BIOTAGE AB Increased sales for five consecutive quarters
April – June
- Net sales amounted to
SEK 395 (303) million, an increase of 30.3 percent and an organic* increase of 14.4 percent. - Operating profit amounted to
SEK 93 (63) million and adjusted* toSEK 98 (63) million. - The operating margin was 23.4 percent (20.6) and adjusted to 24.7 percent (20.6).
- EBITA* amounted to
SEK 100 (65) million, and adjusted toSEK 105 (65) million. - The EBITA margin* amounted to 25.2 percent (21.4) and adjusted to 26.5 percent (21.4).
- Profit after tax amounted to
SEK 57 (46) million. - Earnings per share were
SEK 0.87 (0.71) before andSEK 0.87 (0.70) after dilution. - Cash flow from operating activities decreased to
SEK 88 (92) million. - Net cash* as of
June 30 wasSEK 67 (61) million. - A dividend of
SEK 1.55 per share was paid for a total amount ofSEK 102 million .
January – June
- Net sales amounted to
SEK 781 (585) million, an increase of 33.5 percent and an organic* increase of 18.0 percent. - Operating profit amounted to
SEK 189 (142) million and adjusted* toSEK 199 (142) million. - The operating margin was 24.2 percent (24.3) and adjusted to 25.5 percent (24.3).
- EBITA* amounted to
SEK 203 (147) million, and adjusted toSEK 213 (147) million. - The EBITA margin* amounted to 26.0 percent (25.1) and adjusted to 27.3 percent (25.1).
- Profit after tax amounted to
SEK 129 (106) million. - Earnings per share were
SEK 1.95 (1.63) before andSEK 1.95 (1.62) after dilution. - Cash flow from operating activities decreased to
SEK 145 (160) million. - On
March 14 , the Board decided on new financial goals: 12 percent organic growth and a 25 percent EBITA margin, both averaging over three years.
Message from the CEO
Another quarter of record sales
Biotage’s profitable growth journey continues in the second quarter. We are growing faster than the market, and once again breaking new sales records. We are also experiencing a good profit level. Another quarter of record sales Our net sales for the second quarter amounted to
Our continued success is largely due to our disciplined, smart and methodical approach to aspects of the business that we ourselves have control over. Even when the pandemic first broke out, our focus was on doing everything we could to continue to meet our customers’ needs for products. The proactive structure we built at the time, with constant efforts to secure our supply chain, has enabled
The implementation of our new, customer-focused specialist organization is proceeding according to plan and is appreciated by our customers. One step in the right direction: we now ensure that our innovation efforts meet customer needs by weaving customer input into our development process to find the best solution.
All three of our customer focus areas show double-digit growth compared to the same period last year: White Tech with customers in research, development and manufacturing of pharmaceuticals, Red Tech with a focus on diagnostic companies and clinical, forensic and doping laboratories, and Blue & Green Tech with a focus on environmental, water and food laboratories. In White Tech, success was noted in particular in purification and evaporation. The double-digit growth in Red Tech is driven by clinical testing in the
Geographically,
With regard to
Overall, we have seen a strong development of our system sales during the quarter. Here too, we reap the rewards of proactiveness, in particular our investment in the innovative platform solution Biotage® PhyPrep, which is the first in the world to automate plasmid purification for maxi, mega and giga scales. Here we identified an attractive niche where there was a gap to streamline customer workflows. This deal has started to gain momentum, and we are scaling up for further growth.
The new evaporation system Biotage® TurboVap 96 Dual, which streamlines customer workflows and helps to reduce solvent use, has also become a sales success. During the quarter, we launched two more products to help customers streamline their workflows in a similar way, while maintaining or improving environmental considerations: Biotage® Extrahera HV-5000 and Biotage® Selekt Enkel. At the same time, our work to reduce solvent use at our manufacturing facility in Cardiff is progressing. Thanks to an improved innovative production process, we are working towards a significant reduction in the use of solvents in production this year.
Committed employees are the key to success. It has always been my conviction that companies in which people thrive are companies that do well. We are therefore committed to constantly developing leadership at
Our ongoing commitment to help put Swedish life sciences on the world map is reflected in our participation in the Vinnova-funded and KTH-coordinated GeneNova consortium, whose aim it is to improve the efficiency of the production of gene therapy for individualized treatment. During the quarter,
I note that we have achieved a very strong first half of the year in financial terms, despite the inflation crisis and the pressure in the supply chain. The fact that we have succeeded in defending our gross margin and cash flow, as well as strengthening our balance sheet, has put us in a very good position. It allows us to invest further in attractive niches with recurring sales, hence I look to the future with apositive mindset.
Uppsala,
President and CEO
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