Prostatype Genomics presents Quarterly- & Year End Report
Prostatype Genomics AB has today published its quarterly report for the sixth quarter of the extended financial year comprising the period from 1 October 2020 to 31 December 2020, and the year end report for the extended financial year. The extended financial year covers the period from 1 July 2019 to 31 December 2020. The report is available on the company website.
Quarter 6* (1 October – 31 December 2020) summarized
- Net sales amounted to 347 (10) TSEK.
- EBITDA (earnings before interest, taxes, depreciation, and amortization) amounted to -4 731 (-1 831) TSEK.
- Cash flow from current operations in the quarter amounted -3 919 (-1 736) TSEK.
- Total cash flow for the period amounted to 11 442 (826) TSEK.
- Earnings per share amounted to -0,36 (-10) SEK.
*The Company’s financial year is extended which means that this is the 6th quarter since last published annual report 2019-06-30. This financial year ended the 31st of December 2020 and covers 18 months thus 6 quarters.
Full year (1 July 2019–31 December 2020) summarized
- Net sales amounted to 684 (74) TSEK.
- EBITDA (earnings before interest, taxes, depreciation, and amortization) amounted to -15 765 (-7 708) TSEK.
- Cash flow from current operations in the quarter amounted -14 712 (-9 631) TSEK.
- Total cash flow for the period amounted to 13 170 (-5 516) TSEK.
- Earnings per share amounted to -1,32 (-83,72) SEK.
CEO Fredrik Persson comments:
During the last quarter of 2020, Prostatype Genomics took several crucial steps in the continued development of the Company, foremost of course the successful listing on First North in November. The listing was the result of a long period of hard efforts and I want to take this opportunity to thank everyone who contributed to this success. Let me extend a special thank you to both old and new shareholders, as your confidence and support is absolutely crucial to the continued development of Prostatype Genomics. Let me also take the opportunity to welcome all new shareholders once again to the Company. 1 400 new shareholders took part in the rights issue of the listing.
The listing was the foremost but far from only step that was taken during the quarter. The Company continued its transformation from a pure Research & Development company to one that is commercially focused. We carried out several key recruitments during the period, most notably of a new CFO and also of very experienced Marketing & Sales staff based in Europe, and we now have an organization that is very well placed to deliver on the targets that we have set. Our ambition is to remain a small and flexible organization, which means that all employees must be very competent and high capacity. The recruitments that we have undertaken are in line with that ambition.
In the near future, Prostatype Genomics will continue to concentrate our activities on our two focus areas:
- to further develop the already very strong scientific basis of our product
- to drive sales by building commercial channels, foremost by distribution agreements on priority markets
We have several ongoing studies that are in their finals phases and where data are being compiled. That is the case for the study being performed together with Uppsala University Hospital, and for the work that is now being performed in Taiwan in cooperation with Cheng Gung Memorial Hospital in Taipei. The latter study is close to be unique, given that very few studies have been made with patients of East Asian ethnicity.
Our commercial launch, with an initial focus on Europe, is proceeding according to plan. We can again note that our initial contacts with potential partner and Key Opinion Leaders confirm the large unfulfilled need on the market that Prostatype® serves. Using our technology, Prostatype Genomics can significantly improve the quality of life for many of the patients around the world suffering from prostate cancer, and at the same time contribute to society by lowering health care costs.
It is therefore with great confidence that we are looking forward to intensifying our commercial activities in the coming year.
Both in terms of studies and commercialization, the situation with the Covid-19 pandemic continues of course to create challenges. Regarding parts of the commercialization effort, they have naturally been made more difficult by, e.g., the cancellation of conferences and congresses, and it is a continued challenge to arrange physical meetings with health care professionals. Some parts of the work with external studies also take somewhat longer time than usual, even though the Company and its cooperation partners so far have delivered on time on our commitments. We can note that our handling and mitigation of this difficult situation have exceeded expectations and that the final delays that we have seen are marginal in nature. Therefore, we continue to be confident that we also in the future will be able to deliver on the milestones that we have communicated. The pandemic has had a profound impact on global health care systems, resulting also in longer waiting times for cancer patients. Using Prostatype® creates opportunities for the health care system to more quickly and with higher accuracy determine which patients that need radical treatment, and which patients that should be put on active monitoring. Therefore, resources are freed up and opportunities created for a modern and efficient prognosis of patients suffering from prostate cancer.
Let me conclude by once again expressing my thanks to all the people who contributed to making 2020 such a successful year for Prostatype Genomics. That includes staff, external partners, the Board, and not least our shareholders. I look forward to continuing working together to reach the ambitious goals that we have set for this Company.
For more information on Prostatype Genomics, please contact:
Fredrik Persson, CEO
Telephone: +46 (0) 73 049 77 01
E-mail: fredrik.persson@prostatypegenomics.com
Certified Advisor
Svensk Kapitalmarknadsgranskning AB, 011-32 30 732, ca@skmg.se.
This disclosure contains information that Prostatype Genomics AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 19-02-2021 08:00 CET.