Business Wire

ADVA achieves record profitability with preliminary Q4 2020 financial results

Share

ADVA (FSE: ADV) today announced that in preparation for its 2020 annual report, the preliminary figures of the fourth quarter and the financial year 2020 deviate significantly from both the previous year’s figures and the available financial analyst estimates. For this reason, ADVA has published the following preliminary financial results for the fourth quarter of 2020 and the fiscal year 2020.

Preliminary results for Q4 2020

  • Preliminary revenues were EUR 140.6 million and down by 7.0% from the year-ago quarter (Q4 2019: EUR 151.1 million)
  • The preliminary pro forma operating income of EUR 14.4 million was up by 39.1% compared to Q4 2019 (Q4 2019: EUR 10.3 million)
  • The preliminary pro forma operating income margin of 10.2% increased by 3.4 percentage points compared to the year-ago quarter (Q4 2019: 6.8%)

Preliminary results for the fiscal year 2020

  • Preliminary revenues were EUR 565.0 million up by 1.5% compared to the previous year(2019: EUR 556.8 million)
  • The preliminary pro forma operating income of EUR 33.8 million was up by 36.4% compared to the previous year(2019: EUR 24.8 million)
  • The preliminary pro forma operating income margin of 6.0% increased by 1.5 percentage points compared to the previous year (2019: 4.5%)

Any potential differences in the above figures are due to rounding.

As a result of this development, revenues were at the lower end of the guidance corridor of EUR 565 to 580 million and the pro forma operating income margin at the top end of the guidance corridor of 5% to 6%.

The main drivers for the deviations in revenues and profitability from analysts’ expectations are the highly depreciated US dollar compared to the euro and Covid-19-related revenue shifts in Q4.

For the fiscal year 2021, the management expects revenues between EUR 580 and EUR 610 million and a pro forma operating income margin between 6% and 9%.

Management commentary

“The fourth quarter of 2020 was an extraordinary finish to an extraordinary year,” said Uli Dopfer, CFO, ADVA. “Just like the beginning of the year, when the first wave of the pandemic hit, we encountered supply chain bottlenecks in Q4 caused by renewed lockdown regulations. As a result, we could not fulfill all orders as planned and revenue recognition for some projects moved to Q1 2021. In addition, the continuing depreciation of the US dollar against the euro reduced the revenue contributions from the dollar-denominated regions. On the other hand, this exchange rate shift was beneficial for our margins. Thanks to an advantageous customer and product mix and continued tight cost management, we can report today one of the most profitable quarters in our company’s history.”

“We look back with pride on a challenging but also very successful fiscal year,” commented Brian Protiva, CEO, ADVA. “In times of chaos, economic turbulence and global uncertainty, we held course and exceeded some of our ambitious goals. The cost reduction measures we introduced in 2019 continue to deliver sustainable results. In the fourth quarter of 2020, our profitability was well above analyst expectations, our cash generation was outstanding, and our order entry was very good in all regions. We’re starting the new financial year with well-filled order books and a strong tailwind. We are confident about our ability to drive continued profitable growth in the first quarter of 2021.”

The information is based on preliminary and unaudited group figures. The company will publish its final financial results for Q4 and the full fiscal year 2020 on February 25, 2021, as planned.

Forward-looking statements

The economic projections and forward-looking statements contained in this document relate to future facts. Such projections and forward-looking statements are subject to risks that cannot be foreseen and that are beyond the control of ADVA. ADVA is therefore not in a position to make any representation as to the accuracy of economic projections and forward-looking statements or their impact on the financial situation of ADVA or the market in the shares of ADVA.

Use of pro forma financial information

ADVA provides consolidated pro forma financial results in this press release solely as supplemental financial information to help investors and the financial community make meaningful comparisons of ADVA’s operating results from one financial period to another. ADVA believes that these pro forma consolidated financial results are helpful because they exclude non-cash charges related to the stock option programs and amortization and impairment of goodwill and acquisition-related intangible assets, which are not reflective of the company’s operating results for the period presented. Additionally, expenses related to restructuring measures are not included. This pro forma information is not prepared in accordance with IFRS and should not be considered a substitute for the historical information presented in accordance with IFRS.

