Significant events during the second quarter of 2023:
- Net sales1 grew by 16% from KEUR 1 710 in Q1-23 to KEUR 1 985 in Q2-23. Net sales between Q2-22 and Q2-23 grew by 8% (from KEUR 1 835 in Q2-22 to KEUR 1 935 in Q2-23).
- The gross profit in Q2-23 landed at KEUR 1 352, an improvement of 137% from KEUR 989 in Q1-23 and up 216% from KEUR 627 in Q2-22. The gross margin2 was 68% in Q2-23, up from 58% in Q1-23 but in line with 68% in Q2-22. The increase since the previous quarter is due to higher volumes of high-margin products, as well as continued improvements in production and purchasing.
- Eevia benefited from a high-margin product mix in both the first and the second quarters. The gross margin without the effect from side-stream products was approximately 62% in Q2-23.
- EBITDA in Q2-23 was strong, reaching a record KEUR 639, compared to KEUR 260 in Q1-23 and KEUR -21 in Q2-22. The improvement between Q1-23 and Q2-23 was KEUR 379 (up 46%), stemming mostly from an increase in gross margin. There were insignificant non-recurring costs in Q2-23.
- The net result for Q2-23 was a solid KEUR 413. It came after an improvement of KEUR 396 compared to Q1-23 (KEUR 17) and KEUR 701 compared to Q2-22 (KEUR -288).
- Cash flow from operations was up 202% to KEUR 331 in Q2-23 compared to KEUR 162 in Q1-23, and up from KEUR 12 in Q2-22. The improvements stem from the improved operational performance.
- The significant production efficiency increases seen during the last few months, have over time reduced the labor requirements at the Company's production facility for the same volume of production. Consequently, a reduction in production personnel and a transition from a 24/7 (21 shift) to a 24/5 (14 shifts) operational model was negotiated with the personnel group in June and is being implemented. The change in the operational model is expected to reduce production personnel costs by KEUR 50 per quarter in the near term compared to a four recent quarter average.
-
The BioMap study undertaken with Eurofins on all of Eevia's main product lines and one selected competitor product per product line was put in progress in May. The study is supported by Business Finland, which provided funding that triggered this effort. There is significant excitement and expectations for the results of these scientific efforts. Theresults are expected in
August 2023 . - Eevia introduced a new tart cherry extract product line to the market which is focused on cognitive health and sleep quality.
-
The Annual Shareholders meeting on
June 30, 2023 , authorized the Board to issue up to 10 million new shares.A directed share issue was executed and concluded onAugust 14 , resulting in 5 364 513 new shares being issued atSEK 2,15 per share, with gross proceeds to the Company before fees ofSEK 11 533 703.
1) Sales revenues excluding trading revenues.
1) Gross profit in % of net sales
This disclosure contains information that
Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency
of the contact person, on
For further information, please contact:
Email: stein.ulve@eeviahealth.com
Telephone: +358 400 22 5967
INFORMATION ABOUT EEVIA HEALTH PLC
To learn more, please visit www.eeviahealth.com or follow
https://news.cision.com/eevia-health/r/eevia-health-plc-interim-report-q2---2023,c3822166
https://mb.cision.com/Main/20679/3822166/2244934.pdf
(c) 2023 Cision. All rights reserved., source