Good growth and record amount of launches
January -
- Consolidated sales during the fourth quarter, January to March amounted to
SEK 78.1 (60.3) million, an increase of 30%. Adjusted for non-recurring sales in the comparative quarter Q4 2022/23, the revenue amounted to 78.1 (53.5) MSEK, an increase of 46%. - Gross profit amounted to
SEK 31.5 (28.1) million for the quarter, an increase of 11%. - EBIT amounted to
SEK 8.4 (6.1) million, an increase of 38%. The operating margin was 11% (10%). - EBITDA margin was 14%.
- Costs related to preparations for uplisting to NASDAQ main list in the quarter of
SEK 2.2 million . Furthermore, extraordinary shipping costs linked to the situation in theRed Sea amounted toSEK 1.6 million . Adjusted for these, the operating profit (EBIT) amounted toSEK 12.2 million and the operating margin to 16%. - EBITDA margin adjusted for extraordinary costs was 19%.
- Earnings per share before dilution were SEK 0:16 (0:14) for the quarter. Earnings per share after dilution were 0:16 (0:14).
- Cash flow from operating activities amounted to
SEK -2.9 (27.3) million for the quarter. - Cash and cash equivalents were
SEK 20.5 (44.4) million at the end of the quarter.
April -
- Consolidated sales during the period April - March amounted to
SEK 264.2 (259.9) million, an increase with 2%. Adjusted for non-recurring sales in the comparison period April - March 2022/23, the revenue amounted to 264.2 (203.8) MSEK, an increase of 30%. There was sales of Covid-19 tests during 2023/24, but significantly lower than 2022/23 - Gross profit for the same period amounted to
SEK 115.0 (115.9) million, - EBIT for April - March amounted to
SEK 32.6 (41.3) million. - EBITDA margin was 16%.
- Costs related to preparations for uplisting to NASDAQ main list amounted to
SEK 5.2 million in the period April - March. Furthermore, extraordinary shipping costs linked to the situation in theRed Sea amounted toSEK 1.6 million . Adjusted for these, the operating profit (EBIT) amounted toSEK 39.4 million and the operating margin to 15%. - EBITDA margin adjusted for extraordinary costs was 19%.
- Earnings per share were SEK 0:78 (1:06) for the period. Earnings per share after dilution were 0:76 (1:04).
- Cash flow from operating activities amounted to
SEK -11.4 (27.6) million during April-March. - Cash and cash equivalents were
SEK 20.5 (44.4) million at the end of March.
CEO's comments
EQL achieved sustained growth and profitability in the fourth quarter. Sales escalated by 46%, adjusted for non-recurring sales in the comparison quarter. The growth was driven by the launch of several new products and the replenishment of previously unavailable antibiotics. While the operating profit was adversely affected by expenses totaling 3.8 MSEK due to NASDAQ uplisting costs and increased shipping costs due to disruptions in the
Detailed Fourth Quarter Financials
In the fourth quarter of 2023/24, sales surged to 78.1 MSEK, up 46% from 53.5 MSEK in the previous year, adjusted for non-recurring sales in the comparison quarter. The operating profit (EBIT) increased by 38% to 8.4 MSEK, compared to 6.1 MSEK in the past year, with an EBITDA margin of 14%. After adjusting for 2.2 MSEK in costs related to NASDAQ and 1.6 MSEK for heightened shipping fees, the adjusted operating profit (EBIT) was 12.2 MSEK, resulting in an EBITDA margin of 19%.
Financial Objectives and Projections for the Upcoming Fiscal Year
For the full year 2024/25, we project a sales growth of around 40%. Achieving this would align with our long-term sales objectives as outlined in our five-year financial plan. We aim to reach an EBITDA margin of at least 25% in 2024/25. We will also articulate our financial goals for the next five years during this period, aiming to sustain growth and elevate our market ambitions.
Product Launches and Market Dynamics
This quarter saw the introduction of eight new products, primarily catalyzed by successful procurement bids in
Major milestones were reached for our strategic products: Mellozzan, approval in the
Other
From December, our shipping routes were affected by ongoing conflicts in the
The past year posed numerous challenges, including antibiotic shortages, heightened shipping costs, NASDAQ uplisting fees, and dwindling Covid-19 test sales. Despite these hurdles, EQL closed the year with 30% growth, adjusted for non-recurring sales in the comparison period, and an adjusted EBITDA margin of 19%. As we move into 2024/25, our focus will remain on driving growth and enhancing our operational efficiency to improve profit margins.
This disclosure contains information that
For more information contact:
CEO & President EQL Pharma AB (publ)
Phone: +46 (0) 76 317 90 60
E-mail: axel.schorling@eqlpharma.com
Web: www.eqlpharma.com
https://news.cision.com/eql-pharma/r/year-end-report-april-2023---march-2024,c3980460
https://mb.cision.com/Main/11664/3980460/2797264.pdf
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