Enzymatica AB: Excellent volume growth for ColdZyme®
18 July 2016 - 4:30PM
Q2
- Net sales reached SEK 4.9 (3.1) million.
- Loss after tax came in at SEK -12.3 (-10.4)
thousand.
- Earnings per share were SEK -0.20 (-0.42).
- Cash and cash equivalents were SEK 26.9 (23.4)
thousand
Significant events in Q2
- Enzymatica completed its acquisition of Icelandic
company Zymetech effective April 1.
- Enzymatica completed its new share issue, raising
SEK 60 million before issue expenses.
H1
- Net sales increased to SEK 13.3 (10.0)
million.
- Loss after tax came in at SEK -20.9 (-19.5)
million.
- Earnings per share were SEK -0.47 (-0.78).
Financial ratios |
|
|
|
|
|
(SEK THOUSAND) |
Q2
2016 |
Q2
2015 |
H1
2016 |
H1
2015 |
Full year
2015 |
Net
sales |
4.9 |
3.1 |
13.3 |
10.0 |
27.9 |
Gross
margin, % |
63 |
86 |
62 |
76 |
70 |
Operating
profit/loss |
-12.3 |
-10.4 |
-20.0 |
-19.5 |
-40.5 |
Cash flow
from operating activities |
-15.1 |
-7.9 |
-19.9
|
-12.7 |
-37.7 |
Average
number of employees |
22 |
15 |
19 |
15 |
16 |
(Zymetech is consolidated in Enzymatica's figures
as at April 1, 2016)
CEO statement: With the Zymetech
acquisition, we are entering a new phase
We started off the quarter by completing the
acquisition of Icelandic company Zymetech, and a new share issue in
the amount of SEK 60 million was conducted in May. Enzymatica's
stated objective is to establish international sales via renowned
partners, and now we are in the process of putting in place the
final pieces of a stable foundation. The acquisition of Zymetech
gave us a patent family with high strategic significance and
know-how relating to the enzyme technology on which ColdZyme is
based. We can thus now offer our potential distribution partners
both exclusivity and high-class collaboration. Given that
Enzymatica and the success of ColdZyme in Sweden are still
relatively unknown on the global market, we need to be patient and
realize the fact that the internationalization process will take
time. This makes it all the more gratifying that we are continuing
to increase sales on the markets on which we already operate. Sales
in H1 (including Zymetech) were up 32% year-on-year, and increased
by 58% in Q2. The number of ColdZyme units sold to end consumers
from Swedish pharmacies increased in Q2 by 37%, which indicates a
continuing increase in customer demand. As previously announced, it
is now important to pitch the success of ColdZyme on the domestic
market to potential distribution partners outside of the Nordic
region. We are primarily concentrating on the European market,
because the product is already CE-marked in the EU. We have also
established contacts outside of Europe in parallel because the time
for approval processes in other parts of the world prolongs the
time to launch.
Meanwhile, the Zymetech integration process is
proceeding according to plan. Enzymatica is making a minor
investment in the production plant in Iceland in 2016 to secure
access to the enzyme and raise production capacity for future
expansion.
We are now in the off season for colds, but I'm
confidently looking forward to the second half of the year and to
our sales continuing to increase. By the end of the year, we should
be able to see the first results of our efforts to sign contracts
with new distributors, and we also expect at that time to be able
to present the results of our ongoing follow-up study of ColdZyme,
which is currently in progress in the UK.
Fredrik Lindberg, CEO
Enzymatica at a
glance
Enzymatica AB is a life science company whose business concept is
to develop medical devices based on barrier technology and marine
enzymes for self care in major market segments. In a short period
of time, the company developed ColdZyme®, a unique
mouth spray for fighting colds, launched the product in six markets
and reached a position over the past winter as one of the most-sold
cold products in Swedish pharmacies measured in SEK. Enzymatica has
its own sales organization in Scandinavia and collaborates with a
contract sales organization in the UK. Enzymatica also sells via
distributers in Finland and Spain.
Our development focuses on medical devices for
upper respiratory tract infections and oral health. An enzyme from
deep-sea fish is a key sub-component in product development.
Enzymatica was founded in 2007, has its head
office in Lund, Sweden and has been listed on the Nasdaq First
North since June 15, 2015.
For questions about this report,
please contact:
Fredrik Lindberg, CEO, Enzymatica AB
Tel: +46 (0)708-86 53 70 |
Email: fredrik.lindberg@enzymatica.com
Bengt Jöndell, Interim CFO, Enzymatica
AB
Tel: +46 (0)703-77 71 70 | Email:
bengt.jondell@enzymatica.com
Enzymatica Interim Report
January-June 2016
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Enzymatica AB via Globenewswire
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