About ADVA

ADVA is a company founded on innovation and focused on helping our customers succeed. Our technology forms the building blocks of a shared digital future and empowers networks across the globe. We’re continually developing breakthrough hardware and software that leads the networking industry and creates new business opportunities. It’s these open connectivity solutions that enable our customers to deliver the cloud and mobile services that are vital to today’s society and for imagining new tomorrows. Together, we’re building a truly connected and sustainable future. For more information on how we can help you, please visit us at www.adva.com.

Published by:

ADVA Optical Networking SE, Munich, Germany
www.adva.com

Contact information

For press:
Gareth Spence
t +44 1904 699 358
public-relations@adva.com

For investors:
Stephan Rettenberger
t +49 89 890 665 854
investor-relations@adva.com

About Business Wire

Business Wire
Business Wire



Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

Servier announce updated overall survival results of exploratory TASCO1 phase II study of LONSURF ® + bevacizumab in a first-line setting for patients with unresectable mCRC non-eligible for intensive therapy16.1.2021 22:15:00 CETPress release

Servier announced today updated results from the exploratory phase II TASCO1 study evaluating LONSURF® (trifluridine/tipiracil) + bevacizumab and capecitabine + bevacizumab (C-B) in a first-line setting for patients with unresectable metastatic colorectal cancer (mCRC) who are non-eligible for intensive therapy.1 The data were announced today during an oral presentation at the 2021 ASCO Gastrointestinal Cancers Symposium (ASCO-GI). Patients with mCRC who are not eligible for chemotherapy face a large unmet need, with fewer treatment options available to them and lower survival rates. Colorectal cancer (CRC) makes up 9.7% of total global cancer cases, with almost 1.4 million new cases of CRC each year.2 In Europe, CRC is the second most common cause of death due to cancer, and those with a metastatic disease have a 5-year survival rate of just 11%.3 “For patients with metastatic colorectal cancer, those non-eligible for standard combination therapy have few options left and we are conti

H.I.G. Realty Invests in Production Studios & Content Hub in Madrid15.1.2021 09:00:00 CETPress release

H.I.G. Capital, LLC ("H.I.G."), a leading global alternative investment firm with $43 billion of equity capital under management, announced today that one of its affiliates has invested in Madrid Content City, an approximately 140,000 square meter hub with state of the art audio-visual facilities, including production studios, production & post-production technical facilities, and a university focused on media studies. H.I.G. continues to add to its sizeable portfolio of real estate assets across Europe, consisting of both equity as well as debt investments, with a particular focus on its target market of value-added small and midcap opportunities. Riccardo Dallolio, Managing Director and Head of H.I.G. Europe Realty Partners, commented: “Madrid Content City will benefit from strong secular tailwinds underpinned by the boom in content production. The state-of-the-art studios and related facilities, the exceptional multinational tenant line-up with long term leases, and its critical mas

Eurofins, the global leader in analytical testing, expands worldwide face mask testing & certification capabilities15.1.2021 07:30:00 CETPress release

Since the start of the pandemic Eurofins (Paris:ERF) has tested thousands of models of surgical and hygienic masks and provided best-in-class speed and certification for PPEs globally, enabling these critical products to get market as fast as possible. Eurofins has developed global leading testing capabilities and certification services in the North America, Europe and Asia ensuring that PPE manufacturers are able to provide the indispensable support needed in the fight against the coronavirus. As of today, Eurofins is one of the few GLP certified and ISO/IEC 17025 accredited laboratory networks to fully cover all testing requirements for surgical/medical and hygienic masks by the FDA, EU regulations and many international and country-specific directives and guidelines such as CEN, CE Marking, ISO, ASTM or OECD. Our robust portfolio for masks includes globally accepted, safety and performance testing, virucidal, bacterial filtration, particle filtration, differential pressure, biocompa

