Interim financial report for Q1 2015 – the BioPorto Group

Summary

Convincing progress in NGAL activities

• In the first quarter of 2015, we added six new routine users of The NGAL Test™, bringing the total number of clinics and centres regularly using the test to 19 at the end of March 2015. Sales of The NGAL Test^TM increased by 68% compared with Q1 2014.
• BioPorto has completed an accelerated enrolment of patients for the clinical trial with The NGAL Test™ in the USA and expects to submit a 510(k) application to the FDA in the summer of 2015.
• We increased the portfolio of ELISA kits and antibodies by 25 new antibodies Q1, consolidating the basis for generating higher add-on sales.

Financial performance in line with expectations

• BioPorto generated revenue of DKK 4.1 million in Q1 2015, against DKK 4.8 million in the year-earlier period, when revenue was positively affected by license income from Abbott. Net of this income, revenue was up by approximately 14% compared with Q1 2014.
• First-quarter research and development costs rose by about DKK 900,000 relative to last year because of the accelerated clinical trials in the USA. Other capacity costs were reduced by 10% owing to improved efficiency.
• EBIT was a loss of DKK 4.4 million (2014: loss of DKK 3.6 million), and the loss for the period was DKK 4.0 million (2014: loss of DKK 3.6 million).

Guidance for 2015 maintained

• Revenue is expected to be DKK 22-25 million in 2015, representing an increase of approximately 15-35% on 2014.
• EBIT for 2015 is forecast at a loss between DKK 10 and 12 million, and we expect a net loss at the level of DKK 8 to 10 million.

Peter Mørch Eriksen, CEO, said: ”The substantial strategic initiatives we made with The NGAL Test^TM in 2014 are beginning to produce results. There is growth in the number of routine users routine usage, and the test is generating growing revenue in Europe. Within a very short period of time, we have completed an accelerated patient enrolment in the USA, where we are currently preparing the 510k application for the test to be submitted to the FDA. We will now start to set up our business foundation in the USA and prepare to launch the test after our registration application for the test has been approved, expectedly at the end of 2015. In terms of efficiency, disregarding the increased cost of completing clinical trials, we have reduced our capacity costs by 10%, so we are in every way on track to meet our targets.”

Investor meeting

In connection with the release of the Q1 2015 interim report, BioPorto will arrange an investor meeting to be held on Tuesday 5 May 2015 at 3:00 pm at the company's address, Tuborg Havnevej 15, DK-2900 Hellerup, Denmark.

See the full report in the enclosed pdf

         For further information, please contact:
         Peter Mørch Eriksen, CEO
         Tel: +45 4529 0000
         E-mail: investor@bioporto.com

Vedhæftede filer:

11 announcement 2015 05 05.pdf