Leading prosthetics supplier Ottobock saw a 90% increase in its post-tax profits last year compared to 2015 and increased its turnover by 8% to £21m.
Meanwhile, pre-tax profit shot up by 85% from £157,000 in 2015 to over £1m last year. The company attributed this mainly to an improvement in gross margin. EBITDA in 2016 also increased by almost £1m compared to the previous year.
Directors at the company said they were pleased with the results based on how they matched up to the forecasts for the year. However, they admitted that they are viewing 2017 with “a degree of uncertainty due to prevailing exchange rate conditions”.
Ottobock said it is committed to competing for NHS contracts this year and welcomes the release of the NHS’s microprocessor knee policy. The new policy sees NHS England approve funding for Ottobock’s Microprocessor Controlled Knees (MPKs) for those living with knee amputations.
Over the next several years patients previously restricted to mechanical knees, will get access to some of the most technologically advanced and life-changing prostheses in the world.
Earlier this year Ottobock strengthened its position in the global prosthetics market with the acquisition of US company BionX Medical Technologies in its second acquisition of the year.
It was also reported earlier this year that the company attracted interest from private equity groups including KKR and CVC for a 20% stake in its core business. Reuters reported that Ottobock was seeking financial backing to develop more bionic devices; prosthetic limbs and orthotic braces closely modeled on natural mechanisms.