment in the write-down in inventories of EUR 0.3 million and a derecognition of accrued liabilities of EUR 0.2 million. The following developments in fiscal year 2022 were the main factors:

  • Sales level realized in 2022 below the Company's original planning primarily due to the aforementioned effects from the COVID-19 pandemic, the war in Ukraine, and the general inflationary environment,
  • slightly improved gross margin (in %; +2 percentage points) with reduced gross margin in absolute terms due to the decline in sales,
  • planned increase in fixed personnel expenses, primarily due to the expansion of the sales infrastructure in Germany and the United States to implement the planned sales growth, and in the areas of quality management, regulatory affairs, and clinical affairs to ensure that certification under the new EU Medical Devices Regulation is achieved by 2024 as planned; offsetting effect in variable personnel expenses, primarily for bonuses and management bonuses due to failure to achieve targets for sales and EBITDA,
  • increased cost level (excluding non-recurring effects) in other costs in the operating trauma business incl. central administration functions mainly from unplanned cost increases for energy (here: more than doubling of electricity costs) and purchased inputs, increased costs for insurance and an increased cost level for sales-related costs of distribution (commissions, freight costs) with a simultaneous decrease in costs for legal advice and costs in connection with the termination of legal disputes, costs for external advice and personnel recruitment costs,
  • cost increase from conducting the human clinical trial for aap's innovative silver coating technology with the first surgeries performed,
  • increased non-recurring effects that had an earnings-enhancing impact on EBITDA in both comparative periods (mainly from the recognition of income from COVID 19 assistance programs and from the reversal of provisions and accrued liabilities)

Looking at the development of the pure operating trauma business[2] , we can classify fiscal 2022 as a year of consolidation. Together with the restructuring successes achieved in the years 2019 to 2021, this has also created a basis for the following financial years that will enable profitable growth in the coming years.
 

Cash flow and balance sheet

in EUR million FY/2022 FY/2021 Change
Cash flow Operating -1.9 -2.5 +23 %
Cash flow Investment -0.5 0.2 >-100 %
Cash flow Financing 0.5 3.5 -86 %
  Dec 31, 2022 Dec 31, 2021  
Cash and cash equivalents 0.2 2.1 -90 %
Net debt 3.0 3.0 0 %


Based on a net result after tax of EUR -2.6 million, aap's operating cash flow improved by +23 % year-on-year to EUR ‑1.9 million in FY/2022, mainly due to better working capital management. Cash flow from investing activities showed an outflow of EUR 0.5 million in the financial year and was accounted for by investments in development projects of EUR 141 thousand (FY/2021: EUR 194 thousand) and property, plant and equipment of EUR 0.3 million (FY/2021: EUR 0.3 million), while the previous year's figure still included proceeds from disposals of property, plant and equipment of EUR 0.6 million. In the area of financing activities, there was a cash inflow totaling EUR 0.5 million for fiscal year 2022, which was primarily characterized by the proceeds from the capital increase of EUR 1.2 million (FY/2021: EUR 4.8 million), the taking up of a shareholder loan of EUR 0.3 million, the repayment of financial liabilities of EUR 0.7 million (FY/2021: EUR 1.0 million), and the payment of interest of EUR 0.2 million (FY/2021: EUR 0.3 million). As a result, cash and cash equivalents decreased to EUR 0.2 million as of the balance sheet date in FY/2022. Net debt (total of all cash and cash equivalents less all interest-bearing liabilities) was unchanged at EUR 3.0 million as of December 31, 2022.

in EUR million Dec 31, 2022 Dec 31, 2021 Change
Balance sheet total 20.2 23.0 -12 %
Non-current assets 9.0 9.6 -6 %
Current assets 11.2 13.3 -16 %
Non-current and current liabilities 7.4 10.2 -27 %
Equity 12.8 12.8 0 %
Equity ratio 63 % 56 % +7 PP


Total assets were EUR 20.2 million at the end of fiscal 2022, around 12 % lower than on December 31, 2021. Non-current assets decreased only marginally by EUR 0.6 million compared with the end of fiscal 2021 because of lower additions from investments in relation to ordinary depreciation and amortization. Current assets decreased to EUR 11.2 million as of the reporting date of the reporting period and were mainly influenced by the decrease in cash and cash equivalents, a lower level of trade receivables and other assets as well as the increase in inventories. Shareholders' equity remained unchanged at EUR 12.8 million as a result of the offsetting effect of the negative result for the period (FY/2022: EUR -2.6 million) and the conversion rights from the convertible bond exercised in the reporting period with an effect of EUR 1.6 million as well as the capital increase carried out with an effect of EUR 1.2 million as of December 31, 2022. With total assets of EUR 20.2 million as of Dec. 31, 2022 (Dec. 31, 2021: EUR 23.0 million), the equity ratio is 63 % (Dec. 31, 2021: 56 %). Non-current and current liabilities decreased to EUR 7.4 million as of the reporting date of the reporting period and were mainly influenced by the exercise of conversion rights under the convertible bond issued in 2020, the scheduled payments made on lease liabilities and other financial liabilities, and the granting of a further shareholder loan.
 

Outlook
aap aims to set positive accents in terms of sales and earnings in the financial year 2023. The investments in sales started in 2022 form the basis for the planned sales increase in 2023.

The clinical human trial for the innovative antibacterial silver coating technology, which started in 2021, will be continued in the second quarter under a modified study protocol. Under the leadership of the University Hospital Regensburg, Prof. Dr. Alt, the Company plans to include 17 study centers in Germany in the clinical study by late summer. With the new study protocol, we expect a massive acceleration of the study so that the necessary number of patients can be recruited within 12 to 18 months. At the same time, aap is seeking third-party co-funding for the human clinical trial. This can be funded both by additional grants and by development partnerships with companies from application areas outside traumatology.

In addition, a major focus will be on implementing activities as planned to achieve certification under the new EU Medical Device Regulation (MDR 2017/745/EU) within the transition period until 2024. The availability of the Notified Body will also be a factor in achieving this goal.

Not included in the following forecast statements:

  • A significant tightening of sanctions against Russia or a change in the interpretation of existing sanctions,
  • an expansion of the conflict situation outside Ukraine,
  • an additional significant increase in energy and raw material prices, among other things due to the war in Ukraine or the associated sanctions, or
  • further virus mutations (COVID 19 pandemic) leading to a renewed widespread infection situation with corresponding lockdown measures or other restrictions in the sales regions relevant for aap or production stoppages at the Berlin site or at aap's service providers/suppliers.

The Executive Board forecasts sales of between EUR 12.0 million and EUR 14.0 million for fiscal year 2023. The management assumes a similar distribution of sales over the individual quarters as in the previous year, with a possible acceleration in the fourth quarter. Regarding earnings, the Management Board expects EBITDA to be between EUR -2.5 million and EUR -1.7 million in fiscal year 2023, based on the planned sales growth and further efficiency improvements to be realized, but with higher costs for the implementation of the clinical trial for the silver coating technology compared to the previous year. In this context, the management aims to achieve an improved operating cash flow for the company as a whole, excluding the costs for the silver coating technology and, in particular, the human clinical trial, if the development is in line with the budget in the current fiscal year. After deducting the remaining financing expenses and the costs for the clinical human study, however, aap will still report a negative cash flow.





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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 headquartered in Berlin, Germany. The company develops, manufactures and markets products for traumatology. In addition to the innovative anatomical plate system LOQTEQ®, the IP-protected portfolio includes 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 problems in traumatology that have not yet been adequately solved. In Germany, aap Implantate AG sells its products directly to hospitals, purchasing groups and group clinics, while at international level it primarily uses a broad network of distributors in around 25 countries. In the USA, the company relies on a hybrid sales strategy through its subsidiary aap Implants Inc. This involves sales both via distribution agents and as part of partnerships with global orthopedic companies. The aap Implantate AG share is listed in the General Standard of the Frankfurt Stock Exchange (XETRA: AAQ.DE). For further information, please visit our website at www.aap.de.

 

The figures presented in this press release may be subject to technical rounding differences which do not affect the overall presentation.

 

Forward-looking statements
This release may contain forward-looking statements based on current expectations, beliefs and projections of the Executive Board and currently available information. The forward-looking statements are not guarantees of future performance or results. 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 discussed in aap's public reports. Forward-looking statements therefore speak only as of the date they are made. We assume no obligation to update the forward-looking statements made in this release or to conform them to future events or developments.

 

 

[1]CER = Constant Exchange Rates.

[2] aap Group excluding development costs for silver coating and resorbable magnesium implant technologies, non-recurring one-off effects and non-allocable central costs




Contact:
aap Implantate AG; Marek Hahn; Member of the Management Board, CFO; Lorenzweg 5; 12099 Berlin
Phone: +49 (0)30 75019 - 134; Fax: +49 (0)30 75019 - 290; E-Mail: m.hahn@aap.de


28.04.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
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Press Release dated April 03, 2023, 07:30 AM

aap Implants Inc. awarded agreement with Premier, Inc. for Small Joint Implants – Upper Extremities, Small Joint Implants – Lower Extremities, Podiatry Products and Accessories

aap Implants Inc. awarded agreement with Premier, Inc. for Small Joint Implants – Upper Extremities, Small Joint Implants – Lower Extremities, Podiatry Products and Accessories

EQS-News: aap Implantate AG / Key word(s): Agreement/Contract
aap Implants Inc. awarded agreement with Premier, Inc. for Small Joint Implants – Upper Extremities, Small Joint Implants – Lower Extremities, Podiatry Products and Accessories
03.04.2023 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.


aap Implantate AG (“aap”) announces that its US subsidiary aap Implants Inc has been awarded a group purchasing agreement for the “Small Joint Implants – Upper Extremities” “Small Joint Implants - Lower Extremities, Podiatry Products and Accessories” portfolio with Premier, Inc., effective as of March 1, 2023. The agreement allows Premier members, at their discretion, to take advantage of special pricing and terms pre-negotiated by Premier for aap`s lower extremity portfolio, which includes the LOQTEQ® Dist. Tibia and Dist. Fibula system as well as its VA (Variable Angle) version the LOQTEQ® VA Dist. Tibia and VA Dist. Fibula systems, the LOQTEQ® Prox. Tibia 3.5 system, LOQTEQ® VA Foot System and the LOQTEQ® VA Calcaneus System.

“We are pleased to have reached this milestone with one of the largest group purchasing organizations, Premier, Inc. to become part of their supplier network. Even though at this point in time we are not yet able to quantify the impact on our US sales, we are positive that through the access to a wider base of healthcare organizations and hospitals we will be able to accelerate our growth”, says Agnieszka Mierzejewska, COO of aap.

Premier, Inc. is a leading US healthcare improvement company, uniting an alliance of more than 4,400 U.S. hospitals and health systems and 250,000 other providers and organizations to transform healthcare.  More information on Premier, Inc. can be obtained via https://premierinc.com.





-------------------------------------------------------

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 headquartered in Berlin, Germany. The company develops, manufactures and markets products for traumatology. In addition to the innovative anatomical plate system LOQTEQ®, the IP-protected portfolio includes 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 problems in traumatology that have not yet been adequately solved. In Germany, aap Implantate AG sells its products directly to hospitals, purchasing groups and group clinics, while at international level it primarily uses a broad network of distributors in around 25 countries. In the USA, the company relies on a hybrid sales strategy through its subsidiary aap Implants Inc. This involves sales both via distribution agents and within the framework of partnerships with global orthopedic companies. The aap Implantate AG share is listed in the General Standard of the Frankfurt Stock Exchange (XETRA: AAQ.DE). For further information, please visit our website at www.aap.de.

 

The figures presented in this press release may be subject to technical rounding differences which do not affect the overall presentation.

 

Forward-looking statements
This release may contain forward-looking statements based on current expectations, beliefs and projections of the Management Board and currently available information. The forward-looking statements are not guarantees of future performance or results. 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 discussed in aap's public reports. Forward-looking statements therefore speak only as of the date they are made. We assume no obligation to update the forward-looking statements made in this release or to conform them to future events or developments.



Contact:
aap Implantate AG; Marek Hahn; Member of the Management Board/ CFO; Lorenzweg 5; 12099 Berlin
Tel.: +49 (0)30 75019 - 134; Fax: +49 (0)30 75019 - 290; Email: m.hahn@aap.de .



03.04.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com



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Press Release dated March 21, 2023, 09:08 AM

aap receives US-American clearance (FDA) for polyaxial LOQTEQ® VA Elbow system; launch planned for Q4 2023

aap receives US-American clearance (FDA) for polyaxial LOQTEQ® VA Elbow system; launch planned for Q4 2023

EQS-News: aap Implantate AG / Key word(s): Regulatory Approval/Market Launch
aap receives US-American clearance (FDA) for polyaxial LOQTEQ® VA Elbow system; launch planned for Q4 2023
21.03.2023 / 09:08 CET/CEST
The issuer is solely responsible for the content of this announcement.


aap Implantate AG (“aap”) announces that its new system LOQTEQ® VA Elbow 2.7/3.5 has been cleared by the US-American Food and Drug Administration (FDA). The Company plans to launch the system LOQTEQ® VA Elbow 2.7/3.5 in the fourth quarter of 2023 in the United States and in other markets that accept FDA clearances. The system enables flexible treatment of fractures of the distal humerus and olecranon important to the elbow function and stability. The LOQTEQ® VA Elbow plates 2.7/3.5 belong to the LOQTEQ® 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 distal humerus and olecranon system, aap addresses the upper extremity segment, which accounts for approx. 34% of trauma surgeries[1]. The treatment of distal humeral fractures remains a challenge in trauma surgery. The incidence rates range up to 7% of all fractures and 30% of elbow fractures[2]. The distal humerus holds great importance in the mobility and function for the elbow, requiring innovative fixation solutions to support effective surgical treatment. To meet patients’ growing demands, a swift and stable treatment is required that enables an early restoration of mobility. The system LOQTEQ® VA Elbow 2.7/3.5 comprises a variety of plate solutions for the distal humerus, enabling 90°and 180° treatment options, as well as solution for the olecranon. The anatomical plate design in conjunction with excellent plate-screw connection, choice of screw angles, as well as the incorporated locking and compression technology (LOQTEQ®) in the shaft area, are just a few of the main features incorporated in the system, contributing to great surgical outcome and high comfort of patients.

With the LOQTEQ® VA Elbow 2.7/3.5 aap takes a further important step on the way to the completion of its portfolio in the polyaxial range. In addition, it is coming one step closer in offering an attractive range of products for its antibacterial silver treated solution, currently in human clinical trial phase.





-------------------------------------------------------
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 headquartered in Berlin, Germany. The company develops, manufactures and markets products for traumatology. In addition to the innovative anatomical plate system LOQTEQ®, the IP-protected portfolio includes 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 problems in traumatology that have not yet been adequately solved. In Germany, aap Implantate AG sells its products directly to hospitals, purchasing groups and group clinics, while at international level it primarily uses a broad network of distributors in around 25 countries. In the USA, the company relies on a hybrid sales strategy through its subsidiary aap Implants Inc. This involves sales both via distribution agents and within the framework of partnerships with global orthopedic companies. The aap Implantate AG share is listed in the General Standard of the Frankfurt Stock Exchange (XETRA: AAQ.DE). For further information, please visit our website at www.aap.de.



Forward-looking statements
This release may contain forward-looking statements based on current expectations, beliefs and projections of the Management Board and currently available information. The forward-looking statements are not guarantees of future performance or results. 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 discussed in aap's public reports. Forward-looking statements therefore speak only as of the date they are made. We assume no obligation to update the forward-looking statements made in this release or to conform them to future events or developments.

 

 

 

[1] Source: Global Trauma Fixation Device Market Insights, Forecast to 2025, page 16; released by QYResearch

[2] Source: https://www.orthobullets.com/trauma/1017/distal-humerus-fractures, viewed 19.03.2023




Contact:
aap Implantate AG; Marek Hahn; Member of the Management Board/ CFO; Lorenzweg 5; 12099 Berlin
Tel.: +49 (0)30 75019 - 134; Fax: +49 (0)30 75019 - 290; Email: m.hahn@aap.de


21.03.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com



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Press Release dated February 21, 2023, 01:16 PM

Good start in 2023 after challenging fiscal year 2022

Good start in 2023 after challenging fiscal year 2022

EQS-News: aap Implantate AG / Key word(s): Capital Increase/Development of Sales
Good start in 2023 after challenging fiscal year 2022
21.02.2023 / 13:16 CET/CEST
The issuer is solely responsible for the content of this announcement.

 

  • Sales: Good start in January 2023 in the U.S. with double-digit sales growth; international distributors confident of sales expansion in 2023
  • Silver: Restart of human clinical trial after approved clinical trial protocol amendment in April 2023; significant acceleration in patient recruitment expected
  • Successful start of capital increase with subscription commitments of 85 % from anchor shareholders and new investors
  • Outlook FY/ 2023: Revenue between EUR 12.0 and 14.0 million (+4 % to +22 % yoy) planned

 

aap Implantate AG ("aap" or the "Company") has made a good start to the new year after a challenging fiscal year 2022. All three sales units (Germany, International and USA) are making good progress in their markets, led by the USA, which closed January 2023 with a decent double-digit sales increase compared to the same month last year. In Europe, a test distribution is underway with a strategic partner in a promising market. In international business, the company is again recording increased activity in many markets and aap's distribution partners are again more optimistic about the financial year 2023 and thus potentially about a sales level above that of the previous year. Based on the work in the context of preparing the financial statements for the financial year 2022 and as already communicated in November 2022, the Management Board confirms a figure for sales and EBITDA at the lower end of the guidance for the past financial year 2022.

In the field of silver coating technology, aap had to adjust and simplify the clinical trial plan for the ongoing human study at the end of 2022, as the course of the study to date has shown that the originally envisaged number of patients with fractures exclusively of the distal tibia cannot be achieved within a reasonable period of time. In November 2022, the Company received all commitments and approvals from the BfArM and the Ethics Committee for the adapted study plan. aap expects that this will significantly accelerate patient recruitment. Production of the study materials for the adapted target fracture is already underway and the implants will be available for continuation of the study from April 2023. The Company expects to reach the required patient number within 12 to 18 months from the restart of the study. In the meantime, it has been possible to treat out-of-treatment patients with aap's silver-coated implants as part of individual healing trials. Overall, the healing process was very good, which is a positive indication for the ongoing clinical human trial.

The capital increase launched today to secure liquidity achieved firm subscription commitments in advance amounting to approx. 85 % of the size of the capital measure. In order to be able to immediately deliver shares admitted to stock exchange trading to all shareholders accepting the subscription offer as well as to certain investors in the course of the rump placement, existing major shareholders will provide the Company with a sufficient number of shares already admitted to stock exchange trading from their existing holdings by way of a securities loan. In addition, the future holders of non-admitted new shares have committed themselves to a lock-up from the date of signing of a lock-up commitment agreement until the end of a period of six months after admission of the part of the new shares to be admitted in November 2023. The Executive Board acknowledges these commitments as a sign of support for the corporate strategy pursued, both in terms of short-term key performance indicators and long-term value creation.





