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Revenue up 3.9% on a Constant Currency Basis;
Adjusted EBITDA up 11.2%;
Preliminary First Quarter 2014 Revenue up over 15%
LUXEMBOURG, May 6, 2014 /PRNewswire/ -- ConvaTec, a privately-held medical products and technologies company, today announced strong financial results for the year ended December 31, 2013. Revenue for the year increased 3.9% to $1.701B, and adjusted EBITDA, excluding the impact of realized foreign exchange, was up 11.2% to $552.9M.
The company also reported that revenue for the first quarter of fiscal 2014, which ended March 31, 2014, was up over 15% on a preliminary basis. Sales increased across all regions and franchises, with exceptional growth in the Americas and in the Wound Therapeutics and Continence and Critical Care segments.
"Last year was the second year in a row of accelerated business performance for ConvaTec, and we're off to a very strong start to 2014," said Ken Berger, CEO of ConvaTec.
"Our products are resonating in the marketplace, and we are excited about our new product launches. These include a breakthrough AQUACEL wound dressing that promotes healing by disrupting biofilms, an enhanced portfolio of catheters under the GentleCath brand and new ostomy products with our proprietary Moldable Technology for the best fit and skin protection."
ConvaTec is a global medical products and technologies company, with leading market positions in ostomy care, wound therapeutics, continence and critical care, and infusion devices. Our products provide a range of clinical and economic benefits, including infection prevention, protection of at-risk skin, improved patient outcomes and reduced total cost of care. ConvaTec has over 8,000 employees, with 11 manufacturing sites in 8 countries, and we do business in more than 100 countries. We are owned by Nordic Capital and Avista Capital Partners. More information is available at www.convatec.com.
This communication contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about future financial and operating results, our plans, objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as "will likely result," "are expected to," "will continue," "is anticipated," "estimated," "believe," "intend," "plan," "projection," "outlook" or words of similar meaning. Such forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond our control. Actual results may differ materially from the results anticipated in these forward-looking statements.
The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: our strategy, outlook and growth prospects, including our operational and financial targets; the economic outlook in general and, in particular, economic conditions in the European and U.S. markets; the competitive environment in which we operate; growth in demand for our products, increases in the penetration of our products into their respective markets, reimbursement rates for our products, or similar measures; our expansion plans, including planned expansion into and growth in Emerging Markets; our ability to gain necessary regulatory approvals and desirable reimbursement rates for our newly developed products and technologies; and our ability to develop, market and launch attractive new product designs and technologies.
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