Biotec Pharmacon ASA: Biotec Pharmacon Q2 2019 Report
Q2 2019 REPORT INC FINANCIALS (https://mb.cision.com/Public/1090/2881331/a2728cda9aa22f22.pdf)Highlights for Q2 2019
- Group sales were up 55% to NOK 16.9 million (Q2 2018: NOK 10.9 million).
- Gross profit for the Group improved 42% to NOK 11.6 million (Q2 2018: NOK 8.2 million) due to improvements in most areas.
- ArcticZymes had second quarter sales of NOK 9.0 million growing by 58% (Q2 2018: NOK 5.7 million).
- Woulgan® continues to generate recurring revenues with NOK 1.4 million for the quarter (Q2 2018: NOK 0.5 million), driven primarily by good sales in the German market.
- Improvement in EBITDA to NOK -0.5 million (Q2 2018: NOK -3.5 million) as a result of stronger sales.
- Cash-flow for the quarter was NOK -6.8 million (Q2 2018: NOK 15.2 million, explained by NOK 22 million in capital increase). Despite the improvement in performance this is almost the same as last year ex capital increase due to changes in working capital and the timing of sales.
CEO Christian Jørgensen comments:
”The performance in Q2 continued the positive development from Q1. Biotec experienced growth in all high margin areas and as stated before, even though as a small business with large customers quarterly figures might fluctuate, the performance in the first half of 2019 is a significant improvement over the same period last year.
We continue to manage the cost base and has reallocated some costs to our ArcticZymes franchise as well as having extra costs to consultants helping us in the M&A area.
The general healthcare savings initiatives influence all players in the wound care market. Especially smaller companies with limited market power face issues when market conditions tighten. We continue to execute on our strategy working with distribution partners as well as discussing more strategic global arrangements.”
Second Quarter 2019 Presentation and Webcast
A presentation by Biotec Pharmacon’s CEO, Christian Jørgensen, and CFO, Børge Sørvoll, will take place today, 15 August 2019, at 08:30 am CET at Hotel Continental, Stortingsgata 24/26, Oslo
The presentation can also be followed as a live webcast from Hegnar TV on or https://webtv.hegnar.no/presentation.php?webcastId=98041623. It will be possible to post questions through the webcast console.
The results, report and presentation for the second quarter 2019 will be available on www.newsweb.no (https://protect-eu.mimecast.com/s/ax_EC4xJkS8gx1SMlEBY?domain=newsweb.no) and on the Company’s homepage, www.biotec.no (https://protect-eu.mimecast.com/s/JfV3C1wDYUZ3XYhph-Hn?domain=biotec.no) from 07:00 am on 15 August 2019.
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For more information, please contact:
CEO Christian Tel: +47 47 79 24 57Tel: +47 95 29 01 email@example.com
About Biotec Pharmacon ASA
Biotec Pharmacon is a Norwegian life sciences company focused on specialized, novel enzyme and immunomodulating beta-glucan technology.
The Biotec Pharmacon Group is creating value from innovation in life science markets via its subsidiaries, ArcticZymes and Biotec BetaGlucans. Its technologies capitalize on more than three decades of world-class research at the Arctic University of Tromsø to offer niche and high tech products in several biotech segments.
ArcticZymes develops, manufactures and commercialises novel recombinant enzymes for use in molecular research, In Vitro Diagnostics (IVD) and therapeutics.
Biotec BetaGlucans develops, produces and markets immunomodulating beta-glucans addressing high unmet healthcare needs, such as chronic wound healing and as an adjuvant in vaccines against certain types of cancer relapse.
Listed on the Oslo Stock Exchange since 2005 under the [Biotec] ticker, Biotec Pharmacon is headquartered in Tromsø, Norway, in the SIVA Innovation Centre.
Biotec Pharmacon’s unique IP and capabilities are protected via a large portfolio of patents around both enzyme and beta-glucan products.
For more information, please visit the website: www.biotec.no.