Health Robotics Reports Record Financial Results for FY2010 Driven by Winning 100% of Worldwide IV Robots’ Purchases

By Health Robotics, PRNE
Sunday, June 19, 2011

BOZEN, SUD-TIROL, Italy, June 20, 2011 -


Health Robotics today announced FY2010 audited results,
delivering once again record levels of revenues and gross margins.
Revenues in FY2010 were €10.7 million ($15M), a 21% increase
year-over-year as Health Robotics continued to dominate IV
Automation by winning 100% of all IV Robots’ globally announced
purchase decisions in 2010. Gross Margins in FY2010 were €6.9
million ($10M), a 20% increase year-over-year related to the
greater number of units installed.

Health Robotics decision to stand-by its
North American customers, in the face of the intimidation attempts
by some USA-based companies has turned out to be successful after
all. While we had no choice but to accept an impact to short-term
earnings as a result of our long-term-driven decisions, Health
Robotics has been vindicated both by the dismissal of two unfounded
legal cases
[1] and
more importantly, the company
s leadership position
in North America, which will become more obvious when we release in
approximately two weeks time the excellent results of the
s North American operations for the first
half of 2011
“, stated Gaspar DeViedma, Health Robotics’
Executive Vice President. For a summary video, please click: href="">

Operating Expenses in FY2010 were €4.3 million ($6M), a 42%
increase year-over-year as a direct consequence of the company’s
increased reliance on its own engineers versus outsourced service
channels. EBITDA in FY2010 were €2.5 million ($3.5M), a 6% decrease
year-over-year, attributable to the company’s completed takeover of
manufacturing operations after it decided not to renew its
engineering contract with Loccioni Group. Net Profits including
extraordinary items were €0.5 million ($0.7M), a 66% decrease
year-over-year. Excluding extraordinary items, Net Profits in
FY2010 were €1.3 million ($2M), a 28% decrease year-over-year.
Decreases in Earnings were directly linked to short-term trends
associated with the company’s legal expenses in defending (and
winning) groundless lawsuits, and the company’s increased hiring of
core competencies’ staff.

Mr. DeViedma concluded: “Additionally, Health Robotics
reached many other important milestones during FY2010, which would
have been impossible without the outstanding support of our global
network of loyal partners, particularly Grifols, Rivosem, and
Tosho, and the expanded engineering staff under the direction of
our new CTO Mr. Fioravanti. Amongst the FY2010 hig
include: a) the
release of i.v.STATION, i.v.SOFT Assist, and
Tele-Pharmacy (Profile); b) the global expansion reaching 30+
countries and 6 continents; c) exceeding 100 installations; d) the
award by SGS (Societe General de Surveillance) of the ISO
certification for quality; e) achieving manufacturing independence
from Loccioni Group; and f) the re-acquisition of European CytoCare
rights from B. Braun.

     Health Robotics GmbH/S.r.l. (Fiscal Code 02493250217)

                              2010        2009    EUR Increment % Increment
                         ----------  ----------     -----------    -------
    Revenues             EUR10.737     EUR8.858       EUR1,879        21%
    Cost of Goods Sold    EUR3.885     EUR3.136         EUR749        24%
    Gross Margin          EUR6.851     EUR5.721       EUR1.130        20%
                         -----------  ---------      ----------     ------
    GM%                         64%         65%                      

    Operating Expenses
    Salaries              EUR1.280       EUR869         EUR411        47%
    Other                 EUR3.078     EUR2.190         EUR888        41%
                         -----------  ---------      ----------     ------
    Total Operating
    Expenses              EUR4.358     EUR3.059       EUR1.299        42%

    EBIDTA                EUR2.494     EUR2.663        (EUR169)       (6%)
                         -----------  ---------      ----------     ------
    EBIDTA %                    23%        30%                      

    Depreciation            EUR137        EUR28         EUR109        390%
    Amortization            EUR593       EUR117         EUR476        408%
    Exchange               (EUR165)       EUR72        (EUR236)      (330%)
    Income Taxes            EUR285       EUR755        (EUR470)       (62%)

    Profit before
    One-Time Items[1]     EUR1.314     EUR1.835        (EUR520)       (28%)
    Profit % before
    One-Time Items             12%         21%
                         -----------   ---------     ----------     ------
    (One-Time) Items        EUR819       EUR389         EUR429        110%
                         -----------   ---------     ----------     ------
    Net Earnings            EUR496      EUR1.446       (EUR950)      (66%)
                            ========    ========       ========      =====
    NET PROFIT %                 5%          16%

About Health

Founded in 2006, Health Robotics is the undisputed global
leading supplier of life-critical intravenous medication robots,
providing over 180 hospital installations in 6 continents with
robotics-based technology and software automation solutions
deployed utilizing virtual high-availability technology. Its
world-leading solutions CytoCare® and i.v.STATION® ONCO [hazardous
IVs], i.v.STATION® [non-hazardous IVs], i.v.SOFT® [workflow engine
for manual compounding], MEDarchiver® [life-critical clinical
information system], and TPNstation™ [totally-automated parenteral
nutrition] have and will greatly contribute to ease hospitals’
growing pressures to improve patient safety, increase throughput
and contain costs. Through the effective and efficient production
of sterile, accurate, tamper-evident and ready-to-administer IVs,
Health Robotics’ solutions help hospitals eliminate
life-threatening drug and diluent exchange errors, decrease other
medical mistakes and sterility risks, work more efficiently, reduce
waste and controlled substances’ diversion, and diminish the gap
between rising patient volume/acuity and scarce medical, nursing,
and pharmacy staff. For more information, please visit: href="">

1. One-Time Items represent legal expenses in connection with
two baseless legal cases brought by ex-distributor Devon Robotics
in the USA (Nevada and Michigan) that have already been dismissed
in favor of Health Robotics and/or its officers, plus two other
lawsuits, equally without merit, that the company expects to
similarly win dismissal in it or its officers’ favor during

For additional information, please contact:
Claudia Flaim, Marketing Coordinator

Phone: +39-0471-200-372


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