Summary: full-year 2013
∑ Net sales increased by 47% to SEK 8,912k (6,080k).
∑ Operating loss improved by SEK 4,196k to SEK 15,985k (loss: 20,181k), earnings per share improved to SEK -1.10 (-2.04).
∑ Cash flow from operating activities was SEK -12,469k (-14,848k).
∑ Genovis carried out two rights issues that raised about SEK 37.5 million before issue expenses.
Summary: fourth quarter 2013
∑ Net sales changed marginally compared with the fourth quarter of 2012.
∑ Operating loss improved by SEK 3,106k to SEK 5,385k (loss: 8,491k), earnings per share improved to SEK -0.34 (-0.70).
∑ Cash flow from operating activities was SEK -1,502k (-3,889k).
∑ Genovis launched two new products, FabULOUS and GlycINATOR for analysis and characterization of antibody molecules.
∑ Genovis was granted SEK 1 million in research support from VINNOVA (the Swedish Agency for Innovation Systems) to explore a method for online process control in conjunction with manufacturing of the biological drug, mAbCHECK.
∑ Genovis carried out a rights issue in December that raised about SEK 23.7 million before issue expenses. Comments from CEO Sarah Fredriksson
2013 is the first year that Genovis shows a positive earnings trend. I consider this achievement to be one of the most important milestones in the Company's development. Compared with 2012, sales rose 47 percent, while expenses increased on an annualized basis to 13 percent, primarily due to expenses for reorganization and continued investments in sales and marketing. Consequently, financial performance for the full year remains unchanged, though it improved over the first three quarters. I am not concerned about this variation over the quarters; in fact, I believe we will continue to see this trend in the future.
We launched two new products in October. They were well-received by our customers and sales took off immediately, which speaks well of our R & D activities. During the fourth quarter, sales increased by about 70 percent in Europe compared with the same period last year, at the same time that we experienced a slowdown in the US market. We noted a cautious attitude in the US during the autumn amid general concerns about the economic situation. The US customers are at the forefront in the use of our products and they are heavily involved in completely new applications. Consequently I do not believe that interest is weakening, but rather the opposite and therefore believe this is a temporary decline.† The reduced revenues in the US caused sales to remain unchanged in the fourth quarter compared with the same quarter in 2012, despite a strong increase in Europe. Expenses before depreciation and amortization rose 10 percent on a quarterly basis, with operating expenses increasing by 2.7 percent, while the rest are administrative costs of a nonrecurring nature.
We had three objectives for 2013: to launch two new product lines, to substantially increase sales and for the protein products to become self -sufficient. We achieved the first two objectives and the products in the protein engineering portfolio generate sales that cover the costs of production, administration and sales and marketing activities, while also generating a contribution to research and development. While we did not quite achieve objective number three during the year, we made great strides in the right direction and will continue to do so in 2014. I believe we have every prospect for success in this endeavor.
CEO, Genovis AB For more information, please contact: Sarah Fredriksson, CEO, Genovis AB Tel: 46 (0)46 -101235 email@example.com ABOUT GENOVIS
Genovisí business concept is to develop, produce and market innovative technologies that facilitate and enable development of new treatment methods and diagnostics for customers in the medical device and pharmaceutical industries. The Group consists of Genovis AB and the subsidiary GeccoDots AB. Genovis develops and sells unique enzymes (protein engineering portfolio) in innovative product formats that facilitate development and quality control of and biological drugs. GeccoDots uses nanotechnology to produce a new type of contrast agent that is used in medical imaging.
Genovis shares are listed on NASDAQ OMX First North, and Thenberg Fondkommission is Certified Adviser for the Company, t: 46 (0)31-745 50 00
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