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Interim report January - June 2015

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Second quarter, April - June 2015

  • Group net sales in the second quarter 2015 amounted to 148.1 MSEK (120.4), an increase by 23 percent compared to the corresponding quarter last year. At comparable exchange rates sales increased by 4 percent.
  • Operating profit for the quarter increased to 17.7 MSEK (13.5).
  • Result after tax for the period amounted to 15.7 MSEK (15.4).
  • Earnings per share amounted to 0.24 SEK (0.24).
  • The cash flow from operating activities amounted to 29.0 MSEK (24.6).
  • Net cash at June 30 amounted to 85.3 MSEK, compared to 115.7 MSEK at March 31.
  • Dividends to the shareholders were paid to the amount of 48.5 MSEK (38.8).
  • At the end of the reported period Biotage had no holding of own shares. No shares were acquired under the repurchasing program decided at the 2015 Annual General Meeting.

Six months, January - June 2015

  • Group net sales in the first six months 2015 increased by 25 percent to 292.3 MSEK (234.1). At comparable exchange rates sales increased by 6 percent.
  • Operating profit for the six month period amounted to 35.7 MSEK (23.0).
  • Result after tax amounted to 34.3 MSEK (23.5).
  • Earnings per share amounted to 0.53 SEK (0.36).
  • The cash flow from operating activities amounted to 52.8 MSEK (35.4).
  • Net cash at June 30 amounted to 85.3 MSEK compared to 95.0 MSEK at December 31, 2014.

    
Comments by CEO Torben Jörgensen

In view of the strong first quarter result I am very pleased to be able to present another strong quarter. Sales increased by 23 percent compared to the corresponding period last year and by 25 percent in the first six months. At comparable exchange rates the organic growth is 4 and 6 percent, respectively. Above all it is the product area analytical chemistry with the Sample Prep products that is leading the way for the continued sales successes.

Operating profit (EBIT) improved by 31 percent in the quarter to 17.7 MSEK. For the first six months of the year EBIT amounts to 35.7 MSEK, an improvement by 55 percent. We report a 12 percent operating margin for the quarter and 12.2 percent for the six months period and thus clearly exceed our operating profitability goal of 10 percent.

It is encouraging to note that Europe reports a strong quarter after a period with weaker sales figures. Sales in the US and Japan continue to develop well. Also China had a very good quarter and a sales growth of over 40 percent in the six month period compared to the corresponding period last year. In the second quarter we had strong contract manufacturer sales. Distributor sales in APAC (Asia Pacific) and EMEA (Europe, Middle East and Africa) do not meet our expectations. We have therefore intensified the work with improving our distributor channels.

Biotage’s two biggest product areas, Purification in Organic Chemistry and Sample Prep in Analytical Chemistry, both show strong sales in the second quarter as well as in the first six months of the year. The demand for consumables in analytical chemistry is a considerably contributing factor for the positive development, but also system sales have been strong in the quarter. We continue working close to our analytical customers in the areas of pain treatment and clinical tests. During the quarter we have also seen a considerable breakthrough within the petrochemical industry for our analytical chemistry products.

Sales of the technology platform Extrahera™ and our reagent rental programs – combined offerings of Extrahera systems and consumables – are developing well. Introductions of upgraded software increase the area of applications for our existing customers, at the same time as they broaden the customer base to Extrahera.

In the product area Organic Chemistry practically all products show good sales. The sales of peptide synthesis products were a little weaker in the second quarter, but despite this the turnover of these products is up 40 percent in the six month period due to a very strong first quarter. The product area Industrial Products also grows compared to the corresponding period last year.

The distribution of sales between systems versus consumables and service is 45 and 55 percent, respectively, in the quarter as well as in the six month period. Our goal is that aftermarket products shall constitute at least 60 percent of the sales.

The gross margin improved significantly to 57.0 percent for the quarter and amounts to 55.4 percent on a rolling 12 month basis. The improvement is partly due to currency effects but is also an effect of the focused work to improve the efficiency of our manufacturing plant in Cardiff.

It is a relief that we have now been able to conclude the alleged patent infringement dispute in the US concerning three of the five the US patents, as the US Supreme Court denied the other party’s petition for review.

   
For further information, please contact:

Torben Jörgensen, President and CEO, phone: +46 707 49 05 84                        
Erika Söderberg Johnson, CFO, phone: +46 707 20 48 20

The information in this press release is of the kind that Biotage AB (publ) is required to make public according to the Financial Instruments Trading Act. The information was released for publication at 08.30 on August 13, 2015.

About Biotage
Biotage offers efficient separation technologies from analysis to industrial scale and high quality solutions for analytical chemistry from research to commercial analysis laboratories. Biotage’s products are used by government authorities, academic institutions, pharmaceutical and food companies, among others. The company is headquartered in Uppsala and has offices in the US, UK, China and Japan. Biotage has approx. 290 employees and had sales of 490 MSEK in 2014. Biotage is listed on the NASDAQ OMX Stockholm stock exchange. Website: www.biotage.com





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