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    BIOT   SE0000454746

BIOTAGE AB (PUBL)

(BIOT)
  Report
Delayed Quote. Delayed Nasdaq Stockholm - 01/28 11:29:55 am
184.3 SEK   +1.65%
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Biotage AB (publ) Interim report January – September 2021

10/28/2021 | 09:13am EST

Biotage AB (publ)

Interim Report January - September 2021

Positive development creates opportunities

Positive development creates opportunities

July-September

  • Net sales amounted to SEK 305 (263) million, an increase of 16.3 percent and an organic* growth of 17.8 percent.
  • The operating profit amounted to SEK 68 (61) million.
  • The operating margin was 22.3 percent (23.1).
  • Profit after tax amounted to SEK 53 (37) million.
  • Earnings per share were SEK 0.81 (0.57) before and after dilution.
  • Cash flow from operations increased to SEK 89 (74) million.
  • Net cash* as of September 30 amounted to SEK 244 (157) million.
  • Liquid assets amounted to SEK 359 (371) million.
  • Liabilities to credit institutions amounted to SEK 0 (110) million.
  • On July 1, it was announced that Maja Nilsson has been appointed as the new CFO, starting October 1.

January-September

  • Net sales amounted to SEK 890 (794) million, an increase of 12.1 percent and an organic* growth of 20.3 percent.
  • The operating profit amounted to SEK 210 (147) million.
  • The operating margin was 23.6 percent (18.5).
  • Profit after tax amounted to SEK 159 (131) million.
  • Earnings per share were SEK 2.44 (2.01) before and after dilution.
  • Cash flow from operations increased to SEK 249 (192) million.
  • On May 10, Annette Colin announced that she would be resigning from her position as CFO. On July 1, Biotage announced that Maja Nilsson has been appointed as the new CFO, starting October 1.

Significant events after the end of the reporting period

  • On October 20, Biotage acquired ATDBio, Ltd.
  • Maja Nilsson took office as Biotage's new CFO on October 1.

*See definitions on pages 21-22

Interim Report January - September 2021 | 2

Positive development creates opportunities

Financial overview

Third quarterNine-month periodFull year

Amounts in SEK millions

Q3 2021

Q3 2020

Jan-Sep 2021

Jan-Sep 2020

2020

Net sales

305

263

890

794

1,092

Change, %

16.3%

-7.1%

12.1%

-2.3%

-0.8%

of which:

- Organic growth, %

17.8%

-2.7%

20.3%

-2.1%

1.4%

- Currency effects, %

-1.5%

-4.4%

-8.2%

-0.2%

-2.2%

- Acquistions/divestments, %

-

-

-

0.0%

0.0%

Gross profit

183

161

543

488

667

Gross margin, %

60.0%

61.1%

61.0%

61.5%

61.0%

Operating profit (EBIT)

68

61

210

147

206

Operating margin (EBIT), %

22.3%

23.1%

23.6%

18.5%

18.9%

Profit for the period

53

37

159

131

175

Earnings per share, SEK

0.81

0.57

2.44

2.01

2.69

Cashflow from operating activities

89

74

249

192

279

Net sales, SEK millions

350

1 200

300

1 150

250

200

1 100

150

1 050

100

50

1 000

0

950

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

2019

2020

2021

Sales Q

Sales LTM

Operating profit, SEK millions

90

300

80

250

70

60

200

50

150

40

30

100

20

50

10

0

0

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

2019

2020

2021

EBIT Q

EBIT LTM

Interim Report January - September 2021 | 3

Positive development creates opportunities

Distribution of net sales

Geographic market

305

+16%

263

41%

+12%

43%

Quarter

26%

28%

+24%

31%

31%

+16%

2020 Q3

2021 Q3

Growth

1 188

+10%

1 083

39%

-1%

43%

Last twelve

30%

26%

+25%

months

31%

31%

+11%

2020 Q3

2021 Q3

Growth

Americas

EMEA

APAC

System and aftermarket

305

+16%

263

48%

+9%

51%

10%

+4%

11%

38%

42%

+30%

2020 Q3

2021 Q3

Growth

1 188

+10%

1 083

48%

+10%

48%

11%

10%

+4%

42%

+11%

41%

2020 Q3

2021 Q3

Growth

System

Consumables

Service

Product areas

305

+16%

263

52%

+13%

54%

30%

+8%

33%

10%

14%

+65%

3%

4%

+19%

2020 Q3

2021 Q3

Growth

1 188

+10%

1 083

51%

+9%

51%

35%

32%

+0%

11%

14%

+47%

3%

3%

+0%

2020 Q3

2021 Q3

Growth

Organic Chemistry

Scale-up

Analytical Chemistry

Biomolecules

*See definitions on pp. 21-22

Interim Report January - September 2021 | 4

Message from the CEO

Message from the CEO

Our efforts are producing good results

Biotage's profitable growth journey has continued in the third quarter with a new sales record and strong cash flow. Our strategic focus is on finding attractive niche areas while making our business more efficient and sustainable. The positive development will enable investments in the future.

In the third quarter of the year, Biotage's organic growth continued at a rate that is significantly higher than for the market as a whole. We have maintained double-digit organic and reported growth in both our regions, the Americas and International. As in the second quarter, we achieved sales of more than SEK 300 million with an operating margin, EBIT, which exceeded our long-term target of 20%. We see a good geographical mix on both sides of the Atlantic, and a healthy distribution between aftersales and system sales of 52% and 48%, respectively, driven by consumables.

Our ongoing efforts to generate new revenue and improve operational efficiency are paying off. Some time ago, we set an internal goal to strengthen our balance sheet and cash flow. The fact that we have now achieved this gives us good conditions to invest for continued growth. A recent example of this is the acquisition of the British company ATDBio, which brings us expertise and key platform solutions in the rapidly growing sector for the synthesis and purification of DNA and RNA-oligonucleotides.

In our efforts to increase efficiency, quality and sustainability in our operations through digitalization, we worked intensively during the quarter to implement the production module in our business system at our facility in Salem, NH, USA. This was put into operation on October 1. At our facility in Cardiff, Wales, the new large- scale flash chromatography unit has been in full operation for a couple of months. Moving all other column chromatography to another new and larger unit has begun and is expected to be completed during the fourth quarter. Work is also under way

Interim Report January - September 2021 | 5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Biotage AB published this content on 28 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 October 2021 13:12:03 UTC.


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