A challenging year for biotech and for
July –
- Net sales decreased by 6% to 21.8 (23.2) MSEK. Sales in
Europe continued to be strong in the second half as a result of orders made prior to the period. The economic slow-down inNorth America had a negative impact on sales in the period. - Order intake* decreased by 70% to 10.2 (34.3) MSEK. The economic slow-down in our main markets has made some of our customers delay production and investments in new projects. The distribution of orders over Q3 and Q4 was 2.8 MSEK and 7.4 MSEK, respectively.
- Profit in the second half of the year was -26.0 (-21.5) MSEK. Sales growth slow-down and one-off costs related cost reduction programs had a negative impact on profit.
- Basic earnings per share in the second half of the year amounted to –0.73
(-0.61) SEK and diluted -0.73(-0.61) SEK . - Cash flow from operating activities was –32.6 (-13.1) MSEK.
- Bank balances amounted to 39.4 (65.9) MSEK at the end of the period.
January –
- Net sales increased by 6% to 43.9 (41.3) MSEK. Sales in
Europe have been strong throughout the year and ended at 31.7 (19.9) MSEK. The economic slow-down inNorth America had a negative impact on sales ending the year at 11.3 (16.0) MSEK. - Order intake* decreased by 54% to 26.1 (56.5) MSEK. Order intake was significantly below last year as some of our customers delayed production and investments in new projects.
- The order book at the end of the period amounted to 4.4 MSEK.
- Full year profit was -54.8 (-45.0) MSEK. Sales slow-down in the second half and one-off costs and costs related to staff reductions had a negative impact on profits in 2023.
- Basic earnings per share for the full year amounted to –1.56
(-1.28) SEK and diluted -1.56(-1.28) SEK . - Cash flow from operating activities was –59.0 (-39.9) MSEK.
- Bank balances amounted to 39.4 (65.9) MSEK at the end of the period.
- The Board of Directors proposes that no dividend be paid for the financial year 2023.
Significant events after year’s end
- In January Bio-Works received two new orders from a production customer in
Netherlands . The orders were worth 4.8 MSEK in total. The customer is a global manufacturer of active pharmaceutical ingredients (APIs) with approximately 1,800 employees.
Message from the CEO
A challenging year for biotech and for
After a strong 2022,
Despite the tough market conditions, we were able to grow sales by 6% which is considerably less than our ambitions. Our growth in 2023 is not reflective of
Full focus on sales with a lean organization and smaller cost basis
In conjunction with the second savings initiative announced in October,
Finally, we made significant changes in our sales tactics as a direct response to tougher market conditions. After the start of our new CFO,
Long-term potential and
While we believe it is important to react quickly to changing market conditions, we also believe that the market’s long-term potential and
Biotech set for a rebound in 2024
A
Strong order intake during the previous three months has shown signs of recovery. I cannot say with certainty that we will once again have the wind at our back in 2024, but we are piloting a lighter and nimbler vessel with an experienced crew, and increasingly it feels like we're not going to have wind at our face. In my estimation, this is enough for
Thank you for your continued confidence and support. Together, we continue the journey to a profitable
Uppsala,
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