Interim report January – September 2017

July – September

Revenue rose 17.9% to MEUR 69.2 (58.7)

Organic growth was 7.1%

The gross margin increased to 42.4% (41.0)

Adjusted EBITA increased to MEUR 6.3 (4.5), corresponding to a margin of 9.1% (7.7)

Adjusted EBIT rose to MEUR 5.2 (3.5), corresponding to a margin of 7.5% (5.9)

Part of the Puls business unit was divested on 1 August 2017 and reported under divested operations

Handicare was listed on Nasdaq Stockholm on 10 October 2017 following a new share issue. As a result of the IPO and the refinancing the net debt/LTM EBITDA decreased to 3.2x.

January – September

Revenue rose 23.8% to MEUR 213.9 (172.8)

Organic growth was 6.3%

The gross margin increased to 42.8% (41.0)

Adjusted EBITA increased to MEUR 20.0 (12.6), corresponding to a margin of 9.4% (7.3)

Adjusted EBIT rose to MEUR 16.4 (10.3), corresponding to a margin of 7.7% (6.0)

Part of the Puls business unit was divested on 1 August 2017 and reported under divested operations

For table see encl PDF

CEO’s comments


Handicare posted continued strong organic growth and margin improvements. Part of the operations of Puls were divested as a step toward increased focus on the core operations: Accessibility and Patient Handling. The Handicare share was listed on Nasdaq Stockholm on 10 October.

Continued strong organic growth and margin improvements In the first nine months of 2017, our revenue grew organically by 6.3%. We have strengthened our positions through organic growth in Europe and North America. Our assessment is that we have captured market shares. Economies of scale have resulted in increased profitability and the adjusted EBITA margin rose to 9.4% (7.3). Growth was attributable to both external and internal factors. A number of macro factors are beneficial for our operations, such as an expanding elderly population, an increasing tendency for the elderly and ill to stay at home for as long as possible, and a greater focus on efficiency in hospitals and healthcare facilities. Together, these factors drive underlying market growth.

Commercial Excellence – internal growth initiative In spring 2016, we launched a new strategy based on growth through Commercial Excellence and acquisitions. The Commercial Excellence initiative is based on three areas: a more effective commercial strategy, strategic sales initiatives and geographic expansion by measures including expansion of the retailer network and the implementation of a new distribution strategy in the US.

The new function-based organisation means we can extract greater synergies from the product segments than we could previously. We can see this clearly in the sales organisation as well as in the support functions. The acquisition of Prism Medical in 2016 gained us access to their well-established distribution network for Patient Handling products. We are now using this network as a foundation for our ongoing development of our distribution strategy in North America through which we will sell Patient Handling and Accessibility products. We have already noted considerable and expanding interest in our stairlifts in the US. In the third quarter, stairlift sales posted a year-on-year increase of 19%.

Our internal Xcel programme, which aims to increase professionalism in our sales organisation, is now entering its next phase; the first phase with a focus on sales structure has been implemented and the focus is now on sales techniques. Overall, I am convinced that our internal initiatives have helped us capture market shares and strengthened our positions. I look forward with great confidence toward seeing further results from these initiatives.

Stock exchange listing — a mark of quality The Handicare share was listed on Nasdaq Stockholm after the end of the quarter. The general public and institutional investors showed high interest during the listing process and I am delighted to welcome all of our new shareholders. The macro trends favour us and it is pleasing that the investments we have made in terms of focusing operations together with an efficient production structure and the internal initiatives have resulted in growth and improved margins. Handicare is well-positioned for continued profitable growth and the stock exchange listing has raised our profile as well as further strengthened our credibility.

Asbjørn Eskild President and CEO

Telephone conference

A telephone conference, hosted by Asbjørn Eskild, President and CEO, and Stephan Révay, CFO, will be held at 10:00 CET on 8 November, 2017. To participate, please register in advance using the following link A presentation will be available at  (

For more information, contact:

Asbjørn Eskild, CEO, Tel: +47 905 633 04

Stephan Révay, CFO, Tel: +46 729 666 532

Boel Sundvall, IR, Tel: +46 723 747 487

This information is information that Handicare Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 8:00 a.m. CET on 8 November 2017.

About Handicare

Handicare offers solutions to increase the independence of disabled or elderly people, and to facilitate for their care providers and family. The offering encompasses a comprehensive range of curved and straight stairlifts, transfer, lifting and repositioning aids, vehicle adaptations and medical equipment. Handicare is a global company with sales in more than 20 countries and is a market leader in this field. The head office is in Kista, Sweden and manufacturing is located at six sites distributed across North America, Asia and Europe. In Oct 2016/Sep 2017, revenue amounted to MEUR 286 and the adjusted EBITA margin was 8.6%. Employees amounted to slightly more than 1,150 and the share is listed on Nasdaq Stockholm. For more information;


PDF: Interim report January – September 2017 ("PDF")

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