• Revenues of USD 12.4 million (USD 13.2 million at constant exchange rates*),
representing a growth of 9.1% at constant exchange rates* over first quarter of 2009
• EBITDA of USD 3.1 million (25.0% of revenues)
• EBIT of USD 1.7 million (13.7% of revenues)
• Net income of USD 1.6 million (12.9% of revenues)
Tel Aviv/Zurich, 11 May 2010 – SHL Telemedicine Ltd. (SIX Swiss Exchange: SHLTN), a leading provider and developer of advanced personal telemedicine solutions, today announced results for the first quarter of 2010.
During the first quarter of 2010, SHL continued with the establishment of its cardiac emergency service in the German consumer market with significant investments being made in sales and marketing, as planned. In addition, SHL is also focusing on introducing its cardiac emergency service into the UK. The cardiac emergency service is provided through SHL’s existing monitor centers and is based on SHL’s FDA approved personal cellular 12 lead ECG monitoring device, the CardioSen’C™.
Erez Alroy, Co-CEO of SHL Telemedicine, commented: “We have started making the first steps in implementing our expansion strategy presented in February. We clearly see untapped potential for our services in Germany and the UK. We are confident that the consumers will respond positively to our offering which saves lives and gives them peace of mind.”
Financial highlights for the quarter:
Revenues for the quarter reached USD 12.4 million compared to USD 10.7 million in Q1 2009. At constant exchange rates* revenues for the quarter amounted to USD 13.2 million compared to USD 12.1 million at constant exchange rates* in Q1 2009. This reflects a growth of 15.9% and 9.1%, respectively from the first quarter of 2009.
Gross profit improved and reached USD 8.1 million compared to USD 7.1 million in Q1 2009. EBITDA for the quarter improved by 19.2% to USD 3.1 million (25.0% of revenues) from an EBITDA of USD 2.6 million (24.3% of revenues) in Q1 2009 with EBIT for the quarter amounting to USD 1.7 million (13.7% of revenues) compared to USD 1.5 million (14.0% of revenues) in Q1 2009. Net income for the quarter totaled USD 1.6 million compared to USD 1.2 million in Q1 2009, bringing EPS for the quarter to USD 0.15 up from USD 0.12 in Q1 2009.
Cash provided by operations for the quarter amounted to USD 0.6 compared to USD 0.2 million in Q1 09. Cash, cash equivalents and marketable securities at March 31, 2010 amounted to USD 20.6 million.
Balance sheet. SHL’s assets at 31 March 2010 totalled USD 90.7 million with shareholders’ equity amounting to USD 67.6 million (74.5% of balance sheet) compared to assets of USD 75.5 million and shareholders’ equity of USD 54.9 million at 31 March 2009.
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