ANNOUNCEMENT NO. 229

15 September 2022

Annual Report 2021/22 (1 July 2021 - 30 June 2022)

Strong growth despite challenging conditions

ChemoMetec grew its revenue by 52% in 2021/22 from DKK 281.1 million to DKK 427.2 million despite the extraordinary market conditions caused by Covid-19 and the war in Ukraine, including supply chain shortages. As a result, EBITDA grew from DKK 135.6 million to DKK 222.9 million, a 64% increase. As in previous years, growth was primarily driven by increasing sales within cell-based therapy, particularly in the North American market.

“In the past year, we have focused intently on coping with various challenges in the wake of Covid-19 and the war in Ukraine – and more generally on navigating ChemoMetec safely through a period in which high growth places great demands on the entire company. These efforts were generally successful, and we are very pleased that our organisation was able to generate this level of growth under difficult circumstances. Going into the new financial year, we have a period ahead of us that will be marked by continuing uncertainty, but we are generally in a good position. We will therefore continue to invest in a sustainable foundation for our business. At the same time, we look forward to launching our new XcytoMatic cell counters, which are expected to contribute significantly to driving the continued growth in the years ahead,” says Steen Søndergaard, CEO.

Financial results

• ChemoMetec grew its revenue by 52% in the financial year 2021/22, and total revenue amounted to DKK 427.2 million (2020/21: DKK 281.1 million). Revenue growth was driven by increased sales of instruments, consumables, and services in all key geographies.
• Sales of analytical instruments were up by 57% to DKK 214.9 million, corresponding to 50% of total revenue.
• Sales of consumables, comprising cassettes, slides, reagents, test kits, etc., grew by 31% to DKK 147.0 million, corresponding to 34% of revenue.
• Sales of the services, comprising service contracts, installations, and various consulting services, were up by 111% in 2021/22 to DKK 59.9 million, corresponding to 14% of revenue.
• Sales of our latest cell counter, the NC-202, maintained momentum, growing by 128% in the past year.
• EBITDA was DKK 222.9 million, an increase of DKK 87.3 million relative to 2020/21, and the EBITDA margin was 52%, against 48% the previous year.
• Profit for the year was DKK 159.5 million, which was DKK 71.1 million more than the previous year (2020/21: DKK 88.4 million).
• Annual revenue and EBITDA are in line with the most recent guidance announced on 15 August 2022 but are significantly higher than the guidance presented in the 2020/21 annual report.
• The Board of Directors proposes to the general meeting that no dividend be distributed for the 2021/22 financial year. This is based, among other things, on ChemoMetec’s plans to invest in expanding its production and warehouse facilities to support the company’s continued growth.

Guidance

• For 2022/23, ChemoMetec expects revenue in the range of DKK 485-505 million and EBITDA in the range of DKK 245-260 million.
• Investment in e.g. product development, production facilities, and intangible assets is expected to amount to approximately DKK 70 million.

Attached to this announcement

• The Annual Report 2021/22 (Danish)
• Extract from annual report 2021/22 (English)

The annual report and the extract may also be downloaded from ChemoMetec’s website www.chemometec.com

More information

Steen Søndergaard, CEO, ChemoMetec A/S
Telephone (+45) 48 13 10 20        

About ChemoMetec A/S

ChemoMetec develops, manufactures and markets instruments for cell counting and a wide range of other measurements. ChemoMetec’s instruments are marketed to the pharmaceutical, biotech and agricultural industries worldwide. ChemoMetec’s customers include some of the world’s leading pharmaceutical companies, such as Novartis, Novo Nordisk, H. Lundbeck, Merck, AstraZeneca and Johnson & Johnson.

ChemoMetec was founded in 1997 and is listed on Nasdaq OMX Copenhagen. For more information, go to www.chemometec.com.