BIOHIT FORECASTS LOWER FINANCIAL RESULT THAN LAST YEAR, DESPITE SALES GROWTH
Biohit Oyj is issuing anupdate to its forecast previously given for 2010's financial results. The new forecast suggests that the result before taxes will remain below last year's result, despite higher net sales. Earlier forecasts had predicted a slightly better result before taxes.
Although sales have grown from last year – by an average of 13% by the end of November – profitability has been burdened by growing fixed and variable costs. Among other factors, this is due to the reinforcement and reorganisation of the sales and marketing organisation and the launch of the Acetium capsule.
Biohit has already undertaken cost-cutting measures. However, these will have no significant effect on costs for the year almost ended. In order to improve profitability, Biohit will continue to take actions for better efficiency throughout its operations during the coming year.
Biohit Oyj
Jussi Heiniö
President and CEO
Further information:
Jussi Heiniö, President and CEO
Tel: +358 (0)9–773 861
E-mail: jussi.heinio@biohit.com
Distribution:
NASDAQ OMSX Helsinki Oyj
National Officially Appointed Mechanism (www.oam.fi)
Main media
http://www.biohit.com
About Biohit Oyj:
Biohit Oyj is a globally operating Finnish biotechnology company established in 1988. The company's mission is to improve human health and the quality of life. Biohit has a goal-oriented and long-term innovation and patenting strategy.
Biohit works with scientific communities to produce new technologies, products and services based on research results and innovations that can be used to develop safe and cost-effective liquid handling solutions for laboratory work, as well as diagnostic tests for the early detection and prevention of diseases of the gastrointestinal tract.
Biohit has two business segments: liquid handling and diagnostics. Liquid handling products include electronic and mechanical pipettes, disposable tips as well as pipette maintenance and calibration services for research institutions, healthcare and industrial laboratories.
The diagnostics business comprises products and analysis systems for the early diagnosis of gastrointestinal diseases, such as the blood-sample based GastroPanel examinations for the diagnosis of stomach illnesses and associated risks, quick tests for the diagnosis of lactose intolerance and H. pylori infection in connection with gastroscopy, and the ColonView examination for the early detection of intestinal bleeding that indicates a risk of colorectal cancer. Biohit's Acetium innovation reduces the amount of carcinogenic acetaldehyde in an acid-free stomach.
Biohit Group employs a staff of approximately 400. Biohit is headquartered in Finland and has subsidiaries in France, Germany, the UK, Russia, China, Japan and the USA. The company also has a representative office in Singapore. In addition, Biohit's products are sold through about 200 distributors in 70 countries.
Biohit's Series B share (BIOBV) has been quoted since 1999 on NASDAQ OMX Helsinki, in the Small cap/Healthcare group.
Read more at www.biohit.com