Glycorex Transplantation AB (publ): Interim Report January - September 2023

July – September 2023

• Net sales: SEK 6.2 million (8.8)
• Operating income: SEK -5.4 million (-0.8)
• Net income for the period: SEK -5.5 million (-0.8)
• Earnings per share: SEK -0.07 (-0.01)

January – September 2023

• Net sales: SEK 22.3 million (26.8)
• Operating income: SEK -13.6 million (-6.5)
• Net income for the period: SEK -13.7 million (-6.6)
• Earnings per share: SEK -0.19 (-0.09)

Summary of the quarter

• The number of units sold decreased by 13%, and the turnover decreased by 30% due to weaker sales to some of our major European markets, including Germany, Sweden, and Spain.
• The most notable sales growth (in terms of units sold) was observed in India, with a remarkable 120% increase compared to the same period in 2022.
• Training and start-up of Glycosorb® ABO at ten new transplant centers in four countries, including two liver transplant centers.
• A milestone was achieved with the first blood group incompatible kidney transplantation using Glycosorb® ABO in Lithuania.
• The company participated at the European Society of Transplantation in Athens in September.
• The recruitment process for a Business Development Manager in the Transfusion business area was successfully concluded.

CEO comment

“As the newly appointed acting CEO, I would like to begin by addressing the financial challenges highlighted in the press release on October 30. Our costs have increased throughout the year, while sales, primarily to our single largest market, Germany, have decreased. Despite a notably high level of activity in the third quarter with customer interactions, participation in international congresses, and training and initiation of Glycosorb® ABO in 10 new transplantation centers (totaling 25 centers and two new countries for the year), the third quarter was strongly affected by a significant decrease in orders, especially from Germany, but also from Spain and Sweden. On a positive note, sales in the Netherlands have remained historically stable, and we’ve added new transplantation center in the crucial future market of Mexico after the quarter’s end.

By the end of September, our cash reserves had decreased by over 16 million SEK over the year, prompting an evaluation of our cost structure. This work will be undertaken with a clear intention not to compromise on strategic growth, quality, or development.

A significant and general adjustment of our product prices would be a natural measure in this regard. However, it’s important to bear in mind that healthcare units dealing with apheresis products, including ours, often receive inadequate or unfavorable compensation for extracorporeal blood treatments. This poses a challenge in several of our key markets. Price adjustments will be necessary, but they become a delicate matter, requiring well-planned considerations in the complex and competitive environment we navigate.

We are determined to adapt to the current situation and position ourselves for long-term success.

The CEO and the new board agree that the company is now strengthening its focus on the launch of our product within the transfusion area.

An important step in this direction was the appointment, in October, of a completely new position for the company: Business Development Manager, Transfusion. It is the first time the company has a dedicated function to drive and commercialize this exciting area. As we know, the product has many interesting application areas. In addition to plasma, whole blood, and platelets, the product may also be of interest for the treatment of stem cells and rare blood groups. Furthermore, we will also evaluate possible collaborations.

Excellent results have been presented at conferences in Europe and the USA over the years, most recently in October at the AABB Transfusion Congress. A study conducted by the NHS in the UK showed that anti-A/B antibody titers in platelet concentrates can be effectively reduced with Glycosorb® ABO, including high levels, without affecting other components.

I am delighted to work with everyone here at Glycorex Transplantation and I look forward to collaboratively tackle our short-term challenges, achieve our long-term goals, and generate added value for both healthcare and our shareholders. Thank you for your trust in Glycorex Transplantation!”

- Johan Nilsson, Interim CEO

For more information, please contact:

Johan Nilsson, interim CEO
Email:  johan.nilsson@glycorex.com, Tel: +46 46 286 5230

This information is the kind of information Glycorex Transplantation AB (publ) is obliged to make public under the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person above, on November 29, 2023, at 08:00 CET.

Brief information about the company

Glycorex Transplantation AB (publ) is a global medical technology company headquartered in Sweden. The company has developed a unique medical technology (antigen-specific immunoadsorption) to specifically reduce blood group and autoantibodies in the blood. The company's focus areas are within transplantation, blood transfusion, and autoimmune diseases. The company has sales in over 25 countries, with Europe as its largest market. Sales take place through own sales channels and in cooperation with distributors in selected markets. Product development and production takes place in the company’s own facility in Lund, Sweden.

Glycosorb® ABO is one of the company's self-developed proprietary medical devices that is used to facilitate blood group-incompatible transplantation by specifically reducing anti-A/B antibodies in the organ recipient's plasma. Whilst primarily used to facilitate blood group incompatible kidney transplants, Glycosorb® ABO is also used in blood group incompatible liver-, heart-, lung-, and stem cell transplants. More than 60 scientific papers have been published in reputable medical journals, showing excellent short- and long-term outcomes of blood group incompatible transplants performed with Glycosorb® ABO. Glycosorb® ABO has been used in more than 6,000 transplants in over 25 countries. In addition to Europe, Glycosorb® ABO is used in Australia, Canada, India, Israel, Mexico, Singapore, South Africa, and Thailand, for example.

The company has also developed a CE-marked medical device product for the production of universal (low titer) blood products and is collaborating with a leading European research institute to develop a product for the treatment of the autoimmune disease rheumatoid arthritis. 

Glycorex Transplantation AB (publ) is listed on NGM Main Regulated Equity (Nordic Growth Market) and is traded under the symbol GTAB B.