A weaker euro as well as internal organic growth helped Agfa HealthCare record higher revenues in its financial results for the full year of 2015, although fourth-quarter numbers were hindered by a change in film inventories.
For the year, Agfa HealthCare posted revenues of 1.099 billion euros, up 2.8% compared with revenues of 1.069 billion euros in 2014. The healthcare group's recurring earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at 134.4 million euros, up 17.1% compared with recurring EBITDA of 114.4 million euros in 2014.
The company said that among its healthcare operations, its digital radiography (DR) business posted strong revenue growth, while its hard-copy film business performed well in the first three quarters of the year. In healthcare IT, Agfa's HealthCare Information Solutions segment also performed well.
For the fourth quarter, Agfa HealthCare turned in revenue of 275 million euros, down 9.2% compared with revenue of 303 million euros in the same period of 2014. The division's recurring EBITDA was 34.2 million euros, down 20.8% compared with recurring EBITDA of 43.2 million in the corresponding quarter of 2014.
The company said the fourth-quarter decline was due to inventory decisions in its hard-copy film business, made to better align inventory policy at the distributor level to current economic situations in some emerging markets, including China and Latin America. Agfa HealthCare posted revenue growth in mature markets, the company said.