-------------------------------------------------------

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 headquartered in Berlin, Germany. The company develops, manufactures and markets products for traumatology. In addition to the innovative anatomical plate system LOQTEQ®, the IP-protected portfolio includes 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 problems in traumatology that have not yet been adequately solved. In Germany, aap Implantate AG sells its products directly to hospitals, purchasing groups and group clinics, while at international level it primarily uses a broad network of distributors in around 25 countries. In the USA, the company relies on a hybrid sales strategy through its subsidiary aap Implants Inc. This involves sales both via distribution agents and within the framework of partnerships with global orthopedic companies. The aap Implantate AG share is listed in the General Standard of the Frankfurt Stock Exchange (XETRA: AAQ.DE). For further information, please visit our website at www.aap.de.

 

The figures presented in this press release may be subject to technical rounding differences which do not affect the overall presentation.

 

Forward-looking statements
This release may contain forward-looking statements based on current expectations, beliefs and projections of the Management Board and currently available information. The forward-looking statements are not guarantees of future performance or results. 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 discussed in aap's public reports. Forward-looking statements therefore speak only as of the date they are made. We assume no obligation to update the forward-looking statements made in this release or to conform them to future events or developments.



Contact:
aap Implantate AG; Marek Hahn; Member of the Management Board/ CFO; Lorenzweg 5; 12099 Berlin
Tel.: +49 (0)30 75019 - 134; Fax: +49 (0)30 75019 - 290; Email: m.hahn@aap.de



21.02.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com



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Press Release dated November 25, 2022, 04:27 PM

Antibacterial silver coating technology: acceleration of human clinical trial through successfully implemented clinical trial protocol changes

Antibacterial silver coating technology: acceleration of human clinical trial through successfully implemented clinical trial protocol changes

EQS-News: aap Implantate AG / Key word(s): Study
Antibacterial silver coating technology: acceleration of human clinical trial through successfully implemented clinical trial protocol changes
25.11.2022 / 16:27 CET/CEST
The issuer is solely responsible for the content of this announcement.


aap Implantate AG ("aap" or the "Company") announces that with the recent approval for an amendment to the clinical trial plan by the BfArM and the Ethics Committee, an important step towards accelerating the human clinical trial of the antibacterial silver coating technology developed by aap could be implemented. The changes to the clinical trial plan were deemed necessary by the Company because it has become apparent during the conduction of the trial to date that the originally envisaged number of patients with fractures exclusively of the distal tibia cannot be achieved within a reasonable period of time.

The two crucial changes at a glance concern:

  • Removal of double blinding: The previous situation with an unblinded surgeon who then cannot perform follow-up visits has proven difficult to implement in practice. Unblinding the entire study team and the sponsor will simplify planning and patient care. Furthermore, this allows for smaller study teams and more flexible handling in case of vacation or illness of the investigators.
  • Adjustment of target fracture: Due to the significantly higher incidence of fractures of the fibula, a faster inclusion of a significant number of patients is expected. In addition, it will facilitate the planning and execution of the surgeries, which will reduce the workload on the investigators.

Following approval by the BfArM and the Ethics Committee, the Company has started production of a sufficient number of study implants for the adapted target fracture. Based on the changes to the clinical trial plan, aap plans to complete the number of patients to be included under the human clinical trial in mid-2024, after which the mandatory follow-up year will begin.

All previous applications of silver-coated implants in the context of individual healing trials showed very good healing processes and no evidence of infections could be detected. These overall very good results are a positive indication for the ongoing clinical human study.

With its antibacterial silver coating technology, aap is addressing one of the greatest and yet inadequately solved challenges in traumatology: the reduction of Surgical Site Infections (SSI). Surgical site infections represent a major burden both for the patients affected and for global healthcare systems. Antibiotic-resistant bacteria pose a particular threat. In its annual report on the state of research to overcome antibiotic resistance, the WHO recently found that some of the world's most dangerous bacteria have developed resistance to known agents.[1] Moreover, according to the WHO, nearly all antibiotics currently in development work little better than existing agents. aap's innovative antibacterial silver coating technology represents an alternative solution in the fight against bacterial infections that is not based on antibiotics and therefore offers enormous market potential. As a platform technology, the technology has a broad range of applications and can be used not only in traumatology but also in other areas of orthopedics as well as in cardiology, dentistry, or medical instruments.

The conduction of the clinical study is funded by the German Federal Ministry of Education and Research ("BMBF"). The grant awarded to the company (grant numbers 13GW0313A+B, 13GW0449A+B) is part of the BMBF's field of action "Healthcare Industry in the Health Research Framework Program". According to the BMBF, projects on the topic of "Transferring medical technology solutions into patient care - proving clinical evidence without delay" are being funded. For further information, please refer to the corresponding guideline on the BMBF website: https://www.bmbf.de/foerderungen/bekanntmachung-1376.html.





------------------------------------------------------

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 traumatology. In addition to the innovative anatomical plate system LOQTEQ®, the IP-protected portfolio includes 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 problems in traumatology that have not yet been adequately solved. In Germany, aap Implantate AG sells its products directly to hospitals, purchasing groups and group clinics, while at international level it primarily uses a broad network of distributors in around 25 countries. In the USA, the company relies on a hybrid sales strategy through its subsidiary aap Implants Inc. This involves sales both via distribution agents and as part of partnerships with global orthopedic companies. The aap Implantate AG share is listed in the General Standard of the Frankfurt Stock Exchange (XETRA: AAQ.DE). For further information, please visit our website at www. aap.de.

 

The figures presented in this press release may be subject to technical rounding differences which do not affect the overall presentation.

 

Forward-looking statements

This release may contain forward-looking statements based on current expectations, beliefs and projections of the Management Board and currently available information. The forward-looking statements are not guarantees of future performance or results. 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 discussed in aap's public reports. Forward-looking statements therefore speak only as of the date they are made. We assume no obligation to update the forward-looking statements made in this release or to conform them to future events or developments.

 

 

[1] 2020 Antibacterial agents in clinical and preclinical development: an overview and analysis. Geneva: World Health Organization; 2021




Contact:
aap Implantate AG; Marek Hahn; Member of the Management Board/ CFO; Lorenzweg 5; 12099 Berlin
Tel.: +49 (0)30 75019 - 134; Fax: +49 (0)30 75019 - 290; Email: m.hahn@aap.de


25.11.2022 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com



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Press Release dated November 16, 2022, 01:25 PM

Q3/2022: Again significant growth in the US (+45 %) with sales of EUR 1.0 million; total sales and EBITDA impacted by continued volatile market environment

Q3/2022: Again significant growth in the US (+45 %) with sales of EUR 1.0 million; total sales and EBITDA impacted by continued volatile market environment

EQS-News: aap Implantate AG / Key word(s): Quarter Results/9 Month figures
Q3/2022: Again significant growth in the US (+45 %) with sales of EUR 1.0 million; total sales and EBITDA impacted by continued volatile market environment
16.11.2022 / 13:25 CET/CEST
The issuer is solely responsible for the content of this announcement.

 

  • Sales: Q3 at EUR 3.0 million (+1 % yoy) and 9M at EUR 8.5 million (4 % yoy); US business back on track with significant sales increase of +45 % in Q3
  • EBITDA: Q3 normalized[1] with EUR 0.4 million (reported: EUR 0.8 million; Q3/2021: EUR +20 thousand) and 9M with EUR 1.5 million (9M/2021: EUR +0.1 million) impacted by revenue decline (9M), sales infrastructure build-up as planned, execution of human clinical trial, work on MDR implementation and unplanned cost increases (mainly energy costs) in general inflationary environment
  • Financing: Successful execution of a capital increase stabilizes financial situation; net inflow of around EUR 1.2 million
  • Silver: Approval of study protocol adaptation (change of indication) to accelerate patient recruitment as well as facilitation of study conduct
  • Outlook FY 2022: Revenue and EBITDA at the lower end of guidance of EUR 11.5 million to EUR 13.5 million (revenue) and EUR -2.0 million to EUR -1.1 million (EBITDA), respectively, in continued volatile market environment (war in Ukraine; COVID-19 situation as well as ongoing inflationary pressure) 

 

aap Implantate AG ("aap" or the "Company") was able to realize slight sales growth in the third quarter contrary to the general downward trend in the trauma sector and in a persistently volatile market environment. Thereby, the Company's sales in Q3/2022 increased by 1 % to EUR 3.0 million compared to the same period of the previous year (Q3/2021: EUR 3.0 million). In the first nine months of the current fiscal year, sales decreased by 4 % to EUR 8.5 million compared to 9M/2021 (9M/2021: EUR 8.9 million). Taking into account constant exchange rates, the changes in sales were ‑3 % (Q3) and ‑8 % (9M).

With regard to earnings, the Company recorded normalized EBITDA1 of EUR ‑0.4 million (reported: EUR ‑0.8 million; Q3/2021: +EUR 20 thousand) in the third quarter and of EUR ‑1.5 million (9M/2021: EUR +0.1 million) in the first nine months of 2022, respectively, mainly reflecting the decline in sales (9M), the expansion of the sales infrastructure in Germany and the U.S. as planned, the execution of the clinical trial for aap's innovative antibacterial silver coating technology as well as the extensive work on processes and documents to meet the increased regulatory requirements of the new EU Medical Device Regulation (MDR). In addition, other operating income decreased, and the Company faced partly massive unplanned cost increases (e.g. procurement prices for energy and purchased inputs) from the observable increasing pressure on global supply chains and the general inflationary cost environment, e.g. as a result of the war in Ukraine.

In general, regarding the regions outside North America, the Company continues to face the existing and now also worsening pandemic COVID-19 situation, related increasing staff shortages in hospitals and also in the increasing but persistently too low mobility and the changed mobility behavior of the populations, which is reflected in lower case numbers compared to pre-COVID-19 levels. In addition, the still ongoing war in Ukraine, the observable dynamic pressure on global supply chains and the general inflationary (cost)environment are generally affecting business development.

Q3/2022 and 9M/2022 - Key financial figures

Sales Q3/2022 and 9M/2022

Sales in TEUR  Q3/2022 Q3/2021 Change
EMEA (= Europe, Middle East, Africa)
North America
LATAM (= Latin America)
APAC (= Asia-Pacific)
1,317
1,012
537
122
1,418
696
687
167
‑7 %
+45 %
-22 %
-27 %
Sales 2,988 2,968 +1 %

 

Sales in TEUR  9M/2022 9M/2021 Change
EMEA (= Europe, Middle East, Africa)
North America
LATAM (= Latin America)
APAC (= Asia-Pacific)
4,257
2,667
1,348
269
4,560
2,446
1,471
462
‑7 %
+9 %
-8 %
‑42 %
Sales 8,541 8,939 4 %

 

Looking at the individual regions, the picture in North America is very positive: the Company achieved significant sales growth of +45 % and +9 % in both the third quarter and the first nine months. This shows a clear recovery of the market in the third quarter compared to the first half of 2022. Above all, the increased average invoiced price per surgery performed was the main factor behind the increase in sales; in addition, the development of the USD/EUR exchange rate was also beneficial. Even taking into account constant exchange rates, the changes in sales were a remarkable +24 % in the third quarter or almost at the level of the previous year in a nine-month comparison.

For the sales regions outside North America, the aforementioned effects ran through almost all markets relevant to aap, albeit to varying degrees. In the EMEA region, the Company recorded a 7 % decline in sales in the third quarter, which resulted in a sales decrease of also 7 % in the first nine months of the financial year. This was mainly due to developments in markets outside the EU, which showed a lower volume of business than in the previous year. The markets within the EU showed a slightly positive development in the third quarter, although the home market of Germany was down on the previous year due to lower case numbers in clinics using aap products. By contrast, the market in South Africa, among others, developed positively in the nine-month period with significant double-digit growth, although this could only partially compensate for the development of the other submarkets in the EMEA region. Following encouraging developments in the first half of the year, the LATAM region realized a 22 % decline in sales in the third quarter, resulting in a reduction of 8 % in the nine-month period. The encouraging growth in Mexico in Q3 of 84 % could not fully compensate for the declines in the Puerto Rico and Chile markets. In addition, sales in the prior-year quarter were significantly impacted by an initial equipment order from a new customer in Colombia. In the APAC region, aap recorded a sales decline of 27 % in the third quarter and 42 % in the nine-month period compared with the respective comparative period of the previous year, mainly because of a reduced volume of business due to a sharp drop in the price situation with the Chinese distribution partner.

EBITDA Q3/2022 and 9M/2022

EBITDA in TEUR  Q3/2022 Q3/2021 Change
EBITDA normalized1 354 +20 >100 %
One-time effects +5 ‑16 >+100 %
Recurring EBITDA normalized1 -349 +4 >100 %
       
EBITDA reported 849 +20 >100 %
One-time effects +5 ‑16 >+100 %
Recurring EBITDA -844 +4 >100 %

 

EBITDA in TEUR  9M/2022 9M/2021 Change
EBITDA reported 1.533 +106 >100 %
One-time effects ‑197 -469 +58 %
Recurring EBITDA -1.730 -363 >100 %

 

Regarding earnings, comparable EBITDA (normalized1) decreased year-on-year to EUR ‑0.4 million for Q3 2022 (reported: EUR ‑0.8 million; Q3/2021: EUR +20 thousand) and to EUR -1.5 million for the first nine months of 2022 (9M/2021: EUR +0.1 million). The following developments were particularly decisive in this regard:

  • Revenue level realized in the first nine months below the Company's original planning mainly due to the aforementioned effects from the COVID-19 pandemic, the war in Ukraine and the general inflationary environment; Q3/2022 revenue level in line with the revised expectation range,
  • Reduced gross margin in absolute terms due to decline in sales (9M) with stable high gross margin (in %); gross margin normalized1 in Q3/2022 at around prior-year level,
  • Planned increase in personnel expenses mainly due to the expansion of the sales infrastructure in Germany and the USA to drive the planned sales growth, as well as in the areas of quality management, regulatory and clinical affairs to ensure, as planned, the achievement of certification in accordance with the new EU Medical Device Regulation (MDR 2017/745/EU) within the transition period until 2024,
  • Increased cost level (excluding non-recurring effects) in other costs in the operating trauma business incl. central administration functions mainly from unplanned cost increases for energy (here: more than doubling of electricity costs) and purchased inputs, increased costs for insurance, and an increased cost level for sales-related costs of distribution (commissions, freight costs) because of the sales expansion in North America,
  • Cost increase from the conduct of the human clinical trial of aap's innovative silver coating technology with the first surgeries performed and the inclusion of further hospitals participating in the trial in the first nine months of 2022,
  • Lower non-recurring effects that had an earnings-enhancing impact on EBITDA in both comparative periods (mainly from the recognition of income from COVID 19 support programs and from the reversal of provisions and accrued liabilities).

Excluding non-recurring items, comparable Recurring EBITDA (normalized1) decreased to EUR ‑0.3 million (reported: EUR ‑0.8 million; Q3/2021: EUR +4 thousand) and to EUR ‑1.7 million (9M/2021: EUR ‑0.4 million) in the third quarter and first nine months of 2022, respectively.

Financing

With a view to stabilizing aap's financial position, the Company successfully executed a capital increase of around 10 % in September/October. A total of around 0.6 million new shares were issued excluding subscription rights by way of a private placement against cash contributions at a subscription price of EUR 1.99, so that the Company received a net inflow of around EUR 1.2 million after deduction of consultancy fees and other costs. The new shares were subscribed by a strategic investor from Asia, who already has business activities in the field of orthopedics. As of September 30, 2022, the Company reported cash and cash equivalents of approximately EUR 1.0 million.

Silver coating technology

Regarding aap's innovative antibacterial silver coating technology, an application for an amendment to the clinical trial plan was submitted following restrained patient recruitment in the first nine months of 2022. This was approved by the relevant authorities and is currently being implemented. Thus, aap expects that the necessary number of patients will be reached at the beginning of 2024 and that the mandatory follow-up year will then begin. In addition, aap is still in talks about possible co-financing of the human clinical trial and further cooperation opportunities.

Outlook

Not included in the following forecast statements:

  • A significant tightening of sanctions against Russia or a change in the interpretation of existing sanctions,
  • An expansion of the conflict situation outside Ukraine,
  • Further additional significant increases in energy and raw material prices above the currently foreseeable level or restrictions on the Company's ability to operate because of partial or complete cessation of gas and/or energy supplies due, among other things, to the war in Ukraine or related sanctions,
  • Further virus mutations (COVID 19 pandemic) leading to a significant worsening of the infection situation with corresponding lockdown measures or other restrictions in the sales regions relevant for aap or resulting in production stoppages at the Berlin site or at aap's service providers/suppliers.

Based on Q3 2022 results, a continued volatile market environment due to the war in Ukraine and a re-aggravating pandemic COVID-19 situation, and including consideration of ongoing inflationary pressures, the Company now expects revenue and EBITDA at the lower end of the guidance range of EUR 11.5 million to EUR 13.5 million (revenue) and EUR -2.0 million to EUR -1.1 million (EBITDA), respectively.






------------------------------------------------------
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 headquartered in Berlin, Germany. The company develops, manufactures and markets products for traumatology. In addition to the innovative anatomical plate system LOQTEQ®, the IP-protected portfolio includes 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 problems in traumatology that have not yet been adequately solved. In Germany, aap Implantate AG sells its products directly to hospitals, purchasing groups and group clinics, while at international level it primarily uses a broad network of distributors in around 25 countries. In the USA, the company relies on a hybrid sales strategy through its subsidiary aap Implants Inc. This involves sales both via distribution agents and within the framework of partnerships with global orthopedic companies. The aap Implantate AG share is listed in the General Standard of the Frankfurt Stock Exchange (XETRA: AAQ.DE). For further information, please visit our website at www.aap.de.

 

The figures presented in this press release may be subject to technical rounding differences which do not affect the overall presentation.

 

Forward-looking statements

This release may contain forward-looking statements based on current expectations, beliefs and projections of the Management Board and currently available information. The forward-looking statements are not guarantees of future performance or results. 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 discussed in aap's public reports. Forward-looking statements therefore speak only as of the date they are made. We assume no obligation to update the forward-looking statements made in this release or to conform them to future events or developments.

 

[1] Q3 EBITDA normalized: Smoothing of a valuation effect from the second quarter in work in progress which neutralized this effect again in the third quarter; pure quarterly shift and therefore no impact on the 9M figures.




Contact:
aap Implantate AG; Marek Hahn; Member of the Management Board/ CFO; Lorenzweg 5; 12099 Berlin
Tel.: +49 (0)30 75019 - 134; Fax: +49 (0)30 75019 - 290; Email: m.hahn@aap.de


16.11.2022 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com



show this
Press Release dated October 25, 2022, 07:45 AM

Q3/2022: Solid third quarter with slight sales growth in persistently volatile market environment; US business back on track with significant +45 % sales increase

Q3/2022: Solid third quarter with slight sales growth in persistently volatile market environment; US business back on track with significant +45 % sales increase

EQS-News: aap Implantate AG / Key word(s): Preliminary Results/Development of Sales
Q3/2022: Solid third quarter with slight sales growth in persistently volatile market environment; US business back on track with significant +45 % sales increase
25.10.2022 / 07:45 CET/CEST
The issuer is solely responsible for the content of this announcement.

aap Implantate AG ("aap" or the "Company") achieved slight sales growth in the third quarter in a persistently volatile market environment. According to preliminary figures, aap increased sales by +1 % to EUR 3.0 million (Q3/2021: EUR 3.0 million) in the third quarter of the current year compared to the same period of the previous year. In the first nine months of the current fiscal year, sales decreased by 4 % to EUR 8.5 million compared to 9M/2021 (9M/2021: EUR 8.9 million). Taking constant exchange rates into account, the changes in sales were ‑3 % (Q3) and ‑8 % (9M).

