Artimplant braces itself for another tough year

Artimplant, a biomaterials company focused on solutions to problems in orthopaedics, such as the development of degradable implants that regenerate body functions and improve quality-of-life, has disclosed its financial results for the year ended 31st December 2012.

2012 Highlights

• Net revenue increased by 15 per cent and amounted to SKr 21.1 million, compared with SKr 18.3 million at the end of 2011.

• The net loss after tax totalled SKr 16.5 million, compared with SKr 17.9 million in the prior year. This represented an improvement of SKr 1.4 million.

• Earnings per share unit amounted to SKr -0.03, compared with SKr -0.15 in 2011.

• The aim of achieving a positive cash flow before changes in working capital on a monthly basis was moved forward to the second half of 2013 due to low sales growth in the US. The sales development is still weak and the impact of the litigations it is uncertain and therefore Artimplant could not determine when cash flow will be positive.

• The Board of Directors proposed that no dividend be paid for 2012.

• A licence agreement with Biomet Sports Medicine was terminated in April 2012.

• The US study of Artelon Tissue Reinforcement for rotator cuff injuries was published. The study showed positive results with regard to functioning of the shoulder and patients’ perceived improved qualityf-life.

Events after year end

• Artimplant has prolonged its funding agreement regarding costs for trials in US and recovered previous legal costs of SKr 5 million.

• The company has requested arbitration in an ongoing insurance dispute.

• The company is in need of a capital injection; the Board has therefore decided to review its strategic options.

Artimplant's products, made from Artelon, reportedly meet unmet clinical needs and are marketed in a growing number of therapy areas. Artimplant produces implants for treatment of osteoarthritis in hands and feet as well as shoulder and other soft tissue injuries.

This article is tagged to:
Sector: Medical Devices
Geography: Sweden

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