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23.03.2016 07:00:08
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EQS-Ad hoc: LifeWatch AG
EQS-Adhoc: LifeWatch AG: LifeWatch to adjust 2015 figures for one-off legal decision; guidance for 2016 confirmed
Zug/Switzerland, March 23, 2016 - LifeWatch AG (SIX Swiss Exchange: LIFE), a leading developer and provider of medical solutions and remote diagnostic monitoring services to the digital health market, announces a change to the 2015 unaudited figures announced on March 17, 2016. This change is a result of the negative arbitration decision in the dispute with Highmark which was received last week.
LifeWatch intends to vigorously oppose the arbitration decision including lodging an appeal, however, based on US GAAP accounting rules, it is necessary for LifeWatch to include the arbitration award in the 2015 financial statements. Furthermore, since the award relates to revenue from the years 2009 and 2010, US GAAP rules mean that the award amount must be deducted from revenue, whereas the interest is included under financial expense. Any change to the award as a result of the appeal or otherwise would therefore also positively impact the revenue line in future. Below, please find a table showing the changes from the results already communicated:
Key Figures for Fiscal Year 2015 (in USD millions) restated vs. reported (unaudited)
As restated post Highmark arbitration FFY 2015 FFY 2014 Revenues 88.63 106.63 98.47 EBITDA / (LBITDA) (3.62) 14.37 5.95 EBIT / (LBIT) (11.66) 6.34 0.3 Financial and other, net (3.96) (0.52) (0.49) Taxes 4.46 (3.41) (2.54) Net income / (loss) (11.95) 1.62 (2.73) Current Liabilities 50.21 28.82 22.56 Total equity 25.77 39.33 36.88 Balance sheet total 79.32 71.50 68.98
LifeWatchs' core business is strong and this one-off award will not affect the operative business, although there will clearly be a negative impact on liquidity. The company therefore confirms its 2016 guidance that revenues will continue to grow at above market growth rates and that the adjusted EBIT, EBITDA and Net Income figures will show an improvement in comparison to the originally reported 2015 numbers.
The annual report will be available on the company website at:
http://irlifewatch.com/websites/lifewatch_ir/English/4010/annual-reports.h tml from March 24, 2016.
For further questions:
LifeWatch AG c/o Dynamics Group, Philippe Blangey / Doris Rudischhauser Phone: +41 43 268 32 35 / +41 79 410 81 88 E-mail: investor-relations@lifewatch.com
About LifeWatch AG
LifeWatch AG, headquartered in Zug and listed on SIX Swiss Exchange (LIFE), Switzerland, is a leading healthcare technology and solutions' company, specializing in advanced digital health systems and wireless remote diagnostic patient monitoring services. LifeWatch's services provide physicians with critical information to determine appropriate treatment and thereby improve patient outcomes. LifeWatch AG has operative subsidiaries in the United States, in Switzerland and in Israel, and is the parent company of LifeWatch Services Inc., and LifeWatch Technologies, Ltd. LifeWatch Services, Inc. is a leading U.S.-based provider of cardiac monitoring services and home sleep testing of Obstructive Sleep Apnea (OSA). LifeWatch Technologies Ltd., based in Israel, is a leading developer and manufacturer of telemedicine products. For additional information, please visit www.lifewatch.com.
Sign up for customized e-mail alerts and documentation requests at http://www.irlifewatch.com/alert-service.aspx
This press release includes forward-looking statements. All statements other than statements of historical facts contained in this press release, including statements regarding future results of operations and financial position, the business strategy, and plans and objectives for future operations, are forward-looking statements. The words "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect" and similar expressions are intended to identify forward-looking statements. LifeWatch AG has based these forward-looking statements largely on current expectations and projections about future events and financial trends that it believes may affect the financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances described may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. All forward-looking statements are based only on data available to LifeWatch AG at the time of the issue of this press release. LifeWatch AG does not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise.
