WS Audiology delivers solid underlying revenue growth with an adjusted EBITDA margin of 18.9%

COPENHAGEN, Denmark – Hearing aid and hearing health services company WS Audiology A/S today announced its results for the period May 1, 2018 to September 30, 2019. It is the first reporting period for the privately-owned company formed on March 1, 2019 by the merger of the assets of Widex A/S and Sivantos Pte Ltd.
During the period, comprising 17 months of Widex A/S and 7 months of Sivantos Pte Ltd, the company delivered a total revenue of EUR 1,670 million. Adjusted EBITDA ended at EUR 316 million, corresponding to an adjusted EBITDA margin of 18.9%.

Highlights:
Total revenue of EUR 1,670 million
Underlying business delivered solid revenue growth driven by product launches of Signia Nx and Widex Evoke, as well as strong growth of managed care in the US and online businesses
Adjusted EBITDA of EUR 316 million, corresponding to an adjusted EBITDA margin of 18.9%
Management expects revenue growth for the group above 10% for the financial year 2019/20 and an adjusted EBITDA margin above 20%

“WS Audiology has produced solid double-digit growth – with a strong performance by our US managed care business TruHearing and our online business, audibene. Our position in managed care was further strengthened by the acquisition of Hearing Care Solutions in August,” said Group President and CEO Eric Bernard.

Further growth 

WS Audiology Group aims to accelerate growth with its portfolio of differentiated product brands and businesses while enhancing efficiencies to enable additional investments into R&D and services to its customers.

“We are well positioned with a rich toolbox containing differentiated brands and diverse assets that complement each other: wholesale, retail, online, managed care in the US, and innovative diagnostic solutions,” said Eric Bernard. “I am grateful to be supported by a Chairman and a Board with such a proven track record. And I am pleased with the strength of the management team, recently further bolstered with very capable, international business leaders.”

With the fundamentals, the team and the plans in place, WS Audiology expects to grow revenue for the group above 10%-pts for the financial year 2019/20 and to improve the adjusted EBITDA margin to above 20%.

“Finally, we want to express our solidarity with the people of China in their battle against the coronavirus,” Eric Bernard added. “While we are carefully monitoring the situation, we have put in place all necessary measures to support our Chinese colleagues and their families as well as our customers.”

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About WS Audiology

Formed in 2019, through the merger of Sivantos and Widex, WS Audiology combines over 140 years’ experience in pioneering the use of technology to help people with hearing loss hear the sounds that make life wonderful. We are active in over 125 markets and employ more than 10,000 people worldwide. Our broad portfolio of leading hearing related products and services generates annual revenues of around €1.7 Billion. WS Audiology is privately owned by the Tøpholm and Westermann families, as well as funds under the management of EQT. As a global leader, our ambition is to unlock human potential by making wonderful sound part of everyone’s life.

 
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