This week Icelandic orthopedics/prosthetics producer Össur posted its results for the third quarter of 2008 with net profits of USD 13.7 million (EUR 10.7 million) compared to USK 2.2 million (EUR 1.7 million) year over year. Sales are up by six percent, USD 87.3 million for Q3.
Similarly, the company’s 9-month results for 2008 are up year-over-year.
“We are quite satisfied with the results for the quarter and the first nine months of the year. We have managed to increase the profitability of our business handsomely, despite the fact that sales growth has been slower than anticipated,” Össur President and CEO Jón Sigurdsson said in a statement.
“In the past two years we have focused on integration and building a strong player in the field of non-invasive orthopedics. Today Össur has a diverse revenue base, well balanced between Europe and the United States and a strong balance sheets with a 43 percent equity ratio,” Sigurdsson added.
In reference to the current situation on international markets, Sigurdsson commented, “We do not expect the financial crisis in the world today to have significant impact on Össur’s operations as Össur operates within the healthcare sector. Overall, we are confident that we have managed to build a strong company with a solid foundation for future growth.”
To reward their employees for their hard work, and in light of the murky economic situation in Iceland, Össur’s executives decided to include a bonus of ISK 100,000 (USD 829, EUR 650) in each of their employees’ October paychecks, Fréttabladid reports.
Click here to read more about Össur’s Q3 and YTD results.