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EANS-Adhoc: LifeWatch reports on results for Full Fiscal Year 2009 and the Fourth Quarter 2009 - Cost saving program drives strong margin growth, operational cash flow and profitability - Brent Cohen named as Chief Executive Officer of LifeWatch ...

  ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
  distribution. The issuer is solely responsible for the content of this
  announcement.
24.02.2010
Neuhausen am Rheinfall / Switzerland - LifeWatch AG (SIX Swiss 
Exchange: LIFE), the leading provider of wireless cardiac monitoring 
services in the U.S., today announces strong results for Full Fiscal 
Year 2009 and the Fourth Quarter 2009.
The following link will take you to the complete press release and to
the Letter to Shareholders Full Fiscal Year 2009 and Q4 2009:
http://production.investis.com/lifewatch/financial-publications
Full Fiscal Year 2009 highlights are as follows:.
• 2009 revenues reached USD 123.05 million (USD 128.1 million before
      repayment provision), up 46% in comparison with 2008
• ACT cardiac monitoring service revenues accounted for almost 75% of the
      total at USD 87.45 million (after repayment provision) compared with USD
      35.81 million in 2008
• Gross profit reached USD 75.21 million, up 55% compared with USD 48.49
      million in 2008
• EBITDA totalled USD 32.91 million (26.7% margin), compared with USD 15.29
      million (18.1% margin) in 2008
• EBIT was USD 26.58 million, compared with USD 10.97 million in 2008
• Cash from operating activities in 2009 reached USD 31.84 million up from
      USD 9.89 million in 2008
Fourth Quarter 2009 highlights are as follows:
• Revenues in Q4 reached USD 27.03 million (USD 32.09 million before
      repayment provision) up 8.9% in comparison with Q4 2008
• ACT cardiac monitoring service revenues accounted for almost 75% of the
      total at USD 19.58 million (after repayment provision) compared with USD
      14.01 million in Q4 2008
• Gross profit reached USD 15.67 million, compared with USD 14.41 million
      from Q4 2008
• EBITDA of USD 6.72 million with a 24.9% margin, versus USD 5.26 million
      and 21.2% margin in Q4 2008
• EBIT of USD 4.99 million versus Q4 2008 EBIT of USD 4.02 million
• Positive operational cash flow of USD 9.98 million, up 124% from Q4 2008
• 472 managed care contracts for LifeWatch Cardiac Monitoring Services, and
      189 managed care contracts for Home Sleep testing services
• Successful completion of beta testing for NiteWatch Home Sleep Test
      services in December 2009
Further growth to be expected
We are confident of continued growth in the remote patient monitoring
field. Patient enrollments are rising, due to the increasing 
prevalence of medical conditions such as Arrhythmia disorders, Atrial
Fibrillation, Cryptogenic Stroke, and Syncope. Additionally, our 
entry into the Home Sleep Testing market with the NiteWatch service 
for testing for suspected Obstructive Sleep Apnea will provide 
additional revenues in 2010. Together with an aging population, the 
rising prevalence of chronic disease conditions and the tightened 
cost controls of many hospitals and healthcare providers in the U.S.,
the company has excellent growth opportunities in the future.
Provision for repayments
As a result of a change in the reimbursement environment, a potential
liability has arisen due to certain insurance companies questioning 
reimbursement levels. These companies may make repayment claims 
against us in a limited number of cases. In order to remove the risk 
of negative surprises in the future we have taken a significant 
provision to cover this eventuality. This provision amounts to USD 
5.06 million and has been deducted from revenues. The revenue figures
for full year 2009 and Q4 2009 shown below have been reduced by this 
amount.
Monitoring Services
LifeWatch wireless cardiac monitoring services grew rapidly in 2009. 
Consolidated revenues for the company from its markets are reported 
below:
