Comment by
"The fourth quarter was eventful and intense, with several historic milestones for the company. At the same time, the pandemic had a temporary, but clearly negative, impact on business and earnings. Demand for our products remains significant. We are confident that we can deliver on our financial targets."
QUARTER OCTOBER -
- Revenue grew 3% organically to
SEK 245 million (233) - Gross margin was 64% (67%).
-
Operating profit totaled
SEK 13 million (34), corresponding to an operating margin of 5.4% (14.7%). -
Cash flow after current investments was
SEK -274 million (50). -
Basic earnings per share were
SEK 0.05 (0.68)
PERIOD: JANUARY -
- Revenue was
SEK 872 million (895), corresponding to flat organic growth. -
Logistics-related delays at the end of the year caused some revenue to be postponed until 2022, which negatively impacted revenue by approximately
SEK 10 million . - Gross margin was 65% (66%).
-
Operating profit was
SEK 60 million (127), corresponding to an operating margin of 6.9% (14.2%). -
Cash flow after current investments was
SEK -234 million (171). -
Basic earnings per share were
SEK 0.30 (1.30). - The Board of Directors proposes to the Annual General Meeting that no dividend be paid for fiscal year 2021.
SIGNIFICANT EVENTS DURING THE QUARTER
Tobii Dynavox launched the communication device "TD Pilot," the very first Apple-certified product to enable control of an iPad with eye movements alone.Tobii Dynavox announced its financial targets. The Company's targets are to increase currency-adjusted revenue by more than 10% on average per year and to achieve and maintain an EBIT margin in excess of 15%.Tobii Dynavox intends to maintain a net debt/equity ratio of 2.5x (+- 0.5x) for the last 12 months' EBITDA.-
The Company received a payment from
Swedbank ofSEK 550 million under an agreed credit facility. The money was used for purposes to repay all loans toTobii AB . The Company also paidSEK 280 million toTobii AB under a previously signed license agreement. Tobii Dynavox entered into an agreement to acquire all shares in theBelgium -basedAcapela Group forEUR 9.8 million in cash. The deal is subject to approval by the relevant competition authorities, as well as certain other conditions. It is expected to be completed in the beginning of 2022.The Tobii Group was separated into two andTobii Dynavox ordinary shares were listed on Nasdaq Stockholm onDecember 9.
COMMENTS FROM THE CEO
The fourth quarter was eventful and intense, with several historic milestones for the company. At the same time, the pandemic had a temporary, but clearly negative, impact on business and earnings. Demand for our products remains significant. We are confident that we can deliver on our financial targets.
In 2021, the pandemic had a significant negative impact on our business, which was further exacerbated in the fourth quarter by the increased restrictions. In particular, the increased spread of the pandemic meant that our ability to meet with our customers, prescribers and users was again severely limited. Face-to-face meetings, often in our user's own home, is important in our world - and remains heavily restricted compared to before. Some of our staff have tested positive or had to be isolated, while logistics and the component shortage continued to be affected. To not have enough products to meet the demand is very frustrating, specifically for our users and customers.
As a result, our revenue grew by a relatively modest 3% organically. However, it is important to point out that
THREE KEY EVENTS MARKED THE QUARTER
The spin-off of
We are extremely proud of the Apple-based communication device "TD Pilot", which was launched in mid-November. The medically classified device enables people with disabilities to control an iPad with their eyes. The market response has been overwhelmingly positive. As this assistive device is primarily sold on a prescription basis, it will take until the middle of the first half of the year before sales start in earnest.
At the end of October, we signed an agreement to acquire
Despite the short-term challenges accompanying the rising case rates, we continue to work on long-term growth. One such initiative is customer satisfaction, which is at high levels.
LOW MARKET PENETRATION MEANS HIGH GROWTH POTENTIAL
We are optimistic about our long-term business potential, especially with such an underpenetrated market. Only two percent of those diagnosed annually are estimated to have access to assistive technology for communication, primarily because of low awareness and inadequate reimbursement solutions. Our education initiatives are therefore a critical factor in raising awareness of our solutions and these continue with unwavering commitment. Although it will take some time to recover from the negative effects of the pandemic, we are confident that we can deliver on our long-term financial targets.
In conclusion, I would like to underscore the inherent strength of the organization. We are passionate about our users and are constantly working to improve our products and services to make their lives easier. We look forward to an exciting and eventful 2022.
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