Hofseth BioCare ASA (HBC)
had sales revenues of NOK 14.8m (6.4m) in the first quarter of
2018. Operational profit (EBITDA) for the first quarter 2018 was
negative NOK 14.9m (-15.5m, adjusted for one-off sales of buildings
in Q1/17).
Cash flow from operations
during the first quarter was negative by NOK 11.7m compared to
negative NOK 17.1 in the sOame quarter last year. Cash and cash
equivalents ended at NOK 23.8m by the end of the period.
HIGHLIGHTS
- Attended FI Europe
trade show with new customer leads in new industries. Sales to new
customers, both in the human and pet food markets
- The company has released its fifth ingredient, CollaGo(TM),
a Salmon Collagen Tripeptide, with more that 25 % collagen Type I
& III. The product will mainly be sold in the US
market
- Strong increase in sales revenues compared to the first
quarter 2017 and continue to deliver positive gross
margins.
- Approved plans at Midsund municipality for future expansion
of the Midsund plant.
- Further improvement on PetGo(TM) yields after process
adjustments done in April 2018.
- Started the second phase testing on HBC's Salmon peptides to
treat enterocolitis in neonate babies and sarcopenia in geriatric
patients, at the Stanford School of Medicine in California.
OUTLOOK
- The Company is
increasing intake of salmon raw material, resulting in higher gross
margins, and expect positive EBITDA during the third
quarter.
- New customers within the human nutrition industry are
currently placing long term orders for shipments from summer and
onwards. The new contracts, combined with existing shipment program
is expected to have positive effects on our results in 2018.
Shipments includes both ProGo®, CollaGo(TM) and CalGo®.
- Increased average price gain on OmeGo® after multiple orders
on Brilliant Salmon Oil for pets, human nutrition contracts, and
higher pricing for our salmon oil to feed customers.
HBC processed 2,662 metric
tons (2,187MT) of salmon and trout raw material in the quarter,
resulting in 1,092MT of finished goods.
For further information,
please contact:
Roger Hofseth, CEO of
Hofseth BioCare ASA
Mob: +47 95147941
E-mail:
rh@hofseth-as.no
Jon Olav Ødegård, CFO of
Hofseth BioCare ASA
Mob: +47 93632966
E-mail:
joo@hofsethbiocare.no
About Hofseth BioCare
ASA:
HBC is a Norwegian biotech
company that offers high-value ingredients and finished products
for humans and pets. The company is founded on the core values of
sustainability, traceability and optimal utilization of natural
resources. Through an innovative hydrolysis technology, HBC is able
to preserve the quality of salmon oil, proteins and calcium,
prepared of fresh salmon off-cuts. HBC's objective is to contribute
to the efficient use of marine resources and deliver quality
products for ingredients and finished consumer products in the
nutrition market.
Hofseth BioCare's
headquarters are located in Ålesund, Norway with branches in Oslo,
Chicago, Mumbai, Palo Alto and Tokyo. HBC is listed on Oslo Stock
Exchange Axess list with ticker "HBC". More information about
Hofseth BioCare at www.hofsethbiocare.com and
www.facebook.com/hofsethbiocare
This information is subject
to the disclosure requirements pursuant to section 5-12 of the
Norwegian Securities Trading Act.