In general, with regard to the regions outside North America, the Company continues to face the existing and now worsening pandemic COVID-19 situation, related bottlenecks in hospitals and also the increasing but persistently too low mobility and the changed mobility behavior of the population, which is reflected in lower case numbers compared to pre-COVID-19 levels. In addition, the still ongoing war in Ukraine, the observable dynamic pressure on global supply chains and the general inflationary (cost) environment are generally affecting business development. In the North America region, on the other hand, the third quarter showed a significant recovery of the market compared to the first half of 2022 and a very dynamic development again overall: thus, starting from a significant growth of +45 % in the third quarter, the company was able to realize an increase in sales of +9 % in the nine-month period as well (constant exchange rates: +24 % in Q3 or almost at the previous year's level in the nine-month comparison).

Sales Q3/2022 and 9M/2022

Sales in TEUR Q3/2022 Q3/2021 Change
EMEA (= Europe, Middle East, Africa)
North America
LATAM (= Latin America)
APAC (= Asia-Pacific)
1.317
1.012
537
122
1.418
696
687
167
‑7 %
+45 %
-22 %
-27 %
Sales 2.988 2.968 +1 %

 

Sales in TEUR 9M/2022 9M/2021 Change
EMEA (= Europe, Middle East, Africa)
North America
LATAM (= Latin America)
APAC (= Asia-Pacific)
4.257
2.667
1.348
269
4.560
2.446
1.471
462
‑7 %
+9 %
-8 %
‑42 %
Sales 8.541 8.939 4 %


With regard to the result, the Executive Board expects EBITDA between EUR ‑0.8 million and EUR ‑1.0 million (Q3/2021: EUR +20 thousand) for the third quarter and between EUR ‑1.5 million and EUR ‑1.7 million (9M/2021: EUR +0.1 million) for the first nine months of 2022, mainly reflecting the lower operating performance (sales decline and inventory reduction), investments in the expansion of the sales infrastructure, the execution of the clinical trial for the silver coating technology, and unplanned cost increases (e.g. procurement prices for energy and purchased services and inputs) due to the observable increasing pressure on global supply chains and the generally inflationary cost environment.

The figures contained in this press release are preliminary as of September 30, 2022, and are subject to change until final publication. aap plans to announce final results for the third quarter and first nine months of 2022 in a press release on November 14, 2022.




-------------------------------------------------------

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 traumatology. In addition to the innovative anatomical plate system LOQTEQ®, the IP-protected portfolio includes 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 problems in traumatology that have not yet been adequately solved. In Germany, aap Implantate AG sells its products directly to hospitals, purchasing groups and group clinics, while at international level it primarily uses a broad network of distributors in around 25 countries. In the USA, the company relies on a hybrid sales strategy through its subsidiary aap Implants Inc. This involves sales both via distribution agents and as part of partnerships with global orthopedic companies. The aap Implantate AG share is listed in the General Standard of the Frankfurt Stock Exchange (XETRA: AAQ.DE). For further information, please visit our website at www. aap.de.

The figures presented in this press release may be subject to technical rounding differences which do not affect the overall presentation.

Forward-looking statements
This release may contain forward-looking statements based on current expectations, beliefs and projections of the Management Board and currently available information. The forward-looking statements are not guarantees of future performance or results. 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 discussed in aap's public reports. Forward-looking statements therefore speak only as of the date they are made. We assume no obligation to update the forward-looking statements made in this release or to conform them to future events or developments.



Contact:
If you have any questions, please contact:
aap Implantate AG; Marek Hahn; Member of the Management Board/ CFO; Lorenzweg 5; 12099 Berlin
Tel. : +49 (0)30 75019 - 134; Fax: +49 (0)30 75019 - 290; Email: m.hahn@aap.de



25.10.2022 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com



show this
Press Release dated August 12, 2022, 07:45 AM

Q2/2022: Sales of EUR 2.7 million and EBITDA of EUR -0.2 million below expectations in persistently challenging macroeconomic environment; growth expected for second half of 2022

Q2/2022: Sales of EUR 2.7 million and EBITDA of EUR -0.2 million below expectations in persistently challenging macroeconomic environment; growth expected for second half of 2022

DGAP-News: aap Implantate AG / Key word(s): Quarter Results
Q2/2022: Sales of EUR 2.7 million and EBITDA of EUR -0.2 million below expectations in persistently challenging macroeconomic environment; growth expected for second half of 2022
12.08.2022 / 07:45 CET/CEST
The issuer is solely responsible for the content of this announcement.

  • Sales: Q2 at EUR 2.7 million (17 % yoy) and H1 at EUR 5.6 million (7 % yoy); growth trend intact with LTM sales up 7 %[1]
  • EBITDA: Q2 at EUR 0.2 million (Q2/2021: EUR +0.3 million) and H1 at EUR 0.7 million (H1/2021: EUR +0.1 million) impacted by sales decline, planned build-up of sales infrastructure, conduction of human clinical trial and work on MDR implementation
  • Silver: First sugeries performed as part of human clinical trial for innovative antibacterial silver coating technology
  • H2 outlook: revenue increase expected compared to H1 with FY 2022 sales level of EUR 11.5 million to EUR 13.5 million and EBITDA (including full project costs for further execution of human clinical trial) of EUR 2.0 million to EUR 1.1 million

 
aap Implantate AG ("aap" or the "Company") operated in a challenging macroeconomic environment in both the second quarter and the first half of the year, which had a corresponding impact on business development and thus did not lead to the achievement of the targets set by the Company for the first half of 2022. In this context, the Company continues to face the existing pandemic COVID-19 situation, related bottlenecks in hospitals and also the increasing but persistently too low mobility and the changed mobility behavior of the population, which is reflected in lower case numbers compared to pre-COVID-19 levels. In addition, the still ongoing war in Ukraine, the observable dynamic pressure on global supply chains and the general inflationary environment are generally affecting business development, which is reflected, for example, in noticeable delayed execution of new customer contracts despite a well-filled pipeline or in the significantly reduced willingness of aap's existing distribution partners to invest in market expansion.

The Company's sales in the second quarter of 2022 decreased by 17 % to EUR 2.7 million compared to the same period of the previous year (Q2/2021: EUR 3.3 million). In the first six months of the current fiscal year, sales decreased by 7 % to EUR 5.6 million compared to the first half of 2021 (H1/2021: EUR 6.0 million). Taking constant exchange rates into account, the changes in sales were ‑21 % (Q2) and ‑10 % (H1). Looking at the results, the Company recorded EBITDA of ‑0.2 million EUR (Q2/2021: +0.3 million EUR) in the second quarter and of ‑0.7 million EUR (H1/2021: +0.1 million EUR) in the first six months of 2022, which mainly reflects the decline in sales, the expansion of the sales infrastructure in Germany and the U.S. as planned, the conduction of the clinical trial for aap's innovative antibacterial silver coating technology as well as the extensive work on processes and documents to meet the increased regulatory requirements of the new EU Medical Device Regulation (MDR).

Q2/2022 and H1/2022 - Key financial figures

Sales Q2/2022 and H1/2022

Sales in TEUR Q2/2022 Q2/2021 Change
EMEA (= Europe, Middle East, Africa)
North America
LATAM (= Latin America)
APAC (= Asia-Pacific)
1,256
872
500
65
1,725
1,006
362
171
‑27 %
‑13 %
+38 %
‑62 %
Sales 2,693 3,264 17 %

 

Sales in TEUR H1/2022 H1/2021 Change
EMEA (= Europe, Middle East, Africa)
North America
LATAM (= Latin America)
APAC (= Asia-Pacific)
2,940
1,655
811
147
3,142
1,750
784
295
‑6 %
‑5 %
+3 %
‑50 %
Sales 5,553 5,971 7 %


With regard to the individual regions, the aforementioned effects were felt in almost all markets relevant for aap, albeit to varying degrees. The development in the LATAM region is pleasing, where aap achieved growth of +38 % and +3 % in both the second quarter and the first half of 2022. Here, recovery tendencies are evident in markets such as Mexico and Brazil, but a new sales partner in Venezuela also contributed to the positive development in the LATAM region. In the EMEA region, the second quarter in particular was characterized by a significant decline of 27 %, resulting in a 6 % drop in sales in the first half of the year. Developments in the Spanish, Bosnian and Israeli markets were primarily responsible for more than 2/3 of the negative deviations. In contrast, the market in South Africa developed positively, with significant growth of +65 % in the second quarter and +24 % in the first six months, although this could only partially compensate for the development of the other submarkets in the EMEA region. In the APAC region, aap recorded a 62 % decline in sales in the second quarter and a 50 % decline in the first half of the year compared with the respective comparative period of the previous year, mainly as a result of a reduced volume of business with the Chinese sales partner.

The picture in the USA is divided: While at first glance there is a decline in sales for the region in the second quarter (‑13 %) and in the first six months (‑5 %), a non-recurring effect in the amount of EUR 0.2 million must be excluded from sales in the second quarter of 2021. This one-off effect in the previous year resulted from the termination of the contractual relationship with a long-standing distribution partner. Excluding this non-recurring effect results in growth of +14 % for the second quarter and +10 % for the first half of the year. In addition to the development of the USD/EUR exchange rate, the increase in the average invoiced price per surgery performed was also the background to the rise in sales.

Overall, the Management Board remains optimistic about the Company's further development and sees the sales development of the last 12 months compared to the corresponding period of the previous year with LTM sales growth of 7 % as confirming the fundamental orientation of aap.

EBITDA Q2/2022 and H1/2022

EBITDA in TEUR Q2/2022 Q2/2021 Change
EBITDA 207 +273 >100 %
One-time effects ‑329 ‑400 +18 %
Recurring EBITDA -536 -127 >100 %

 

EBITDA in TEUR H1/2022 H1/2021 Change
EBITDA 684 +85 >100 %
One-time effects ‑202 -452 +55 %
Recurring EBITDA -886 -367 >100 %


With regard to earnings, EBITDA decreased year-on-year to EUR -0.2 million for the second quarter of 2022 (Q2/2021: EUR +0.3 million) and to EUR -0.7 million for the first six months of 2022 (H1/2021: EUR +0.1 million). The following developments were particularly decisive in this regard:

  • Sales level realized below the Company's planning in the second quarter and first half of the year mainly due to the aforementioned effects from the COVID-19 pandemic, the war in Ukraine and the general inflationary environment,
  • Stable high gross margin (in %) with increase of gross margin[2] in absolute figures (excluding non-recurring effects; Q2: approx. +43 TEUR, H1: approx. +98 TEUR),
  • Planned increase in personnel expenses mainly due to the expansion of the sales infrastructure in Germany and the USA to implement the planned sales growth, as well as in the areas of quality management, regulatory and clinical affairs to ensure the achievement of certification in accordance with the new EU Medical Device Regulation (MDR 2017/745/EU) within the transition period until 2024,
  • Slight increase in cost level (excluding non-recurring effects) in other costs in the operating trauma business incl. central administration functions,
  • Cost increase from the conduct of the human clinical trial of aap's innovative silver coating technology with the first surgeries performed and the inclusion of further hospitals participating in the trial in the first half of 2022,
  • Lower non-recurring effects that had an earnings-enhancing impact on EBITDA in both comparative periods (mainly from the recognition of income from COVID 19 support programs and from the reversal of provisions and accrued liabilities).

Excluding the one-off effects, recurring EBITDA decreased further in Q2 and H1/2022 to EUR -0.5 million (Q2/2021: EUR -0.1 million) and EUR ‑0.9 million (H1/2022: EUR ‑0.4 million), respectively.

Silver coating technology

With regard to aap's innovative antibacterial silver coating technology, the first human clinical trial surgeries were performed in the first half of 2022 and further trial centers were initiated. In addition, the Company carried out promising test coatings for a leading medical technology company in the reporting period. The aim is to demonstrate the possible application of silver coating technology to non-aap products and thus to create the preconditions for potential joint development projects. In addition, aap is still in talks about possible co-financing of the human clinical trial and further cooperation opportunities.

Outlook

Not included in the following forecast statements:

  • A significant tightening of sanctions against Russia or a change in the interpretation of existing sanctions,
  • An expansion of the conflict situation outside Ukraine,
  • Further additional significant increases in energy and raw material prices above the currently foreseeable level or restrictions on the Company's ability to operate as a result of partial or complete cessation of gas and/or energy supplies due, among other things, to the war in Ukraine or related sanctions,
  • Further virus mutations (COVID 19 pandemic) leading to a significant worsening of the infection situation with corresponding lockdown measures or other restrictions in the sales regions relevant for aap or resulting in production stoppages at the Berlin site or at aap's service providers/suppliers.

In the second half of 2022, in addition to stabilizing aap's financial position, the focus will be in particular on the further implementation of the human clinical trial for the innovative antibacterial silver coating technology and the further revision of processes and documents to meet the increased regulatory requirements of the new EU Medical Devices Regulation MDR. On the revenue side, the Executive Board expects an increase for the second half of 2022 compared to the first six months and anticipates a revenue level of EUR 11.5 million to EUR 13.5 million for fiscal year 2022. For EBITDA in fiscal year 2022, the Executive Board expects a value of EUR ‑2.0 million to EUR ‑1.1 million, taking into account the full project costs for the further implementation of the human clinical trial for the antibacterial silver coating technology.





------------------------------------------------------------

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 traumatology. In addition to the innovative anatomical plate system LOQTEQ®, the IP-protected portfolio includes 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 problems in traumatology that have not yet been adequately solved. In Germany, aap Implantate AG sells its products directly to hospitals, purchasing groups and group clinics, while at international level it primarily uses a broad network of distributors in around 25 countries. In the USA, the company relies on a hybrid sales strategy through its subsidiary aap Implants Inc. This involves sales both via distribution agents and as part of partnerships with global orthopedic companies. The aap Implantate AG share is listed in the General Standard of the Frankfurt Stock Exchange (XETRA: AAQ.DE). For further information, please visit our website at www. aap.de.

 

The figures presented in this press release may be subject to technical rounding differences which do not affect the overall presentation.

 

Forward-looking statements

This release may contain forward-looking statements based on current expectations, beliefs and projections of the Executive Board and currently available information. The forward-looking statements are not guarantees of future performance or results. 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 discussed in aap's public reports. Forward-looking statements therefore speak only as of the date they are made. We assume no obligation to update the forward-looking statements made in this release or to conform them to future events or developments.

 
 

[1] LTM revenue increase: revenue for the last 12 months (01.07.2021 - 30.06.2022) compared to the corresponding period of the previous year (01.07.2020 - 30.06.2021)

[2] Gross margin = sales revenue +/- change in inventories of finished goods and work in progress - cost of materials / cost of purchased services.



Contact:
aap Implantate AG; Marek Hahn; Member of the Management Board, CFO; Lorenzweg 5; D-12099 Berlin Tel.: +49/30/750 19 - 134; Fax: +49/30/750 19 - 290; m.hahn@aap.de


12.08.2022 CET/CEST 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, 2022, 07:30 AM

Q1/2022: Solid start to the year with 6 % sales growth and EBITDA within expectations in a challenging macroeconomic environment

Q1/2022: Solid start to the year with 6 % sales growth and EBITDA within expectations in a challenging macroeconomic environment

DGAP-News: aap Implantate AG / Key word(s): Quarter Results
Q1/2022: Solid start to the year with 6 % sales growth and EBITDA within expectations in a challenging macroeconomic environment
13.05.2022 / 07:30
The issuer is solely responsible for the content of this announcement.

  • Sales: EUR 2.9 million (+6 % yoy); EMEA (+19 % yoy) and North America (+5 % yoy) as main growth drivers
  • EBITDA: EUR -0.5 million (Q1/2021: EUR -0.2 million) impacted by planned build-up of sales infrastructure and conduction of human clinical study
  • Silver: First surgeries performed as part of human clinical study for innovative silver antibacterial coating technology

aap Implantate AG ("aap" or the "Company") started the financial year 2022 in a challenging macroeconomic environment with solid sales growth and EBITDA in line with expectations. In this context, aap increased sales by 6 % compared to the same period of the previous year to EUR 2.9 million (Q1/2021: EUR 2.7 million). In terms of earnings, the Company recorded EBITDA of EUR -0.5 million (Q1/2021: EUR -0.2 million), which mainly reflects the planned expansion of the sales infrastructure in Germany and the U.S. and the conduction of the human clinical study for aap's innovative antibacterial silver coating technology.

Q1/2022 - Key financial figures

Sales

in KEUR Q1/2022 Q1/2021 Change
Sales
EMEA (= Europe, Middle East, Africa)
North America
LATAM (= Latin America)
APAC (= Asia-Pacific)
2,860
1,684
783
311
82
2,707
1,417
744
422
124
+6 %
+19 %
+5 %
-26 %
-34 %
Sales 2,860 2,707 +6 %

On the market side, aap continued to be exposed to the effects of the COVID-19 pandemic to varying degrees in the first quarter. Among other things, it was observed that surgeries could not be performed or could only be performed to a reduced extent due to COVID-19-related absences of hospital staff or COVID-19 infections of trauma patients. In addition, despite the lifting of many COVID-19 protection measures, general mobility has not yet returned to pre-COVID-19 levels and is accordingly reflected in lower case numbers. In addition, the war in Ukraine, which is currently still ongoing, generally impacted business development in the first quarter, e.g., in the processing of new customer contracts in Eastern Europe or payments from countries with a high dependency on Russia.

Overall, the picture is ambivalent when looking at the individual regions: the pleasingly significant growth in the EMEA region (= Europe, Middle East, Africa; +19 %) is mainly based on a revival of business with existing customers in Southeastern Europe and the Middle East. In contrast, the recovery to pre-COVID-19 levels in the individual markets of importance to the Company, Spain and Germany, is taking notably longer than expected and planned, which is reflected above all in a continued lower case volume than before the onset of the COVID-19 pandemic.

In North America, aap remains on a growth track and was able to increase sales (+5 %). After a very slow start in January and the first half of February due to COVID-19 effects, March saw the highest ever number of surgeries performed in a single month.

In Latin America (-26 %) and Asia-Pacific (-34 %), the ongoing impact of the COVID-19 pandemic is clearly reflected. Rising infection rates and zero COVID19 guidelines implemented in some regions impacted business performance in the first months of the fiscal year, in some cases severely. In addition, new regulatory and procurement guidelines that came into force at short notice, particularly in China, are making further expansion of the business more difficult.

EBITDA

in KEUR Q1/2022 Q1/2021 Change
EBITDA -477 -188 >-100 %
One-time effects 57 -58 > +100 %
Recurring EBITDA -420 -246 -71 %

In terms of earnings, EBITDA decreased as expected compared with the same period of the previous year to EUR -0.5 million (Q1/2021: EUR -0.2 million). The following developments in the first quarter were particularly decisive in this respect:
  • Sales level realized in the first quarter below the Company's planning mainly due to the aforementioned effects from the COVID-19 pandemic and the war in Ukraine,
  • Stable high gross margin (in %) with increase in gross margin[1] in absolute figures (approx. +EUR 100 thousand) in connection with realized sales growth in Q1/2022,
  • Planned increase in personnel expenses mainly due to the expansion of the sales infrastructure in Germany and the USA to implement the planned sales growth, as well as in the areas of quality management, regulatory and clinical affairs to ensure certification in accordance with the new EU Medical Device Regulation (MDR 2017/745/EU) within the transitional period until 2024 as planned
  • Stable cost level (excluding non-recurring effects) in other costs in the operating trauma business incl. central administration functions,
  • Cost increase from conducting the human clinical study of aap's innovative silver coating technology with the first surgeries performed and the inclusion of further clinics participating in the study in the first quarter of 2022,
  • Lower non-recurring effects that had an earnings-enhancing impact on EBITDA in the first quarter of 2021 (mainly from the recognition of income from COVID-19 support programs).

