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Very strong increase of sales during the third quarter

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Q3

  • Net sales reached SEK 19.5 (13.2) million.
  • Result after tax came in at SEK -7.7 (-9.6) million.
  • Earnings per share, basic and diluted, were SEK
    -0.05 (-0.11).
  • Cash and cash equivalents were SEK 30.7 (9.5) million.

Significant events in Q3

  • Enzymatica launched ColdZyme® Strawberry and broadened use to include soothe sore throat and alleviate common cold symptoms.
  • Sales surged on the Swedish market and ColdZyme continued to capture market share in terms of both value and volume. Sales on the Danish and Spanish markets also showed strong growth.
  • Preliminary results from Enzymatica’s placebo-controlled, randomized study of ColdZyme did not meet the primary end-point of improved quality of life among cold sufferers.

First nine months

  • Net sales reached SEK 39.2 (33.6) million.
  • Result after tax came in at SEK -35.6 (-35.2) million.
  • Earnings per share, basic and diluted, were SEK -0.25 (-0.39).

 

Key figures          
(SEK THOUSAND) Q3
2019		 Q3
2018		 Jan–Sep 2019 Jan–Sep 2018 Full year 2018
Net sales 19.5 13.2 39.2 33.6 52.6
Gross margin, % 73 70 71 67 70
Operating profit/loss -7.1 -9.2 -34.6 -33.8 -40.6
Cash flow from operating activities -9.7 -12.2 -37.5 -30.6 -28.8
Average number of employees 18 21 19 21 21

 
CEO statement: Strong performance on home markets

During the third quarter Enzymatica continued to show strong sales growth of 47% compared with the corresponding quarter in 2018. The home markets of Sweden and Denmark were particularly strong, but Spain also showed solid growth. In Sweden, sales of ColdZyme to consumers jumped 29% in the third quarter, in part because of the launch of the new flavor, ColdZyme Strawberry. ColdZyme Strawberry has been very well received by pharmacies and customers, and next year the new flavor will be launched on more markets. During the same period the cold products market grew by over 8%. ColdZyme has got a very strong position on the Swedish market – according to a SIFO survey from 2019 about 600,000 Swedes use ColdZyme regularly. An earlier study also showed that ColdZyme is the cold product that Swedish pharmacy personnel mainly recommend. In Denmark, ColdZyme more than doubled its sales during the third quarter, while the cold segment grew by about 12% in value. Here, too, the launch of ColdZyme Strawberry contributed to the strong sales growth.

Based on the favorable results from the German multicenter study in 2018, we broadened the product claims during the quarter for Coldzyme to include soothe sore throat and alleviate common cold symptoms.

ColdZyme’s product claims today are that the cold spray reduces the probability to catch common colds, can reduce their duration, alleviate common cold symptoms and soothe sore throat. In the recently conducted placebo-controlled study of ColdZyme, we were not able to demonstrate statistical significance for the primary end-point of improved quality of life, but this does not affect current product claims. 

We have an intense and exciting fourth quarter ahead of us. We are well positioned with ColdZyme for continued sales growth in both the home market and other markets during the cold season. During the third quarter we received the first order of ColdZyme for Hong Kong & Macau in preparation for an expected launch at the turn of the year. We are also engaged in discussions with a number of distributors for new markets.

Fredrik Lindberg, CEO

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

Therese Filmersson, CFO, Enzymatica AB
Tel: +46 (0)708-40 72 24 | Email: therese.filmersson@enzymatica.com

Publication
This information is information that Enzymatica is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 8:30 a.m. CET on Tuesday, November 5, 2019.

Street address
Enzymatica AB (publ) Corporate identity no.: 556719-9244
Mailing address: Ideon Science Park, 223 70 LUND
Street address: Scheelevägen 19, Ideon, Lund
Tel: +46 (0)46-286 31 00 | info@enzymatica.se | www.enzymatica.se 

Enzymatica is listed on the Nasdaq First North Growth Market. The Company is traded under the ticker symbol ENZY and ISIN code SE0003943620.
  
Enzymatica’s certified advisor is Erik Penser Bank. Tel: +46 (0)8-463 83 00
Email: certifiedadviser@penser.se

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