Tromsø,Norway , May 8[th], 2024 -ArcticZymes Technologies (OSE: AZT) reported sales ofNOK 30.0 million and an EBITDA ofNOK 2.3 million for the first quarter of 2024. Highlights from Q1 ·ArcticZymes Technologies (AZT) had Q1 sales ofNOK 30.0 million (Q1 2023:NOK 31.2 million · AZT had a positive EBITDA for Q1 ofNOK 2.3 million (Q1 2023:NOK 6.1 million ) and a net profit ofNOK 3.2 million (Q1 2023:NOK 5.0 million ) · Operating expenses for Q1 were 27.7 million (Q1 2023:NOK 25.1 million ) where extraordinary items related to closing ofOslo office accounted forNOK 0.8 million and implementation of a new ERP solution accounted forNOK 1.5 million . · Cash flow for Q1 was negativeNOK -7.9 million (Q1 2023:NOK -12.5 million ) explained by increase in receivables byNOK -6.9 million and investment in intangibles ofNOK -4.0 million , giving a cash balance ofNOK 173.0 million . In addition,NOK 70 million is invested in low-risk interest rate funds. · Launch of SAN HQ GMP ·New Research partnership withAustrian Center of Biotechnoloy (acib) to generate SAN benchmarking data, posters and publications - supported by COMET (Competence Centers for Excellent Technologies ) grant funding withEUR 100 000 CEOMichael B. Akoh comments: In Q1, we successfully introduced SAN HQ GMP,ArcticZymes' first GMP grade enzyme with product availability in March. This milestone is an important building block enabling us to serve more customers in the biomanufacturing segment. I was also pleased to see the initiation of a research project with acib that will provide further important data on the performance of our SAN portfolio. We expect that market conditions will continue to be challenging in Q2 with a potential for gradual improvement in the latter half of the year, as previously discussed. We will continue to strengthen our product portfolio and commercialization of our novel enzymes. -Ends- Presentation and Webcast The Company will host a virtual Q1 2024 presentation for investors, analysts and media at08:30 CET onWednesday, May 8th, 2024 . The presentation will be given by CEO,Michael Akoh , CFO, Børge Sørvoll. The presentation can be followed as a live webcast from Hegnar TV on: https://channel.royalcast.com/landingpage/hegnarmedia/20240508_3/ or www.arcticzymes.com. It will be possible to post questions through the webcast console. The report for Q1 2024 will be available on www.newsweb.no and on the company's homepage www.arcticzymes.com from 07.00 CET on Wednesday,8 May, 2024 . For more information, please contact:ArcticZymes Technologies ASA CEO,Michael B. Akoh Tel: +46 (0) 70 262 37 15 CFO, Børge Sørvoll Tel: +47 95 29 01 87 AboutArcticZymes Technologies ASA ArcticZymes Technologies is a Norwegian life sciences company focused on the development, manufacturing and commercialization of novel recombinant enzymes for use in molecular research,In Vitro Diagnostics (IVD) and biomanufacturing. Listed on theOslo Stock Exchange since 2005 originally under the [AZT] ticker. Its headquarters are based in Tromsø,Norway , at the SIVA Innovation Centre.ArcticZymes Technologies' IP and capabilities are protected via a large portfolio of patents. For more information, please visit the website: www.arcticzymes.com
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