More moderate growth for PULSION in first quarter

First-quarter revenues up 7% / Revenue target for year narrowed down: revenue growth of at least 34 million EUR and EBIT of at least 5.1 million EUR

(PresseBox) ( München, )
PULSION Medical Systems AG, a life science corporation specializing in medical diagnostic and therapy systems, listed on the Prime Standard of the Frankfurt Stock Exchange, increased its first-quarter revenues by 7% from EUR 6.4 million to EUR 6.8 million and missed its own targets. The gross profit margin was 71% (Q1 2007: 74%).

Research and development expenditure, at EUR 0.5 million, was at a similar level to same quarter last year as well as selling and marketing expenses at EUR 3.1 million. General and administrative costs increased by 25% to EUR 0.9 million (Q1 2007: EUR 0.7 million), mainly due to one-time costs incurred by relocating administration and production. In total operative costs increased by 6% compared with the first quarter of 2007.

EBIT fell by 13% to EUR 0.5 million (Q1 2007: EUR 0.6 million) and the EBIT margin decreased to 7% (Q1 2007: 9%).

The group net profit decreased to KEUR 42 (Q1 2007: EUR 0.4 million) as a result of the higher effective tax rate (as explained in the Annual Report 2007). Cash funds (including available-for-sale financial assets) amounted to EUR 5.9 million at March 31, 2008 (December 31, 2007: EUR 7.0 million).

The first-quarter performance of the Critical Care line of business fell well short of expectations. On the one hand, revenues from monitor sales continued to develop encouragingly following the successful introduction of PiCCO2. The installed base of PiCCO monitors, for example, rose worldwide by 200 units during the first quarter to stand at 5,456 units at March 31, 2008 (+15% compared with one year earlier). On the other hand, first-quarter sales of disposable products grew by only 5%, therefore falling well short of forecast growth for the period.

The reasons for this performance are primarily to be found in the area of selling. With hindsight, it can be seen that the planned timeframe for restructuring the selling function worldwide was too optimistic.

Weak spots have been identified and measures now initiated to ensure the same high level of efficiency in all sales companies. PULSION expects that these measures take effect over the course of 2008 and that earnings will improve accordingly.

The sales growth target for the full year has now been narrowed down to a level of at least 20%, respectively EUR 34 million, in other words to the lower end of the initial targeted growth corridor of 20-30%. An EBIT margin of at least 15% of sales revenues, or 5.1 million EUR, is expected.

The full quarterly report will be published on May 13, 2008 in line with PULSION's financial calendar.
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