Synthes-Stratec announces fourth quarter and calendar year 2002 sales:
Fourth quarter sales growth from continuing operations was 11.3% in local currencies
Oberdorf/Switzerland, January 22, 2003
Synthes-Stratec’s consolidated sales were CHF 383.1 million for the fourth quarter and CHF 1,571.8 million for the year. The annual sales growth in CHF of 0.4% has been reduced by 8.9% due to the foreign exchange impact of the strong Swiss franc. Seventy-eight percent of the company’s sales are recorded in North American currencies (U.S. and Canadian dollars).
On a local currency basis fourth quarter sales from continuing operations increased by 11.3%, while annual sales increased by 11.6%. Sales from continuing operations exclude sales from the divested Prosthetics business in both last year and this year.
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| 1 | Excluding the divested Prosthetics business, European continuing operations fourth quarter sales grew by 4.5% in CHF (5.9% in local currencies at 2001 foreign exchange rates) and annual sales grew by 8.0% in CHF (10.7% in local currencies). |
| 2 | In local currencies, fourth quarter sales from continuing operations increased by 11.3%, while annual sales increased by 11.6%. |
The improvement in sales in 2002 versus 2001 was driven by new products, particularly the Locking Compression Plate (LCP) system, a patented system for trauma treatment allowing for either compression or angular stability without applying plate pressure directly to the bone. The system provides substantial benefits of promoting better soft tissue vascularity while permitting greater flexibility in treating complex fractures.
The company plans to report its financial performance in U.S. dollars beginning in 2003.
Synthes-Stratec – A leading orthopaedic trauma company
Synthes-Stratec is a leading provider of instruments, implants and power tools for the orthopaedic trauma market. The company develops, manufactures, and distributes products for the surgical treatment of bone fractures, maxillofacial trauma or deformities, and a full range of products and systems for spine surgery.
For further information please contact
Peter Fehlmann, Investor Relations, Synthes-Stratec, Inc.
Phone: +41 61 965 63 39, Fax: +41 61 965 66 06, e-mail: ir.info@synthes.com
Preliminary Announcement
The full year consolidated results for 2002 will be released on March 25, 2003 followed by a press and analysts conference the same day in Zürich, Switzerland.