Strong sales growth in line with new strategy
Sales jumped 162% to MSEK 64.4 (24.6). Like for like the increase was 73%.
Operating loss totaled MSEK 4.2 (1.1).
Earnings after tax were MSEK 3.1 (0.2).
Loss per share was SEK 0.23 (profit: 0.01).
Important events after the reporting period
Ortivus was selected as preferred supplier in Great Britain as part of the worlds biggest IT initiative in health care. The order, which is for electronic Patient records for 800 ambulances, also creates opportunities on new markets in Europe where similar programs are under consideration.
New order from Uppsala University Hospital secures market-leading position in cardiology monitoring systems.
Ortivus completes proactive venture according to new strategy and carries out new share issue, guaranteed to 83%, to raise MSEK 170.
During the first quarter Ortivus continued to focus on the change process initiated as part of its new strategy. To clarify areas of responsibility and to improve governance, Ortivus implemented a new organizational structure, resulting in both a focus on geographic regions (Nordic countries, Europe and North America) and group-wide coordination of main functions. The previous application areas have been integrated to Emergency & Patient Management. Group management was strengthened by a new CFO and the German company now has a new management team.
The internationalization process continues, with an emphasis on Europe. During the period Ortivus signed a distribution agreement for Spain. Additional distribution agreements on new markets are under negotiation.
Ortivus reports strong sales growth for the first quarter, both in the Nordic countries and in North America. The successful launch of the newly developed CoroNet patient monitoring system, and continued success for MobiMed are the main contributing factors in the Nordic countries. In Canada a breakthrough order came in for MobiMed, involving equipment for 40 ambulances. In addition, Ortivus signed an agreement for an extensive order worth MUSD 1.3 for a CAD system for dispatching of emergency vehicles.
The increase in sales in the rest of Europe comes mainly from the acquisition of the German subsidiary. Integration of this company is proceeding according to plan and a new corporate management team was appointed during the quarter. Interest in Swedish products in the German market is great and a number of discussions are underway with potential customers. A first reference site should be installed during the second half of 2006. The Company has high expectations for growth of the German products in Germany, despite increased competition.
As expected, operating income was negative. The extensive focus on internationalization and the previously announced delays in certain development projects both affect cash flow and working capital. To complete the proactive campaigns, including additional smaller acquisitions, short- and long-term capital requirements must be guaranteed. Consequently the Board of Directors has proposed a new share issue as described in attached pdf-document (Complete Q1 report).
Extraordinary shareholder meeting will be held on June 8th, at 14:00, at Konferens Spårvagns-hallarna, Birger Jarlsgatan 57A, Stockholm
Future reporting dates:
January June will be published August 25, 2006
January September will be published November 7, 2006
For more information:
Mikael Strindlund, CEO, Ortivus,
telephone +46 (0)8-446 45 00 or mobile: +46 (0)70-269 53 03 or
Ortivus AB is a Healthcare IT company that offers total information and decision-making support systems
for healthcare, emergency services and public safety in Europe and North America. Ortivus AB is listed on the O-list of the Stockholm Stock Exchange (OMX) and was established in 1985. Ortivus has approximately 185 employees and subsidiaries in Denmark, Germany, Great Britain, Canada, and the US.
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