Interim report for
Enzymatica AB (publ)
JANUARY- JUNE 2017
Continued sales growth and breakthrough order from STADA
Q2
- Net sales reached SEK 5.9 (4.9) million.
- Loss after tax came in at SEK -10.8 (-12.8) million.
- Earnings per share were SEK -0.12 (-0.20).
-
Cash and cash equivalents were SEK 18.4 (26.9) million.
Significant events in Q2
- Enzymatica received a record-breaking order from the German company STADA of about SEK 12 million.
- Enzymatica published findings of a study of elite athletes showing that use of ColdZyme® reduced the number of sick days by more than 50%.
H1
- Net sales increased to SEK 15.5 (13.3) million.
- Loss after tax came in at SEK -22.3 (-20.9) million.
- Earnings per share were SEK -0.25 (-0.47).
Significant events after Q2
- Enzymatica completed two key recruitments: Chief Commercial Officer and Chief Operating Officer.
| Key figures | |||||
| (SEK million) | Q2 2017 | Q2 2016 | H1 2017 | H1 2016 | Full year 2016 |
| Net sales | 5.9 | 4.9 | 15.5 | 13.3 | 36.5 |
| Gross margin, % | 46 | 63 | 56 | 62 | 61 |
| Operating profit/loss | -11.8 | -12.3 | -23.3 | -20.0 | -46.2 |
| Cash flow from operating activities | -7.4 | -15.1 | -16.3 | -20.0 | -38.4 |
| Average number of employees | 21 | 22 | 21 | 19 | 21 |
CEO statement: The STADA order confirms our technology and increases our commercial value
The major event in the second quarter was the ColdZyme order from the German pharmaceutical company STADA, worth approximately SEK 12 million, for the launch in the German, Belgian and Austrian markets. The order is the largest in Enzymatica’s history and exceeds the company’s entire Q1 sales. We are now beginning to see the results of our focus in recent years on international distribution agreements. The order demonstrates the commercial potential of ColdZyme and represents clear acceptance of our technology platform.
Q2 was the 18th consecutive quarter with increased sales compared with the same quarter of the previous year. Second quarter sales are generally lower due to seasonal variations - yet they increased by 21% compared with 2016. In Sweden ColdZyme sales from pharmacies to consumers increased by more than 20% as a result of an expanded end-customer base and a high repeat purchase rate. For the first half of 2017 the market share in value increased to 4.6%, and sales of ColdZyme packages from Swedish pharmacies to end-customers increased by over 20% compared with the corresponding period in 2016. Sales from pharmacies to end-customers and from Enzymatica to pharmacies can deviate during different periods, as a consequence of variations in the pharmacies’ inventory build-up.
The strong sales growth in Sweden five years after the launch demonstrates the potential for other markets where ColdZyme will be launched through our distributors. Sales also surged in Denmark, while we received refill orders from our distributors in Spain and Finland during the quarter.
On 21 June we released the results of a study in which elite athletes used ColdZyme. The study findings show that our cold spray reduced the number of sick days, and thereby lost practice days, by more than 50%, compared with control periods when ColdZyme was not used. The study also showed that elite athletes who came down with colds and used ColdZyme experienced milder cold symptoms. The study results confirm the findings of our first clinical study (COLDPREV I), which showed a 50%-reduction in the number of sick days.
With the breakthrough order from STADA and the cold season beginning after the summer we will show a strong third quarter compared with the corresponding period in 2016.
Fredrik Lindberg, CEO
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, Interim CFO, Enzymatica AB
Tel: +46 (0)703-77 71 70 | Email: bengt.jondell@enzymatica.com
Publication
This information is information that Enzymatica is obliged to make public pursuant to the EU Market Abuse Regulation and the Swedish Securities Markets Act (Lagen om värdepappersmarknaden). The information was submitted for publication, through the agency of the contact person set out above, at 08:00 CET on July 20, 2017.
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 is listed on the Nasdaq First North. The Company is traded under the ticker symbol ENZY and ISIN code SE0003943620.
Enzymatica’s certified adviser is Erik Penser Bankaktiebolag.
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