Evolva posted its financial results today for the period from 1 January to 31 December 2017, and provided business highlights that illustrate how the Company is executing on its strategic transformation plan which was put in place last August.
Elements of this transformation have included accelerating growth of our commercial products, building stronger R&D operations, successfully streamlining our operations and fortifying our cash balance. These elements have provided Evolva with a strong base to grow our product revenues while strengthening our world-class research and development capabilities to bring important products to market quickly.
Key business highlights
- EverSweetTM
- Today, in a joint press release, Cargill and Evolva announced the official start of the commercial production of EverSweet™ to fill customer orders. Additionally, Cargill and Evolva reached a new agreement for the EverSweet™ sweetener which replaces the existing agreements, and adds certain additional high intensity sweeteners.
- Under this new agreement, Evolva will receive a royalty percentage on the sales of EverSweet™, which will accrue to Evolva as soon as EverSweet™ starts generating revenues
- Evolva will benefit from a significant reduction of operational and capital expenses while maintaining long term value
- Nootkatone pest control products
- Evolva has filed for US EPA registration for the active ingredient nootkatone, a process that is expected to be completed by the end of 2018
- In parallel, Evolva is actively engaged in discussions with leading pest control product companies to supply nootkatone for next-generation tick and mosquito products
- Resveratrol products
- Following on the heels of the launch of our Veri-teTM brand, revenue growth is accelerating
Financial highlights:
- Product sales up by 82% in 2017 to reach CHF 2.0 million
- Overall revenues were CHF 6.8 million (2016: CHF 9.6m), the decline being related to the reduced activities on contract R&D work, which is in line with our announced strategy
- Cash position of CHF 97.2 million on 31 December 2017 (31 December 2016: CHF 47.5m)
Evolva CEO Simon Waddington said, “The commercial launch of EverSweet marks the fifth product platform that Evolva has advanced from concept to market. We are very proud of this track-record and look forward to advancing further products that meet important societal needs. Evolva is a world-leader in applying cutting edge biotechnology to allow for sustainable bioproduction of next-generation ingredients that positively impact the health, nutrition and protection of people and animals.”
Evolva CFO Oliver Walker commented, “Our finances are developing in line with our financial plan. We have a solid cash position of almost CHF 100 million, remain debt-free, and have significantly trimmed our burn rate. By any measure, Evolva has never been in such a strong financial position.”
Press/analyst call at 10AM CET on 20 March 2018
Simon Waddington (CEO) and Oliver Walker (CFO) will present the results in call for media and analysts.
Dial-in numbers:
+41 (0)58 310 5000 (Europe)
+44 (0)207 107 0613 (UK)
+1 (1)631 570 5613 (USA)
The full press release text, Powerpoint presentation and annual accounts are available on Evolva’s website. A replay will be available as a podcast for 2 weeks after the call. The link to the podcast will be posted on Evolva’s website.