Excluding the non-recurring effects, recurring EBITDA decreased to EUR -0.4 million in the first quarter of 2022 (Q1/2021: EUR -0.2 million).

Silver coating technology

With regard to aap's innovative silver coating technology, the first surgeries in the human clinical study for its innovative antibacterial silver coating technology were performed in the first quarter of 2022. The surgeries took place at the University Hospital Regensburg and went according to plan. In addition, the Company was able to include further clinics in the study in the first quarter, so that further patient recruitment can be expected in the coming months. aap had initiated the clinical human study in December last year, which is an essential step towards the planned market approval (CE) of the innovative technology.

Outlook

Despite the currently observable dynamic pressure on global supply chains, the uncertainty regarding the COVID-19 pandemic as previously described, the general inflationary environment and taking into account the first quarter results, the Management Board continues for the time being to adhere to the communicated forecast values for sales and EBITDA for the financial year 2022. Even under the current market adversities, the Company is recording a growing number of new potential distribution channels and aap's long-standing distribution partners are confident that they will return to pre-pandemic levels in the foreseeable future. In this context, aap's distribution partners and the Company anticipate a renewed increase in case numbers in the trauma segment due to observable declines in COVID-19 infection figures, a resurgence in global mobility as a result of increased return to work, increased sports and leisure activities, and a resurgence in numbers in the tourism industry.



[1] Gross margin = sales revenue +/- change in inventories of finished goods and work in progress - cost of materials / cost of purchased services
 

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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 traumatology. In addition to the innovative LOQTEQ® anatomical plate system, the IP-protected portfolio includes 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 problems in traumatology that have not yet been adequately solved. In Germany, aap Implantate AG sells its products directly to hospitals, purchasing groups and group clinics, while at international level it primarily uses a broad network of distributors in around 25 countries. In the USA, the company relies on a hybrid sales strategy through its subsidiary aap Implants Inc. This involves sales both via distribution agents and as part of partnerships with global orthopedic companies. The aap Implantate AG share is listed in the General Standard of the Frankfurt Stock Exchange (XETRA: AAQ.DE). For further information, please visit our website at https://www.aap.de/

The figures presented in this press release may be subject to technical rounding differences which do not affect the overall presentation.

Forward-looking statements
This release may contain forward-looking statements based on current expectations, beliefs and projections of the Management Board and currently available information. The forward-looking statements are not guarantees of future performance or results. 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 discussed in aap's public reports. Forward-looking statements therefore speak only as of the date they are made. We assume no obligation to update the forward-looking statements made in this release or to conform them to future events or developments.




Contact:
aap Implantate AG; Marek Hahn; Member of the Management Board/ CFO; Lorenzweg 5; D-12099 Berlin
Tel.: +49/30/750 19 - 134; Fax: +49/30/750 19 - 290; m.hahn@aap.de


13.05.2022 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 06, 2022, 11:36 AM

First surgeries performed as part of human clinical study for antibacterial silver coating technology; aap's technology effective against particularly critical antibiotic-resistant hospital germ MRSA

First surgeries performed as part of human clinical study for antibacterial silver coating technology; aap's technology effective against particularly critical antibiotic-resistant hospital germ MRSA

DGAP-News: aap Implantate AG / Key word(s): Study
06.04.2022 / 11:36
The issuer is solely responsible for the content of this announcement.

aap Implantate AG ("aap" or the "Company") announces that in the first quarter of 2022 the first surgeries were performed as part of the human clinical trial for its innovative antibacterial silver coating technology. The surgeries took place at the University Hospital Regensburg and went according to plan. aap had initiated the human clinical trial in December last year, which is an essential step towards the planned market approval (CE) of the innovative technology.

In addition, aap reports that its antibacterial silver coating technology is effective against the particularly critical antibiotic-resistant hospital germ methicillin-resistant Staphylococcus aureus (MRSA), which was responsible for 100,000 deaths worldwide in 2019 alone, according to a study published in the medical journal The Lancet.[1] Last year, for example, aap was able to demonstrate the effectiveness of its technology against the antibiotic-resistant bacterium MRSA as part of an extensive series of in vitro tests.[2] MRSA is one of the pathogens most frequently responsible for resistance problems. The results of the study on the threat posed by antibiotic-resistant germs, which was written by an international group of experts, were published in the scientific journal "The Lancet". In addition, n-tv had also recently evaluated the results of the study.[3] According to the study, more than 1.2 million people worldwide died directly from an infection with an antibiotic-resistant pathogen in 2019. In addition, such infections were at least partly responsible for almost five million further deaths. This makes antibiotic resistance one of the leading causes of death in the world. The results of the study reveal the extent of the problem caused by multi-resistant germs and at the same time show the acute need for action. This is precisely the starting point for aap's innovative antibacterial silver coating technology. The disruptive silver coating developed by the company represents an alternative solution in the fight against bacterial infections that is not based on antibiotics and therefore offers enormous market potential. As a platform technology, the technology has a broad range of applications and can be used not only in traumatology but also in other areas of orthopedics as well as in cardiology, dentistry or medical instruments.

Finally, in connection with the information contained in this press release, we may also refer to an interview with Prof. Dr. Dr. Volker Alt, Director of the Clinic for Trauma Surgery at the University Hospital Regensburg and an expert in the field of antimicrobial coatings, in which he talks about implant-related infections in connection with antibiotic resistance and also makes a clear case for the need for antibacterial coatings on implants that are not based on antibiotics (https://www.youtube.com/watch?v=q1UluZIkrMo).





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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 headquartered in Berlin, Germany. The company develops, manufactures and markets products for traumatology. In addition to the innovative anatomical plate system LOQTEQ(R), the IP-protected portfolio includes 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 problems in traumatology that have not yet been adequately solved. In Germany, aap Implantate AG sells its products directly to hospitals, purchasing groups and group clinics, while at international level it primarily uses a broad network of distributors in around 25 countries. In the USA, the company relies on a hybrid sales strategy through its subsidiary aap Implants Inc. This involves sales both via distribution agents and as part of partnerships with global orthopedic companies. The aap Implantate AG share is listed in the General Standard of the Frankfurt Stock Exchange (XETRA: AAQ.DE). For further information, please visit our website at www.aap.de.

Forward-looking statements
This release may contain forward-looking statements based on current expectations, beliefs and projections of the Management Board and currently available information. The forward-looking statements are not guarantees of future performance or results. 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 discussed in aap's public reports. Forward-looking statements therefore speak only as of the date they are made. We assume no obligation to update the forward-looking statements made in this release or to conform them to future events or developments.

[1] Global burden of bacterial antimicrobial resistance in 2019: a systematic analysis; Antimicrobial Resistance Collaborators; Published: January 19, 2022; DOI: https://doi.org/10.1016/S0140-6736(21)02724-0
[2] log4 reduction after three days of pre-incubation (in vitro) and log3 reduction after seven days of pre-incubation (in vitro).
[3] https://www.n-tv.de/wissen/Antibiotika-Resistenz-fordert-1-2-Millionen-Opfer-article23069318.html



Contact:
aap Implantate AG; Marek Hahn; Member of the Management Board/ CFO; Lorenzweg 5; D-12099 Berlin Tel.: +49/30/750 19 - 134; Fax.: +49/30/750 19 - 290;m.hahn@aap.de


06.04.2022 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 31, 2022, 07:20 AM

Turnaround in FY/2021: Significant sales growth (+30%) and substantially improved EBIDTA (+84%) - clear trend towards black zero

Turnaround in FY/2021: Significant sales growth (+30%) and substantially improved EBIDTA (+84%) - clear trend towards black zero

DGAP-News: aap Implantate AG / Key word(s): Annual Results/Annual Report
31.03.2022 / 07:20
The issuer is solely responsible for the content of this announcement.

 

- Sales: EUR 12.2 million (+30% yoy) - CER[1]: +32% yoy; all markets with significant double-digit growth rates

- EBITDA: EUR -0.8 million (+84% yoy); operating cash flow +33% yoy

- Silver: Start of human clinical study in December 2021 - already promising clinical data from individual healing trials beforehand

- Successful refinancing, in particular via shareholder loans and capital increase with significant oversubscription

- After 2 years, unqualified audit opinion again for annual financial statements 2021

- Outlook FY/2022: Sales between EUR 14.0 and 16.0 million (+15% to +31%) as well as positive EBITDA and almost balanced free cash flow planned for first time for entire Company (excl. costs silver, esp. human clinical study); EBITDA entire Company (incl. costs silver) of EUR -1.7 to -0.5 million

 

aap Implantate AG ("aap" or the "Company") succeeded in turning around sales and earnings in a challenging financial year 2021. Despite the continuing partly massive impact of the COVID-19 pandemic, aap recorded significant sales growth (+30%) to EUR 12.2 million last year (FY/2020: EUR 9.3 million) and consequently achieved a figure within the forecast range of EUR 12.0 to 14.0 million. EBITDA improved substantially (+84%) to EUR -0.8 million (FY/2020: EUR -4.8 million) and was thus at the upper end of the guidance of EUR -2.0 million to EUR -0.7 million raised in September 2021. If one additionally considers the positive development of operating cash flow (+33%), the trend towards a black zero is clearly recognizable.

 

FY/2021 - Key financial figures

in EUR million FY/2021 FY/2020* Change
Sales
EMEA (= Europe, Middle East, Africa)
North America
North America Distributors
North America Global Partners

LATAM (= Latin America)
APAC (= Asia-Pacific)
12.2
6.4
3.5
3.4
0.1
1.8
0.5
9.3
5.1
2.9
2.6
0.3
0.9
0.4
+30%
+26%
+21%
+32%
-83%
+90%
+20%
Sales 12.2 9.3 +30%
* In FY/2020, sales development was still reported for the regions Germany, USA (distributors and global partners), International (excluding USA; Europe (excluding Germany), BRICS countries and RoW). The reclassification has been made in the context of the financial reporting for Q3 and 9M/2021, respectively.

 

Looking at the individual regions, it can be seen that aap was able to realize significant double-digit sales increases in all major markets in financial year 2021. The growth in the EMEA region (= Europe, Middle East, Africa; +26%) is based on a revival of business in the Middle East, new customer acquisition e.g. in Egypt, and a significant recovery of the South African market, where the pre-COVID-19 level has already almost been reached again. On the other hand, aap succeeded in stabilizing sales in its largest single market Spain, which had to struggle noticeably with the adversities of the COVID-19 pandemic. In addition, the Company recorded sales growth in its home market Germany despite the relatively late end of the lockdown in June and was additionally again able to conclude contracts with all purchasing associations, providing a good basis for financial year 2022.
 

In North America, aap remains on a growth track and was able to significantly increase sales (+21%). Decisive for the growth momentum were in particular the contracts concluded with US-wide purchasing associations and networks, which give aap access to a large number of clinics and surgical operation centers and thus also create a promising basis for the months ahead.
 

In Latin America (+90%), aap won new customers in Colombia and Ecuador and also benefited from a noticeable recovery of business in Brazil, Mexico and Puerto Rico. Furthermore, sales increased in the Asia-Pacific region (+20%), where the Company was able to reactivate its business in China, among other things.

EBITDA

in KEUR FY/2021 FY/2020 Change
EBITDA -766 -4,765 +84%
One-time effects -439 +1,322 >-100%
Recurring EBITDA -1,205 -3,433 +65%
 

With regard to earnings, aap was able to significantly improve EBITDA in financial year 2021. The background to this development is, in addition to the sales growth realized in financial year 2021 and an associated increase in gross margin[2] in absolute terms (EUR +2.9 million) as a key driver, also a reduced cost level. The positive cost development results on the one hand from the implemented restructuring measures, which are reflected in declining other costs and almost stable personnel expenses, and on the other hand from a significant decrease in one-time effects, which in financial year 2020 were still largely characterized by the restructuring and refinancing as well as the revision of the quality management system. In addition, EBITDA in financial year 2021 were positively impacted by one-time effects from, among other things, the termination of a contract with a former distributor and an increase in other operating income (mainly income from the COVID-19 bridging assistance program III and III+). The improvement in EBITDA thus again visibly reflects the successes realized as part of the restructuring, which can be summarized as follows:
 

- Significant increase in gross margin in absolute terms due to profitable sales growth as key driver of earnings improvement

- Stabilization of personnel expenses at around prior-year level (non-significant increase of +3% vs. FY/2020)

- Declining trend in other costs (-8%) with significantly reduced non-recurring expenses


Excluding one-time effects, recurring EBITDA also improved significantly by +65% to EUR -1.2 million in financial year 2021 (FY/2020: EUR -3.4 million). Overall, this reflects the targeted development: focus on established markets with higher profit margins and sustainable streamlining of the cost structure to improve operating performance. Looking at the development of the pure operating trauma business[3], aap was additionally able to generate a positive result (EBITDA >EUR 1.0 million) in financial year 2021 for the first time. This is again a confirmation for the implemented restructuring and transformation measures, but also an incentive to build up a sustainably profitable trauma business with further growing sales.
 

Cash flow and balance sheet

Based on a strong improvement in operating profit, operating cash flow also improved significantly by +33% to EUR -2.5 million. The improvement would have been even more pronounced but was reduced due to extremely strong monthly sales in December, the start of the human clinical study in December and the build-up of inventories for the further planned expansion of sales in working capital. With inflows from investing activities of EUR 0.2 million (mainly from the sale of machinery and a plot of land) and from financing activities of EUR 3.5 million (mainly influenced by the successful capital increase), aap had a liquidity balance of EUR 2.1 million at the end of the year.
 

Looking at the balance sheet, the balance sheet total increased to EUR 23.0 million (+16%) and was primarily characterized by the increase in rights of use (EUR +1.5 million), the reporting date-related increase in trade receivables (EUR +1.3 million) and the increase in cash and cash equivalents (EUR +1.2 million). On the liabilities side, current and non-current liabilities increased by EUR 0.8 million, while equity rose by +24% to EUR 12.8 million due to the negative result for the period and the effects of the capital increase. Based on this, the Company shows a solid equity ratio of 56% (+4 PP) as of 31 December 2021.
 

Overall, the turnaround can also be clearly seen here: A healthy balance sheet structure as well as the focus on financing the sales growth of an operationally sustainable basic structure and the promising development projects, whereby the trend towards a black zero is also clearly evident here.
 

Outlook

In financial year 2022, aap intends to grow further in terms of sales and earnings and to press ahead with the human clinical study for its innovative antibacterial silver coating technology that started in December 2021. In addition, a key focus will be on implementing activities as planned to achieve certification under the new EU Medical Device Regulation (MDR 2017/745/EU) within the transition period until 2024.
 

Based on the successfully completed capital increase, a significant portion of the net proceeds raised shall be used to finance the planned sales growth and the execution of the human clinical study for the antibacterial silver coating technology. In order to accelerate further sales growth, extensive investments have already been made in sales structures and teams, particularly in North America and Germany. Overall, all markets shall contribute to the planned sales growth, with a continued focus on North America.
 

The Management Board continues to monitor and assess very closely the global impact of the COVID-19 pandemic and the conflict between Russia and Ukraine on aap's business activities and financial results.
 

Not included in the following forecast statements are:

- A significant tightening of sanctions against Russia or a change in the interpretation of existing sanctions

- An expansion of the conflict situation outside Ukraine

- An additional significant increase in energy and raw material prices due, among other things, to the war in Ukraine or as a result of the associated sanctions

- Further virus mutations (COVID-19 pandemic) leading to a significant deterioration in the infection situation with corresponding lockdown measures or other restrictions in the sales regions relevant to aap or resulting in production stoppages at the Berlin site or at aap's service providers/suppliers


Based on the good developments in financial year 2021 and the investments already made to finance growth, as well as taking into account the recent renewed sharp increase in COVID-19 incidence figures worldwide and certain expected negative macroeconomic effects of the conflict between Russia and Ukraine, the Management Board expects sales between EUR 14.0 and 16.0 million for financial year 2022. In this context, the Management assumes a similar distribution of sales over the individual quarters as in the previous year. With regard to earnings, the Management Board expects EBITDA to be between EUR -1.7 and -0.5 million (incl. costs for the silver coating technology and particularly the human clinical study) in financial year 2022 based on the planned sales growth and further efficiency improvements to be realized. Assuming budgetary development in the current financial year, the Management aims to achieve positive EBITDA and an almost balanced free cash flow for the first time for the entire Company, excluding the costs for the silver coating technology and particularly the human clinical study. After deducting the remaining financing expenses and the costs of the human clinical study, on the other hand, aap will still report a negative cash flow.
 

The Management Board's overriding and long-term goal is to generate a sustainable positive result and thus transform aap into a financially sound and independent growth company.




[1] CER = Constant Exchange Rates.
[2] Gross margin = Sales revenue +/- change in inventories of finished goods and work in progress - cost of materials / cost of purchased services.
[3] aap Group excluding development costs for silver coating and resorbable magnesium implant technologies, non-recurring one-time effects and non-allocable central costs.

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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.

The figures presented in this press release may be subject to technical rounding differences which do not affect the overall presentation.

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 further information please contact: aap Implantate AG; Fabian Franke; Head of Investor Relations; Lorenzweg 5; 12099 Berlin, Germany; Phone: +49 (0)30 75019 - 134; Fax: +49 (0)30 75019 - 290; Email: f.franke@aap.de




 


31.03.2022 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 January 24, 2022, 07:30 AM

Successful completion of FY/2021 with +34% growth in Q4 leading to significant sales increase in 2021 (+30%); further sales growth and EBITDA improvement planned for FY/2022

Successful completion of FY/2021 with +34% growth in Q4 leading to significant sales increase in 2021 (+30%); further sales growth and EBITDA improvement planned for FY/2022

DGAP-News: aap Implantate AG / Key word(s): Preliminary Results/Forecast
24.01.2022 / 07:30
The issuer is solely responsible for the content of this announcement.

- Sales +30% (FY/2021) to EUR 12.2 million and +34% (Q4) to EUR 3.2 million (CER[1]: +32% (FY/2021) and +38% (Q4))

- Significant double-digit growth rates in all regions in FY/2021: LATAM (+90%), EMEA (+26%), North America (+21%) and APAC (+20%)

- Extensive investments in sales structures and teams, particularly in North America and Germany, shall accelerate further sales growth

- Outlook FY/2022: Sales between EUR 14.0 and 16.0 million and EBITDA of EUR -1.7 to -0.5 million

- Positive EBITDA and nearly balanced free cash flow planned for first time for entire Company excl. costs for silver coating technology, in particular clinical study

 

aap Implantate AG ("aap" or the "Company") continues to be on a growth track and was able to close the financial year 2021 with a significant increase in sales. According to preliminary figures, sales increased by +30% to EUR 12.2 million in the past year (FY/2020: EUR 9.3 million) and by +34% to EUR 3.2 million in the fourth quarter of 2021 (Q4/2020: EUR 2.4 million).


