FINANCIAL SUMMARY • Net sales for the fourth quarter amounted to TSEK 75 (674) and for the full year to TSEK 1,443 (1,555) • The operating loss for the quarter amounted to TSEK -35,638 (-13,251) and for the full year to TSEK -69,963 (-50,850). Operating loss was affected by write-downs of tangible and intangible assets during the quarter as well as for the full year totaling TSEK 14,523 (0) • Loss after tax for the quarter amounted to TSEK -36,839 (-14,855) and for the full year to TSEK -75,157 (-55,231) • Earnings per share before and after dilution were
CEO COMMENT
During the last quarter of the year,
After rigorous testing of our silica-based purification media NLAB Saga®, we made a delivery in October to one of the world's largest insulin manufacturers in
For this customer, we have provided silica for evaluation free of charge, in return for us being provided with the results and insight into the final evaluation. The customer finances all other costs for tests in full-scale production, which is a substantial investment and a clear indication of the customer's desire to supplement, or replace, the supplier they have today. We have not yet received the results from the evaluation, but in the event of a positive outcome, we expect negotiations on deliveries of larger volumes over a long period of time and starting in 2024.
We have several customers in
To overcome the problems we have had in the production of NLAB Saga®, we have with satisfactory results replaced two pieces of equipment that have caused disturbances. There is still a lot to do to create a faster and more cost-effective flow, but now we have a process that delivers. We expect to make two more deliveries of silica that we will test more rigorously, before we expect to have ongoing production with gradually increasing volumes by the end of the current quarter.
To this end, we have for a long time worked with a customer to develop a non-silica-based purification media, NLAB Siv™. Manufacturing takes place at a partner and in November we received the first order for NLAB Siv™ at a value of MSEK 3.6. The customer will test the product in their production, after which we expect to gradually replace the product they use today, although further product development may be needed.
As a result of delays in production, sales during the year did not reach our goals, which has had a negative effect on cash flow and the company's financial position. To strengthen our financial position and secure capital to be able to really make an impression on the market for preparative chromatography, we have decided to carry out a rights issue. The rights issue enables continued optimizations in production and investments in sales and marketing, with the goal of creating a positive operating cash flow and achieving profitability.
As a producer of consumables for pharmaceutical manufacturers,
Södertälje in
The full report is available at https://nanologica.com/financial-reports/ and is attached to this press release.
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