THIS PRESS RELEASE IS NOT BEING ISSUED IN THE UNITED STATES OF AMERICA AND SHOULD NOT BE DISTRIBUTED TO UNITED STATES PERSONS OR PUBLICATIONS WITH A GENERAL CIRCULATION IN THE UNITED STATES. THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER OF SECURITIES OF LIFEWATCH AG OR ANY OF ITS SUBSIDIARIES FOR SALE IN THE UNITED STATES, OR AN INVITATION TO SUBSCRIBE FOR OR PURCHASE ANY SECURITIES OF LIFEWATCH AG OR ITS SUBSIDIARIES IN THE UNITED STATES. IN ADDITION, THE SECURITIES OF LIFEWATCH AG AND ITS SUBSIDIARIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD OR DELIVERED WITHIN THE UNITED STATES OR TO U.S. PERSONS ABSENT FROM REGISTRATION UNDER OR AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE UNITED STATES SECURITIES LAWS. ANY PUBLIC OFFERING OF SECURITIES TO BE MADE IN THE UNITED STATES WILL BE MADE BY MEANS OF A PROSPECTUS THAT MAY BE OBTAINED FROM LIFEWATCH AG OR ITS SUBSIDIARIES, AS APPLICABLE, AND WILL CONTAIN DETAILED INFORMATION ABOUT THE ISSUER AND ITS MANAGEMENT AS WELL AS FINANCIAL STATEMENTS OF THE ISSUER.
End of ad hoc announcement
+++++ Additional features:
Document: http://n.eqs.com/c/fncls.ssp?u=KYSRNBGWKH Document title: LifeWatch to adjust 2015 figures for one-off legal decision; guidance for 2016 confirmed
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23.03.2016 News transmitted by EQS Schweiz AG. www.eqs.com - news archive: http://switzerland.eqs.com/de/News
The issuer is responsible for the contents of the release.
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Language: English Company: LifeWatch AG Baarerstrasse 139 6300 Zug Switzerland Phone: +41 41 728 67 78 Internet: www.lifewatch.com ISIN: CH0012815459 Valor: 811189 Listed: Regulated Unofficial Market in Berlin, Stuttgart; Open Market in Frankfurt ; SIX End of News EQS Group News Service ---------------------------------------------------------------------------
448007 23.03.2016
EQS Group-Ad-hoc: LifeWatch AG / Key word(s): Statement
LifeWatch AG: LifeWatch to adjust 2015 figures for one-off legal decision;
guidance for 2016 confirmed
23.03.2016 / 07:00
Release of an ad hoc announcement pursuant to Art. 53 KR.
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
LifeWatch to adjust 2015 figures for one-off legal decision; guidance for
2016 confirmed
Zug/Switzerland, March 23, 2016 - LifeWatch AG (SIX Swiss Exchange: LIFE), a leading developer and provider of medical solutions and remote diagnostic monitoring services to the digital health market, announces a change to the 2015 unaudited figures announced on March 17, 2016. This change is a result of the negative arbitration decision in the dispute with Highmark which was received last week.
LifeWatch intends to vigorously oppose the arbitration decision including lodging an appeal, however, based on US GAAP accounting rules, it is necessary for LifeWatch to include the arbitration award in the 2015 financial statements. Furthermore, since the award relates to revenue from the years 2009 and 2010, US GAAP rules mean that the award amount must be deducted from revenue, whereas the interest is included under financial expense. Any change to the award as a result of the appeal or otherwise would therefore also positively impact the revenue line in future. Below, please find a table showing the changes from the results already communicated:
Key Figures for Fiscal Year 2015 (in USD millions) restated vs. reported (unaudited)
As restated post Highmark arbitration FFY 2015 FFY 2014 Revenues 88.63 106.63 98.47 EBITDA / (LBITDA) (3.62) 14.37 5.95 EBIT / (LBIT) (11.66) 6.34 0.3 Financial and other, net (3.96) (0.52) (0.49) Taxes 4.46 (3.41) (2.54) Net income / (loss) (11.95) 1.62 (2.73) Current Liabilities 50.21 28.82 22.56 Total equity 25.77 39.33 36.88 Balance sheet total 79.32 71.50 68.98
LifeWatchs' core business is strong and this one-off award will not affect the operative business, although there will clearly be a negative impact on liquidity. The company therefore confirms its 2016 guidance that revenues will continue to grow at above market growth rates and that the adjusted EBIT, EBITDA and Net Income figures will show an improvement in comparison to the originally reported 2015 numbers.
