Q3 2019: Manufacturing upgrade program initiated during the quarter
Significant events in the third quarter
- Third-quarter net sales amounted to MSEK 142 (169), a decline of 16% (adjusted for currency effects 22%) compared with the third quarter of 2018, mainly due to weaker market growth in North America
- Upgrade program of manufacturing unit in Redmond, USA initiated to further strengthen competitiveness
- New product launches of Probi® Osteo in the North American market in a plant-based drink, and Probi® Osteo and Probi FerroSorb® in Australia
- Early repayment of a loan in the amount of MSEK 20 due to strong cash flow, entailing that all bank loans are now repaid
Financial overview
| MSEK | Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep |
| 2019 | 2018 | 2019 | 2018 | |
| Net sales | 141.6 | 168.8 | 460.1 | 441.3 |
| Gross margin, % | 45.8% | 47.5% | 46.2% | 45.8% |
| EBITDA1 | 45.4 | 50.9 | 130.1 | 110.8 |
| EBITDA margin, %1 | 32.1% | 30.1% | 28.3% | 25.1% |
| Operating profit (EBIT) | 26.7 | 37.9 | 77.1 | 70.5 |
| Net income | 21.7 | 28.1 | 60.0 | 52.4 |
| Earnings per share before and after dilution, SEK | 1.90 | 2.47 | 5.27 | 4.60 |
| Share price on closing day, SEK | 304.00 | 413.60 | 304.00 | 413.60 |
| Market cap on closing day | 3,463.8 | 4,712.6 | 3,463.8 | 4,712.6 |
| See note 5 for definitions of ratios not defined according to IFRS | ||||
| 1 See note 1 for ratio excluding IFRS 16 leasing impact | ||||
Invitation to teleconference
Date: October 25, 2019
Time: 10:00 a.m.
Phone: +46 (0)8 50 55 83 66
Participants from Probi:Tom Rönnlund, CEO, Henrik Lundkvist, CFO
The presentation is available at www.probi.com and www.financialhearings.com
Contact
Tom Rönnlund, CEO: Phone: +46 (0)46 286 89 40, E-mail: trd@probi.com
Henrik Lundkvist, CFO: Phone: +46 (0)46 286 89 41, E-mail: henrik.lundkvist@probi.com
About Probi
Probi AB is a Swedish publicly traded bioengineering company. Probi’s vision 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, active in more than 40 markets around the world and holding over 400 patents worldwide. In 2018, Probi had net sales of MSEK 604. The Probi share is traded on Nasdaq Stockholm, Mid Cap. Probi had about 4,000 shareholders on December 31, 2018.
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, on 25 October 2019 at 8:00 a.m. CET. This a translation of the Swedish version of the interim report. When in doubt, the Swedish wording prevails.