Continued strong growth in both enzyme and antibody business
April -
- Net sales totaled
SEK 29,463 (21,093) thousand, with a growth rate of 40%. Growth is 30%, adjusted for currency effects. - Operating profit before depreciation and amortization (EBITDA) totaled
SEK 7,687 (2,109) thousand. - Operating profit (EBIT) totaled
SEK 5,981 (221) thousand. - Profit for the period totaled
SEK 15,219 (672) thousand. - Earnings per share totaled
SEK 0.23 (0.01). - Comprehensive income for the period totaled
SEK 16,843 (811) thousand. - Cash flow from operating activities was
SEK 1,917 (184) thousand. - Cash and cash equivalents at the end of the period totaled
SEK 114,198 (77,369) thousand.
January -
- Net sales totaled
SEK 100,739 (53,667) thousand, with a growth rate of 88%. Growth is 76%, adjusted for currency effects. Organic growth adjusted for license revenues in the first quarter fromSelecta Biosciences is 41%, and 30% when also adjusted for currency effects. - Operating profit before depreciation and amortization (EBITDA) totaled
SEK 52,776 (13,827) thousand. - Operating profit (EBIT) totaled
SEK 49,380 (10,327) thousand. Adjusted for income and expenses related to the license toSelecta Biosciences in the first quarter, EBIT isSEK 10.5 million . - Profit for the period totaled
SEK 58,783 (12,991) thousand. - Earnings per share totaled
SEK 0.90 (0.20). - Comprehensive income for the period totaled
SEK 61,186 (13,896) thousand. - Cash flow from operating activities was
SEK 48,272 (-1,437) thousand. - Cash and cash equivalents at the end of the period totaled
SEK 114,198 (77,369) thousand.
Comments from
In the second quarter, we continue to show strong growth in the business. We grew revenue by 40% compared with the corresponding quarter last year and show growth in both the enzyme and the antibody business. Our strong growth in the core business, where enzymes in analytics grew by 43% and the antibody business by 24%, reflects our increasingly broad range of products that continue to be developed in close dialogue with our customers and our investment in the commercial organization.
We see a continuation of the strong development in the US and
During the quarter we launched two new enzymes and licensed our first enzyme for the genomics market. IgMBRAZOR™ is a proprietary enzyme that cleaves IgM antibodies with high efficiency and precision, and ImpARATOR™ broadens our offering in glycan analysis. The first orders for both products were delivered to customers in June and initial feedback has been positive. For our genomics enzyme, we have initiated the transfer of technology from the inventors and started work on developing the production process. Our plan is to start the commercialization of the enzyme in early 2024. In May, encouraging preclinical data on ASCGT were presented within the framework of our collaboration with
The strategic strengthening of our commercial organization, which was carried out last year, along with good momentum in our product development, have positioned us well for the future. Sales growth is strong despite a general weakening of the macroeconomy, which has also affected parts of our industry, where access to venture capital for biotech companies is currently challenging.
The second quarter was characterized by a flurry of activity ahead of our move to new, specially designed premises that offer improved opportunities for scaling up and continued growth in the business. We continued to invest in infrastructure and in the beginning of the third quarter we initiated our relocation. We have protected the operational capability of certain parts of the business to ensure our ability to deliver during the relocation period. The move is expected to be completed by the beginning of the fourth quarter.
I am of course extremely pleased with our performance for both the second quarter and the first half of the year. We have almost doubled our revenue compared with the previous year, while increasing our operating profit fivefold. At the same time that we are investing for our future growth with new premises, and while continuing to pursue a highly active product development strategy, we are also maintaining a strong cash position that provides opportunities for further aggressive investments.
The start of the third quarter continues to show good customer activity and I look forward to further developing and growing our business in new premises together with my colleagues at
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https://news.cision.com/genovis-ab/r/half-yearly-report-january-june-2023,c3820614
https://mb.cision.com/Main/1712/3820614/2247306.pdf
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