Sales FY/2021

in EUR million FY/2021 FY/2020* Change
Sales
EMEA (= Europe, Middle East, Africa)
North America
North America Distributors
North America Global Partners

LATAM (= Latin America)
APAC (= Asia-Pacific)
12.2
6.4
3.5
3.4
0.0
1.8
0.5
9.3
5.1
2.9
2.6
0.3
0.9
0.4
+30%
+26%
+21%
+32%
-83%
+90%
+20%
Sales 12.2 9.3 +30%
* In FY/2020, sales development was still reported for the regions Germany, USA (distributors and global partners), International (excluding USA; Europe (excluding Germany), BRICS countries and RoW). The reclassification has been made in the context of the financial reporting for Q3 and 9M/2021, respectively.

 

Sales Q4/2021

in EUR million Q4/2021 Q4/2020* Change
Sales
EMEA (= Europe, Middle East, Africa)
North America
North America Distributors
North America Global Partners

LATAM (= Latin America)
APAC (= Asia-Pacific)
3.2
1.8
1.0
1.0
0.0
0.3
0.1
2.4
1.2
0.8
0.8
0.0
0.3
0.0
+34%
+50%
+24%
+25%
-82%
-8%
>+100%
Sales 3.2 2.4 +34%
* In Q4/2020, sales development was still reported for the regions Germany, USA (distributors and global partners), International (excluding USA; Europe (excluding Germany), BRICS countries and RoW). The reclassification has been made in the context of the financial reporting for Q3 and 9M/2021, respectively.


Looking at the individual regions, aap achieved significant double-digit sales increases in all major markets in financial year 2021. The growth in the EMEA region (= Europe, Middle East, Africa; +26%) is based on the one hand on a revival of business in the Middle East and a significant recovery of the South African market, where the pre-COVID-19 level has already almost been reached again. On the other hand, aap succeeded in stabilizing sales in its largest single market Spain (approx. 10% of total sales volume), which had to struggle noticeably with the adversities of the COVID-19 pandemic. In addition, the Company recorded sales growth in its home market Germany despite the relatively late end of the lockdown in June and was able to conclude contracts with all purchasing associations, providing a good basis for financial year 2022.
 

In North America, aap remains on a growth track and was able to significantly increase sales both on a full-year basis (+21%) and in the fourth quarter of 2021 (+24%). Thus, in the last three months of the financial year, the Company once again achieved a sales level above the EUR 1 million mark. Decisive for the growth momentum were in particular the contracts concluded with US-wide purchasing associations and networks, which give aap access to a large number of clinics and surgical operation centers. Long-term customer relationships were established particularly through system sales. Overall, the number of operations performed stabilized at a good level following the sharp increase in the first six months, although the effects of the COVID-19 pandemic were felt for the first time in the second half of the year in this market, which is so important for the Company.
 

In Latin America (+90%), aap won new customers in Colombia and Ecuador and also benefited from a noticeable recovery of business in Brazil, Mexico and Puerto Rico. Furthermore, sales increased in the Asia-Pacific region (+20%), where the Company was able to reactivate its business in China, among other things. In the fourth quarter of 2021, aap also realized predominantly high double-digit growth rates in almost all regions. The sales increase was driven by the regions Asia-Pacific (>+100%), EMEA (+50%) and North America (+24%).
 

Outlook

In the financial year 2022, aap intends to grow further in terms of sales and earnings and to press ahead with the human clinical study for its innovative antibacterial silver coating technology that started in December 2021. In addition, a key focus will be on the first-time certification under the new EU Medical Device Regulation (MDR 2017/745/EU).
 

Based on the successfully completed capital increase, a significant portion of the net proceeds raised shall be used to finance the planned sales growth and the execution of the human clinical study for the antibacterial silver coating technology. In order to accelerate further sales growth, extensive investments have already been made in sales structures and teams, particularly in North America and Germany. Overall, all markets shall contribute to the planned sales growth, with a continued focus on North America.
 

With its disruptive antibacterial silver coating technology, aap reached another key milestone on the way to the planned CE approval in December with the start of the human clinical study. In financial year 2022, after the University Hospital in Regensburg, further trial centers shall be successively equipped and trained with study materials and the first operations shall be performed. At the same time, aap strives for third-party co-financing for the human clinical study via its subsidiary MCTeQ GmbH (MCTeQ = Medical Coating Technologies). In this context, funding can be provided both through additional grants and through development partnerships with companies from application areas outside traumatology.
 

The Management Board continues to monitor and assess very closely the global impact of the COVID-19 pandemic on aap's business activities and financial results. Based on last year's good developments and the investments already made to finance growth, but at the same time also strongly rising incidence figures worldwide due to the new highly infectious Omicron variant, the visible volatility as a result of COVID-19 and the working and staffing environment in the healthcare sector potentially hampering an accelerated recovery, the Management Board expects sales between EUR 14.0 and 16.0 million for the financial year 2022. In this context, the Management assumes a similar distribution of sales over the individual quarters as in the previous year. With regard to earnings, the Management Board expects EBITDA to be between EUR -1.7 and -0.5 million in financial year 2022 based on the planned sales growth and further efficiency improvements to be realized. Assuming budgetary development in the current financial year, the Management aims to achieve positive EBITDA and an almost balanced free cash flow for the first time for the entire Company, excluding the costs for the silver coating technology and particularly the human clinical study. The above sales and EBITDA forecasts are, however, subject to the condition that the infection situation in the context of the COVID-19 pandemic does not deteriorate further and that corresponding lockdown measures or other restrictions are imposed in the sales regions relevant for aap or that there are temporary production stoppages at the Berlin location or at aap's service providers/suppliers.
 

The sales figures contained in this press release are preliminary figures as of 31 December 2021, which are subject to change until final publication. aap plans to announce the final audited results for the financial year 2021 on 31 March 2022 as part of the consolidated annual financial report 2021.



[1] CER = Constant Exchange Rates.

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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.

The figures presented in this press release may be subject to technical rounding differences which do not affect the overall presentation.

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 queries, please contact:
aap Implantate AG; Fabian Franke; Head of Investor Relations; Lorenzweg 5; 12099 Berlin, Germany; Phone: +49 (0)30 75019 - 134; Fax: +49 (0)30 75019 - 290; Email: f.franke@aap.de



24.01.2022 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 17, 2021, 02:51 PM

aap: Supervisory Board extends Management Board contracts until end of 2023

aap: Supervisory Board extends Management Board contracts until end of 2023

DGAP-News: aap Implantate AG / Key word(s): Personnel
17.12.2021 / 14:51
The issuer is solely responsible for the content of this announcement.

aap Implantate AG ("aap" or the "Company") announces that the Supervisory Board resolved to extend the contracts of Chairman of the Management Board (CEO) Rubino Di Girolamo and the two Management Board members Marek Hahn (CFO) and Agnieszka Mierzejewska (COO) by two years until the end of the financial year 2023.
 

"Over the past 2.5 years, under the leadership of Mr. Di Girolamo, the Management Board has managed to get aap back on track through extensive restructuring and refinancing despite severely hampered conditions caused by the COVID-19 pandemic," says Dr. med. Nathalie Krebs, Chairwoman of aap's Supervisory Board. "The next step is now to continue consistently on the way chosen and to achieve the operational and strategic goals that have been set. We are firmly convinced that with the Management Board in this constellation we are excellently positioned to lead aap on a profitable growth path after the successful transformation and repositioning and thereby create sustainable value for our shareholders."
 

Rubino Di Girolamo (59) has been aap's Chairman of the Management Board (CEO) since May 2019. He is responsible for Corporate Development, Research & Development Future Technologies, Corporate Risk and Compliance Management.
 

Marek Hahn (46) has held the position of 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 (39) has been a member of the Management Board (COO) at aap since January 2021. She is responsible for Sales & Marketing, Production, Research & Development Trauma, Quality Assurance and Regulatory Affairs.

 

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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 queries, please contact:
aap Implantate AG; Fabian Franke; Head of Investor Relations; Lorenzweg 5; 12099 Berlin, Germany; Phone: +49 (0)30 75019 - 134; Fax: +49 (0)30 75019 - 290; Email: f.franke@aap.de



17.12.2021 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 10, 2021, 07:30 AM

aap launches world's first human clinical study for antibacterial silver coating technology on anatomical plates and screws for fracture treatment

aap launches world's first human clinical study for antibacterial silver coating technology on anatomical plates and screws for fracture treatment

DGAP-News: aap Implantate AG / Key word(s): Study
10.12.2021 / 07:30
The issuer is solely responsible for the content of this announcement.

aap Implantate AG ("aap" or the "Company") announces that the human clinical study for its innovative antibacterial silver coating technology started yesterday. The University Hospital in Regensburg is the first trial center which was equipped with the study materials and trained to perform surgeries with the Company's silver coated implants.
 

aap thus achieves another major milestone on the way to the planned CE approval and is at the same time the first company in the world to test an antibacterial silver coating on anatomical plates and screws for fracture treatment as part of a study of this kind.
 

With its antibacterial silver coating technology, aap addresses one of the greatest and yet inadequately solved challenges in traumatology: the reduction of surgical site infections (SSI). Surgical site infections represent a major burden both for the patients concerned and for global healthcare systems. Antibiotic-resistant bacteria pose a particular threat. In its annual report on the state of research to overcome antibiotic resistance, the WHO recently found that some of the world's most dangerous bacteria have developed resistance to known drugs.[1] Moreover, according to the WHO, almost all antibiotics currently in development work little better than existing drugs. aap's innovative antibacterial silver coating technology represents an alternative solution in the fight against bacterial infections that is not based on antibiotics and therefore offers enormous market potential. As a platform technology, the technology has a broad range of applications and can be used not only in traumatology but also in other areas of orthopedics as well as in cardiology, dentistry, or medical instruments.
 

In the future, aap will report regularly on the progress of the human clinical study for its innovative silver coating technology.




[1] 2020 Antibacterial agents in clinical and preclinical development: an overview and analysis. Geneva: World Health Organization; 2021.

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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 queries, please contact:
aap Implantate AG; Fabian Franke; Head of Investor Relations; Lorenzweg 5; 12099 Berlin, Germany; Phone: +49 (0)30 75019 - 134; Fax: +49 (0)30 75019 - 290; Email: f.franke@aap.de


10.12.2021 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 November 25, 2021, 04:07 PM

Adjustment of conversion price of convertible bond 2020/2023 (ISIN DE000A3E46M4) to EUR 1.61 after implemented capital increase

Adjustment of conversion price of convertible bond 2020/2023 (ISIN DE000A3E46M4) to EUR 1.61 after implemented capital increase

DGAP-News: aap Implantate AG / Key word(s): Miscellaneous
25.11.2021 / 16:07
The issuer is solely responsible for the content of this announcement.

The convertible bond 2020/2023 of aap Implantate AG ("aap" or the "Company") is divided into partial bearer bonds ("bonds") with a nominal value of EUR 1.75 each, ranking pari passu among themselves. In accordance to the terms and conditions of the bonds, each bondholder is entitled to convert each bond initially at its nominal value into ordinary bearer shares (no-par value shares) in aap with a pro rata amount of the share capital of EUR 1.00.
 

On the basis of the capital increase against cash contributions with subscription and oversubscription rights of the Company's shareholders out of the authorized capital 2019/I resolved by the Management Board and Supervisory Board on 27 September 2021, aap published on 29 September 2021 a subscription offer for up to 1,500,000 new ordinary bearer shares (no-par value shares) in aap with a pro rata amount of the share capital of EUR 1.00 per share. Shareholders were granted the statutory subscription right. 1,500,000 new shares were issued at a subscription price of EUR 3.30.
 

Section 11 of the terms and conditions of the bonds provides for this case that the creditors of the bonds are protected against dilution. In addition to the granting of a subscription right or the payment of a subscription right compensation amount, the adjustment of the conversion price is also possible. aap hereby announces that the conversion price of the bonds has been reduced by EUR 0.14 to EUR 1.61 per share in accordance with the terms and conditions of the bonds.


 

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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 queries, please contact:
aap Implantate AG; Fabian Franke; Head of Investor Relations; Lorenzweg 5; 12099 Berlin, Germany; Phone: +49 (0)30 75019 - 134; Fax: +49 (0)30 75019 - 290; Email: f.franke@aap.de


25.11.2021 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 November 12, 2021, 09:59 AM

Ongoing impact of aap's restructuring clearly reflected in Q3 and 9M sales, earnings, and cash flow

Ongoing impact of aap's restructuring clearly reflected in Q3 and 9M sales, earnings, and cash flow

DGAP-News: aap Implantate AG / Key word(s): 9 Month figures/Quarter Results
12.11.2021 / 09:59
The issuer is solely responsible for the content of this announcement.

 

- Sales increased 15% (Q3) to EUR 3.0 million and 29% (9M) to EUR 8.9 million (CER[1]: 18% (Q3) and 39% (9M))

- Continued positive EBITDA in Q3 and 9M; >+100% increase (Q3) to KEUR 20 and >+100% (9M) to EUR 0.1 million

- Operating cash flow balanced for first time in Q3; +87% improvement to EUR -0.4 million (9M); still clear trend towards black zero

- Promising clinical data for antibacterial silver coating technology

 

aap Implantate AG ("aap" or the "Company") continued profitable growth with double-digit sales increases and positive EBITDA in both the third quarter and the nine-month period of 2021.
 

Q3/2021 and 9M/2021 - Key results and progress

- Sales by regions: Growth drivers in Q3 especially regions LATAM (= Latin America; >+100%) and APAC (= Asia Pacific; +80%) as well as in 9M LATAM (>+100%), North America distribution business (+35%) and EMEA (= Europe, Middle East, Africa; +18%)

- North America: Sales increase in distribution business in Q3 (+7%) and in 9M (+35%); overall US market continues to grow significantly in 9M (+19%)

- Earnings: Recurring EBITDA improved to black zero in Q3 (Q3/2020: EUR -0.4 million) and to EUR -0.4 million in 9M (9M/2020: EUR -3.3 million)

- Operational trauma business: Positive result (Recurring EBITDA) in Q3 and 9M[2]

- Gross margin and costs: Gross margin[3] remains stable at high level of 85% in 9M and with increase in gross margin in absolute terms in line with sales growth key driver of earnings improvement; reduced cost level with declining personnel (-11% in 9M) and other costs (-15% in Q3 and -13% in 9M) as well as significant decrease in one-time effects

- Balance sheet: Equity ratio at a good level of 45% (31.12.2020: 52%)

- Financing: Successful completion of capital increase with subscription rights with significant oversubscription led to net inflow of approx. EUR 4.8 million

- Silver coating technology: Promising clinical results after use of three silver-coated aap plate systems in IIT study and two individual healing trials in patients with particularly severe infections and complex bone fracture healing disorders; start of human clinical study in Q4/2021

- Resorbable magnesium implant technology: Continued talks with technology-savvy investors on financing up to complete sale of technology



Q3/2021 and 9M/2021 - Key financial figures


Sales Q3/2021

in EUR million Q3/2021 Q3/2020* Change
Sales
EMEA (= Europe, Middle East, Africa)
North America
North America Distributors
North America Global Partners

LATAM (= Latin America)
APAC (= Asia Pacific)
3.0
1.4
0.7
0.7
0.0
0.7
0.2
2.6
1.6
0.7
0.6
0.1
0.2
0.1
+15%
-10%
-1%
+7%
-90%

>+100%
+80%
Sales 3.0 2.6 +15%

* In Q3/2020, sales development was still reported for the regions Germany, USA (distributors and global partners), International (excluding USA; Europe (excluding Germany), BRICS countries and RoW). The reclassification has been made in the context of the current financial reporting.


 

Sales 9M/2021

in EUR million 9M/2021 9M/2020* Change
Sales
EMEA (= Europe, Middle East, Africa)
North America
North America Distributors
North America Global Partners

LATAM (= Latin America)
APAC (= Asia Pacific)
8.9
4.6
2.4
2.4
0.0

1.5
0.5
6.9
3.9
2.0
1.8
0.3

0.6
0.4
+29%
+18%
+19%
+35%
-83%

>+100%
+9%
Sales 8.9 6.9 +29%
* In 9M/2020, sales development was still reported for the regions Germany, USA (distributors and global partners), International (excluding USA; Europe (excluding Germany), BRICS countries and RoW). The reclassification has been made in the context of the current financial reporting.

 


Looking at the individual regions, sales growth in the third quarter of 2021 was particularly driven by Latin America (>+100%) and Asia Pacific (+80%). In Latin America, aap was able to grow significantly in all countries after the COVID-19 pandemic subsided and also won an initial order in Colombia as part of a successful distributor change. In Asia Pacific, the Company continues to record a recovery in business and expanded sales year-on-year despite regional lockdowns (e.g. in Thailand and China). The decline in the EMEA region (= Europe, Middle East, Africa; -10%) is primarily attributable to the relatively late end of the lockdown in Germany in June and to business in Spain, which was still severely affected by the consequences of the COVID-19 pandemic, as both markets together account for around 60% of the total sales volume in this region. At the same time, however, aap was able to grow at a double-digit rate again in other markets, such as South Africa. In the first nine months of 2021, the Company realized sales increases in all regions, some of which were significant. Besides Latin America (>+100%), the main growth drivers were North America (+19%) and the EMEA region (+18%), where aap benefited particularly from a revival of business in the Middle East. The Company also recorded sales growth in the Asia Pacific region (+9%).
 

In North America, aap's distribution business continued to grow in the third quarter of 2021 (+7%) and showed a further dynamic development in the first nine months as well (+35%), but at the same time felt the effects of the COVID-19 pandemic for the first time. Thus, COVID-19-related hospital stays increased steadily in the period from the end of July to the beginning of September and surgery appointments were cancelled. In the overall US market, sales development in the third quarter of 2021 stabilized at the prior-year level, as the third quarter of 2020 still included follow-up orders from a large order placed by a global partner in the first quarter of 2020, whereas only consumables were ordered in much lower volumes thereafter. In the first nine months of 2021, aap recorded an increase in sales in North America (+19%) and is thus still clearly on a growth track overall.
 

EBITDA Q3

in KEUR Q3/2021 Q3/2020 Change
EBITDA 20 -48 >+100%
One-time effects -16 -358 + 95%
Recurring EBITDA 4 -406 >+100%
 

EBITDA 9M

in KEUR 9M/2021 9M/2020 Change
EBITDA 106 -4,379 >+100%
One-time effects -469 1,063 <-100%
Recurring EBITDA -363 -3,316 +89%
 


With regard to earnings, aap was able to achieve an improvement both in the third quarter and in the first nine months of 2021 and generated positive EBITDA in each case. The background to these developments is, in addition to the increase in gross margin in absolute terms in line with the sales growth as key driver, also a reduced cost level. The positive cost development results on the one hand from the implemented restructuring measures, which are reflected in declining personnel and other costs, and on the other hand from a significant decrease in one-time effects, which in the nine-month period of 2020 were still largely characterized by the restructuring and refinancing as well as the revision of the quality management system. The improvement in EBITDA thus visibly reflects the successes realized as part of the restructuring, which can be summarized as follows:

- Stabilization of gross margin at a high level of 85% and with increase in gross margin in absolute terms in line with sales growth key driver of earnings improvement

- Stabilization of personnel expenses in Q3/2021 at prior-year level (non-significant increase
<1% vs. Q3/2020) and decrease of 11% in 9M/2021 vs. 9M/2020

- Declining trend in other costs (-15% in Q3/2021 and -13% in 9M/2021) with significantly reduced non-recurring expenses


Excluding one-time effects, recurring EBITDA improved to a black zero in the third quarter of 2021 (Q3/2020: EUR -0.4 million) and to EUR -0.4 million in the first nine months of the current financial year (9M/2020: EUR -3.3 million). Overall, this reflects the targeted development: focus on established markets with higher profit margins and sustainable streamlining of the cost structure to improve operating performance. Looking at the development of the pure operating trauma business, aap was additionally able to generate a positive result (recurring EBITDA) in both the third quarter and the nine-month period of 2021. This is again a confirmation for the implemented restructuring and transformation measures, but also an incentive to build up a sustainably profitable trauma business with further growing sales.
 

