Interim Report for Enzymatica AB (publ) January-March 2016
April 18 2016 - 5:00AM
Higher sales and improved
operating profit
Q1
-
Net sales reached SEK 8.4 (7.0) million.
-
Loss after tax came in at SEK -8.1 (-9.0)
million. The loss was impacted by expenses in the amount of SEK
-1.5 million for the upcoming acquisition of Zymetech.
-
Earnings per share were SEK -0.32 (-0.36).
-
Cash and cash equivalents amounted to SEK 7.2
(31.8) million at the end of Q1.
Significant events in Q1
-
Enzymatica signed an agreement to acquire
Icelandic company Zymetech via a non-cash issue.
-
An extraordinary meeting approved the
acquisition of Zymetech on February 15.
-
The Board of Directors of Enzymatica AB (publ)
("the Company") resolved to submit a proposal to an extraordinary
general meeting on April 14 for a new share issue worth
approximately SEK 60 million with preemptive rights for existing
shareholders and authorization for a private placement of a maximum
of 17.5 million shares.
Significant events after the end
of the period
Financial ratios |
|
|
|
(SEK million) |
Jan-Mar
2016 |
Jan-Mar
2015 |
Full year
2015 |
Net
sales |
8.4 |
7.0 |
27.9 |
Gross
margin, % |
61 |
72 |
70 |
Operating
profit/loss |
-7.7 |
-9.1 |
-40.4 |
Cash flow
from operating activities |
-5.1 |
-4.9 |
-37.7 |
Average
number of employees |
16 |
15 |
16 |
CEO statement: A quarter
characterized by the acquisition and planned integration of
Zymetech
Q1 was characterized by Enzymatica's acquisition
of Iceland-based company and partner Zymetech. The acquisition
serves as a key complement to our business, giving Enzymatica
access to 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 will facilitate our international expansion. We also
get control over enzyme production and access to Zymetech's
research expertise in enzyme technology and the company's research
portfolio.
The transaction was completed on April 1 and we
are already pushing full speed ahead with the integration of
product development, regulatory issues, quality processes,
production, marketing and sales. This is an aggressive acquisition
to facilitate and accelerate our international expansion. Cost
synergies are thus less important. We will avoid overlapping
activities in regards to new product lines and patent applications.
A key milestone in connection with the acquisition was the approval
of the extraordinary general meeting on April 14 for the preemptive
rights issue of SEK 60 million. The issue is fully underwritten
through subscription and underwriting commitments from existing
shareholders and external underwriters. The issue creates financial
stability and an opportunity to steer our business in a more
aggressive direction with a primary focus on expansion outside of
the Nordic region.
I am glad that we were able to boost sales in Q1
in comparison to the strong first quarter of 2015. Our operating
loss improved as well thanks to a cost-cutting program we initiated
in the second half of 2015, resulting in lower staff and marketing
expenses.
The Swedish market still accounts for the largest
share of Enzymatica's sales and the smaller package ColdZyme
OneCold has exhibited solid volume growth. We are excited that
sales on markets outside of Sweden are now beginning to take off
with follow-on orders from our distributors in Finland and
Spain.
Our patient study COLDPREV II was kicked off in
late March at Imperial College London and we expect the study to be
complete by the end of 2016 at the latest. Discussions with
potential international distributors are in progress and are our
highest priority going forward.
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
Bengt Jöndell, CFO, Enzymatica AB
Tel: +46 (0)703-77 71 70 | Email: bengt.jondell@enzymatica.com
Interim Report for Enzymatica AB
(publ) January-March 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
HUG#2004271
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