The annual report will be available on the company website at:
http://irlifewatch.com/websites/lifewatch_ir/English/4010/annual-reports.h tml from March 24, 2016.
For further questions:
LifeWatch AG c/o Dynamics Group, Philippe Blangey / Doris Rudischhauser Phone: +41 43 268 32 35 / +41 79 410 81 88 E-mail: investor-relations@lifewatch.com
About LifeWatch AG
LifeWatch AG, headquartered in Zug and listed on SIX Swiss Exchange (LIFE), Switzerland, is a leading healthcare technology and solutions' company, specializing in advanced digital health systems and wireless remote diagnostic patient monitoring services. LifeWatch's services provide physicians with critical information to determine appropriate treatment and thereby improve patient outcomes. LifeWatch AG has operative subsidiaries in the United States, in Switzerland and in Israel, and is the parent company of LifeWatch Services Inc., and LifeWatch Technologies, Ltd. LifeWatch Services, Inc. is a leading U.S.-based provider of cardiac monitoring services and home sleep testing of Obstructive Sleep Apnea (OSA). LifeWatch Technologies Ltd., based in Israel, is a leading developer and manufacturer of telemedicine products. For additional information, please visit www.lifewatch.com.
Sign up for customized e-mail alerts and documentation requests at http://www.irlifewatch.com/alert-service.aspx
This press release includes forward-looking statements. All statements other than statements of historical facts contained in this press release, including statements regarding future results of operations and financial position, the business strategy, and plans and objectives for future operations, are forward-looking statements. The words "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect" and similar expressions are intended to identify forward-looking statements. LifeWatch AG has based these forward-looking statements largely on current expectations and projections about future events and financial trends that it believes may affect the financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances described may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. All forward-looking statements are based only on data available to LifeWatch AG at the time of the issue of this press release. LifeWatch AG does not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise.
THIS PRESS RELEASE IS NOT BEING ISSUED IN THE UNITED STATES OF AMERICA AND SHOULD NOT BE DISTRIBUTED TO UNITED STATES PERSONS OR PUBLICATIONS WITH A GENERAL CIRCULATION IN THE UNITED STATES. THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER OF SECURITIES OF LIFEWATCH AG OR ANY OF ITS SUBSIDIARIES FOR SALE IN THE UNITED STATES, OR AN INVITATION TO SUBSCRIBE FOR OR PURCHASE ANY SECURITIES OF LIFEWATCH AG OR ITS SUBSIDIARIES IN THE UNITED STATES. IN ADDITION, THE SECURITIES OF LIFEWATCH AG AND ITS SUBSIDIARIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD OR DELIVERED WITHIN THE UNITED STATES OR TO U.S. PERSONS ABSENT FROM REGISTRATION UNDER OR AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE UNITED STATES SECURITIES LAWS. ANY PUBLIC OFFERING OF SECURITIES TO BE MADE IN THE UNITED STATES WILL BE MADE BY MEANS OF A PROSPECTUS THAT MAY BE OBTAINED FROM LIFEWATCH AG OR ITS SUBSIDIARIES, AS APPLICABLE, AND WILL CONTAIN DETAILED INFORMATION ABOUT THE ISSUER AND ITS MANAGEMENT AS WELL AS FINANCIAL STATEMENTS OF THE ISSUER.
End of ad hoc announcement
+++++ Additional features:
Document: http://n.eqs.com/c/fncls.ssp?u=KYSRNBGWKH Document title: LifeWatch to adjust 2015 figures for one-off legal decision; guidance for 2016 confirmed
---------------------------------------------------------------------------
23.03.2016 News transmitted by EQS Schweiz AG. www.eqs.com - news archive: http://switzerland.eqs.com/de/News
The issuer is responsible for the contents of the release.
---------------------------------------------------------------------------
Language: English Company: LifeWatch AG Baarerstrasse 139 6300 Zug Switzerland Phone: +41 41 728 67 78 Internet: www.lifewatch.com ISIN: CH0012815459 Valor: 811189 Listed: Regulated Unofficial Market in Berlin, Stuttgart; Open Market in Frankfurt ; SIX End of News EQS Group News Service ---------------------------------------------------------------------------
448007 23.03.2016
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