Health Robotics Reports Record Financial Results for FY2010 Driven by Winning 100% of Worldwide IV Robots’ Purchases
By Health Robotics, PRNESunday, 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
company‘s North American operations for the first
half of 2011“, stated Gaspar DeViedma, Health Robotics’
Executive Vice President. For a summary video, please click:
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 highlights
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)
AUDITED STATEMENT OF EARNINGS (Euro EUR '000)
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%
Interest/Currency
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%
----------- --------- ---------- ------
Extraordinary
(One-Time) Items EUR819 EUR389 EUR429 110%
----------- --------- ---------- ------
Net Earnings EUR496 EUR1.446 (EUR950) (66%)
======== ======== ======== =====
NET PROFIT % 5% 16%
About Health
Robotics:
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:
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
2011.
For additional information, please contact:
Claudia Flaim, Marketing Coordinator
Phone: +39-0471-200-372
.
Tags: Bozen, Health Robotics, Italy, June 20, Sud-tirol
