DGAP-News

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 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 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