• Net sales totalled 120.3 (148.5) MSEK.
• Operating profit totalled –24.7 (–29.0) MSEK including restructuring costs of
-8.1 (0.0) MSEK
• Result after tax totalled –24.1 (–18.8) MSEK.
• Earnings per share totalled –1.17 (–1.14) SEK.
• Cooperation with Nordic IT solution provider TietoEnator initiated.
• New CEO initiating business review with focus on improving cash flow.
SUMMARY OF THE THIRD QUARTER 2007
Mr Walt Young, the CEO for the company’s North American operation since 1999, was appointed CEO and President for the Ortivus Group on August 20, 2007.
The new CEO has since then together with management focused primarily on the Swedish operation. The previously decided personell cutbacks has been carried out and are by and large finalized, and operations have been adapted to the new organisation. A major review of all operational and business processes is ongoing, with a focus improving on cash flow.
The success for CoroNet in Sweden continues, with an order from the Umeå University Hospital of 2.5 MSEK as well as an allocation decision from the Köping Hospital.
The company is intensifying it’s cooperation with industrial partners for select markets, such as well known cardiology company et medical Devices in Italy and Spain. In September, Ortivus through a letter of intent entered into a cooperation with Nordic IT solutions provider TietoEnator, with the purpose of offering integrated solutions to the health care market.
In the UK the NHS Connecting for Health is undertaking a comprehensive project review with it’s service providers..
The market situation in Germany is stable, although with continued strong competition. Mr Thomas Pasold, a senior IT healtcare manager, joined the German subsidiary as CEO on August 1, 2007.
The North American operations continue to show stable growth. Launch of the first applications based on a new software platform under development is expected at the end of the year. This platform enables the company to respond faster to changes in market and customer requirements, and is also a prerequisite for a potential mid term launch of the company’s North American applications in Europe .
Future reporting dates
A press release of unaudited earning’s figures for 2007 will be published on February 19, 2007.
The interim report for Q1 2008 will be published May 5, 2008
For additional information:
Akbar Seddigh, Chairman, telephone +46 (0) 8-446 45 00, or E-mail; firstname.lastname@ortivus.com
Per Bourn, CFO, telephone +46 (0) 8-446 45 00 or mobile phone 0733-33 99 90, or E-post; firstname.lastname@ortivus.com
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