Investments for future sales growth impacted profitability
Fourth quarter (October-December 2021)
- Revenues amounted to
SEK 46.1 (55.6) million, a decrease of 17%, primarily due to lower license revenue. Adjusted for currency effects revenues decreased by 22%. -
EBITDA amounted to
SEK -12.1 (4.9) million with an EBITDA margin of -26% (9%). -
Operating profit amounted to
SEK -23.8 (-6.4) million. -
Net loss for the period amounted to
SEK -25.4 (-9.4) million. Earnings per share amounted toSEK -0.72 (-0.32). -
Cash flow from operating activities amounted to
SEK 11.6 (3.9) million, corresponding toSEK -0.33 (0.12) per share.
Full year (January-December 2021)
- Revenues amounted to
SEK 179.0 (186.0) million, a decrease of 4%. Adjusted for currency effects revenues decreased by 3%. -
EBITDA amounted to
SEK -7.2 (26.7) million, with an EBITDA margin of -4% (14%). -
Operating profit amounted to
SEK -54.2 (-17.6) million. -
Net loss for the period amounted to
SEK -58.8 (-38.4) million. Earnings per share amounted toSEK -1.68 (-0.78). -
Cash flow from operating activities amounted to
SEK 7.3 (0.7) million, corresponding toSEK 0.22 (0.02) per share.
Key events during the fourth quarter
- New clinical study shows 53% reduction in ventilator-associated pneumonia with
Bactiguard 's endotracheal tube. -
CEO
Anders Göransson acquires shares inBactiguard forSEK 3 million . - Gabriella Björknert Caracciolo announces that she will leave the position as CFO and deputy CEO.
Key events after the end of the fourth quarter
- Focused growth strategy with new financial targets presented.
-
The global
Zimmer Biomet partnership has been expanded to cover multiple products segments in theZimmer Biomet portfolio. -
The clinical study of the
Bactiguard endotracheal tubes was published in the well renowned magazine Annals of Intensive Care.
COVID-19 effects
Even with the increase of Covid-19 (Omicron) in the fourth quarter, there is a positive impact due to roll out the vaccine that has reduced the number of serious cases. During the fourth quarter we saw continuous stabilisation of license revenue from
CEO comments the fourth quarter
Investments for future sales growth impacted profitability
Revenues in the fourth quarter were lower than in the previous year, mainly due to lower license revenues. The license business with BD continued to stabilize and sales of our own product portfolio for infection prevention developed positively, although continued to be affected by the pandemic. We have started investing in a stronger marketing and sales organization, which has affected the profitability.
Today we have announced that we are expanding our global partnership with
New license agreement in February 2022
Today we signed an agreement to expand our global partnership with
The new license agreement will generate development- and license revenue in 2022 and has the potential to generate larger milestone related license revenues in the future. Over time, when the implants reach the market, our royalty revenue will increase significantly.
We also see that the new broad collaboration will pave the way for new dialogues with other potential partners and create new opportunities for expanding our license business to other application areas.
Revenues from
Stabilised sales of Bactiguard own product portfolio
Sales have continued to be negatively affected by reduced regular healthcare and high sick leave ratios among healthcare staff due to the pandemic. Despite this, sales of catheters and wound care products developed positively, especially in the markets where we have our own sales force. We are experiencing an increasing interest in infection prevention in other regions as healthcare returns to more normal activity levels. Our assessment is that demand will continue to increase as the pandemic situation improves. At the same time, our focused strategic investments will create better conditions for accelerated growth
Developed growth strategy
In 2021, we have made strategic investments in, among other things, the marketing and sales organization, which has moved us forward in the value chain and strengthened our understanding of both patients 'and our customers' needs.
The evidence for our technology has been further strengthened and new clinical studies covering our urinary catheters and endotracheal tubes have been published in well renowned journals during the year. The studies confirm the strength of the
We see many growth opportunities and have now set a clearly focused growth strategy. Our ambition to grow with 1-2 new license deals per year remains. We are experiencing a growing interest in our technology and have several ongoing discussions regarding possible future licensing deals. However, these processes are time consuming and have been hampered by the pandemic.
The global need for our own product portfolio is great and in the future, we will focus sales efforts on markets and therapeutic areas where we see great needs that pave the way for high, stable and profitable growth. With a clearer sales strategy and go-to-market model, I see great opportunities to strengthen our position in infection prevention.
New growth phase
As we now enter into an exciting growth phase, we have today communicated new financial targets. Our long-term target is to generate annual sales of at least
We will focus on six therapy areas and prioritised countries and increase sales through new license agreements and a broader BIP portfolio, combined with strategic, smaller additional acquisitions. Through a substantial build-up of our capacity in the licensing business, combined with investments in the BIP portfolio, we are building the base. We will invest in manufacturing, product development and further expand the go-to-market organization. The transformation of
The year-end report 2021 for
This information is information that
For further information, please contact:
Gabriella Björknert Caracciolo, CFO and deputy CEO, mobile: +46 72 141 62 49
Audiocast
An audiocast in English for investors, analysts and media will be held on
The report and a presentation for the webcast will be available at
To participate in the webcast, please use this link: www.bactiguard.com/Q4-2021
To participate only by conference call, dial:
- SE: +46850558351
UK : +443333009261-
US: +16467224904
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