Highlights from Q3 and 9 months 2023
- ArcticZymes Technologies (AZT) had Q3 sales of NOK 31.2 million (Q3 2022: NOK 29.3 million) and sales for the first 9 months of NOK 90.6 million (9M 2022: NOK 108.8 million, NOK 93.8 million adjusted for Covid effects in 2022)
- AZT had a positive EBITDA for Q3 of NOK 7.3 million (Q3 2022: NOK 2.8 million) and a positive EBITDA for the first 9 months of NOK 20.2 million (9M 2022: NOK 40.2 million and NOK 25.2 million adjusted for Covid effects in 2022)
- Operating expenses for Q3 were 23.9 million (Q3 2022: NOK 24.5 million) and for the first 9 months expenses were NOK 70.3 million (9M 2022: NOK 69.0 million)
- Cash flow for Q3 was positive NOK 7.0 million (Q3 2022: NOK 7.6 million) and NOK 2.6 million (9M 2022: NOK 38.2 million) for the first nine months of 2023, giving a cash balance of NOK 246.8 million
- Received positive confirmation on the filing of Drug Master File (DMF) for SAN HQ GMP
- New CEO Michael Akoh commenced in his position on September 18, 2023
CEO Michael B. Akoh comments:
“The current macroeconomic environment continues to be challenging and is also impacting sales in Q3. However, the Q3 revenues were better than Q2 as well as Q3 last year, which is viewed as positive in the current climate with the headwinds that our sector is experiencing. We are currently navigating through rough sea, but the AZT ship is solid with a very capable crew onboard and the course continues to be set on providing long term growth.
In addition, I was pleased to see the positive confirmation from FDA on the filling of the Drug Master File (DMF) for SAN HQ GMP. It is a first but very important regulatory step that shows our long-term commitment to partner with companies moving into the regulatory stages of drug development.”
The access the report click here.
To access the Q3 presentation click here.
To access the Q3 webcast click here.
