Q-Med AB: Year-End Report 2010
January - December
- Group revenues from sales of goods and royalties amounted to 1,454 (1,364) MSEK.
- Earnings per share amounted to 2.11 (6.89) SEK.
- Operating income amounted to 287 (738) MSEK.
- Revenues within the Esthetics product area amounted to 1,323 (1,152) MSEK and operating income was 303 (252) MSEK.
- Net income after tax amounted to 210 (685) MSEK. Net income for 2009 was positively affected by a total of 505 MSEK as a result of a one-time revenue and revenues from the research collaboration with Oceana Therapeutics.
October - December
- Group revenues from sales of goods and royalties amounted to 394 (348) MSEK during the fourth quarter and operating income amounted to 42 (62) MSEK. For the Esthetics product area operating income amounted to 58 (57) MSEK and for the Hospital Healthcare product area operating income amounted to 24 (17) MSEK. A cost of 41 MSEK regarding a write-down of the goodwill that arose when Q-Med AB acquired its Italian distributor in 2001 has been charged against income for the fourth quarter for the Esthetics product area. The write-down is due to the fact that the cash flow from the Italian market can no longer be considered to derive from the goodwill that is related to the acquisition. Furthermore, expenses for the legal dispute between Genzyme Corporation and Medicis, Q-Med's partner in North America, and expenses attributable to the bid that Galderma Holding AB has made for Q-Med have been charged to income for the fourth quarter. These expenses amounted to a total of 24 MSEK.
- Net income after tax amounted to 34 (51) MSEK during the fourth quarter.
- Representatives for Q-Med and Q-Med's partner Oceana Therapeutics met the FDA's Gastroenterology and Urology Devices Panel on December 2 to discuss clinical evidence for the use of Solesta(TM) in the treatment of fecal incontinence. The FDA panel voted 5-0 that the benefits of Solesta outweigh the risks of the treatment. One panel member refrained from voting. In practice the result means that the panel supports approval of Solesta for patients where simpler treatment methods do not work. The FDA is expected to take the panel's recommendation into consideration during the continued review process of the Solesta PMA.
- Medicis was informed that Genzyme Corporation has filed a lawsuit against the company alleging that Medicis is infringing on a patent held by Genzyme by marketing Restylane®, Perlane, Restylane®-L and Perlane®-L.
- Galderma Holding AB, a company wholly owned by Galderma Pharma S.A., announced on December 13 a public offer to the shareholders of Q-Med to tender all their shares in Q-Med to Galderma. With the exception of Q-Med's largest shareholder, Lyftet Holding B.V., the shareholders are offered 75.00 SEK in cash for each share in Q-Med. Q-Med's Board unanimously recommends the shareholders of Q-Med to accept the public takeover offer by Galderma. Se also the separate press release of January 31.
As a consequence of the undertaking from Lyftet Holding B.V. to Galderma to accept the Offer, Bengt Ågerup has not participated in the Board's consideration of the Offer or this statement.
Queries should be addressed to:
Maria Carell, CEO
Tel: +46 70 974 9020
Alexander Kotsinas, Vice President and CFO
Tel: +46 73 500 1111
Future financial reports and calendar:
Interim report January - March 2011
April 27, 2011
Annual General Meeting
April 28, 2011
Half-year report January - June 2011
July 21, 2011
Interim report January - September 2011
October 26, 2011
Lars Bergkvist, Lannebo Fonder
Kerstin Sandberg, Robur Fonder
January 31, 2011
Q-Med AB (publ.)
The information in this report is such as that which Q-Med is required to disclose in accordance with the Swedish Securities Market Act and/or the Financial Instruments Trading Act. The information was submitted for disclosure at 7.30 a.m. on January 31, 2011.
Q-Med AB is a medical device company that develops, manufactures, markets, and sells high quality medical implants for esthetic and medical use. The majority of the products are based on the company's patented technology, NASHA(TM), for the production of stabilized non-animal hyaluronic acid. The product portfolio today contains: Restylane® for filling lines and folds, contouring and creating volume in the face, Macrolane(TM) for body contouring, Durolane(TM) for the treatment of osteoarthritis of the hip and knee joints, Deflux® for the treatment of vesicoureteral reflux, VUR, (a malformation of the urinary bladder) in children, and Solesta® for the treatment of fecal incontinence. Sales are made through the company's own subsidiaries or distributors in over 70 countries. Q-Med today has about 650 coworkers, with almost 400 at the company's head office and production facility in Uppsala, Sweden. Q-Med AB is listed in the Mid Cap segment of the NASDAQ OMX Nordic.
The full report with tables can be downloaded from the following link.