On February 21, 2023 Devyser Diagnostics further strong organic growth was reported for the year and quarter. Efforts to build an international marketing and sales organization are starting to pay off (Press release, Devyser Diagnostics, FEB 21, 2023, View Source [SID1234627482]).
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"I am confident that we will achieve our important financial target of generating an operating margin of more than 20% starting sometime in 2024/2026."
Fredrik Alpsten, CEO, Devyser
Quarter October-December 2022
Net sales amounted to SEK 34.2 million (24.5), corresponding to a 39.5% increase. Adjusted for exchange rate fluctuations, net sales increased by 29.8%.
Gross profit totaled SEK 27.2 million (18.5), corresponding to a gross margin of 79.5% (75.3).
The operating loss (EBIT) amounted to SEK -25.9 million (-13.9).
The loss after tax totaled SEK -16.7 million (-10.6).
Earnings per share before and after dilution amounted to SEK -1.04 (-0.87).
Cash flow from operating activities stood at SEK -13.4 million (-5.9).
The period from January to December 2022
Net sales amounted to SEK 126.6 million (93.5), corresponding to a 35.4% increase. Adjusted for exchange rate fluctuations, net sales increased by 29.0%.
Gross profit totaled SEK 103.4 million (71.9), corresponding to a gross margin of 81.7% (76.9).
The operating loss (EBIT) amounted to SEK -52.0 million (-21.2).
The loss after tax totaled SEK -46.0 million (-20.7).
Earnings per share before and after dilution amounted to SEK -2.89 (-1.85).
Cash flow from operating activities stood at SEK -40.5 million (-16.5).
The Board proposes no dividend for 2022.
Important events during the quarter
CLIA lab to be set up in the US
Devyser will set up a CLIA laboratory in Atlanta, Georgia, USA. The CLIA lab will allow customers to send their samples to Devyser, which will then perform the diagnostic tests and provide customers with the test results. These services should be available from the second quarter of 2023.
Strengthening of operations in North America
In November, John Murad took over as Vice President and General Manager of the US subsidiary Devyser Inc. John Murad has more than 20 years’ experience from leading positions in the pharmaceutical and diagnostics industry.
Market maker
Carnegie Investment Bank was retained as the company’s market maker on November 1, 2022.
Important events after the end of the quarter
Provision due to retroactive payback levy
As a result of the newly introduced payback levy in Italy, a SEK 6.4 million provision has been made in the year-end close for costs in Italy for 2015 to 2018, and for estimated costs for 2019 to 2022. See Note 7 on page 16.
Annual report and annual general meeting
Devyser’s annual report will be published on April 4, 2023. The Board of Directors has decided that the annual general meeting will be held on May 10, 2023, in Stockholm. Invitation will be given in due course.
This report and previous financial reports as well as press releases are available on the company’s webpage www.devyser.com.
Presentation
The report will be presented at an audiocast at 09:00 CET today. More information and links are available on View Source
This information is information that Devyser Diagnostics AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation 596/2014. The information was submitted for publication, through the agency of the contact persons below, on February 21, 2023, at 07:30 CET.
For more information, please contact:
Fredrik Alpsten, CEO
E-mail: [email protected]
Tel: +46 706 673 106
Sabina Berlin, CFO
E-mail: [email protected]
Tel: +46 739 519 502