PULSION grows 11 percent in the first half-year

(lifePR) ( Munich, )
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- Good acceptance of the PiCCO2 flagship technology in the market
- negative product and channel effect on the gross margin
- EBIT forecast for the year reduced to level of previous year and increase in revenues of 12% in 2008

PULSION Medical Systems AG, a life-science corporation specializing in medical diagnostic and therapy systems listed on the Prime Standard of the Frankfurt Stock Exchange, increased its revenues in the first half of 2008 compared with the previous year by 11% from EUR 12.9 million to EUR 14.3 million. At the same time growth increased in the second quarter from about 7% in the first quarter of 2008 to about 14% in the second quarter of 2008.

The gross margin was only 68% (H1 2007:73%). Therewith the gross earning was basically at the same level as last year (EUR 9.8 million).

At EUR 1.0 million, research and development expenditure in the first half of 2008 was at a similar level to the previous year (H1 2007: EUR 1.0 million). Selling and marketing expenses of EUR 6.2 million were only marginally higher than in the previous year (H1 2007: EUR 6.1 million). General and administrative expenses increased slightly from EUR 1.6 million in H1 2007 to EUR 1.8 million in H1 2008, due in particular to off-off costs as a result of the relocation of administration and production. In total, the operative costs increased by EUR 0.4 million compared with the previous year.

EBIT therefore declined by 27% from EUR 1.2 million to KEUR 881. The EBIT margin accordingly amounted to 6% compared with 9% in H1 2007.

Group net profit fell, as explained in the Annual Report 2007, on account of the higher effective tax rate to KEUR 81 (H1 2007: EUR 0.8 million).

Cash funds (including available-for-sale financial assets and money market funds) amounted as of June 30, 2008 to EUR 4.3 million (June 30, 2007: EUR 5.1 million incl. money market funds).

The performance of the Critical Care line of business in the first half of 2008 fell well short of expectations. On the one hand, revenues from monitor sales increased further, following the successful launch of PiCCO2, so that the installed base of PiCCO monitors rose worldwide in the first half of 2008 to 5,481 units (+12% compared with June 30, 2007). With an increase of only 5% compared with the first half of 2007, sales of disposable products were however much lower than the growth forecast for the period.

The reasons for this development are to be found in particular in the sales area. PULSION will accordingly concentrate its sales efforts in the second half of the year on the optimum exploitation of the expanded potential of installed monitors with catheter sales. PULSION therefore has reduced its sales growth target for 2008 to 12%, representing total revenues of EUR 31.7 million. In addition, the Company anticipates a shortfall in EBIT. Instead of the EBIT of EUR 5.1 million originally budgeted, PULSION now expects an EBIT in the range of previous year.

The full half-yearly report will be published on August 11, 2008 in accordance with the financial calendar.

PULSION Medical Systems AG
ISIN DE0005487904
Equity capital: Euro 9,577,302 divided into no-par-value euro 1 individual share certificates

This press release contains forward-looking statements that involve risks and uncertainties. The forward-looking statements contained herein represent the judgement of PULSION Medical Systems AG as of the date of this release. These forward looking statements are no guarantees for future performance, and the forward-looking events discussed in this press release may not occur. PULSION Medical Systems AG disclaims any intent or obligation to update any of these forward-looking statements.
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