BOLZANO, Italy, April 14 /PRNewswire/ -- Health Robotics today announced audited results for FY2008 ending December 31, 2008, delivering record levels of firm purchase orders, revenue, earnings and cash flow.
Revenues in FY2008 were EUR8.2 million, a 161% increase year-over-year as the company began to record and enjoy the benefits of its indirect sales-channel franchise fee model, recurring revenue recognition, zero debt financing, worldwide adoption of its technology, and its conservative accounting practices of up-front expenditures with no amortization of R&D expenses.
Gross Margins in FY2008 were EUR5.8 million, a 442% increase year-over-year as the company recorded a higher mix of software licenses and other higher margin components as a % of gross revenues, corresponding to its first year accounting of deferred revenues from its franchise-fee recurring-revenue model, delivering FY2008 Gross Margins of 71% versus 34% in FY2007.
EBIDTA Earnings in FY2008 were EUR2.4 million, a 321% increase year-over-year as the company recorded EBITDA Margins of 29% versus 18% in FY2007. Net Profit Earnings in FY2008 were EUR1.7 million, also a 321% increase year-over-year as the company delivered Net Profit Margins of 20% versus 13% in FY2007.
Revenue Backlog [revenue from firm purchase orders that has been deferred to future Fiscal Years] grew to EUR25 million at the end of FY2008, a EUR14 million or 127% increase year-over-year, significantly reducing the pressure to achieve additional sales in the current global economic environment, and ensuring the company's high-double-digits growth and profitability for years to come.
Future Guidance for FY2009 includes a minimum of EUR12 million in Gross Revenues, EUR8 million in Gross Margin, EUR5 million in EBIDTA Earnings, and EUR3 million in Net Earnings, continuing to generate positive cash-flow and recording unprecedented growth across all financial metrics as the company continues to benefit from the recurring-revenue-base emanating from its company-deferred firm purchase orders and franchise fees, and having expensed the majority of R&D expenses for its first [CytoCare(TM)] and second [i.v.STATION(TM)] robots.
"We are very pleased with our FY2008 results, which reflect excellent execution across Europe, North America, Middle East, and Asia-Pacific in a challenging economic environment. The large size and geographic diversity of our customer base and the long-term strategic relationships we have built with our global partners Devon International Group, B|Braun, Can-Med, Tosho, and AHCSC-Olayan, contributed to our ability to deliver excellent results in a difficult global economic environment. Health Robotics also benefits from offering a product that has no competition whatsoever in the high-growth Oncology Sector and at the same time bringing to market in FY2009 a second product that changes the dynamics of competition in the IV Antibiotics and Pain Therapy markets by delivering a fault-tolerant solution at 1/4 of the price and comparable throughput than our competitors currently offer in the IV Robotics field. These excellent financial results achieved on only our second full year of operations also allowed us to test direct sales operations in certain European and Asia-Pacific areas, and to comfortably plan to develop a third robot [TPNstation] as part of a new strategic partnership expanding from IV Therapy into the Parenteral Nutrition market in FY2010. We expect the demonstrate TPNstation at ASHP 2009 Mid Year Meeting in Las Vegas." stated Werner Rainer, CEO of Health Robotics.
About Health Robotics:
Health Robotics is the global leading supplier of life-critical intra-venous medication preparation, compounding, and dispensing Robots, with forty-five-times more units sold that all of its competitors combined, and providing healthcare facilities in four continents with robotics technology and software automation solutions. The world-leading solutions CytoCare [hazardous IVs] and i.v.STATION [non-hazardous IVs] have and will greatly contribute to ease global hospitals' and clinics' growing pressures to improve patient safety through the effective and efficient production of sterile, accurate, and ready-to-administer IVs, to eliminate life-threatening drug-exchange errors, to decrease other medication errors and contamination risks, and to work more efficiently, increase throughput, reduce waste, and contain costs.
CONTACT: For additional information, please contact: Health Robotics,
Gaspar G. DeViedma, Altmanstrasse 9A, Bozen, Sud-Tyrol, I-39100, USA:
+1-609-980-7976, EUROPE: +39-346-963-4934,
gaspar.deviedma@health-robotics.com
