UPPSALA, Sweden--(BUSINESS WIRE)--Regulatory News:
Net sales amounted to 167.0 MSEK (149.7), an increase by 11.6 percent
compared to the corresponding quarter last year. At comparable
exchange rates sales increased by 9.5 percent.
Operating profit increased by 44 percent to 27.2 MSEK (19.0).
Result after tax increased by 52 percent to 27.7 MSEK (18.3).
Earnings per share amounted to 0.43 SEK (0.28).
The cash flow from operating activities amounted to 30.8 MSEK (33.9).
Net cash at September 30 amounted to 101.3 MSEK (134.9), compared to
99.6 MSEK at June 30.
Biotage has invested 19.3 MSEK in the development of products for
purification of biomolecules through subscription for shares in Chreto
At the end of the reported period Biotage had no holding of own
shares. No shares were acquired under the repurchasing program
resolved at the 2016 Annual General Meeting.
Nine months, January - September
Net sales amounted to 488.8 MSEK (442.0), an increase by 10.6 percent
compared to the corresponding period last year. At comparable exchange
rates net sales increased by 10.3 percent.
Operating profit increased by 37 percent to 75.0 MSEK (54.6).
Result after tax increased by 43 percent to 75.3 MSEK (52.5).
Earnings per share amounted to 1.16 SEK (0.81).
The cash flow from operating activities amounted to 96.7 MSEK (86.8).
Dividends to the shareholders were paid to the amount of 80.9 MSEK
(48.5) in the month of May.
Comments by CEO Torben Jörgensen
The third quarter is often the most challenging one for Biotage, with a
not insignificant impact of the vacation periods, above all in Europe.
Despite this the strong development trend from the year’s first six
months continues. We increase our sales and we also improve our
operating margin (EBIT).
Sales increased by 11.6 percent in the quarter compared to the
corresponding period last year, a 9.5 percent increase at comparable
exchange rates. On a rolling twelve month basis our sales increase by
14.4 percent, which means that we are gaining market share. Sales are
growing in practically all our regions. The US and China remain the
regions with the highest growth rate. When it comes to indirect sales we
are now beginning to see some positive effects of our efforts. Direct
sales in South Korea will start in the fourth quarter. We also see
improvements in the distributor sales in the APAC area. The work with
establishing a stronger presence in India continues.
The operating margin for the third quarter improved by a little more
than 28 percent from 12.7 to 16.3 percent. Efficiency gains in
production and positive currency effects result in an improved gross
margin. With a gross margin of 57.6 percent for the quarter we are still
a bit short of our strategic goal of 60 percent. In order to achieve
this, a larger share of consumables in the product mix is required.
Sales of the new generation of the evaporation system Biotage®V-10 Touch
are developing well, and so are the sales of our purification system
Isolera™, not least in China. The good system sales are balanced by a
healthy global sales increase in aftermarket products (consumables and
service) in Analytical chemistry. The relation between the sales of
systems and aftermarket products remains unchanged compared to the last
quarter, however, 45 and 55 percent respectively, compared to our goal
We are running a number of product development projects at a high pace
and we are planning for a number of new product launches already in the
first part of 2017. Long term we also aim to broaden our product
offering for biomolecules, here the investment made in Chreto Aps during
the quarter is a part of our initiative.
This information is information that Biotage AB (publ) is obliged to
make public pursuant to the EU Market Abuse Regulation and the
Securities Markets Act. The information was submitted for publication,
through the agency of the contact persons set out above, at 08.30 CET on
November 10, 2016.
Biotage (STO:BIOT) offers efficient separation technologies from
analysis to industrial scale and high quality solutions for analytical
chemistry from research to commercial analysis laboratories. Biotage’s
products are used by government authorities, academic institutions,
pharmaceutical and food companies, among others. The company is
headquartered in Uppsala and has offices in the US, UK, China, Japan and
South Korea. Biotage has approx. 300 employees and had sales of 611 MSEK
in 2015. Biotage is listed on the NASDAQ OMX Stockholm stock exchange.
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