SIX-MONTH REPORT JANUARY –JUNE 2014
· Net sales rose by about 15% to SEK 2,530k (2,200k).
· Loss after financial items was SEK 4,803k (loss: 3,903k).
· Comprehensive income was a loss of SEK 4,803k (loss: 3,852k).
· Comprehensive income per share basic and diluted totaled SEK -0.22 (-0.27).
· Cash flow from operating activities during the period was SEK -5,767k (-3,251k).
· Cash and cash equivalents including short-term investments amounted to SEK 16,829k (10,851k) at the end of the period.
· The company launched a new product format that will make validation of FabRICATOR®easier for customers.
January – June
· Net sales rose by about 10% to SEK 4,514k (4,106k).
· Loss after financial items was SEK 8,642k (loss: 7,860k).
· Comprehensive income was a loss of SEK 8,642k (loss: 7,799k).
· Comprehensive income per share basic and diluted totaled SEK -0.41 (-0.60).
· Cash flow from operating activities during the six-month period was SEK -11,980k (-7,680k).
Comments from CEO Sarah Fredriksson
During the second quarter, sales increased by about 15 percent year on year, and by 28 percent quarter on quarter. Sales in North America jumped 25 percent in the second quarter compared with the second quarter of 2013. Overall this performance represents positive confirmation that our customer base continues to grow, as does demand for our enzyme products. To take full advantage of the potential of our products, our efforts are aimed at convincing the market to implement a shift in technology. We would like to see our customers begin using our first product, FabRICATOR®, in quality control for commercial production of antibody-based drugs. As part of this strategy the Company launched a new product during the second quarter that will facilitate validation of our product. We also have a special focus on the US market, where we are transitioning from distribution to direct sales. This process, which is on schedule and is expected to be completed by year-end in both North America and Europe, has entailed an increase in expenses of about 4 percent for the parent company during the period.
In the wholly-owned subsidiary GeccoDots, activities have intensified in R&D and in marketing of products for the preclinical market as well as in projects aimed at clinical development in the long term. Developments in the subsidiary have resulted in increased costs that have had a negative impact on the consolidated results. All development projects are on track and it is both exciting and inspiring that we were recently able to present two scientific papers reporting good results from the Sentinel Node project’s preclinical studies.
