Highlights from Q2 and first 6M 2024
• ArcticZymes Technologies (AZT) had Q2 revenue of NOK 27.5 million (Q2 2023: NOK 28.2 million) and NOK 57.6 for the first 6 months of 2024 (6M 2023: NOK 59.4 million)
• AZT had a positive EBITDA for Q2 of NOK 2.6 million (Q2 2023: NOK 6.8 million) and a net profit of NOK 2.7 million (Q2 2023: NOK 5.6 million). For the first 6 months, EBITDA was NOK 4.9 million (6M 2023: NOK 13.0 million) and a net profit of NOK 5.8 million (6M 2023: NOK 10.6 million)
• Operating expenses for Q2 were 25.0 million (Q2 2023: NOK 21.4 million) where extraordinary items related implementation of a new ERP solution accounted for NOK 1.4 million. For the first 6 months, operating expenses are at NOK 52.7 million (6M 2023: NOK 46.4 million). Expenses er are in line with expectations.
• Cash flow for Q2 was negative NOK -2.7 million (Q2 2023: NOK 6.9 million) and NOK -10.6 million for the first 6 months explained by decrease in operating cash flow of NOK -3.6 million, NOK -5.1 million in investing cash flow and NOK -1.9 million in finance cash flow, giving a cash balance of NOK 170.3 million. In addition, NOK 71 million is invested in low-risk interest rate funds
• Significant progress made in regard to distribution partnerships as well as a CDMO agreement on SAN.
• Q2 was challenging in terms of lower average value per order but also an all-time high number of orders indicating continued activity in both core segments
• Two patents filed during the summer. One for utilizing salt-active nucleases in a new novel approach and one for new nuclease enzyme compositions and method of use for processing and analysis of RNA.
• All development projects proceeded according to plan enabling the launch of two new GMP grade nucleases and one ELISA kit within the next 12 months.
CEO Michael B. Akoh comments:
"In Q2, we made substantial progress in our partnership discussions, particularly in regard to distribution and CDMO opportunities. We anticipate a distribution agreement for SAN by Q4/Q1, which should be part of driving growth in 2025.
Our internal development efforts remain strong, with plans to launch two new GMP-grade nucleases and a new ELISA kit within the next 12 months. This will position ArcticZymes with one of the most robust and advanced nuclease portfolios in the industry.
We will continue to strengthen our portfolio and commercial position. We are encouraged by the record number of orders in Q2, signalling continued activity and demand for our products."
For further information, please contact us at:
Børge Sørvoll, CFO
Michael Akoh, CEO
