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LifeWatch Q2 net profit drops to USD1.9m
29 July 2010 - Swiss healthcare technology firm LifeWatch (SWF: LIFE) said its net profit plunged to USD1.9m (EUR1.5m) in the second quarter of 2010 from USD5m a year earlier.
Fully-diluted earnings per share (EPS) fell to USD0.14 from USD0.38 in the prior year period.
Earnings before interest and tax (EBIT) declined to USD100,000 from USD7.2m. The EBIT margin decreased to 0.5% from 21.3%. Earnings before interest, tax, depreciation and amortisation (EBITDA) dropped to USD1.6m from USD8.9m and the EBITDA margin fell to 6.8% from 26.1%.
Revenue dropped by 31.4% to USD23.3m. The decrease was mainly due to a reduction in average selling prices as well as reimbursement denials on the second quarter of 2010, the company said.
The achieved results surpassed the expectations of Bank Vontobel. It had projected a net loss of USD200,000, EBIT on the break-even-level and revenue of USD22.9m.
LifeWatch reaffirmed its outlook for the whole 2010, expecting revenue of between USD100m and USD105m. EBIT is forecast to be between USD1m and USD3m.
(USD1 = EUR0.770)
Fully-diluted earnings per share (EPS) fell to USD0.14 from USD0.38 in the prior year period.
Earnings before interest and tax (EBIT) declined to USD100,000 from USD7.2m. The EBIT margin decreased to 0.5% from 21.3%. Earnings before interest, tax, depreciation and amortisation (EBITDA) dropped to USD1.6m from USD8.9m and the EBITDA margin fell to 6.8% from 26.1%.
Revenue dropped by 31.4% to USD23.3m. The decrease was mainly due to a reduction in average selling prices as well as reimbursement denials on the second quarter of 2010, the company said.
The achieved results surpassed the expectations of Bank Vontobel. It had projected a net loss of USD200,000, EBIT on the break-even-level and revenue of USD22.9m.
LifeWatch reaffirmed its outlook for the whole 2010, expecting revenue of between USD100m and USD105m. EBIT is forecast to be between USD1m and USD3m.
(USD1 = EUR0.770)
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