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Ossur Hf : Össur announces efficiency initiatives
Announcement no. 68/2017 Reykjavík, 25 September 2017 Össur announces efficiency initiatives At the Capital Markets Day in Copenhagen on 27 September 2017, Össur's management will elaborate on growth, innovation, and new efficiency initiatives. Össur's sales have grown at a 22% compound annual growth rate since the Company was listed in 1999. This growth has been driven by a combination of organic and acquired growth, where the acquisitions of Touch Bionics and Medi Prosthetics represent the latest additions to the Össur business. Össur's profitability has grown at a similar rate with a continuous focus on operational improvements. Össur has identified further opportunities to increase efficiency by consolidating and simplifying its operations to better leverage its key strategic locations. Consequently, Össur has initiated three efficiency initiatives in the areas of Manufacturing, Distribution, and Sourcing to support further profitable growth. The initiatives will be implemented over the next three years where annual cost savings are expected to materialize gradually and amount to USD 10 million in 2020. Total implementation costs are expected to amount to USD 15 million, hereof approximately USD 3 million in the third quarter of 2017. The implementation costs will be expensed as special items over the three-year period. In addition, total capital expenditures related to the initiatives are expected to be around USD 4 million. Össur aims to further strengthen its innovation by investing a portion of the realized savings in research and development. These measures do not impact the full year guidance of 2017 as Össur provides guidance on EBITDA margin before special items. For further information Presentation material with additional information will be published just before the Capital Markets Day begins and will be made available on Össur's website: www.ossur.com/investors. Contact details Jon Sigurdsson, President & CEO +354 515 1300 Sveinn Solvason, CFO +354 515 1300 David Hreidarsson, Investor Relations +354 515 1380 email@example.com Össur corporate announcements by e-mail If you wish to receive Össur e-mail alerts, please register on our website: www.ossur.com/investors. About Össur Össur (NASDAQ: OSSR) is a global leader in non-invasive orthopaedics that helps people live a life without limitations. Its business is focused on improving people's mobility through the delivery of innovative technologies within the fields of braces, supports, prosthetic limbs and compression therapy. A recognized "Technology Pioneer", Össur invests significantly in research and product development; its award-winning designs ensuring a consistently strong position in the market. Successful patient and clinical outcomes are further empowered via Össur's educational programs and business solutions. Headquartered in Iceland, Össur has major operations in the Americas, EMEA and APAC, with additional distributors worldwide. www.ossur.com. Forward-looking statements This press release includes "forward-looking statements" which involve risks and uncertainties that could cause actual results to differ materially from results expressed or implied by these statements. Össur hf. undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement. Össur announces efficiency initiatives: http://hugin.info/133773/R/2136513/817629.pdf This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients. The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Ossur Hf via GlobeNewswire