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The third quarter 2020 was the strongest quarter in the company’s history in terms of sales. Total revenues in the Group increased by 51% and amounted to SEK 281.8 (186.5) million. This is due to sales growth in all regions. The strongest growth continued to be in the Central European countries, but North America also increased significantly during the quarter.

Profitability was also very good and the EBITDA result amounted to SEK 28.8 (4.4) million for the quarter. The EBITDA margin consequently amounted to a record 10.2% (2.4%). The improved margin is the result of increased gross profitability in combination with economies of scale, mainly through improved efficiency in IT systems and within the organization.

The good growth in combination with increased efficiency means that revenues are now increasing at a faster rate than the company’s cost base. Given the outcome during the third quarter, the expected EBITDA margin for 2020 is now adjusted up two percentage points to at least 6.5%.

At the beginning of July 2020, Zinzino launched a new version of www.zinzinotest.com, the page where over 500,000 blood tests analyses have been reported – now with updated functionality, design and layout. During the quarter, the company moved up to the Premier segment of First North Growth Market in order to increase the possibility for more extensive international and institutional ownership. The acquisition of the VMA Life companies was also completed during the quarter, and the Hong Kong market had sales start for Zinzino’s products on October 8.


  • Total revenue increased by 51% to SEK 281.8 (186.5) million
  • Gross profit amounted to SEK 81.2 (51.1) million and the gross profit margin was 28.8% (27.4%)
  • EBITDA amounted to SEK 28.8 (4.4) million and the EBITDA margin to 10.2% (2.4%)
  • Cash flow from operating activities totalled SEK 12.0 (30.1) million


  • Total revenue increased by 49% to SEK 798.2 (534.3) million
  • Gross profit amounted to SEK 238.3 (157.4) million, of which items affecting comparability regarding reporting of sales commissions amounted to SEK 22.2 million. Gross profit margin amounted to 29.9% (29.5%)
  • EBITDA amounted to SEK 71.1 (27.2) million and the EBITDA margin to 8.9% (5.1%)
  • Adjusted EBITDA amounted to SEK 48.9 (27.2) million and the adjusted EBITDA margin to 6.1% (5.1%)
  • Cash flow from operating activities totalled SEK 64.5 (47.9) million
  • Liquid assets on the balance sheet date were SEK 113.1 (56.2) million
  • The Board adjusts the expected EBITDA margin by two percentage points to at least 6.5% for the full year

For more information:  Dag Bergheim Pettersen CEO Zinzino +47 (0) 932 25 700, zinzino.com

Pictures for publication free of charge: Marcus Tollbom +46 (0) 70 190 03 12, marcus.tollblom@zinzino.com

Certified Adviser: Erik Penser Bank Aktiebolag, +46 (0) 8 463 83 00, email: certifiedadviser@penser.se

Zinzino AB (publ) is obliged to publish this information in compliance with current EU regulations governing market abuse. The information was provided by the contact person mentioned above for publication at 08.00 the 20th of November 2020.

Zinzino AB (publ.) is a global direct sales company that markets and sells test-based nutrition, skincare and life-style products. Zinzino owns the research unit BioActive Foods AS and production unit Faun Pharma AS. Zinzino is based in Gothenburg, Sweden with additional offices in Finland, Latvia, Norway, USA, Australia, Hong Kong and Malaysia. Zinzino is a public limited company and its shares are listed on Nasdaq First North Premier Growth Market.