COMPANY ANNOUNCEMENT - No. 11-2022 - Inside information - 4 May 2022
BIRKERØD, DENMARK – ViroGates A/S, a medical technology company developing blood tests for better triaging in hospitals to improve patient care and reduce healthcare costs, announces its Interim Report for the period 1 January 2022 – 31 March 2022, as approved by the company’s Board of Directors.
In Q1, 2022, ViroGates’ revenue was TDKK 3,197, increasing by 54% compared to Q1, 2021, which is the highest quarterly revenue recorded in the company’s history. The increase was primarily driven by COVID-19 customers following the EMA approval of suPAR-guided anakinra treatment in December 2021. The number of customers doubled to 33 from the disclosed +15 in Q4, 2021.
The COVID-19 pandemic continued to be a challenge in the traditional emergency department (ED) segment, but the focused efforts on converting COVID-19 customers to more general ED triaging were starting to show results. The net impact of COVID-19 remains uncertain.
Jakob Knudsen, CEO of ViroGates, says:“We are excited to start this year with strong revenue growth and a significant increase in the customer base - primarily within COVID-19 following the EMA approval. We believe several of the COVID-19 customers can be converted to general ED triage customers during the year as more new customers are expected to be onboarded across the markets we have entered recently.”
Financial results in Q1, 2022
The financial results in Q1, 2022, continued to show an increasing interest in the clinically relevant suPARnostic® products (Q1, 2021 results in brackets):
- Revenue increased by 54% to TDKK 3,197 (TDKK 2,076)
- Operating expenses decreased by -6% to TDKK -5,819 (TDKK -6,224)
- Operating loss decreased by -25% to TDKK -3,435 (TDKK -4,600)
- Net loss decreased by -31% to TDKK -2,966 (TDKK -4,274)
- Cash and cash equivalents at the end of the period amounted to TDKK 10,870 (TDKK 23,562)
Business highlights in Q1, 2022
The business highlights indicate an increasing footprint in Europe:
- Welcomed several new clinical routine customers in Germany, Spain, and Finland – announced a total of 33 customers across nine markets
- Announced partnership with Italy-based DIESSE for the suPARnostic® ELISA product to be implemented on the Chorus Trio platform
- Issued warrants to key non-management employees
This announcement is a summary and should be read in conjunction with ViroGates’ Interim Report for Q1, 2022, published on 4 May 2022. A downloadable PDF version will be available on the company’s website.
For further information, please contact:
CEO, Jakob Knudsen
Tel. (+45) 2226 1355, email: firstname.lastname@example.org
Västra Hamnen Corporate Finance
Tel. (+46) 40 200 250, email: email@example.com
ViroGates A/S is an international medical technology company developing and marketing blood test products under the suPARnostic® brand for better triaging in hospitals to improve patient care, reduce healthcare costs and empower clinical staff.
The company was founded in 2000. Headquartered in Denmark, ViroGates' sales force covers the Nordics, Spain, France and Benelux, while distributors serve other markets.
ViroGates' shares (VIRO) are listed on Nasdaq First North Growth Market Denmark. For more information, visit www.virogates.com.
About suPAR and suPARnostic®
suPAR is a biomarker detected by ViroGates' suPARnostic® products. It is a protein found in the plasma. suPAR is considered a general risk status biomarker indicating inflammation and can indicate disease presence, severity, and progression across disease areas such as cardiovascular diseases, kidney diseases, type 2 diabetes, cancer, etc. Strong scientific evidence from more than 800 clinical trials and studies shows that the higher the level of suPAR, the worse the prognosis for the patient.
The suPARnostic® products can be used to support healthcare professionals in making clinical decisions on hospitalization or discharge of acute care patients. The increasing global demands on health systems and tightening healthcare budgets necessitate efficiency improvements and innovative hospital solutions. The use of suPAR in clinical routine in emergency departments can improve patient care and reduce healthcare costs by increasing the number of discharges by up to 34% and reducing the average hospital length of stay by up to 6% without affecting mortality. suPARnostic® TurbiLatex is currently available on Roche Diagnostics' cobas® instruments, Siemens Healthineers ADVIA® XPT and Atellica® instruments and the Abbott Labs Architect™ and Alinity™ instruments. ViroGates works with partners to develop solutions for other platforms.
Prospects about the future reflect ViroGates' current expectations for future events and results. The statements are by nature inherent in risks, uncertainties and other matters that are difficult to predict or out of control. The actual results may therefore differ from the expectations expressed.
- Jakob Knudsen, CEO, +45 2226 1355, firstname.lastname@example.org
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