Embla Medical hf: Interim Report Q3 2024

Announcement no. 12/2024

Interim report Q3 2024

22 October 2024

COPENHAGEN, Denmark, Oct. 22, 2024 /PRNewswire/ -- 

Sveinn Sölvason, President and CEO, comments:

"We delivered solid sales in the third quarter amounting to USD 214 million. Organic sales growth was 7% and local currency growth was 11%. The strong momentum we have seen in EMEA throughout 2024 continued driven by strong performance in Prosthetics & Neuro Orthotics and Patient Care. In our Bracing & Supports business growth was more modest for the quarter.

As of September 1, 2024, US Medicare has expanded access to advanced bionics for K2 patients. Healthcare professionals are currently assessing first patients as part of the replacement cycle through medical documentation that a bionic knee would improve the patient's functional health outcomes.

Our EBITDA margin came in strong for the quarter at 22%. We continue to see the positive effects from the cost reduction initiatives implemented in manufacturing earlier this year as well as contribution from better product mix and cost control.

We are executing well on our Growth'27 strategy and reiterate our full year guidance of 6-8% organic sales growth and ~20% EBITDA margin before special items."

Highlights Q3 2024

Sales amounted to USD 214 million and organic growth was 7%, compared to 7% in Q3 2023. In local currency sales growth was 10% increase including acquisitions and 11% reported growth (USD growth).

Prosthetics & Neuro Orthotics sales grew by 9%, Patient Care grew 9%, while Bracing & Supports grew by 1% (all organically). EMEA continued to contribute strongly during Q3, whereas performance in Americas remained soft. APAC delivered good growth.

Gross profit margin was ...