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LifeWatch AG: First half-year 2016 financial results - Seite 2
under other charges and represent one-time legal settlement costs in the
half-year.
Principally as a result of these one-time items, LifeWatch incurred a loss
from operations (EBIT) of negative USD 7.63 million (H1 2015: USD 3.81
million) and a loss before interest, tax and depreciation (EBITDA) of
negative USD 3.0 million (H1 2015: USD 7.2 million). Following the
deduction of financial costs, tax and the share of the losses from
establishing operations in Turkey, LifeWatch had a net loss of USD 9.8
million (H1 2015; net income of USD 1.9 million).
The table below shows adjusted EBIT and adjusted EBITDA:
One-off items (in USD million):
Vital Signs Patch development / inventory -3.612
Qui Tam settlement -12.975
Reduction in Highmark settlement 8.973
Pharmalife recovery net of employee settlement 0.248
Professional fees related to legal settlements -0.964
Automation of bad debt provision calculation -1.247
Total -9.577
Adjusted EBIT 1.952
Adjusted EBIT margin 3.4%
Adjusted EBITDA 6.620
Adjusted EBITDA margin 11.6%
Outlook
LifeWatch is revising its full year guidance from that announced in its
July 6, 2016 press release. Whilst LifeWatch maintains that the Company
will have a positive EBITDA margin, in the single digit range and negative
EBIT and net income, the Company now expects that, as a result of the
slowing of sales growth in the second quarter, revenue growth is likely to
be in the single digit range.
Although the first half of 2016 has been disappointing, management is of
the opinion that with the settlement of the two older legal cases, the
Company has finally resolved the major remaining historical issues and can
now fully focus on growing the business going forward.
With the launch of the new Mobile Cardiac Telemetry (MCT) 1-lead patch, the
upcoming completion of several internal development projects and the
planned entry into the Turkish market, the company has laid the foundation
for future growth, the benefits of which should materialize in the second
half of 2016 and beyond.
Key figures (unaudited, USD millions):
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