• U.S. - USD 120.74 million compared with USD 81.76 million in 2008  
• Other markets - USD 2.31 million compared with USD 2.57 million in 
2008
Revenues from LifeWatch Wireless Cardiac Monitoring Services reached 
USD 19.58 million in Q4 2009, compared with USD 14.01 million in Q4 
2008, reflecting a strong increase of almost 40%. The rising demand 
of the LifeStar ACT wireless monitoring service drove revenue in the 
fourth quarter, and demonstrates its superior benefits of higher 
diagnostic yield and faster time to treatment.
Both the LifeStar ACT Ex and LifeStar ACT III Platinum monitoring 
services, launched in 2009, are well received in the U.S. medical 
community. The ACT III Platinum 3-lead EKG was adopted for use in 
many specialized patient care programs due to its increased 
sensitivity and ability to detect many arrhythmia that other systems 
lack, as well as the exceptional patient care programs, which have 
proven invaluable to physicians in both the cardiology and neurology 
fields. The ACT Ex monitor, which blends a digital Holter and a 
3-lead EKG cardiac event monitor, was also embraced by many of the 
leading U.S. heart institutions. Its unique ability to convert to a 
full EKG monitoring service when the Holter portion returns a 
negative test has demonstrated improved patient convenience and 
compliance, and has opened new niche patient monitoring markets.
LifeWatch Specialized Programs developed very successfully in Full 
Fiscal Year 2009:
• Atrial Fibrillation (AF) and stroke patient care program enrolments rose
      by 86% in 2009 compared with 2008. Both patient care programs are above
      the planned enrolment expectations.
• Revenues from LifeWatch´s Federal division grew by 223% in 2009,
      contributing USD 5.92 million in revenues. LifeWatch is the only
      Independent Diagnostic Testing Facility (IDTF) with a GSA (General Service
      Administration) Schedule Contract for procurement of ACT wireless
      monitoring services in U.S. government agencies.
• The NiteWatch Home Sleep Test (HST) service beta site testing was
      successfully completed, and is now supported with 189 contracts. LifeWatch
      is in the process of ramping up the service.
Sales of Systems
Revenue from the Sales of Systems in Q4 2009 reached USD 1.2 million,
compared with USD 1.6 million in the corresponding period of 2008. In
Q1 2009, LifeWatch realigned its strategy in sales and marketing 
initiatives from 'sales of systems' to 'sales of services' to reflect
this growing market trend.
Board of Directors appoints new Chief Executive Officer
The Board of Directors accepted and supports Dr. Yacov Geva´s 
proposal to appoint current President and COO Brent Cohen as the new 
CEO of LifeWatch AG. With this nomination, Dr. Yacov Geva 
successfully concludes a carefully conducted succession process 
initiated several months ago, when Brent Cohen was first hired as 
external advisor and then appointed as President and COO. The Board 
promotes Brent Cohen to his new position on the grounds of his 
outstanding performance track record, his broad international 
business experience and his ability to provide vision and guidance as
well as align and direct people. Brent Cohen will take over as CEO 
effective as of April 1, 2010.
The Board of Directors would like to thank Yacov Geva for his 
immeasurable work, effort and commitment he has put and will continue
to put into LifeWatch: Having initially served as CEO for three 
years, and then as Chairman of the Board and CEO during the following
21 years, Dr. Geva has built LifeWatch as we know the company today. 
He will continue to serve LifeWatch as Chairman of the Board focusing
on the strategic priorities that will continue to bring our company 
forward.
LifeWatch in 2010 and beyond
In 2010, under the leadership of Brent Cohen our new Chief Executive 
Officer, we intend to accelerate our efforts to exploit the domestic 
and global remote patient monitoring markets and to strengthen our 
