Q-Med AB (STO:QMED) posted sales of about $179.1 million last year, up 7.2 percent compared with roughly $167.1 million during 2008. Annual net income rose 1,976 percent to approximately $90 million, compared with about $4.3 million during 2008.
Fourth-quarter sales were roughly $49.6 million, up 3.6 percent compared with $47.9 million during Q4 2008. Net income was $7.3 million for the quarter, compared with a net loss of $6.3 millio during the same period in 2008:
Q-Med AB: Year-End Report 2009
January – December
- Group revenues from sales of goods and royalties amounted to 1,364 (1,272) MSEK.
- Earnings per share amounted to 6.89 (0.34) SEK.
- Operating income amounted to 738 (50) MSEK.
- In April 2009 Q-Med AB and Oceana Therapeutics, based in the US, entered into global agreements regarding commercialization rights to Deflux® and Solesta(TM). The agreements gave Q-Med an initial payment of 517 MSEK in total in June, partly as a purchase sum for Q-Med Scandinavia, Inc., the subsidiary that was divested within the framework of the agreements, and partly as payment for Oceana Therapeutics’ share of certain study costs. Further revenues from the product development collaboration with Oceana Therapeutics were subsequently received during the fourth quarter and in total a net revenue of 505 MSEK has been recorded for the whole year in the Group income statement in the Other operating revenues row.
- Revenues within the Esthetics product area amounted to 1,152 (1,037) MSEK and operating income was 252 (172) MSEK. For the Hospital Healthcare product area revenues from sales of goods and royalties were 212 (235) MSEK and operating income was 554 (-19) MSEK. Operating income includes the net revenue from the Oceana deal.
- Net income after tax amounted to 685 (33) MSEK.
October – December
- Group revenues from sales of goods and royalties amounted to 348 (336) MSEK during the fourth quarter and operating income amounted to 62 (-50) MSEK. Operating income for the Esthetics product area amounted to 57 (-5) MSEK and for the Hospital Healthcare product area operating income amounted to 17 (3) MSEK.
- Net income after tax amounted to 51 (-44) MSEK during the fourth quarter.
- On December 7 Q-Med AB and Oceana Therapetutics announced that the Solesta(TM) study for the treatment of patients with fecal incontinence, which will be used for registration of the product in the USA, had achieved both of its main objectives. Q-Med and Oceana Therapeutics intend to submit a premarket approval (PMA) application based on the results of the study to the FDA (US Food and Drug Administration) during the first quarter of 2010.
Events after the end of the period
- Medicis, Q-Med’s partner in North America, announced on February 3 that Restylane® with lidocaine (Restylane®-L) and Restylane Perlane(TM) with lidocaine (Perlane®-L) had been approved in the USA.
- Q-Med has given notice to approximately 30 co-workers at the Uppsala facility as part of the company’s work on changing the competence in the business and making it more effective.
- The Board intends to propose to the Annual General Meeting a dividend of 1.50 SEK per share.