TOXINS 2021: New analyses of pivotal Phase III trial data highlight long duration of response for Dysport ® (abobotulinumtoxinA) in five therapeutic indications15.1.2021 07:00:00 CETPress release

Regulatory News: Ipsen (Euronext: IPN; ADR: IPSEY) announced results from new analyses of pivotal Phase III clinical trial data to assess treatment intervals over repeat cycles of Dysport® (abobotulinumtoxinA [aboBoNT-A]) in five patient populations. AbobotulinumtoxinA: Evidence for Long Duration of Response from 5 Patient Populations is being shared during the TOXINS 2021 conference, which is taking place virtually between 16-17 January 2020 and is organized by the International Neurotoxin Association.1-28 Ipsen is sharing 26 abstracts during the congress, with data including updates from the recently published surveys into the experience of patients and caregivers, data from the Phase IV ULIS-III trial, and ten abstracts focused on basic science research into neurotoxins.1-27 Spasticity is one of the most common and disabling conditions associated with many neurological conditions in adults and is characterized by velocity-dependent muscle hypertonia. Spasticity can lead to disabilit

Velodyne Lidar Commends NHTSA Plan to Update NCAP14.1.2021 21:58:00 CETPress release

Velodyne Lidar, Inc. (Nasdaq: VLDR, VLDRW) today commended the U.S. Department of Transportation’s National Highway Traffic Safety Administration (NHTSA) plan to update to its New Car Assessment Program (NCAP). The NHTSA proposal would add four advanced driver assistance system (ADAS) capabilities to the NCAP, keeping pace with evolving safety technologies and providing much-needed information to consumers. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210114005992/en/ Images show vehicle with lidar-based PAEB stopping before adult target @ 50% overlap (above) and vehicle with camera and radar-based PAEB crashing into adult target (below). (Photo: Velodyne Lidar, Inc.) NCAP is the U.S. Government’s premier consumer information program for evaluating vehicle safety performance. The NHTSA proposal to add ADAS technologies to the NCAP includes pedestrian automatic emergency braking, lane keeping support, blind spot warning and

Snow Software Recognized as a 2020 Gartner Peer Insights Customers’ Choice for Software Asset Management14.1.2021 20:39:00 CETPress release

Snow Software, the global leader in technology intelligence, today announced that the company was named a December 2020 Gartner Peer Insights Customers’ Choice for Software Asset Management (SAM) Tools. Gartner defines software asset management tools as technology that “automates many of the tasks required to maintain compliance with software licenses, thereby controlling software spending.” This is the fourth Gartner Peer Insights Customers’ Choice announcement for SAM, and Snow has earned the distinction all four times. Based solely on feedback from verified customers, Gartner Peer Insights Customers’ Choice reflects reviews and ratings published within the last 12 months. Snow received 100 reviews – the most of any vendor in the market – with an overall rating of 4.6 out of 5 as of January 12, 2021. Earlier this year, Snow was recognized as a Leader in Gartner’s 2020 Magic Quadrant for Software Asset Management Tools1 and received the highest scores in three out of four use cases in

Veristat Supported Marketing Applications for 10% of All FDA Novel Drug Approvals in 202014.1.2021 19:15:00 CETPress release

Veristat, a scientific-minded global clinical research organization (CRO), announced today that they supported the marketing applications for 10% of the 2020 US Food and Drug Administration (FDA) novel drug approvals. The FDA approved 53 novel drugs, defined by the FDA as New Molecular Entities (NMEs)i, and Veristat regulatory, statistical, and medical writing experts were integral in preparing five of these NME New Drug Applications. Veristat also prepared NDA/BLAs for three non-NME FDA approvals and one Marketing Authorization Application (MAA) that received approval in Europe. "Despite the global challenges in 2020, Veristat continued to advance its mission of helping clients achieve regulatory approval of novel medical therapies," stated Patrick Flanagan, Chief Executive Officer at Veristat. "Now, more than ever, Veristat is focused on providing expert guidance to facilitate the rapid approval for therapies that improve the lives of patients and their families around the world." Ve

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom