Carl Zeiss Meditec AG records growth in all business units

Revenue up to EUR 674 million / EBIT down slightly year-on-year as a result of unfavorable exchange rates with a continued headwind

JENA/Germany, 14/08/2014.

In the first nine months of financial year 2013/2014 medical technology company Carl Zeiss Meditec AG increased its revenue to € 673.7 million After adjustment for exchange rates this corresponds to growth of 7.3 percent; at the end of the day, considering the significant negative impact from currency translation effects which were also present in previous quarters, revenue lifted by 3.8 percent compared to the same period of the previous year. Growth in EBIT (EUR 92.1 million) and the EBIT margin (13.7 percent) were also hampered by currency translation effects. As already reported, a neutral result from currency hedging transactions based on the nine-month period led to earnings per share (EPS) falling by 13.5 percent.

“Our business continued to show a positive development in the past few months. All three strategic business units (SBUs) contributed to the growth,” commented Dr. Ludwin Monz, Carl Zeiss Meditec AG’s CEO. As in the previous months, unfavorable exchange rates had an exceptionally adverse impact on business.


Key figures by business units at a glance

Once again, the Surgical Ophthalmology SBU recorded the strongest revenue growth. During the period under review, this SBU’s revenues lifted by around 22 percent year-on-year, with additional support from the acquisition of the Aaren Scientific, which specializes in intraocular lenses, and continued strong demand for innovative intraocular lenses in the premium segment. Even without considering the figures for Aaren Scientific, included for the first time, this business unit recorded substantial double-digit growth.

Revenues in the Microsurgery SBU were up slightly year-on-year, with a continued strong adverse impact from exchange rates in the first nine months of the current financial year. After currency adjustments, surgical microscopes and visualization solutions grew by 5.9 percent.

The Ophthalmic Systems SBU was able to keep its revenues at almost the previous year’s level. After adjustment for currency translation, this SBU contributed growth of 3.6 percent, with continued strong pressure from the competition in diagnostics and a high level of demand for innovative lasers for refractive vision correction.


Revenue by region

Taken region by region, revenues in the first nine months of the financial year were highly varied:

In the Europe, Middle East and Africa region the individual markets recorded very heterogeneous growth of 7.7 percent with the German market recording slight growth and the Southern European countries continuing to recover, and the Russian market continued to fall after the expiration of state business support programs. The Americas region recorded stable growth on the whole. Revenue in reporting currency fell by 2.9 percent. However, based on constant exchange rates, this equates to slight growth of 0.7 percent. The strongest - currency-adjusted - growth stemmed from the Asia/Pacific (APAC) region and totaled 14.4 percent in the first nine months. Considering the continued unfavorable exchange rates, in particular in this economic region, growth was still 6.8 percent.

“Despite the overall difficult market conditions worldwide, we are sticking to our revenue growth target of EUR 910-940 million for the year as a whole. We also still have our sights firmly set on a medium-term target of an EBIT margin of 15 percent. If the unfavorable exchange rates remain, however, we may have to exercise a little more patience before reaching this target,” commented Ludwin Monz.


Revenue by strategic business unit
Figures in EUR '000 9 Months 2012/2013 9 Months 2013/2014 Change from prev. year
Ophthalmic Systems 266,826 266,504 -0.1%
Surgical Ophthalmology 92,735 113,325 +22.2%
Microsurgery 289,481 293,894 +1.5%
Revenue by region
Figures in EUR '000 9 Months 2012/2013 9 Months 2013/2014 Change from prev. year
EMEA 224,142 241,391 +7.7%
Americas 221,119 214,745 -2.9%
Asia/Pacific 203,781 217,587 +6.8%

Press contact:
Jann Gerrit Ohlendorf, Group Communications, Carl Zeiss Meditec AG
Phone: +49 (0)3641 220-331, Email: press .meditec @zeiss .com

For investors:
Sebastian Frericks, Investor Relations, Carl Zeiss Meditec AG
Phone: +49 (0)3641 220-116, Email: investors .meditec @zeiss .com

Brief profile

Carl Zeiss Meditec AG (ISIN: DE 0005313704), which is listed on TecDAX of the German stock exchange, is one of the world’s leading medical technology companies. The Company supplies innovative technologies and application-oriented solutions designed to help doctors improve the quality of life of their patients. It provides complete packages of solutions for the diagnosis and treatment of eye diseases - including implants and consumable materials. The company creates innovative visualisation solutions in the field of microsurgery. The medical technology portfolio of Carl Zeiss Meditec is rounded off by promising, future-oriented technologies such as intraoperative radiotherapy. In financial year 2012/2013 (ended 30 September) the Group's more than 2,500 employees generated revenue of almost € 906 million.

The head office of Carl Zeiss Meditec is in Jena, Germany. The company has subsidiaries in Germany and abroad; more than 50 percent of its employees are based in the USA, Japan, Spain and France. The Center for Research and Development (CARIn) in Bangalore, India and the Carl Zeiss Innovations Center for Research and Development in Shanghai, China, strengthen the presence in these rapidly developing economies. Around 35 percent of Carl Zeiss Meditec shares are in free float. The remaining approx. 65 percent are held by Carl Zeiss AG, one of the world’s leading groups in the optical and optoelectronic industries.
Carl Zeiss offers innovative solutions for the future-oriented markets of Medical and Research Solutions, Industrial Solutions, Eye Care and Lifestyle Products. Carl Zeiss AG, Oberkochen, is fully owned by the Carl Zeiss Foundation.

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