Q3 2017: Growth and earnings impacted by a major customer’s destocking
Highlights and significant events in the third quarter
- Continued destocking by major customer, impacting net sales and earnings during the second half of 2017 and first quarter of 2018
- New FerroSorb® and Digestis® FastMelt product launches in Asia and Europe
- Extension of Ipsen distribution partnership to Italy
- First results of multi-trial programme to develop a new probiotic platform for children show positive and significant results in supporting the immune system and in delaying the onset of gluten intolerance
Financial overview
| MSEK | 9M 2017 |
9M 2016 |
Full-year 2016 |
|||
| Net sales | 492.9 | 249.5 | 443.5 | |||
| Net sales growth, local currency, % | 95.3% | 38.8% | 103.2% | |||
| Gross margin, % | 46.4% | 68.9% | 60.0% | |||
| EBITDA | 136.5 | 91.8 | 152.6 | |||
| EBITDA margin, % | 27.7% | 36.8% | 34.4% | |||
| Operating profit (EBIT) | 96.4 | 86.7 | 120.0 | |||
| Net income | 68.1 | 71.7 | 101.8 | |||
| Earnings per share before and after dilution, SEK | 5.98 | 7.87 | 10.73 | |||
| Share price on closing day, SEK | 350.00 | 330.22 | 475.50 | |||
| Market cap on closing day | 3,987.9 | 3,010.1 | 5,417.9 |
See note 5 for definitions of ratios not defined according to IFRS and note 4 for adjustments made to full-year 2016
Invitation to Teleconference
Date: 25 October 2017
Time: 10:00 a.m.
Phone: +46 8 50 33 65 62
Participants from Probi: Peter Nählstedt, CEO and Dr Jörn Andreas, CFO
The presentation is available at www.probi.se and www.financialhearings.com
Contacts
Peter Nählstedt, CEO: Phone: +46 46 286 89 23, e-mail: peter.nahlstedt@probi.com
Dr Jörn Andreas, CFO: Phone: +46 46 286 89 41, e-mail: jorn.andreas@probi.com
This information is information that Probi AB 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 8:00 a.m. CET on 25 October 2017.
When in doubt, the Swedish wording prevails.
About Probi
Probi AB is a Swedish publicly traded bioengineering company. The vision of Probi is to help people live healthier lives by delivering effective and well-documented probiotics, with proven health benefits based on scientific research. Founded by scientists in Sweden in 1991, Probi is a multinational company with four centres of excellence, active in more than 40 markets around the world and holding over 400 patents worldwide. In 2016, Probi had net sales of MSEK 444. The Probi share is listed on Nasdaq Stockholm, Mid Cap. Probi has about 5,000 shareholders.
probi.com
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