Enzymatica AB: Geographic expansion and continued growth in 2016
February 16 2017 - 1:30AM
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
Financial ratios |
|
|
|
|
|
(SEK million) |
|
Oct-Dec
2016 |
Oct-Dec
2015 |
Full year
2016 |
Full year
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 activities |
|
-4.2 |
-12.2 |
-39.8 |
-37.6 |
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@enzymatica.com
Bengt Jöndell, CFO, Enzymatica AB
Tel: +46 (0)703-77 71 70 | Email: bengt.jondell@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@enzymatica.se |
www.enzymatica.se
Enzymatica Year End Report
2016
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
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