Strength through a global, diversified business
July – September
- Net sales amounted to
SEK 449 (401) million, an increase of 12.1 percent and an organic* decrease of 9.5 percent.
- EBITA* amounted to
SEK 87 (104) million and adjusted toSEK 94 (110) million. The EBITA margin* amounted to 19.3 percent (26.0) and adjusted to 20.9 percent (27.3).
- Adjusted EBITDA** amounted to
SEK 117 (128) million and adjusted EBITDA margin amounted to 26.1 percent (31.8).
- Operating profit amounted to
SEK 66 (97) million and adjusted* toSEK 73 (102) million.
- The operating margin was 14.6 percent (24.2) and adjusted to 16.2 percent (25.5).
- Profit after tax amounted to
SEK 38 (65) million.
- Earnings per share were
SEK 0.48 (0.99) before and 0.48 (0.98) after dilution.
- Cash flow from operating activities increased to
SEK 103 (97) million.
- Net cash* as of
September 30 wasSEK 250 (224) million.
- On
September 25 ,Andrew Kellett started his position as interim CFO.
January – September
- Net sales amounted to
SEK 1,219 (1,182) million, an increase of 3.2 percent and an organic* decrease of 12.1 percent.
- EBITA* amounted to
SEK 213 (307) million and adjusted toSEK 262 (323) million. The EBITA margin* amounted to 17.4 percent (26.0) and adjusted to 21.5 percent (27.3).
- Adjusted EBITDA** amounted to
SEK 324 (375) million and adjusted EBITDA margin amounted to 26.6 percent (31.7).
- Operating profit amounted to
SEK 172 (286) million and adjusted* toSEK 221 (301) million.
- The operating margin was 14.1 percent (24.2) and adjusted to 18.2 percent (25.5).
- Profit after tax amounted to
SEK 115 (194) million.
- Earnings per share were
SEK 1.60 (2.94) before and 1.60 (2.93) after dilution.
- Cash flow from operating activities decreased to
SEK 130 (242) million.
- On
March 9 , it was announced that Lars Bäckman, Chief Legal Officer, will retire and leaveBiotage inSeptember 2023 .
- On
April 28 ,Maja Nilsson informed that she is leaving the position as CFO.
- On
June 1 ,Biotage completed the acquisition ofAstrea Group Holdings Company Ltd ("Astrea"), which was announced on15 February 2023 . As part of the transaction 13,954,103 ordinary shares were issued in June.
- On
September 25 ,Andrew Kellett started his position as interim CFO.
Message from the CEO
Biotage´s total sales of
Our commitment to improve gross margins is paying off with an increase of 2.8 points to 62.9 (60.1) percent. We also delivered adjusted EBITDA of
Parts of our business are still recovering from the swift changes in the market due to a decline in demand for Scale Up solutions connected to the manufacture of COVID-19 vaccines, as well as decelerating sales of Small Molecules systems in
Improved margins and cashflow are signs of success for the gradual implementation of our margin expansion and cost optimisation programme. Sales remain robust in most parts of the business. Two out of our three geographic markets are growing, EMEA and
Four out of our six product focus areas are growing. Diagnostics, which includes our oligonucleotide business acquired with ATDBio, grew 50%. I see this as proof that
A testament to the strength of the group is our gross cash balance of
Biotage’s strategy is to have a global presence, diversification of product portfolio, markets in attractive new niches to find exciting application areas, and to strengthen recurring revenue. This makes the company more robust in the face of sudden market changes, such as with the pandemic. In this sense, the newly acquired Astrea Bioseparations has been positive in this first full quarter as part of the group.
Astrea Bioseparations has expanded its manufacturing and warehousing capabilities in the US with a new facility in
Also, at Biotech Week Boston late in September, a disruptive and sustainable new technology came live with Astrea Bioseparations’ launch of scaled-up versions of their nanofiber chromatography purification technology. These technologies have been tailored specifically for cell and gene therapies.
As of 25 September, I am happy that we have a new interim CFO
A lot more can be said about the strengths of our company and people. I feel confident that we will close the year successfully, with a strong commitment to both improve sales and control costs throughout the organisation. We will diligently push on in our continued efforts to make
Uppsala,
President and CEO
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