Record earnings and strong growth in all areas of the business
January-
- Net sales totaled
SEK 71,276 (32,574) thousand, with a growth rate of 119%. Growth is 107%, adjusted for currency effects. Net sales includeUSD 4 million in license revenues fromSelecta Biosciences . Organic growth adjusted for license revenues fromSelecta Biosciences is 41%, and 30% when also adjusted for currency effects. - Gross profit totaled
SEK 67,098 (29,419) thousand. - Operating profit before depreciation and amortization (EBITDA) totaled
SEK 45,089 (11,717) thousand. - Operating profit (EBIT) totaled
SEK 43,399 (10,105) thousand. Adjusted for income and expenses related to the license toSelecta Biosciences , EBIT isSEK 4.5 million . - Profit for the period totaled
SEK 43,564 (12,317) thousand. - Earnings per share totaled
SEK 0.67 (0.19). - Comprehensive income for the period totaled
SEK 44,343 (13,083) thousand. - Cash flow from operating activities was
SEK 46,355 (-1,622) thousand. - Cash and cash equivalents at the end of the period totaled
SEK 115,397 (78,119) thousand.
Comments from
We started the first quarter of the year with record-breaking sales, making it our single best quarter ever. Revenue increased by 119%, driven by gene therapy license revenue, and at the same time we delivered our best quarter ever for the core business.
Growth in our core business was 41%, where enzymes in analytics grew by 38% and the antibody business by 60%, which is the single best quarter for each segment respectively to date. We mainly saw strong development in both the US and
During the quarter, we launched a further developed product based on our GlySERIAS enzyme, which continued to show solid sales growth at the beginning of the year. Our product development continues to have good momentum with additional product launches planned during the year. Our collaboration with
In April, we acquired the patent rights to a new enzyme for analyzing DNA. This is our first enzyme in genomics with applications in research, diagnostics and forensics. During the year, we will work on developing applications with the enzyme together with partners for future commercialization.
To further strengthen our local presence and commercial capability in
In the second half of the year, we will move the business to new, specially designed premises that offer improved opportunities for continued growth and scaling up of the business. At the beginning of the year, we started investing in equipment and furnishings, which will continue in the second quarter with the move planned for the third quarter.
I am of course extremely pleased with our performance at the beginning of the year. It is particularly satisfying that all parts of the core business show strong growth and that we have maintained a good gross margin despite increased raw material costs. Much of the increase in the total cost base compared with the previous year is linked to the licensing deal with Astellas, with respect to both incentives and royalty to inventors.
With an outstanding performance, a strong start to the year and good customer activity, I look forward to
This disclosure contains information that
For more information, please contact:
The Group consists of
Published reports can be downloaded from the
This is a translation of the Swedish original. In the event of any discrepancy between this translation and the Swedish original, the Swedish version shall prevail.
https://news.cision.com/genovis-ab/r/interim-report-january-march-2023,c3767176
https://mb.cision.com/Main/1712/3767176/2061981.pdf
(c) 2023 Cision. All rights reserved., source