Enzymatica AB: Strong growth in 2015 and acquisition for international expansion
February 16 2016 - 6:17AM
FY
2015
-
Net sales increased to SEK 27.9 (19.1)
million.
-
Loss after tax came in at SEK -40.8 (-32.4)
million.
-
Earnings per share totaled SEK -1.64
(-1.41).
Q4
-
Net sales increased to SEK 11.1 (8.7)
million.
-
Loss after tax came in at SEK -11.2 (-12.3)
million.
-
Earnings per share totaled SEK -0.45
(-0.49).
-
Cash and cash equivalents were SEK 8.1 (37.9)
million.
Significant events after the end
of the period
Enzymatica signed an agreement to acquire Icelandic company
Zymetech via a non-cash issue in January 2016. The transaction is
to be approved at an extraordinary general meeting on February 15.
The capital contributed by the subsequent cash issues
will
enable a stronger focus on commercial investments and
international geographic expansion. For more information, please
see www.enzymtica.se
Enzymatica received a bridge loan from ALMI on
February 5 in the amount of SEK 5 million in conjunction with the
agreement to acquire Zymetech.
Financial ratios |
|
|
|
|
|
(SEK million) |
Oct-Dec
2015 |
Oct-Dec
2014 |
Full year
2015 |
Full year
2014 |
|
Net
sales |
11.1 |
8.7 |
27.9 |
19.1 |
|
Gross
margin, % |
65 |
79 |
70 |
74 |
|
Operating
profit/loss |
-11.0 |
-12.2 |
-40.4 |
-32.7 |
|
Cash flow
from operating activities |
-12.2 |
-13.0 |
-37.7 |
-40.7 |
|
Average
number of employees |
17 |
14 |
16 |
13 |
|
CEO statement: Foundations laid
for international expansion with Zymetech acquisition
In 2015, we increased our sales by 46 percent to
SEK 27.9 million, in comparison to around SEK 19 million the year
prior, as a result of continuing strong sales on the Swedish
market, where ColdZyme® has reached a market share of approximately
5 percent. Calculated in SEK, our product has thus established
itself among the best-selling cold products in Swedish pharmacies.
Consumers have responded very positively to our smaller package,
OneCold, especially in Sweden.
The increased sales and lower overhead costs contributed to an
improvement in our operating loss for Q4 compared to the same
period in 2014.
In the UK, Enzymatica strengthened its presence by signing an
agreement with pharmacy chain Lloyds in October to begin sales in
December. The agreement will make ColdZyme available in an
additional 1,300 pharmacies.
We took several key steps in our international expansion in Q4. We
signed an agreement with distributor Tamro in Finland, which kicked
off ColdZyme sales in November. A short time later,
Enzymatica also signed a distribution agreement with Spanish
pharmaceutical company Esteve for Spain and Andorra to launch the
product in January 2016. Under both of these agreements, our
distributor pays for the marketing costs for the respective
market.
In 2015, we put in a lot of work on building a foundation for our
continuing internationalization. Our work on establishing a quality
management system and other measures for compliance with
international directives for medical devices has been necessary and
important to meet the high quality requirements of partners. We
also planned for the upcoming clinical follow-up study of ColdZyme
in the UK in 2016 and continued our market entry activities in the
Nordic region and other selected markets.
The next step to facilitate international expansion is the bid for
our Icelandic partner Zymetech, which I see as a key strategic
complement to Enzymatica's business. The acquisition gives us sole
ownership of the patent protection for ColdZyme throughout Europe
and a dozen or so additional countries. This gives us the ability
to offer distributors exclusive distribution rights, which
facilities our international expansion.
We also get control over enzyme production as well as access to
international research expertise and Zymetech's research portfolio.
The proposed new share issues create the financial stability to
enable us to be more commercially aggressive and thus foster a
substantial long-term future increase in sales.
Fredrik Lindberg, CEO
For questions about this report,
please contact:
Fredrik Lindberg, CEO, Enzymatica AB
Tel: +46 (0)708-86 53 70 | Email:
fredrik.lindberg@enzymatica.com
Johan Wennerholm, CFO, Enzymatica AB
Tel: +46 (0)730-42 99 97 | Email:
johan.wennerholm@enzymatica.com
Enzymatica at a
glance
Enzymatica AB is a life science company whose business concept is
to provide effective relief for some of the most common diseases
where viruses and bacteria play a decisive role. 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.
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.
Enzymatica Year-End Report
2015
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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