Enzymatica AB: Geographic expansion and continued growth in 2016
(Thomson Reuters ONE) -
YEAR-END REPORT FOR
ENZYMATICA AB (PUBL)
JANUARY-DECEMBER 2016
Geographic expansion and continued growth in 2016
Q4
* Net sales increased to SEK 11.3 (11.1) million.
* Loss after tax came in at SEK -17.6 (-11.2) million.
* Earnings per share were SEK -0.19 (-0.45).
* Cash and cash equivalents were SEK 35.6 (8.1) million.
Significant events in Q4
* Enzymatica signed an exclusive distribution agreement for Australia, New
Zealand, Greece and Cyprus.
* Enzymatica reported results of an experimental study in healthy volunteers
and a study evaluating sick Days in elderly care staff.
* On December 19, 2016 an extraordinary general meeting elected a new Board of
Directors of the Company
Full year
* Net sales increased to SEK 36.5 (27.9) million.
* Loss after tax came in at SEK -45.0 (-40.8) million.
* Earnings per share were SEK -0.69 (-1.64).
Significant events after Q4
* Enzymatica signed distribution agreement with Stada Arzneimittel AG for
Germany
Financial ratios
------------------------------------------------------------------------
Oct-Dec Oct-Dec Full year Full year
(SEK million) 2016 2015 2016 2015
------------------------------------------------------------------------
Net sales 11.3 11.1 36.5 27.9
------------------------------------------------------------------------
Gross margin, % 56 65 61 70
------------------------------------------------------------------------
Operating profit/loss -18.5 -11.1 -46.2 -40.5
------------------------------------------------------------------------
Cash flow from operating -4.2 -12.2 -39.8 -37.6
activities
------------------------------------------------------------------------
Average number of employees 22 17 21 16
------------------------------------------------------------------------
CEO statement: Stronger platform for expansion
In 2016, we increased sales by 31 percent to SEK 36 million compared with SEK
28 million the previous year. The increase is a result of good growth in new
markets in combination with continued strong sales in the Swedish market, where
ColdZyme retain its share in sales of 4.6 per cent. The introduction of ColdZyme
OneCold (7 ml) has performed as we had hoped. The decline in sales of ColdZyme
(20 ml) that we initially saw following the introduction of ColdZyme OneCold has
ended in the last quarter. We are now increasing sales of both products. All
markets are demonstrating growth with the exception of Norway and the UK, where
we have not yet sorted out our distribution. Denmark and Finland are following
the development curve seen during the first years in Sweden and show sales more
than doubled in 2016 compared with the previous year.
In the fourth quarter we took additional steps toward the internationalization
of ColdZyme by entering into two new distribution agreements. In early November,
we entered into an exclusive distribution agreement with Life NLB Ltd of the
Greek and Cypriot markets. We also signed an exclusive distribution agreement
with Symbion (Endeavour Consumer Health), Australia's largest distributor to
pharmacies and the third largest in New Zealand. Since ColdZyme has to be
registered before we can begin to sell it, we expect the launch will be in 2018
at the earliest. We have continued to dedicate considerable effort to quality
and regulatory issues and have made good progress in our preparations to adapt
to the new European medical device regulations that are expected to take effect
over the next few months.
In December we reported the results from two studies. The experimental study on
colds, Coldprev II, did not achieve the statistical targets and did not turn out
as we had expected. However, the study did provide us with valuable safety data.
Our evaluation of colds and sick days among elderly care staff in Eksjö
Municipality, which was published in a scientific journal in November 2016,
revealed positive results with significantly fewer sick days while using
ColdZyme. We will continue to conduct studies on ColdZyme for treatment of the
natural cold in order to deepen our knowledge and broaden our product claims.
We are very pleased that we have recently signed an exclusive distribution
agreement with STADA Arzneimittel AG for the German market. The agreement with
Stada is a significant breakthrough for our internationalization strategy, but
above all it is a recognition of our technology when a pharmaceutical company of
Stada's stature, with the stated ambition of increasing its sales with original
products, chooses to enter into an agreement with Enzymatica for the sale of
ColdZyme in Germany, one of the world's largest markets for over-the-counter
products.
We can now close the books on a successful and eventful 2016. In many regards,
the year has been influenced by the acquisition of Zymetech, which through its
patent portfolio, and the production of marine enzymes from deep sea cod, made
it possible to open up a dialogue with potential partners outside Scandinavia.
The acquisition itself has entailed higher costs for the consolidated Company,
stemming from production and research and development, which we expect to align
in 2017. We also completed two share issues during the year that raised SEK 100
million before issue costs for the Company, in order to ensure implementation of
our expansion plan and to be able to show potential partners that our financial
situation is more sustainable.
A new Board of Directors of the Company that will better reflect the ownership
structure that evolved during the year was elected at an extraordinary general
meeting on December 19. The new chairman of the board is Bengt Baron, who has
extensive experience from various management positions in Swedish industry,
including consumer products.
We are entering 2017 as a stronger company, backed by growth and with good
prospects for successfully continuing our geographic expansion by reaching out
with ColdZyme to new markets. While it is gratifying that we continue to grow
steadily in our home-domestic markets, it is only now, with the step on the
major markets, we will be able to accelerate growth I look forward to the new
year with confidence as CEO of this exciting company.
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. The Company developed ColdZyme(®), a unique mouth spray
for fighting colds, launched the product on seven 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
Iceland and collaborates with a contract sales organization in the UK.
Enzymatica also sells via distributors in Spain, Finland and Greece.
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.
For questions about this report, please contact:
Fredrik Lindberg, CEO, Enzymatica AB
Tel: +46 (0)708-86 53 70 | Email: fredrik.lindberg(at)enzymatica.com
Bengt Jöndell, CFO, Enzymatica AB
Tel: +46 (0)703-77 71 70 | Email: bengt.jondell(at)enzymatica.com
Publication
Enzymatica AB (publ) is required by Swedish law (the Securities Market Act
and/or the Financial Instruments Trading Act) to publish the information in this
interim report. The information was submitted for publication on Thursday,
February 16, 2017 at 8:30 a.m.
Street address
Enzymatica AB (publ)
Corporate identity no.: 556719-9244
Mailing address: Ideon Science Park, 223 70 LUND
Street address: Scheelevägen 19, Ideon, Lund
Tel: +46 (0)46-286 31 00 | info(at)enzymatica.se | www.enzymatica.se
Enzymatica Year End Report 2016:
http://hugin.info/160850/R/2078987/782764.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq 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
Unternehmensinformation / Kurzprofil:
Datum: 16.02.2017 - 08:30 Uhr
Sprache: Deutsch
News-ID 524621
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contact information:
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Kategorie:
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