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Enzymatica AB: ColdZyme® sales continue to perform well

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Interim report for
Enzymatica AB (publ)
January-September 2016

ColdZyme® sales continue to perform well

Q3

  • Net sales reached SEK 12.3 (6.8) million.
  • Loss after tax came in at SEK -6.5 (-10.1) million.
  • Earnings per share were SEK -0.08 (-0.41).
  • Cash and cash equivalents were SEK 49.9 (9.7) million.

Significant events in Q3

  • Enzymatica completed a directed share issue, raising SEK 40 million before issue expenses.

Significant events after Q3

  • Enzymatica signed exclusive agreements for Australia, New Zeeland, Greece and Cyprus.

First nine months

  • Net sales increased to SEK 25.6 (16.9) million.
  • Loss after tax came in at SEK -27.4 (-29.6) million.
  • Earnings per share were SEK -0.49 (-1.19).
Financial ratios              
(SEK million) Q3
2016 		Q3
2015 		Jan-Sep
2016 		Jan-Sep
2015 		Full year
2015
Net sales 12.3 6.8 25.6 16.9 27.9
Gross margin, % 66 67 64 73 70
Operating profit/loss -7.7 -9.9 -27.6 -29.4 -40.5
Cash flow from operating activities -15.6 -12.7 -35.6

  		-25.5 -37.7
Average number of employees 22 17 20 15 16

(Zymetech is consolidated in Enzymatica's figures as at April 1, 2016)


CEO statement: Continued sales growth and new international agreements signed
The Company boasts year-on-year growth of 52% over the first nine months of the year, with total sales, including sales from Zymetech, coming in at SEK 25.6 million in comparison to SEK 16.9 million in the corresponding period of the previous year.  Sales in Sweden continue to perform well and in September ColdZyme® reported a market share of around 7% in the cold segment in spite of a weak start to the cold season. Growth in September was 81%. Other established markets are exhibiting satisfactory growth, except for the UK, where efforts to find a suitable distributor are in progress. Sales have gotten off to a good start on the Finnish market which was recently established, while pre-launch work in Spain is proceeding according to plan, with the expected start of the cold season in November.
The Company pursued its financing strategy in Q3 by conducting a directed issue of 17.5 million shares to new long-term and financially strong owners. The funds raised for the Company by the issue creates financial stability for the Company's ongoing international expansion.
Our efforts to reel in excellent distribution partners remain our highest priority, and we signed a distribution agreement for Greece and Cyprus in October. This agreement was signed with Life NLB Ltd, a small company prepared to put in the financial resources and commitment required to establish ColdZyme on these markets. Yesterday we signed a distribution agreement with Endeavour Consumer Health, Australia's largest distributor to pharmacies and the third largest in New Zealand. It is also our first contract in the southern hemisphere and a step towards a seasonal adjustment. We expect a launch in the 2018.
As previously announced, we expect to have the final results of our latest patient study ready by the end of the year. We are on track to meet higher government requirements in connection with the new EU legislation for medical devices on time. Adoption of the new legislation is expected early next year.
We enter the final chapter of 2016 with a boost from our sales growth and a  rise in demand for our product on the Scandinavian market.

Fredrik Lindberg, CEO


Enzymatica at a glance
Enzymatica AB is a life science company whose business concept is to develop medical devices based on barrier technology and marine enzymes for self-care in major market segments. The Company developed ColdZyme®, a unique mouth spray for fighting colds, launched the product on seven markets and reached a position over the past winter as one of the most-sold cold products in Swedish pharmacies measured in SEK. Enzymatica has its own sales organization in Scandinavia and collaborates with a contract sales organization in the UK. Enzymatica also sells via distributers in Finland and Spain.

Our development focuses on medical devices for upper respiratory tract infections and oral health. An enzyme from deep-sea fish is a key sub-component in product development.

Enzymatica was founded in 2007, has its head office in Lund and has been listed on the Nasdaq First North since June 15, 2015.

For questions about this report, please contact:
Fredrik Lindberg, CEO, Enzymatica AB
Tel: +46 (0)708-86 53 70 | Email: fredrik.lindberg@enzymatica.com

Bengt Jöndell, Interim CFO, Enzymatica AB
Tel: +46 (0)703-77 71 70 | Email: bengt.jondell@enzymatica.com

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