Tromsø, Norway, 22 October 2020 - ArcticZymes Technologies (OSE: AZT) reported
sales of NOK 30.8 million (22.5) and an EBITDA of NOK 10.1 million (0.8) for the
third quarter of 2020. Underlying growth continues.
Highlights from Q3 2020
· Annual group sales exceed 100 MNOK for the first time
· Gross profit for the Group improved 65% to NOK 26.0 million (Q3 2019: NOK
· ArcticZymes had Q3 sales of NOK 19.5 million growing by 63% (Q3 2019: NOK
· Biotec BetaGlucans had Q3 sales of NOK 11.2 million growing by 7% (Q3 2019:
NOK 10.5 million)
· Upsides relating to COVID-19 pandemic is estimated at NOK 4 million for
ArcticZymes and NOK 1.25 million for consumer health
· The Group delivered positive EBITDA with NOK 10.1 million (Q3 2019: NOK 0.8
· Cash-flow for Q3 was positive NOK 13.6 million (Q3 2019: NOK 0.7 million)
giving a cash balance of NOK 69.7 million (Q3 2019: NOK 22.1 million)
CEO Jethro Holter comments:
"ArcticZymes delivered another strong quarter with the underlying business
contributing to solid growth. A new milestone was achieved in exceeding 100 MNOK
in annual group sales for the first time. The company continues to deliver on
profitability by accomplishing an EBITDA of 10.1 MNOK for the quarter.
The therapeutic segment remains the key contributor to growth through sales of
the Salt Active Nuclease (SAN) products. It is supported by a broadening
customer base of gene therapy and vaccine manufacturers engaged in developing
viral vector-based therapeutics. With respect to ReiThera, activities are
progressing well. ReiThera's vaccine development project recently entered phase
1 clinical trials.
Sales in the molecular diagnostics segment continue to grow in all regions
served. Furthermore, efforts to expand into new geographies with large domestic
populations, such as China and India, are materialising.
The Coronavirus pandemic continues to impact the business. As expected,
Coronavirus related upsides attributed towards third quarter sales but to a
lesser extent than in the second quarter. Conversely, sales to research kit
manufacturers have slowed down during the quarter. Lockdowns have impacted our
customers' ability to sell stockpiled kit-based products to the end user market.
Overall, the supply chain relating to Coronavirus remains complex and
unpredictable. Fluctuations in quarterly sales are expected for the foreseeable
Going into the last quarter of the year, our focus will continue towards
building on the strong foundations in the underlying business and driving
inherent growth through new customers, existing long-term partners and through
our expanding product portfolio. Furthermore, plans are underway to expand
ArcticZymes facilities in both manufacturing and R&D as part of the company´s
forward leaning organic growth initiatives."
Third Quarter 2020 Presentation and Webcast
A presentation by ArcticZymes Technologies' CEO, Jethro Holter and CFO, Børge
Sørvoll, will take place today, 22 October 2020, at 08:30 am CET as a live
webcast from Hegnar TV
(https://channel.royalcast.com/webcast/hegnarmedia/20201022_9). It will be
possible to post questions through the webcast console but it will not be
possible to ask questions per phone or email.
The results, report and presentation for the third quarter 2020 will be
available on www.newsweb.no (https://protect
-eu.mimecast.com/s/ax_EC4xJkS8gx1SMlEBY?domain=newsweb.no) and on the Company's
homepage www.arcticzymes.com from 07:00 am on 22th October 2020.
For more information, please contact:
CEO, Jethro Holter Tel: +47 46 85 91 46
CFO,Børge Sørvoll Tel: +47 95 29 01 87
About ArcticZymes Technologies ASA
ArcticZymes Technologies is a Norwegian life sciences company with a core
strategic focus on specialized and novel enzyme technologies.
The ArcticZymes Group is creating value from innovation in life science markets
via its subsidiaries, ArcticZymes and Biotec BetaGlucans. Its technologies
capitalize on more than three decades of world-class research at the Arctic
University of Tromsø to offer niche and high-tech products in several biotech
ArcticZymes represents the company's core business. It develops, manufactures
and commercialises novel recombinant enzymes for use in molecular research, In
Vitro Diagnostics (IVD) and therapeutics.
Biotec BetaGlucans represents a non-core business focusing on the marketing of
immunomodulating beta-glucans in several market segments.
Listed on the Oslo Stock Exchange since 2005, earlier under the [Biotec] ticker
and since June 2020 under the new [AZT] ticker. ArcticZymes Technologies
headquarters is located in Tromsø, Norway, in the SIVA Innovation Centre.
ArcticZymes Technologies' unique IP and capabilities are protected via a large
portfolio of patents around both enzyme and beta-glucan products.
For more information, please visit the website: www.arcticzymes.com