foundation with profitable, long-term growth initiatives. We believe 
that LifeWatch is well-equipped - with the best people, products and 
services - to build on the opportunities that lie ahead, both in the 
near term and for the long-term. In 2010 our NiteWatch Home Sleep 
Test and LifeStar ACT wireless monitoring services will continue to 
drive growth of LifeWatch revenues. Although, as a result of the 
current uncertain pricing environment, we have decided to hold over 
full financial guidance until the release of our Q1 numbers in May 
2010, we are confident that our service revenues for the full year 
will reach at least the same level as in 2009, with solid double 
digit EBIT margins. We will give more detail in May 2010 along with a
fully updated strategic statement.
end of ad-hoc-announcement ==========================================
====================================== This press release includes 
forward-looking statements. All statements other than statements of 
historical facts contained in this press release, including 
statements regarding future results of operations and financial 
position, business strategy and plans and objectives for future 
operations, are forward- looking statements. The words “believe,” 
“may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” 
“expect” and similar expressions are intended to identify 
forward-looking statements. LifeWatch AG has based these forward- 
looking statements largely on current expectations and projections 
about future events and financial trends that it believes may affect 
the financial condition, results of operations, business strategy, 
short term and long term business operations and objectives, and 
financial needs. These forward-looking statements are subject to a 
number of risks, uncertainties and assumptions. In light of these 
risks, uncertainties and assumptions, the forward-looking events and 
circumstances described may not occur and actual results could differ
materially and adversely from those anticipated or implied in the 
forward- looking statements. All forward-looking statements are based
only on data available to LifeWatch AG at the time of the issue of 
this press release. LifeWatch AG does not undertake any obligation to
update any forward-looking statements contained in this press release
as a result of new information, future events or otherwise.
THIS PRESS RELEASE IS NOT BEING ISSUED IN THE UNITED STATES OF 
AMERICA AND SHOULD NOT BE DISTRIBUTED TO UNITED STATES PERSONS OR 
PUBLICATIONS WITH A GENERAL CIRCULATION IN THE UNITED STATES.  THIS 
PRESS RELEASE DOES NOT CONSTITUTE AN OFFER OF SECURITIES OF LIFEWATCH
AG OR ANY OF ITS SUBSIDIARIES FOR SALE IN THE UNITED STATES OR AN 
INVITATION TO SUBSCRIBE FOR OR PURCHASE ANY SECURITIES OF LIFEWATCH 
OR ITS SUBSIDIARIES IN THE UNITED STATES. IN ADDITION, THE SECURITIES
OF LIFEWATCH AG AND ITS SUBSIDIARIES HAVE NOT BEEN REGISTERED UNDER 
THE UNITED STATES SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD OR 
DELIVERED WITHIN THE UNITED STATES OR TO U.S. PERSONS ABSENT 
REGISTRATION UNDER OR AN APPLICABLE EXEMPTION FROM THE REGISTRATION 
REQUIREMENTS OF THE UNITED STATES SECURITIES LAWS.  ANY PUBLIC 
OFFERING OF SECURITIES TO BE MADE IN THE UNITED STATES WILL BE MADE 
BY MEANS OF A PROSPECTUS THAT MAY BE OBTAINED FROM LIFEWATCH AG OR 
ITS SUBSIDIARIES, AS APPLICABLE, AND WILL CONTAIN DETAILED 
INFORMATION ABOUT THE ISSUER AND ITS MANAGEMENT AS WELL AS FINANCIAL 
STATEMENTS OF THE ISSUER.
end of announcement                               euro adhoc

Further inquiry note:

Kobi Ben Efraim, Chief Financial Officer, LifeWatch AG
Tel +41 52 632 00 50 | Fax +41 52 632 00 51 | Email kobibe@lifewatch.com

Sensus Investor and Public Relations GmbH, Zürich:
Tel +41 43 366 55 11 | Fax +41 43 366 55 12 | Email lifewatch@sensus.ch

Branche: Healthcare Providers
ISIN: CH0012815459
WKN: 1281545
Index: SPI, SPIEX
Börsen: Frankfurt / Open Market / XETRA
SIX Swiss Exchange / Hauptsegment
Berlin / free trade

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