18.8.2022 13:19:15 CEST | ViroGates | Interim information

COMPANY ANNOUNCEMENT - No. 21-2022 - 18 August 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 Half-Year Report for the period 1 January 2022 – 30 June 2022, as approved by the company’s Board of Directors.

In H1, 2022, ViroGates’ revenue was TDKK 6,295. This was an increase of 62% compared to the same period last year. The increase was driven by the onboarding of new clinical routine customers using suPARnostic® TurbiLatex, the supply of products on the DIESSE platform (announcement 23-2021), and increasing research orders. The number of clinical routine customers increased from 33 in Q1 to 39 in Q2. In addition, ViroGates achieved CE-IVD accreditation of the finger-prick blood-testing product, suPARnostic® POC+.

The net effect of the COVID-19 pandemic remains uncertain for ViroGates due to the uncertain course of the pandemic in the coming fall and winter months. The uncertainty is reflected in the full-year financial guidance.

ViroGates maintains its financial guidance for 2022 of revenue between DKK 10 to 13 million. ViroGates expects full-year EBIT of DKK -11 to -14 million in 2022 and maintains expectations to become cash flow positive during 2024.

Financial results in H1, 2022

The financial results in H1, 2022, was driven by growing revenue (H1, 2021 results in brackets):

• Revenue increased by 62% to TDKK 6,295 (TDKK 3,891)
• Operating expenses decreased by 14% to TDKK -11,902 (TDKK -13,787)
• Operating loss decreased by -43% to TDKK -5,608 (TDKK -9,896)
• Net loss decreased by -47% to TDKK -4,894 (TDKK -9,321)
• Cash and cash equivalents at the end of the period amounted to TDKK 4,636 (TDKK 21,323) 

Business highlights in H1, 2022

ViroGates had significant commercial and scientific achievements in H1:

• Grew the total number of clinical routine customers from 33 to 39 including first new routine customers in Portugal
• Announced new members of its non-executive board
• Revamped its disclosure policy to focus on only disclosing major new customers and providing aggregated numbers of routine customers in its quarterly reports
• Provided new financial guidance for 2022 and 2023
• Achieved CE-IVD accreditation of the finger-prick blood-testing product, suPARnostic® POC+
• Announced and executed a rights issue
• Announced a debt financing proposal from Vækstfonden

Events after the reporting period

• ViroGates announced the outcome of the rights issue in the company announcement 18 on 8 July 2022, raising approximately DKK 9.5 million before deduction of costs related to the issue. All subsequent rights issue processes have been finalized.

Jakob Knudsen, CEO of ViroGates, says: “We are delighted to experience the increased interest in suPARnostic® for decision making in clinical routine and from researchers all over the world. The first half of 2022 has shown satisfactory revenue growth compared to last year, but we remain aware of the COVID-19 pandemic’s uncertain impact on our business in the second half of the year.”

This announcement is a summary and should be read in conjunction with ViroGates’ Half-Year Report for H1, 2022, published on 18 August 2022. A downloadable PDF version will be available on the company’s website.

For further information, please contact:

ViroGates A/S:

CEO, Jakob Knudsen

Tel. (+45) 2226 1355, email: jk@virogates.com

Certified Advisor:

Västra Hamnen Corporate Finance

Per Lönn

Tel. (+46) 40 200 250, email: per.lonn@vhcorp.se

Conference call to present the H1 2022 report

ViroGates will present the report in a teleconference hosted by HC Andersen Capital on 19 August 2022 10:00 CET. To participate, please register on HC Andersen Capital’s website using this link:

https://hcandersencapital643.clickmeeting.com/virogates-praesentation-af-h1-2022/register

About ViroGates

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, and France, while distributors serve other markets. ViroGates’ shares (VIRO) are listed on Nasdaq First North Growth Market Denmark. For more information, please visit www.virogates.com.

About suPAR and suPARnostic®

suPAR is the biomarker detected by ViroGates’ suPARnostic® products and is a protein in plasma, measurable in every human being. suPAR is considered a general risk status biomarker indicating disease presence, disease severity and progression, organ damage and mortality risk across disease areas such as cardiovascular diseases, kidney diseases, type 2 diabetes, cancer, etc. Strong scientific evidence from more than 850 clinical trials and studies show 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 demands on health systems globally and tightening healthcare budgets necessitate efficiency improvements and innovative solutions in hospitals. 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.

Disclosure regulation

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.

Contacts

• Jakob Knudsen, CEO, +45 2226 1355, jk@virogates.com

Attachments

• 20220818-ViroGates-Half-Year Report H1 2022.pdf