Vistin Pharma ASA : Fourth quarter and preliminary 2016 results
(Thomson Reuters ONE) -
Oslo, Norway, 28 February 2017
The fourth quarter results recorded by the Norwegian pharmaceutical company
Vistin Pharma ASA (OSE: VISTIN) were negatively affected by an unscheduled stop
in metformin production, as reported on in November. Provisions related to
redundancies and re-organisation within the Company's tablet manufacturing
facility also affected the figures. The adjusted EBITDA for the fourth quarter
ended at minus NOK 1.5 million, while the full-year figure showed a positive NOK
29.5 million.
"Whilst our financial figures for the fourth quarter reflect some unexpected
costs and provisions related to our CMO tablet manufacturing operational
excellence programme, we maintain our positive outlook for the Company. We
continue to experience growth in all our markets, and we are investing in
increased capacity. Together with our continuous focus on operational
efficiency, we expect Vistin Pharma to continue to deliver profitable growth in
the years to come," says CEO Kjell-Erik Nordby.
The adjusted EBITDA for the fourth quarter include an impact of approximately
NOK 5.1 million from the lower metformin volumes available for sale, caused by
the temporary stop in production. Excluded from adjusted EBITDA for the quarter
is a NOK 5.8 million provision for redundancies relating to the ongoing CMO cost
savings programme, and NOK 1.7 million in one-off costs relating to the reactor
failure.
Vistin Pharma recorded total revenue and income of NOK 93.6 million in the
fourth quarter of 2016, compared to NOK 104.5 million in the fourth quarter of
2015. The 2015 figure included net proceeds of NOK 8.7 million from a settlement
relating to the business transfer from Weifa AS. Vistin Pharma was spun off from
Weifa in 2015.
Revenue from metformin business was 32.5 million in the fourth quarter, down 22
percent compared to the corresponding quarter in 2015. The unscheduled stop
affected the quarterly results by approximately NOK 10 million in lost sales.
Opioids revenue in the fourth quarter was NOK 30.4 million, compared to NOK
20.1 million in the fourth quarter of 2015. The total volume sold during the
quarter was significantly higher than the volume sold in the fourth quarter of
2015 for both API and tablets. Revenue for the CMO segment was NOK 30.7 million,
slightly down from the fourth quarter of 2015 (NOK 33.9 million).
The Company's financial position remains strong, with a cash position of NOK
89.4 million as of 31 December. Total equity was NOK 186.6 million, compared to
NOK 183.9 million at year-end 2015. The equity ratio stood at 66.8 percent
(71.0 percent). Vistin Pharma holds no interest-bearing debt.
Vistin Pharma will hold a presentation today at 08:30 CET at Carnegie AS,
Fjordalleen 16, Oslo, Norway. CEO Kjell-Erik Nordby and CFO Gunnar Manum will
represent the Company. The presentation will be webcast live and can be accessed
directly from http://webtv.hegnar.no/presentation.php?webcastId=44475356,
or http://www.vistin.com/investors/webcast-article214-455.html.
Please find the report and presentation for the fourth quarter 2016 enclosed.
The report and presentation will also be made available on www.vistin.com.
For further information, please contact:
Kjell-Erik Nordby
CEO
+47 91 36 42 80
kjell-erik.nordby(at)vistin.com
Gunnar Manum
CFO
+47 95 17 91 90
gunnar.manum(at)vistin.com
About Vistin Pharma
Vistin Pharma is a Norwegian pharmaceutical company producing Active
Pharmaceutical Ingredients (APIs) and solid dosage forms for the global
pharmaceutical industry. The Company has key positions in the Metformin and
Opioids markets, and a strong foundation for creating a highly efficient
Contract Manufacturing tablet production (CMO) business. Solid growth
potentials exist in all the business segments.
With more than 65 years of pharmaceutical industry experience, Vistin Pharma has
built significant capacity and expertise as an API provider. The Company has
more than 140 highly qualified employees and two manufacturing facilities in
Kragerø, Norway. Both facilities are certified according to current Good
Manufacturing Practice (cGMP) and successfully inspected by the US Food and Drug
Administration (FDA) in 2014. Vistin Pharma's headquarter is in Oslo, Norway.
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Vistin Pharma ASA fourth quarter presentation 2016:
http://hugin.info/168869/R/2082425/784680.pdf
Vistin Pharma ASA fourth quarter report 2016:
http://hugin.info/168869/R/2082425/784679.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: Vistin Pharma ASA via GlobeNewswire
Datum: 28.02.2017 - 07:00 Uhr
Sprache: Deutsch
News-ID 526897
Anzahl Zeichen: 5620
contact information:
Town:
Oslo
Kategorie:
Business News
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