HBC * Highlights Q3 *

15.11.2017 kl 10:00 1207

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Hofseth BioCare ASA (HBC) had operating revenues of NOK 92.1m (17.1m) in the first nine months of 2017, EBITDA of NOK 17.1m (-105.6m) and EBIT of NOK 0.6m, compared to negative 118.6m in the corresponding period 2016.
In the third quarter, the Company had revenues of NOK 27.9m (3.6m). Total operating expenses amounted to NOK 39.3m (49.2m) in the period which resulted in an EBITDA of negative NOK 6.3m (negative NOK 41.2m).
Cash flow from operation activities during the third quarter was positive by NOK 7.3m compared to negative NOK 17.7m in the same quarter last year. Cash and cash equivalents increased by NOK 11.6m during the quarter, leaving total holding of cash and cash equivalents at NOK 29.8m by the end of the period.
Total equity amounted to NOK 49.9m (NOK 77.1m) giving an equity ratio of 33.1% (40.4 %) for the group.
- Mr. Roger Hofseth elected new CEO in August, and Mr. Ola Holen steps up as interim Chairman of the Board in September.
- Record revenues after completing the production lines at the Midsund plant and high delivery schedules of all four products on existing and new long-term contracts.
- Research show that HBCs CalGo is 100% calcium hydroxyapatite microcrystalline form of calcium. This is considered the best form of calcium for absorption and incorporation. Orders received on CalGo during the quarter show promising future for this product.
- Finished first phase in our major research project, with the Lucille Packard Hospital at Stanford University, into the use of SPH in treating ultra-low birthweight babies and the impact of SPH on bile acid and protein digestion, and biological effects.
HBC produced a total of 665 tons of finished products during the third quarter of 2017, up 10 per cent from the last quarter.
- Our mission is to deliver high quality ingredients to the market, and we now finally are starting to see the first results from all the work we have put down. Hofseth BioCare will continue to ramp up production during the fourth quarter to increase gross margins and aim to deliver steady positive EBITDA in the near future. We expect to reach full capacity in the beginning of 2018, says Roger Hofseth, CEO of Hofseth BioCare.
Redigert 15.11.2017 kl 10:15 Arkivert