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Biotec Pharmacon Q4 2018 Results

Biotec Pharmacon Q4 2018 Results

Biotec Pharmacon (OSE: Biotec) announces its Q4 2018 results and full year 2018 results to 31 December 2018.

Highlights for Q4 and full year 2018

  • Group sales were up 10% to NOK 19.5 million in Q4 2018 (Q4 2017: NOK 17.7 million), due to record enzymes sales and animal health sales. Annual sales were NOK 66.8 million (2017: NOK 66.7 million).
     
  • ArcticZymes had record high fourth quarter sales of NOK 10.6 million (Q4 2017: NOK 8.8 million).
     
  • Woulgan® continues to generate recurring revenues with NOK 0.9 million for the quarter (Q4 2017: NOK 0.6 million), driven primarily by the German market. Annual sales up 26% to NOK 2.9 million (2017: NOK 2.3 million).
     
  • EBITDA of NOK -1.6 million in Q4 (Q4 2017: NOK -7.2 million) as a result of stronger sales and cost control. EBITDA for the full year significantly improved to NOK -11.9 million (2017: NOK -22.9 million).
     
  • Operating expenses for Q4 decreased to NOK 18.5 million (Q4 2017: NOK 19.9 million) and annually NOK 65.3 million (2017: NOK 73.8 million).
     
  • Cash balance as at 31 December 2018: NOK 31.7 million (FY 2017: NOK: 30.6 million).
     
  • ArcticZymes signed a new supply agreement for Cod UNG (13 December 2018) and a license agreement with Vectron Biosolutions (20 December 2018).
     
  • New VP Wound Care appointed with aim of strengthening sales growth in the UK, Nordics and other European countries for 2019.


CEO Christian Jørgensen comments:

“In Q4, we saw record sales of enzymes from the ArcticZymes division due to strong customer sales and launches of new products. In the BetaGlucans division, we experienced solid animal health sales and saw encouraging growth in Woulgan sales, driven by the German market.

“Stronger sales and careful cost control reduced the overall deficit in EBITDA by over 50%, giving us the best result so far as a company since 2005.

“Strategically, the priority for the business is twofold. ArcticZymes will continue launching new products as demanded by customers, and we aim to grow it both organically as well as looking for inorganic growth opportunities. The goal for Biotec BetaGlucans will be to further build the Woulgan franchise, focussing on the growing German market and strengthening sales in the UK, Nordics and other European markets.

“We believe we are stronger as a business going into 2019 than in earlier years. We aim to continue driving business development efforts whilst managing the Company’s resources carefully into 2019.”
 

Fourth Quarter 2018 Results Presentation and Webcast

A presentation by Biotec Pharmacon’s CEO, Christian Jørgensen, and CFO, Børge Sørvoll, will take place today, 30 January 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 www.biotec.no or http://webtv.hegnar.no/presentation.php?webcastId=97601947. It will be possible to post questions through the webcast console.

The results, report and presentation for the fourth quarter 2018 will be available on www.newsweb.no and on the Company's homepage, www.biotec.no from 07:00 am on 30 January 2019.


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.


Issued for and on behalf of Biotec Pharmacon by Instinctif Partners.
For more information please contact: Biotecpharmacon@instinctif.com

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