In connection with its innovative antibacterial silver coating technology, aap was able to achieve promising clinical results in three operations with silver-coated plate systems as part of an IIT study and two individual healing trials in patients with particularly severe infections and complex fracture healing disorders. In all three cases, excellent healing processes were recorded, and no indications of infections were found. In addition, measurements of the silver concentration in two of these procedures showed that there was only a relevant increase in the silver concentration locally in the area of the wound where the antibacterial effect is needed. The overall very good results are a positive indication for the planned multicenter human clinical study that aap will start in Germany before the end of the fourth quarter of 2021 to obtain CE approval. The Company will use the funds from the successful capital increase to equip the first participating clinics with silver-coated implants by the end of the year, which will mark the official start of the study.
 

With a view to securing further financing, aap successfully completed a capital increase with subscription rights in October. The capital increase met with great interest from both existing and new investors and was in the end significantly oversubscribed. All in all, all 1.5 million shares offered were placed at a subscription price of EUR 3.30, so that after deduction of consultancy and other costs the Company received a net inflow of around EUR 4.8 million. aap takes this as a clear appreciation of the performance of the management and the employees in the Company's transformation process in the very challenging times of the COVID-19 pandemic. The Management Board also sees this result as a sign of support for the corporate strategy pursued, both in terms of short-term performance metrics and long-term value creation.

 

Outlook

The Management Board continues to closely monitor and assess the global impact of the COVID-19 pandemic on aap's business activities and financial results. Based on the third quarter 2021 results, currently strongly rising incidence figures in Germany as well as in many regions worldwide, the visible volatility as a result of COVID-19 and the labor and staffing environment in the healthcare sector potentially hampering an accelerated recovery, the Company now expects sales at the lower end of the guidance range of EUR 12.0 million to EUR 14.0 million. On the earnings side, management expects EBITDA to be in the upper half of the guidance range of EUR -2.0 million to EUR -0.7 million. The above sales and EBITDA forecasts are, however, subject to the condition that the infection situation in the context of the COVID-19 pandemic does not deteriorate further and that corresponding lockdown measures or other restrictions are imposed in the sales regions relevant for aap or that there are temporary production stoppages at the Berlin location or at aap's service providers/suppliers.




[1] CER = Constant Exchange Rates.
[2] aap Group excluding development costs for silver coating and resorbable magnesium implant technologies, non-recurring one-time effects and non-allocable central costs.
[3] Based on sales, changes in inventories of finished goods and work in progress and cost of materials / cost of purchased services.

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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 queries, please contact:

aap Implantate AG; Fabian Franke; Head of Investor Relations; Lorenzweg 5; 12099 Berlin, Germany; Phone: +49 (0)30 75019 - 134; Fax: +49 (0)30 75019 - 290; Email: f.franke@aap.de



12.11.2021 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 October 21, 2021, 10:36 AM

Successful capital increase with significant oversubscription: Appreciation of management's performance in aap's transformation process in COVID-19 times; financing secured at least until end of 2023

Successful capital increase with significant oversubscription: Appreciation of management's performance in aap's transformation process in COVID-19 times; financing secured at least until end of 2023

DGAP-News: aap Implantate AG / Key word(s): Capital Increase/Financing
21.10.2021 / 10:36
The issuer is solely responsible for the content of this announcement.

aap Implantate AG ("aap" or the "Company") has successfully completed the capital increase with subscription rights resolved on 27 September 2021. The order book both for placed oversubscriptions and the private placement was significantly oversubscribed, so that demand could not be fully met. In total, all 1,500,000 aap shares offered in the subscription offer were subscribed by shareholders or placed with investors by way of private placement. On the basis of the fixed subscription price of EUR 3.30 per new share, this results in maximum possible gross issue proceeds of EUR 4.95 million. After deduction of consulting fees and other costs, the Company will receive net inflows of around EUR 4.8 million in the short term.
 

"I am very pleased with the outcome of the capital increase and on behalf of the entire Management Board I would like to thank our existing and all new shareholders for their trust and support," says Rubino Di Girolamo, Chairman of the Management Board / CEO of aap. "We take this as a clear appreciation of the performance of the management and the employees in the transformation process of the Company in the very challenging times of the COVID-19 pandemic. We also see this result as a sign of support for the corporate strategy pursued, both in terms of short-term performance metrics and long-term value creation."
 

The issue proceeds from the transaction shall be used to finance the planned sales growth with a focus on the USA (especially investments in sets) and the start of the human clinical study for aap's antibacterial silver coating technology in the fourth quarter of 2021.
 

"The profitable and sustainable expansion of the operational LOQTEQ(R) business, especially with a view to the USA, will continue to have top priority. We will particularly keep a close eye on the factors of quality, customer satisfaction, sales strategy, optimization projects to increase efficiency and operating costs," says Agnieszka Mierzejewska, Member of the Management Board / COO of aap. "In the long term, our LOQTEQ(R) product portfolio combined with the antibacterial silver coating will give us a unique competitive position."
 

Based on the current and the planned further business development for the coming years, the financing of the operating business and the planned human clinical study for the antibacterial silver coating technology is secured by the net inflows from the capital measure until the end of the financial year 2023. For the following years, the Management Board expects that, if the Company continues to develop according to plan, the operating business shall generate sustainable cash flow surpluses and thus also ensure the execution of the human clinical study for the antibacterial silver coating technology.
 

"In the phase that is now coming, the aim is to consistently achieve the growth targets that have been set and to successively further optimize the value creation process," says Marek Hahn, Member of the Management Board / CFO of aap. "In order to make this transparent, we want to intensify communication between the management and all stakeholders of the company, as such an iterative process supports the strategy implementation within the agreed financial framework."


 

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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 queries, please contact:
aap Implantate AG; Fabian Franke; Head of Investor Relations; Lorenzweg 5; 12099 Berlin, Germany; Phone: +49 (0)30 75019 - 134; Fax: +49 (0)30 75019 - 290; Email: f.franke@aap.de
 


21.10.2021 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 October 14, 2021, 10:06 AM

aap's transformation continues: Marc Langner strengthens Supervisory Board

aap's transformation continues: Marc Langner strengthens Supervisory Board

DGAP-News: aap Implantate AG / Key word(s): Personnel
14.10.2021 / 10:06
The issuer is solely responsible for the content of this announcement.

aap Implantate AG ("aap" or the "Company") announces a change in the composition of its Supervisory Board. As part of aap's further transformation, Mr. Marc Langner (45) will strengthen the Company's supervisory body with effect from 1 November 2021. Marc Langner is the founder and CEO of a listed investment company specializing in venture capital financing. He has many years of experience in management positions at various companies and has extensive professional experience in the areas of corporate finance, capital markets and corporate law as well as strategic support for growth companies. Among other things, he worked for one of the Big Four consulting firms in transaction consulting and enterprise valuation and was a member of the Board of Directors of a Swiss-based FinTech company for several years.

"Marc Langner can look back on many years in various board and management positions," says Dr. med. Nathalie Krebs, Chairwoman of aap's Supervisory Board. "He is a proven expert in the fields of corporate finance and M&A and additionally has an excellent network. We are very much looking forward to working with him and are sure that aap will benefit from his extensive experience and distinctive financing and transaction competencies."
 

Mr. Langner succeeds by way of court appointment Mr. Biense Visser (69), who will resign from his office as a member of aap's Supervisory Board for personal reasons. His office will end with effect from 31 October 2021. Biense Visser was first elected to the Company's Supervisory Board by the Annual General Meeting in the financial year 2014 and held the position of Chairman until 2019. Previously, Mr. Visser was aap's CEO from 2009 to 2014.
 

"Biense Visser has served aap since 2009 in different roles with enthusiasm and dedication," comments Dr. med. Nathalie Krebs. "As a real team player, he has significantly contributed to aap's transformation from a diversified medical technology company to a pure player in trauma. On behalf of the Supervisory Board, the Management Board, and the entire staff of aap, I would like to express my sincere thanks to Mr. Visser for his commitment and the work he has done for the Company over more than a decade."
 

Mr. Visser comments the change in the Supervisory Board as follows: "The application of aap's silver coating technology in trauma will make the world a better place for many patients around the globe. I want to thank all stakeholders of aap for their continued support of this innovative strategy. As aap now enters the next phase of its transformation, now is a good time for me personally to make room for new talents and competencies."


 

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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 queries, please contact:
aap Implantate AG; Fabian Franke; Head of Investor Relations; Lorenzweg 5; 12099 Berlin, Germany; Phone: +49 (0)30 75019 - 134; Fax: +49 (0)30 75019 - 290; Email: f.franke@aap.de


14.10.2021 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 October 04, 2021, 07:30 AM

Turnaround after successful restructuring paves way for capital increase starting today - Attractive offer for shareholders and new investors

Turnaround after successful restructuring paves way for capital increase starting today - Attractive offer for shareholders and new investors

DGAP-News: aap Implantate AG / Key word(s): Capital Increase/Financing
04.10.2021 / 07:30
The issuer is solely responsible for the content of this announcement.

With the turnaround following the successful restructuring of the last two years and the significant sales growth in the first half of 2021, aap Implantate AG ("aap" or the "Company") has laid the foundation for the capital increase starting today. The successes of the extensive restructuring are particularly reflected in a significant improvement in earnings (EBITDA Q2/2021 and H1/2021 both +>100% year-on-year) and a strongly improved operating cash flow (H1/2021: +>100% vs. H1/2020). In this context, aap was able to achieve positive EBITDA in both reporting periods for the first time since focusing on Trauma in 2016. In addition, the Company is clearly on a growth path and was able to record high double-digit sales increases in the first half of the year (Q2/2021: +74% year-on-year, H1/2021: +37% year-on-year).
 

Following the successful restructuring, the Company now urgently needs fresh funds to finance the planned sales growth and to initiate the human clinical study for its innovative antibacterial silver coating technology. Particularly in the U.S., a key focus market for aap, the Company is reaching its limits after the significant sales increases of recent quarters and urgently needs to invest in the sales structure and equipment there in order to be able to press ahead with the expansion with LOQTEQ(R).
 

With the current capital increase, aap now offers its shareholders and new investors the opportunity to participate in the future value development of an innovative and dynamically growing scale-up company (sales forecast FY/2021: +29% to 51% vs. FY/2020). In addition, the two disruptive and highly innovative future technologies - antibacterial silver coating and resorbable magnesium implants - offer further significant value potential, as they can change the medical technology industry sustainably and enable the Company to achieve unique selling points in the market. Particularly the antibacterial silver coating technology, which in times of increasing antibiotic resistance and multi-resistant germs represents an alternative solution in the fight against bacterial infections that is not based on antibiotics, offers enormous market potential. The very good results achieved in the first three human applications in particularly severe infections and complex bone fracture healing disorders with the Company's silver-coated implants are a positive indication for the planned human clinical study that aap aims to launch in Germany in the fourth quarter of 2021.
 

The proceeds from the capital increase are to be used specifically to finance the planned sales growth with a focus on the USA (especially investments in sets) and to initiate the study for the silver coating technology.
 

The subject of the offer is up to 1,500,000 new shares, which will initially be offered to the Company's shareholders for subscription. Shareholders can acquire one new share for every 2.3189 held aap shares during a subscription period, which begins today, 4 October 2021 (0:00 CEST), and is expected to end on 18 October 2021 (24:00 CEST). The subscription price is EUR 3.30 and thus offers an attractive discount of around 24% on the volume-weighted average stock market price of the last month[1]. Following the subscription period, new investors will have the opportunity to acquire unsubscribed new shares in a private placement. At the present time, aap has received legally binding commitments from shareholders and new investors to subscribe to new shares with a total volume of around EUR 2.7 million, which corresponds to around 54% of the capital increase. The Company considers this as a clear vote of confidence and sees itself strengthened in its chosen path of restructuring and repositioning.
 

The capital increase with subscription rights is accompanied by BankM AG. For further details regarding the transaction please refer to the subscription offer, which is available on aap's website (https://www.aap.de/) in the section "Investors / Capital Increase" as well as in the Federal Gazette under https://www.bundesanzeiger.de/.



[1] Volume-weighted average price in XETRA trading 1.9.-30.9.2021 = EUR 4.32.

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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 queries, please contact:

aap Implantate AG; Fabian Franke; Head of Investor Relations; Lorenzweg 5; 12099 Berlin, Germany; Phone: +49 (0)30 75019 - 134; Fax: +49 (0)30 75019 - 290; Email: f.franke@aap.de


04.10.2021 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 September 21, 2021, 07:30 AM

Disruptive antibacterial silver coating technology: Very good results after use of 3 silver-coated implants as positive indication for start of human clinical study in Q4/21

Disruptive antibacterial silver coating technology: Very good results after use of 3 silver-coated implants as positive indication for start of human clinical study in Q4/21

DGAP-News: aap Implantate AG / Key word(s): Study
21.09.2021 / 07:30
The issuer is solely responsible for the content of this announcement.

aap Implantate AG ("aap" or the "Company") announces that three implants coated with the Company's innovative antibacterial silver technology have already been implanted in patients. With its antibacterial silver coating technology, aap addresses one of the greatest and as yet inadequately solved challenges in traumatology: the reduction of surgical site infections (SSI).
 

In all three surgeries very good healing processes have been recorded so far and no indications of infections have been detected. In addition, measurements of the silver concentration in two of these operations showed that there was only a relevant increase in the silver concentration locally in the area of the wound where the antibacterial effect is needed. The very good overall results are a positive indication for the planned human clinical study that aap intends to launch in Germany in the fourth quarter of 2021 to obtain CE approval.
 

The interventions were performed as part of an IIT study and two individual healing trials at the University Hospital Regensburg and the Dill Clinics in Dillenburg. These involved particularly severe infections and complex bone fracture healing disorders in which the therapeutic measures used were specifically supplemented by aap's innovative antibacterial silver coating technology to increase the chances of healing.
 

"In addition to the very good healing processes after the operations at our hospital, the results of the silver concentration analysis are particularly positive from my point of view," 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. "Here, there was a desired significant increase in the local silver concentration in the wound, whereas the systematic silver concentration in the rest of the body was very low and therefore completely unproblematic. These are very positive findings that show that the silver ions are released by aap's special coating and essentially only appear where they are actually supposed to act." "I can only confirm the colleague Alt: I also saw an excellent healing process during my operation and could no longer detect any infection activity after ten days," adds Dr. med. Rene Burchard, head physician at the Clinic for Orthopedics & Trauma Surgery at the Dill Clinics in Dillenburg. "If the results are confirmed in the upcoming human clinical study, I see a good chance that such a technology has the potential to become the market standard."
 

Surgical site infections represent a major burden both for the patients concerned and for global healthcare systems. Antibiotic-resistant bacteria pose a particular threat. In its annual report on the state of research to overcome antibiotic resistance, the WHO recently found that some of the world's most dangerous bacteria have developed resistance to known drugs.[1] Moreover, according to the WHO, almost all antibiotics currently in development work little better than existing drugs. aap's innovative antibacterial silver coating technology represents an alternative solution in the fight against bacterial infections that is not based on antibiotics and therefore offers enormous market potential. As a platform technology, the technology has a broad range of applications and can be used not only in traumatology but also in other areas of orthopedics as well as in cardiology, dentistry or medical instruments. Against this background aap will exploit the unique competitive advantage of its silver coating technology exclusively for aap's product portfolio and at the same time make the technology available to non-competing markets. In areas of application outside traumatology aap is already in contact with leading medical technology companies and has carried out initial test coatings. The aim is to demonstrate the possible use of silver coating technology on products that do not belong to aap and thus to create the preconditions for the conclusion of joint development projects in the next twelve to 18 months.
 

To obtain CE approval for its innovative antibacterial silver coating technology, aap plans to start a human clinical study in Germany in the fourth quarter of this year for which all regulatory requirements have already been met (BfArM and ethics committee approvals) and which is being funded by the German Federal Ministry of Education and Research ("BMBF"). However, this presupposes that the infection situation does not deteriorate again in the context of the COVID 19 pandemic and that corresponding lockdown measures are imposed.
 

As a matter of principle, aap is striving for co-financing of the human clinical study by third parties and is also evaluating further cooperation opportunities. Against this background, a new subsidiary, MCTeQ GmbH (MCTeQ = Medical Coating Technologies), was founded at the end of the financial year 2020, into which the silver coating technology will be incorporated. This should make it possible to manage the technology development more flexibly and in a more targeted manner and to implement the desired co-financing. Currently, aap is examining the short-term implementation of equity-based transactions via the capital market, such as a capital increase, to finance further growth and also to provide start-up financing for the study.



[1] 2020 Antibacterial agents in clinical and preclinical development: an overview and analysis. Geneva: World Health Organization; 2021.

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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 queries, please contact:
aap Implantate AG; Fabian Franke; Head of Investor Relations; Lorenzweg 5; 12099 Berlin, Germany; Phone: +49 (0)30 75019 - 134; Fax: +49 (0)30 75019 - 290; Email: f.franke@aap.de


21.09.2021 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 August 13, 2021, 07:30 AM

aap with positive EBITDA in Q2 and H1/2021 for first time since focusing on trauma and significant sales growth of +74% (Q2) and +37% (H1)

aap with positive EBITDA in Q2 and H1/2021 for first time since focusing on trauma and significant sales growth of +74% (Q2) and +37% (H1)

DGAP-News: aap Implantate AG / Key word(s): Half Year Results/Half Year Report
13.08.2021 / 07:30
The issuer is solely responsible for the content of this announcement.

aap Implantate AG ("aap" or the "Company") remains on growth track with significant double-digit sales increases in the second quarter and first half of 2021 and achieved positive EBITDA in both reporting periods for the first time since focusing on trauma in 2016. aap increased sales by a significant 74% and 37% year-on-year in the second quarter and the first six months of financial year 2021 to EUR 3.3 million (Q2/2020: EUR 1.9 million) and EUR 6.0 million (H1/2020: EUR 4.4 million), respectively. Taking constant exchange rates into account, the growth rates were even 79% (Q2) and 41% (H1). On the earnings side, the Company generated positive EBITDA in both the second quarter and first half of 2021 of EUR 0.3 million (Q2/2020: EUR -2.1 million) and EUR 0.1 million (H1/2020: EUR -4.3 million), respectively, visibly reflecting the success of the restructuring.
 

