Record sales and increased gross margin for Devyser
May 11, 2022 08:00
"Despite a turbulent environment, we are pleased that the first quarter of 2022 has continued in the same positive direction as we saw in 2021. Both sales and gross margin set new records and we continue to transfer to direct sales in strategically chosen markets and to establish a presence in new regions.
Sales developed well in most markets and totaled SEK 30 million during the quarter, which is a new record for the company.”
Fredrik Alpsten, CEO, Devyser
Quarter January-March 2022
- Net sales amounted to SEK 30.4 million (22.8), corresponding to a 33.2% increase. Adjusted for exchange rate fluctuations, net sales increased by 28.7%.
- Gross profit totaled SEK 25.2 million (18.2), corresponding to a gross margin of 83.0% (79.7).
- Operating profit (EBIT) amounted to SEK -5.2 million (0.7).
- Profit/loss after tax totaled SEK -6.1 million (-0.3).
- Earnings per share before and after dilution amounted to SEK -0.39 (-0.03).
- Cash flow from operating activities amounted to SEK -7.4 million (5.1).
Important events during the quarter
Exercising of the over-allotment option
There was a great deal of interest in the December 2021 issue and the over-allotment option was therefore exercised. A total of 610,886 additional shares were issued at the beginning of January, bringing the company a further SEK 48.9 million before issue costs.
Acquisition of SmartSeq S.r.l.
In early February, all the outstanding shares in the associate SmartSeq S.r.l. were purchased. The acquisition relates to 70 percent of SmartSeq’s shares, at a consideration of EUR 835,000, of which 23 percent was paid in cash and 77 percent in newly issued Devyser shares. The acquisition strengthens Devyser's customer offering in diagnostic analysis and is expected to have a positive impact on Devyser's gross profit and gross margin. A total of 81,083 new shares were issued in payment, corresponding to a 0.5 percent dilution. Following the issue, the number of Devyser shares totaled 15,880,069.
Important events after the end of the quarter
Increased commercial focus through new recruitment
Theis Kipling has been appointed as Chief Commercial Officer with global responsibility for sales, marketing, product management and tech support. Theis is currently CCO at Atlas Antibodies and will take up his post by 1 June at the latest. In connection with the recruitment, a new Group management has been established.
For more information, please contact:
Fredrik Alpsten, CEO
Tel: +46 706 673 106
Sabina Berlin, CFO
Tel: +46 739 519 502
Link to the official press release: https://news.cision.com/devyser-diagnostics-ab/r/record-sales-and-increased-gross-margin-for-devyser,c3564449