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Health Robotics Reports Triple-Digit-Growth Across All Financial Metrics in Fiscal Year 2008
Date:4/14/2009

BOLZANO, Italy, April 14 /PRNewswire/ -- Health Robotics today announced audited results for FY2008 ending December 31, 2008, delivering record levels of firm purchase orders, revenue, earnings and cash flow.

Revenues in FY2008 were EUR8.2 million, a 161% increase year-over-year as the company began to record and enjoy the benefits of its indirect sales-channel franchise fee model, recurring revenue recognition, zero debt financing, worldwide adoption of its technology, and its conservative accounting practices of up-front expenditures with no amortization of R&D expenses.

Gross Margins in FY2008 were EUR5.8 million, a 442% increase year-over-year as the company recorded a higher mix of software licenses and other higher margin components as a % of gross revenues, corresponding to its first year accounting of deferred revenues from its franchise-fee recurring-revenue model, delivering FY2008 Gross Margins of 71% versus 34% in FY2007.

EBIDTA Earnings in FY2008 were EUR2.4 million, a 321% increase year-over-year as the company recorded EBITDA Margins of 29% versus 18% in FY2007. Net Profit Earnings in FY2008 were EUR1.7 million, also a 321% increase year-over-year as the company delivered Net Profit Margins of 20% versus 13% in FY2007.

Revenue Backlog [revenue from firm purchase orders that has been deferred to future Fiscal Years] grew to EUR25 million at the end of FY2008, a EUR14 million or 127% increase year-over-year, significantly reducing the pressure to achieve additional sales in the current global economic environment, and ensuring the company's high-double-digits growth and profitability for years to come.

Future Guidance for FY2009 includes a minimum of EUR12 million in Gross Revenues, EUR8 million in Gross Margin, EUR5 million in EBIDTA Earnings, and EUR3 million in Net Earnings, continuing to generate positive cash-flow and recording unprecedented
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SOURCE Health Robotics
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