Q2/2021 and H1/2021 - Key results and progress

- Sales by region: Particularly strong development in international business (Q2: >+100%, H1: +59%), but Germany also continues to recover (Q2: +3%, H1: +9%)

- USA: Continued dynamic growth with significant sales increases (Q2: +72%, H1: +30%); sales level above EUR 1 million mark for first time in Q2

- Earnings: Significant improvement in EBITDA to EUR 0.3 million in Q2 (Q2/2020: EUR -2.1 million) and EUR 0.1 million in H1 (H1/2020: EUR -4.3 million); recurring EBITDA also noticeably improved to EUR -0.1 million (Q2/2020: EUR -1.5 million) and EUR -0.4 million (H1/2020: EUR -2.9 million)

- Operational trauma business: Break-even result (recurring EBITDA) for first time since focusing on trauma in 2016[1]

- Gross margin and costs: Gross margin[2] stabilized at high level of 87% in H1 and with increase in gross margin in absolute terms in line with sales growth key driver of earnings improvement; sharply reduced cost level with declining personnel (-17% in H1) and other costs (-22% in Q2 and -12% in H1) as well as significant decrease in one-time effects

- Cash flow: Noticeable improvement in operating cash flow to EUR -0.4 million in H1 compared to previous years (financing requirement of approx. EUR 2.0 million) with clear trend towards black zero

- Balance sheet: Equity ratio at a good level of 46% (31.12.2020: 52%)

- Financing: Granting of further shareholder loans from major shareholders (approx. EUR 1.0 million) as well as inflows from COVID-19 aid program "Überbrückungshilfe III" and sale of land (together approx. EUR 0.9 million); measures to be implemented in short term in H2 to finance sales growth and human clinical study silver coating technology under evaluation

- Silver coating technology: Three silver-coated aap plate systems used for first time in IIT study and two individual healing trials in patients with severe infections - very good healing processes and no indications of infections so far - results are positive indication for human clinical study with planned start in FY/2021

- Resorbable magnesium implant technology: Focus on securing financing for further development - intensive talks with technology-savvy investors on financing up to complete sale of technology


Q2/2021 and H1/2021 - Key financial figures

Sales Q2/2021

in KEUR Q2/2021 Q2/2020* Change
Sales
Germany
USA
USA Distributors
USA Global Partners

International (without USA)
Europe (without Germany)
BRICS Countries
RoW (Rest of World)
3,263
577
1,006
992
14

1,680
494
339
847
1,874
558
584
559
25

732
248
230
254
+74%
+3%
+72%
+77%
-44%

>+100%
+99%
+47%
>+100%
Sales 3,263 1,874 +74%

*In FY/2020, approximately KEUR 10 that was actually attributable to Germany was reported in Europe. The reclassification has been made as part of the current financial reporting.

 

Sales H1/2021

in KEUR H1/2021 H1/2020* Change
Sales
Germany
USA
USA Distributors
USA Global Partners

International (without USA)
Europe (without Germany)
BRICS Countries
RoW (Rest of World)
5,970
1,230
1,750
1,709
41

2,990
960
831
1,199
4,353
1,124
1,343
1,131
212

1,886
783
488
615
+37%
+9%
+30%
+51%
-81%

+59%
+23%
+70%
+95%
Sales 5,970 4,353 +37%

*In FY/2020, approximately KEUR that was actually attributable to Germany was reported in Europe. The reclassification has been made as part of the current financial reporting.


Looking at the individual regions, against the backdrop of the relaxation of COVID-19 measures implemented in many places and progressing vaccination campaigns, aap was able to record a recovery in business in all major markets and realize in some cases very significant sales increases. International business developed particularly strongly (Q2: >+100%, H1: +59%). In Germany, too, the Company continues to recover following the lifting of numerous pandemic measures (Q2: +3%, H1: +9%), although growth here was lower than in the other core markets. This was primarily due to the relatively late end of the lockdown in Germany, where many restrictions were not lifted until the beginning of June this year.

In the USA, aap continued its dynamic growth track with significant sales increases (Q2: +72%, H1: +30%) and in the second quarter of 2021 for the first time achieved a sales level above the EUR 1 million mark.
 

EBITDA Q2

in KEUR Q2/2021 Q2/2020 Change
EBITDA 274 -2,140 >+100%
One-time effects -399 684 <-100%
Recurring EBITDA -126 -1,456 +91%
 

EBITDA H1

in KEUR H1/2021 H1/2020 Change
EBITDA 86 -4,325 >+100%
One-time effects -452 1,421 <-100%
Recurring EBITDA -367 -2,904 +87%
 

In both the second quarter and the first half of 2021, aap was able to significantly improve earnings and achieved positive EBITDA for the first time since focusing on the trauma segment in 2016. The background to these developments is, in addition to the increase in gross margin in absolute terms in line with the noticeable sales growth as key driver, also a sharply reduced cost level. The positive cost development resulted on the one hand from the implemented restructuring measures, which are reflected in declining personnel and other costs, and on the other hand from a significant decrease in one-time effects, which in the first half of 2020 were still largely characterized by the restructuring and refinancing as well as the revision of the quality management system. In addition, EBITDA was positively impacted by a one-time effect from the termination of a contract with a former distributor and an increase in other operating income, which, in addition to payments from the COVID-19 aid program "Überbrückungshilfe III", was also attributable to the reversal of provisions. The significant improvement in EBITDA thus visibly reflects the successes realized as part of the restructuring, which can be summarized as follows:

- Stabilization of gross margin at high level of 87% (H1/2020: 87%) and increase in gross margin in absolute terms in line with sales growth as key driver of earnings improvement

- Decrease in personnel expenses by 17% or EUR 0.7 million to EUR 3.2 million compared to H1/2020

- Declining trend in other costs (-22% in Q2 and -12% in H1) with significantly reduced non-recurring expenses


Excluding one-time effects, recurring EBITDA in the second quarter and first half of 2021 also improved significantly year-on-year to EUR -0.1 million (Q2/2020: EUR -1.5 million) and EUR -0.4 million (H1/2020: EUR -2.9 million), respectively. Overall, this reflects the targeted development: focus on established markets with higher profit margins and sustainable streamlining of the cost structure to improve operating performance.
 

Looking at the development of the pure operating trauma business, aap succeeded in breaking even (recurring EBITDA) in the first half of the year for the first time since focusing on the trauma segment in 2016. This is again a confirmation for the implemented restructuring and transformation measures, but also an incentive to build up a sustainably profitable trauma business with further growing sales.
 

With regard to its innovative antibacterial silver coating technology, aap achieved another important milestone in the first half of 2021. For the first time three aap silver-coated plate systems were used in patients as part of an IIT study and two individual healing trials. These involved particularly complex fractures and/or severe infections in which the therapy measures used were specifically supplemented by the silver coating technology to increase the chances of healing. In all three cases, healing proceeded very well in the weeks following the procedures and there is no evidence of infection to date. The results are a positive indication for the planned human clinical study, which is to be started in Germany this year to obtain CE approval.
 

A key focus in the second half of the year will continue to be on securing aap's further financing. In this context, further measures were successfully implemented in the first half of the year. In addition to the granting of additional shareholder loans by major shareholders with a total volume of around EUR 1 million, the main factors here were the first-time qualification for the government's COVID-19 aid program "Überbrückungshilfe III", and a sale of land in Brandenburg, as a result of which aap received a total of EUR 0.9 million. Further steps must now be taken in the second half of the year to secure the Company's long-term financing. Following the successful restructuring, aap urgently needs fresh funds to finance the planned sales growth and the start of the human clinical study for the antibacterial silver coating technology. Accordingly, various measures are currently being evaluated for implementation in the short term. These range from equity-based transactions via the capital market, such as a capital increase, to corporate transactions (e.g. mergers, share or asset deals, and carve-outs) with a focus on targeted financing for the silver coating and magnesium implant technologies.
 

Outlook

In the second half of 2021, in addition to the implementation of necessary measures to secure aap's financing, the focus will be in particular on the planned start of the human clinical study for the innovative antibacterial silver coating technology. In terms of sales, the Management Board anticipates an increase in the second half of 2021 compared to the first six months of the financial year and, on the basis of a properly filled order book, expects sales of between EUR 3.0 million and EUR 3.4 million for the third quarter. With regard to earnings, aap aims to achieve positive EBITDA in the operative trauma business for the first time in the further course of the financial year 2021, assuming development according to plan. Taking into account the full R&D project costs and before possible co-financing, the Management Board expects Group EBITDA to be at the upper end of the guidance communicated in January. However, the above forecasts for sales and EBITDA are subject to the condition that the infection situation in the context of the COVID-19 pandemic (virus mutations) does not deteriorate again and corresponding lockdown measures are imposed in the sales regions relevant for aap.




[1] aap Group excluding development costs for silver coating and resorbable magnesium implant technology, non-recurring one-time effects and non-allocable central costs.
[2] Based on sales, changes in inventories of finished goods and work in progress, and cost of materials / cost of purchased services.

-------------------------------------------------------------------------------------------------------------------------------------------
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 queries, please contact:
aap Implantate AG; Fabian Franke; Head of Investor Relations; Lorenzweg 5; 12099 Berlin, Germany; Phone: +49 (0)30 75019 - 134; Fax: +49 (0)30 75019 - 290; Email: f.franke@aap.de
 


13.08.2021 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



show this
Press Release dated July 27, 2021, 10:17 AM

aap: Significant sales increases in Q2 (+74%) and H1 (+37%) underline growth targets for FY/2021; USA for first time with EUR 1 million sales quarter

aap: Significant sales increases in Q2 (+74%) and H1 (+37%) underline growth targets for FY/2021; USA for first time with EUR 1 million sales quarter

DGAP-News: aap Implantate AG / Key word(s): Half Year Results/Preliminary Results
27.07.2021 / 10:17
The issuer is solely responsible for the content of this announcement.

aap Implantate AG ("aap" or the "Company") recorded significant sales growth in both the second quarter and the first half of 2021. According to preliminary figures, aap increased sales in the second quarter of 2021 by a noticeable 74% year-on-year to EUR 3.3 million (Q2/2020: EUR 1.9 million). In the first six months of the current financial year, sales also increased significantly by 37% year-on-year to EUR 6.0 million (H1/2020: EUR 4.4 million). Taking into account constant exchange rates, the growth rates were even 79% (Q2) and 41% (H1). Overall, aap thus continues to be on a growth track after the good start in the first quarter and underlines its ambitious growth targets for the financial year 2021 (+29 to +61% vs. FY/2020) with the significant sales increases in the second quarter.

 

Sales Q2/2021

in KEUR Q2/2021 Q2/20201) Change
Sales
Germany
USA
USA Distributors
USA Global Partners

International (without USA)
Europe (without Germany)
BRICS Countries
RoW (Rest of World)
3,264
578
1,006
992
14
1,680
494
339
847
1,875
559
584
559
25

732
248
230
254
+74%
+3%
+72%
+77%
-44%
>+100%
+99%
+47%
>+100%
Sales 3,264 1,875 +74%
 

 

Sales H1/2021

in KEUR H1/2021 H1/20201) Change
Sales
Germany
USA
USA Distributors
USA Global Partners

International (without USA)
Europe (without Germany)
BRICS Countries
RoW (Rest of World)
5,971
1,231
1,750
1,709
41
2,990
960
831
1,199
4,354
1,125
1,343
1,131
212

1,886
783
488
615
+37%
+9%
+30%
+51%
-81%
+59%
+23%
+70%
+95%
Sales 5,971 4,354 +37%
 

 

Looking at the individual regions, against the backdrop of the relaxation of COVID-19 measures implemented in many places and progressing vaccination campaigns, aap was able to record a recovery in business in all major markets and realize in some cases very significant sales increases. International business developed particularly strongly (Q2: >+100%, H1: +59%). This positive development is based on the one hand on recovery trends in important markets such as Brazil, Mexico and South Africa compared with the COVID-19 impacted reference periods of the previous year, and on the other hand on the strong growth rates of Spain and Saudi Arabia, which were even able to overcompensate for their losses from financial year 2020. In Germany, too, the Company continues to recover following the lifting of numerous pandemic measures (Q2: +3%, H1: +9%), although growth here was lower than in the other core markets. This was primarily due to the relatively late end of the lockdown in Germany, where many restrictions were not lifted until the beginning of June this year. Even though Germany has not yet returned to the level of the pre-COVID-19 year 2019, an upward trend was already discernible in June following the easing of the COVID-19 measures, suggesting further growth.
 

In the USA, aap continued its dynamic growth course with significant sales increases (Q2: +72%, H1: +30%) and in the second quarter of 2021 for the first time achieved a sales level above the EUR 1 million mark. In doing so, the Company was able to significantly increase the number of surgeries performed to around 550 in the second quarter (+45% vs. Q2/2020), thus stabilizing at a good level after the positive first quarter (>500 surgeries). Based on this, sales in the US distribution business increased by a strong 77% (Q2) respectively 51% (H1). A decline was recorded in the business with global partners, as the first quarter of 2020 still included a large order from a global partner, which thereafter only ordered consumables in a much smaller volume. The second quarter of 2021 also includes a one-time effect from the termination of a contract with a former distributor, which was recognized in sales with around EUR 0.2 million.
 

The figures contained in this press release are preliminary values as of 30 June 2021, which are subject to change until final publication. aap plans to announce the final results for the second quarter and the first half of 2021 on 13 August 2021.





1) In FY/2020, approx. KEUR 10 that was actually attributable to Germany was reported in Europe. The reclassification has been made as part of the current financial reporting.

-------------------------------------------------------------------------------------------------------------------------------------------
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 queries, please contact:

aap Implantate AG; Fabian Franke; Head of Investor Relations; Lorenzweg 5; 12099 Berlin, Germany; Phone: +49 (0)30 75019 - 134; Fax: +49 (0)30 75019 - 290; Email: f.franke@aap.de


27.07.2021 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



show this
Press Release dated June 18, 2021, 07:30 AM

Antibacterial silver coating technology: aap's silver coated implant used for first time in patient

Antibacterial silver coating technology: aap's silver coated implant used for first time in patient

DGAP-News: aap Implantate AG / Key word(s): Study
18.06.2021 / 07:30
The issuer is solely responsible for the content of this announcement.

aap Implantate AG ("aap") announces that as part of a non-commercial study (so-called IIT study; IIT = Investigator Initiated Trial) at University Hospital Regensburg, an implant coated with the Company's innovative antibacterial silver technology has been implanted in a patient for the first time ever. The implantation is part of a clinical study led by 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. In the surgery the silver coated LOQTEQ(R) Distal Tibial/Fibula Plate System 3.5 for the treatment of ankle fractures was used. The IIT study aims to demonstrate that the use of silver coated implants in complex initial situations, such as chronic bone infections, leads to a good treatment outcome with avoidance of amputations in the affected patients.
 

"Three weeks after the first use of a silver coated implant from aap, the healing process looks very encouraging regarding the skin and wound conditions. The wound conditions are inconspicuous and there is no indication of infection so far. Overall, the course is very satisfactory up to now," says Prof. Dr. Dr. Volker Alt. "Silver is excellently suited for coating medical implants because it has a very broad spectrum of activity and, unlike antibiotics, there is currently no relevant resistance to silver. Thus, in addition to its use as a coating for bone implants, silver is also interesting for other implants, such as in cardiac or neurosurgery, and therefore has very great future potential."
 

With its innovative antibacterial silver coating technology, aap is addressing one of the greatest and as yet inadequately solved challenges in traumatology: the reduction of surgical site infections (SSI). Surgical site infections represent a major burden both for the patients affected and for global healthcare systems. Antibiotic-resistant bacteria pose a particular threat here. For example, in its annual report on the state of research to overcome antibiotic resistance, the WHO recently found that some of the world's most dangerous bacteria have developed resistance to known agents.[1] Moreover, according to the WHO, nearly all antibiotics currently in development work little better than existing agents. aap's innovative antibacterial silver coating technology represents an alternative solution in the fight against bacterial infections that is not based on antibiotics and therefore offers enormous market potential. As a platform technology, the technology has a broad range of applications and can be used not only in traumatology but also in other areas of orthopedics as well as in cardiology and neurology, dentistry, or medical instruments. Against this background, aap will also make its silver coating technology available to non-competing markets while exploiting its unique competitive advantage exclusively for aap's product portfolio. In areas of application outside traumatology, aap has already launched collaborations with leading medical technology companies and carried out initial test coatings. The aim is to demonstrate the potential use of the silver coating technology on products not manufactured by aap and thus create the preconditions for concluding joint development projects in the second half of 2021.
 

To obtain CE approval for its innovative antibacterial silver coating technology, aap plans to conduct a human clinical study in Germany for which all regulatory requirements have already been met (BfArM and ethics committee approvals). In view of the current forecasts for the COVID-19 pandemic, which show a clear easing of the infection situation and allow further easing in everyday life, aap will start the clinical study this year after a necessary preparatory phase. For the intended market approval in the U.S., aap intends to finalize the approval pathway with the FDA in financial year 2021 and prepare necessary documents for submission to the agency.
 

In principle, aap strives for co-financing of the human clinical study by third parties and is also evaluating further cooperation opportunities. Against this background, a new subsidiary, MCTeQ GmbH (=Medical Coating Technologies), was founded at the end of the financial year 2020, into which the silver coating technology will be incorporated. This shall make it possible to manage technology development in a more flexible and targeted manner and to implement the desired co-financing.




[1] 2020 Antibacterial agents in clinical and preclinical development: an overview and analysis. Geneva: World Health Organization; 2021.

-------------------------------------------------------------------------------------------------------------------------------------------
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 queries, please contact: aap Implantate AG; Fabian Franke; Head of Investor Relations; Lorenzweg 5; 12099 Berlin, Germany; Phone: +49 (0)30 75019 - 134; Fax: +49 (0)30 75019 - 290; Email: f.franke@aap.de
 


18.06.2021 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



show this
Press Release dated May 28, 2021, 07:30 AM

Q1/21: Successful start to the year with sales growth (+9%) and significant earnings improvement (+91%) despite still burdening COVID-19 pandemic - restructuring successes clearly visible

Q1/21: Successful start to the year with sales growth (+9%) and significant earnings improvement (+91%) despite still burdening COVID-19 pandemic - restructuring successes clearly visible

DGAP-News: aap Implantate AG / Key word(s): Quarter Results
28.05.2021 / 07:30
The issuer is solely responsible for the content of this announcement.

aap Implantate AG ("aap" or "Company") has successfully started the financial year 2021 with sales growth and a significant improvement in earnings. Although the first quarter continued to be impacted by the still rampant COVID-19 pandemic, aap increased sales by 9% year-on-year to EUR 2.7 million (Q1/2020: EUR 2.5 million). Considering constant exchange rates, the growth rate was even 12%. Regarding earnings, the Company recorded significantly improved EBITDA of EUR -0.2 million in the first quarter of 2021 compared to the corresponding period of the previous year (Q1/2020: EUR -2.2 million), which thus visibly reflects the successes in restructuring. Excluding one-time effects, recurring EBITDA in the first three months of 2021 also improved substantially year-on-year to EUR -0.2 million (Q1/2020: EUR -1.4 million).
 

Q1/2021 - Key results and progress

- Sales by region: Recovery of business in Germany (+15%) and internationally (excluding USA; +14%) despite still noticeable impact of COVID-19 pandemic

- USA: Continued dynamic development with new record level of surgeries performed per quarter (>500) and sales growth in distribution business (+24%)

- Earnings: Significant improvement in EBITDA to EUR -0.2 million (Q1/2020: EUR -2.2 million) due to sales growth, increase in gross margin[1] and sharply reduced cost level; recurring EBITDA adjusted for one-time effects also substantially improved to EUR -0.2 million (Q1/2020: EUR -1.4 million)

- Gross margin and costs: Increase in gross margin to 89% (Q1/2020: 86%) primarily due to improved product, customer and price mix as well as efficiency improvements in manufacturing process; sharply reduced cost level with declining personnel (-29%) and other costs as well as significant decrease in one-time effects

- Cash flow and balance sheet: Significantly improved EBITDA lead to nearly balanced operating cash flow of EUR -0.2 million (Q1/2020: EUR -2.4 million)

- Silver coating technology: Progressing preparations of human clinical study in Germany with focus on stabilization and standardization of production process, data validation and regulatory compliance; further test coatings performed for potential first joint development projects to be completed; ongoing talks with global medical technology companies on potential co-funding of study and further collaboration opportunities

- Resorbable magnesium implant technology: Currently intensive and very promising talks with technology-savvy investors to finance the further development up to the complete sale of the technology


Q1/2021 - Key financial figures

Sales Q1/2021

in KEUR Q1/2021 Q1/2020 Change
Sales
Germany
USA
USA Distributors
USA Global partners

International (without USA)
Europe (without Germany)
BRICS countries
RoW (Rest of World)
2,699
653
736
709
27

1,310
466
492
352
2,479
566
759
572
187

1,154
535
258
361
+9%
+15%
-3%
+24%
-86%

+14%
-13%
+91%
-2%
Sales 2,699 2,479 +9%

 
in KEUR Q1/2021 Q1/2020 Change
Sales (constant exchange rates) 2,699 2,418 +12%
 


Looking at the individual regions, aap was able to record a recovery in business both in Germany (+15%) and internationally (excluding the USA; +14%) despite the still noticeable effects of the COVID-19 pandemic and realized corresponding sales increases. However, the picture at international level is ambivalent: While performance in Europe continued to be impacted by the comprehensive lockdown measures and a vaccination campaign that is only progressing slowly, as reflected in a 13% decline, sales in the BRICS region almost doubled (+91%), mainly due to increased demand in Brazil. In the rest of the world (RoW), however, sales in the first quarter were virtually unchanged from the corresponding prior-year level.
 

In the USA, aap continues to record dynamic development: In the first three months, more than 500 surgeries were performed with aap products, more than ever before. Based on this, sales in the US distribution business increased by 24% to EUR 0.7 million. In the overall US market, sales development in the first quarter of 2021 stabilized at the level of the previous year, as the first quarter of 2020 was still impacted by a major order from a global partner, which thereafter only ordered consumables on a much smaller scale. Basically, the trend shown - continuous increase in weekly surgeries - supports the achievement of the ambitious growth targets for 2021 in the USA. This momentum is driven particularly by the contracts concluded with US-wide purchasing associations and networks that give aap access to many clinics and surgical operation centers.
 

EBITDA Q1/2021

in KEUR Q1/2021 Q1/2020 Change
EBITDA -188 -2,185 +91%
One-time effects -58 737 >-100%
Recurring EBITDA -246 -1,448 +83%
 


In the first quarter of 2021, aap was able to improve earnings significantly and achieved almost balanced EBITDA. The background to this development is, in connection with the realized sales growth, a substantial improvement of the gross margin and a sharply reduced cost level. The increase in the gross margin is primarily the result of an improved product, customer, and price mix with lower material expenses as well as the efficiency improvements already achieved in the manufacturing process. In addition, revenue in the first three months of 2021 was largely generated by sales of implants, which in contrast to the sale of entire sets (consisting of implants and instruments) have a significantly improved margin structure. The positive cost development results on the one hand from the measures implemented as part of the ongoing restructuring, which are reflected in declining personnel and other costs, and on the other hand from a significant decrease in one-time effects, which in the first quarter of 2020 were still significantly impacted by the restructuring and refinancing as well as the revision of the quality management system. In addition, EBITDA in the reporting period were positively impacted by an effect in other operating income, primarily due to the recognition in income of a first partial payment from the COVID-19 aid program "Überbrückungshilfe III". The significant improvement in EBITDA thus visibly reflects the successes realized in the ongoing restructuring, which can be summarized as follows:
 

- Improvement in gross margin to 89% (Q1/2020: 86%)

- Significant decrease in personnel expenses by 29% or EUR 0.6 million to EUR 1.6 million compared to Q1/2020

- Declining trend in other costs with significantly reduced one-time expenses (Q1/2021: EUR -0.2 million; Q1/2020: EUR -0.7 million)


Based on the developments described above, EBITDA in the first quarter of 2021 amounted to EUR -0.2 million (Q1/2020: EUR -2.2 million). Excluding the one-time effects, recurring EBITDA in the first three months of 2021 also significantly improved year-on-year to EUR -0.2 million (Q1/2020: EUR -1.4 million). Overall, this reflects the targeted development: focus on established markets with higher profit margins and sustainable streamlining of the cost structure to improve operating performance.
 

Outlook

Based on the development in the first quarter, the Management Board is confident that as the COVID-19 pandemic continues to subside in conjunction with the withdrawal of the lockdown measures and thus the opening of the markets, a further dynamization of sales will occur in the coming quarters and thus positive EBITDA can be achieved in the operating trauma business for the first time since the focus on trauma. Accordingly, aap expects sales growth for the second quarter of 2021 and plans a sales level above the EUR 3 million mark (Q2/2020: EUR 1.9 million, H1/2020: EUR 4.4 million) and balanced to slightly positive EBITDA. However, based on the current order situation, this only applies under the condition that the COVID-19 pandemic continues to ease, and no additional drastic lockdown measures are imposed.



[1] Gross margin = sales revenues +/- change in inventories of finished goods and work in progress less cost of materials / cost of purchased services.

-------------------------------------------------------------------------------------------------------------------------------------------
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 queries, please contact: aap Implantate AG; Fabian Franke; Head of Investor Relations; Lorenzweg 5; 12099 Berlin, Germany; Phone: +49 (0)30 75019 - 134; Fax: +49 (0)30 75019 - 290; Email: f.franke@aap.de
 


28.05.2021 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 April 30, 2021, 05:33 PM

2020 financial statements: visible results under restructuring with significantly improved Recurring EBITDA (+28%) in challenging times of COVID-19 pandemic

2020 financial statements: visible results under restructuring with significantly improved Recurring EBITDA (+28%) in challenging times of COVID-19 pandemic

DGAP-News: aap Implantate AG / Key word(s): Annual Results/Annual Report
30.04.2021 / 17:33
The issuer is solely responsible for the content of this announcement.

aap Implantate AG ("aap" or the "Company") achieved sales of EUR 9.3 million (FY/2019: EUR 11.7 million) in a financial year 2020 marked by COVID-19 and thus a figure in the upper half of the guidance of EUR 8.0 million to EUR 10.0 million. Furthermore, despite COVID-19 and extensive restructuring expenses, the Company realized an improved EBITDA of EUR -4.8 million (FY/2019: EUR -5.1 million), which was also in the upper half of the guidance of EUR -5.9 million to EUR -4.5 million raised in October 2020. Excluding one-time effects, Recurring EBITDA improved significantly by +28% to EUR -3.4 million in financial year 2020 (FY/2019: EUR -4.8 million), reflecting the visible results in restructuring despite the massive COVID-19-related sales decline.
 

2020 - Key results and progress

- Sales by region: Sales development in Germany (-21%) and in international business (-39%) significantly impacted by COVID-19

- USA: Dynamic sales growth (+41%) through expansion of customer base and contracts concluded with US-wide purchasing associations and networks

- Earnings: EBITDA improved to EUR -4.8 million (FY/2019: EUR -5.1 million) despite significant one-time effects from restructuring, refinancing and revision of QM system, particularly due to cost reduction; Recurring EBITDA improved significantly by +28% to EUR -3.4 million (FY/2019: EUR -4.8 million)

- Gross margin and costs: Improvement of gross margin to 84% (FY/2019: 80%) due to increased share of high-margin US sales in total sales and discontinuation of standard trauma portfolio; massive cost reduction due to significant decrease in personnel expenses (EUR -1.7 million) and other operating expenses (EUR -1.6 million)

- Cash flow and balance sheet: Improved EBITDA and positive working capital effects reduce operating financing requirement to EUR -3.7 million (FY/2019: EUR -5.8 million); balance sheet restructuring within equity with capital reduction and offsetting against accumulated deficit

- Refinancing: First two steps successfully implemented in 2020 with capital reduction and convertible bond; sale of excess capacity in machinery reduces repayment burden in coming years; granting of shareholder loan shows confidence in the path taken; Management Board confident of implementing further measures in 2021, which, if successfully completed, will secure aap's financing

- LOQTEQ(R): Fundamental revision of quality management with focus on conversion of processes and documentation to meet increased regulatory requirements; successful recertification under still valid MDD standard until 2024

- Silver coating technology: All regulatory requirements for start of human clinical study in Germany fulfilled; test coatings performed for potential first joint development projects to be completed; ongoing discussions with global medical device companies on potential co-funding of study and further collaboration opportunities

- Resorbable magnesium implant technology: Confirmation by FDA of probable classification as particularly innovative "Novel" technology and qualification for faster "De Novo" approval pathway; results of pilot animal study with Colorado State University show controllable degradation process, planned bone healing and thus overall "proof of concept" of the technology; promising discussions underway with technology-savvy investors to finance joint further development of the technology


For a detailed evaluation of the Management Agenda 2020, aap refers to the Consolidated Annual Financial Report 2020 published today.
 

2020 - Key financial figures

Sales

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
2,245
2,866
2,582
284

4,215
1,743
967
1,505
11,739
2,844
2,039
1,951
886

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

-39%
-11%
-45%
-52%
Sales 9,326 11,739 -21%
[1] Other sales, which were still reported in the previous year, are no longer shown and are now allocated to the individual regions.


A look at the development of sales in the individual regions shows that, with the exception of the USA, all of aap's main markets were affected by the COVID-19 pandemic in financial year 2020. Accordingly, the Company recorded a significant year-on-year decline in sales both in Germany (-21%) and in its international business (excluding the USA; -39%). The pandemic-related impairments were particularly noticeable regarding the international business, which is very important for aap (excluding the USA; around 58% of total sales in financial year 2019 with the largest customers from Spain, South Africa, Brazil and Mexico).
 

In the USA, on the other hand, aap is on a dynamic growth course and was able to significantly increase sales in financial year 2020 (+41%) year-on-year. This sales increase 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 mitigated the COVID-19-related sales declines in the other markets.
 

EBITDA

in KEUR FY/2020 FY/2019 Change
EBITDA -4,765 -5,142 +7%
One-time effects 1,322 335 >+100%
Recurring EBITDA -3,443 -4,807 +28%
 


aap continues to be in a comprehensive restructuring and refinancing process in order to secure further financing and thus the Company's continued existence. In this context, aap was already able to make tangible progress in financial year 2020 in the restructuring process, which is reflected in the following developments, among others, despite the enormous challenges posed by the COVID-19 pandemic:
 

- Increase in gross margin to 84% (FY/2019: 80%) due to improved product, customer and price mix with lower material expenses, positively impacted by increased share of high-margin US sales in total sales and discontinuation of standard trauma portfolio at the end of FY/2019

- Significant decrease in personnel expenses (EUR -1.7 million) primarily due to headcount reduction implemented in Q1/2020 (headcount -30% as of Dec. 31, 2020 vs. Dec. 31, 2019)

- Significant reduction in other operating expenses (EUR -1.6 million) primarily in direct response to the COVID-19 pandemic in advertising and travel costs, but also in consulting and premises costs


In addition, earnings in the 2020 financial year were significantly impacted by one-time effects from the ongoing restructuring and refinancing (EUR 0.9 million) and the revision of the quality management system (EUR 0.8 million).


Based on the developments described above, EBITDA improved to EUR -4.8 million in financial year 2020 (FY/2019: EUR -5.1 million). Excluding the one-time effects, recurring EBITDA improved significantly by 28% to EUR -3.4 million in the reporting period (FY/2019: EUR -4.8 million). Overall, this reflects the targeted development: focus on established markets with higher profit margins and sustainable streamlining of the cost structure to improve operating performance.


Outlook for 2021

In the first four months of financial year 2021, the focus was on securing aap's further financing. In this context, further measures were implemented to ensure the continuity of the Company and to finance the planned growth and further development of the key technologies. In this context, at the end of March 2021, aap signed a purchase agreement with a Berlin real estate company for the sale of a plot of land in Brandenburg and qualified for the first time to receive state Corona aid under the COVID-19 aid program "Überbrückungshilfe III". aap has already received funds of EUR 0.5 million from the aforementioned financing measures, and further funds of around EUR 0.4 million will flow to the Company in the short term if both financing measures are successfully completed. In addition, the Management Board is currently working on the implementation of further measures and is confident that it will be able to implement these successfully and thus secure aap's financing in line with current business planning. The Company also aims to continuously increase efficiency in the production process and thereby reduce manufacturing costs by a double-digit percentage. In addition, aap has continued to impose strict cost discipline throughout the Company.
 

Assuming an easing of the COVID-19 situation between the second and third quarter, aap aims to return to the growth path in financial year 2021. The Management Board expects sales between EUR 12.0 million and EUR 15.0 million, which corresponds to a significant growth rate of +29 to +61%. In this context, all markets are expected to contribute to the planned sales growth, with the USA acting as the main growth driver.
 

Regarding earnings, aap aims to achieve positive EBITDA in the operative trauma business for the first time in financial year 2021 if the development goes according to plan. Taking into account the full R&D project costs and before possible co-financing, the Management Board expects EBITDA of EUR -5.5 million to EUR -3.5 million for the current year.
 

In the area of its innovative silver coating technology, technology and product development for the human clinical study has been completed and all regulatory requirements (BfArM and ethics committee approvals) for the start of the study in Germany have been met. Against the backdrop of the still rampant COVID-19 pandemic, which is leading to a massive decline in trauma patients as a result of the lockdown measures, aap plans to start the study in financial year 2021, initially in individual clinical centers and then successively expand it to all participating clinics in Germany. The intended market approval of the silver coating technology in the USA will generate even significantly more effort. Due to the scarcity of resources, the Company intends to push forward the approval pathway for the human clinical study in the USA with the FDA in financial year 2021 and prepare the necessary documents for submission to the agency in order to be able to launch the study in the USA at a later date.
 

With the progress made to date in restructuring and refinancing, aap has laid a good and solid foundation for the new start. The Management Board is confident that, by joining forces, it will succeed in putting aap on track for sustainable success and transforming it into a financially sound and independent company.


 

-------------------------------------------------------------------------------------------------------------------------------------------
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 queries, please contact:

aap Implantate AG; Fabian Franke; Head of Investor Relations; Lorenzweg 5; 12099 Berlin, Germany; Phone: +49 (0)30 75019 - 134; Fax: +49 (0)30 75019 - 290; Email: f.franke@aap.de


30.04.2021 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



show this
Press Release dated April 26, 2021, 02:35 PM

Q1/2021: Solid start to year with 9% sales growth despite still burdening COVID 19 pandemic; more than 500 surgeries in US mark new high; Q2 order book well filled

Q1/2021: Solid start to year with 9% sales growth despite still burdening COVID 19 pandemic; more than 500 surgeries in US mark new high; Q2 order book well filled

DGAP-News: aap Implantate AG / Key word(s): Quarter Results/Preliminary Results
26.04.2021 / 14:35
The issuer is solely responsible for the content of this announcement.

aap Implantate AG ("aap" or the "Company") has started the financial year 2021 with good sales growth. Although the first quarter was still strongly impacted by the still rampant COVID 19 pandemic, aap increased sales by 9% year-on-year to EUR 2.7 million (Q1/2020: EUR 2.5 million) according to preliminary figures. Taking into account constant exchange rates, the growth rate was even 12%. It should be noted that the COVID 19 pandemic last year was not reflected in the business development until mid-March, so that the realized sales growth is to be assessed all the higher against the backdrop of the continuing comprehensive lockdown measures, which were recently even tightened in some cases. Not least, at the end of March aap received customer orders from tenders with a total value of around EUR 0.5 million, which have now been postponed to the second quarter due to their late receipt. If the orders had been received on time, sales in the first quarter would have been visibly above EUR 3 million.
 

Sales Q1/2021

in KEUR Q1/2021 Q1/2020 Change
Sales
Germany
USA
USA Distributors
USA Global Partners

International (without USA)
Europe (without Germany)
BRICS Countries
RoW (Rest of World)
2,699
653
736
709
27

1,310
466
492
352
2,479
566
759
572
187

1,154
535
258
361
+9%
+15%
-3%
+24%
-86%

+14%
-13%
+91%
-2%
Sales 2,699 2,479 +9%
 
in KEUR Q1/2021 Q1/2020 Change
Sales (constant exchange rates) 2,699 2,418 +12%
 


Looking at the individual regions, aap was able to report a recovery in business both in Germany (+15%) and international (excluding the USA; +14%) despite the still noticeable effects of the COVID 19 pandemic and achieved corresponding sales increases. However, the picture at international level is ambivalent: While performance in Europe continues to be impacted by the comprehensive lockdown measures and a vaccination campaign that is only progressing slowly, as reflected in a 13% decline, sales in the BRICS region almost doubled (+91%), mainly due to increased demand in Brazil. In the rest of the world (RoW), however, sales in the first quarter were virtually unchanged from the corresponding prior-year level.
 

In the USA, aap continues to record dynamic development: In the first three months, more than 500 surgeries were performed with aap products, more than ever before. Based on this, sales in the US distribution business increased by 24% to EUR 0.7 million. In the overall US market, sales development in the first quarter of 2021 stabilized at the level of the previous year, as the first quarter of 2020 was still impacted by a major order from a global partner, which thereafter only ordered consumables on a much smaller scale. Basically, the trend shown - continuous increase in weekly surgeries - supports the achievement of the ambitious growth targets for 2021 in the USA. This momentum is driven particularly by the contracts concluded with US-wide purchasing associations and networks (currently: ten contracts concluded) that give aap access to an extensive network of clinics and surgical operation centers.
 

For the second quarter of 2021, aap expects sales growth as well and plans a sales level above the EUR 3 million mark (Q2/2020: EUR 1.9 million, H1/2020: EUR 4.4 million). This outlook is supported by an order book that is currently already filled with around EUR 0.6 million. However, this only applies under the condition that the COVID 19 pandemic continues to ease and no additional drastic lockdown measures are imposed.
 

The figures contained in this press release are preliminary as of 31 March 2021, which may still change until final publication. aap plans to announce the final results for the first quarter of 2021 in a press release in May.

 

-------------------------------------------------------------------------------------------------------------------------------------------
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 queries, please contact:

aap Implantate AG; Fabian Franke; Head of Investor Relations; Lorenzweg 5; 12099 Berlin, Germany; Phone: +49 (0)30 75019 - 134; Fax: +49 (0)30 75019 - 290; Email: f.franke@aap.de
 


26.04.2021 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 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.

 

-------------------------------------------------------------------------------------------------------------------------------------------
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.


 

-------------------------------------------------------------------------------------------------------------------------------------------
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



show this
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.

 

-------------------------------------------------------------------------------------------------------------------------------------------
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



show this
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.

-------------------------------------------------------------------------------------------------------------------------------------------
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



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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



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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).

 

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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


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



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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.

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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


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



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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".

 

----------------------------------------------------------------------------------------------------------------------------
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.

 

--------------------------------------------------------------------------------------------------------------------------------------
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).



--------------------------------------------------------------------------------------------------------------------------------------
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



show this
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



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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



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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



show this
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



show this
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