STOCKHOLM, Sweden, Aug. 12, 2004 (PRIMEZONE) -- Biotage Interim report
-- Second quarter sales were up by 27% over the previous year's pro forma figure and order bookings exceeded 100 MSEK
-- Sales for the first six months improved to MSEK 175.9 (41.2 and 158.4 pro forma)
-- Operating expenses during the quarter totaled MSEK 67.5 (56.8 and 124.6 pro forma) which is lower than the Company's cost target
-- The quarter's operating result before goodwill amortization and non-recurring items strengthened to MSEK -13.2 (-49.1 and -87.0 pro forma)
-- The operating result for the first half rose to MSEK -57.1 (-83.4 and -187.7 pro forma)
-- The first half result after tax was MSEK -53.5 (-72.7 and -176.1 pro forma) Earnings per share amounted to SEK -0.93 (-2.08 and -3.05 pro forma)
The Group's sales showed strong development in the second quarter and were up by 27 percent over the pro forma figure for the previous year. At the same time, the gross margin improved and operating expenses fell by a further MSEK 4 compared with the first quarter. The cost-cutting program is continuing to bear fruit, enabling Biotage's to keep its total costs below the target of MSEK 300 set by the company. Biotage's order bookings in the second quarter exceeded MSEK 100.
As anticipated, the products launched by Discovery Chemistry during the quarter were immediately well received by the market and generated a rise in order bookings. Second quarter sales developed well and were up 14 percent over the same period of 2003 pro forma. The market for Discovery Chemistry's products looks favorable and Biotage expects continued growth in sales and profitability in the coming six months.
Sales in the Biosystems business area rose by 68 percent during the second quarter but were in total for the half-year on par with last year's figure. Following a weak first quarter in the USA, sales revived in the second quarter and the company anticipates stable development in the latter half of 2004. The continued focus on clinical research is expected to yield results in the fourth quarter of 2004.
About Biotage
Biotage is a global company active in life science research with strong technologies, a broad range of operations and a long-term view of the market. The company offers solutions, knowledge and experience in the areas of genetic analysis and medicinal chemistry. Customers include the world's top 30 pharmaceutical companies, 20 largest biotech companies and leading academic institutes. The company is headquartered in Uppsala and has offices in the US, Japan and several European countries. Biotage has approx. 250 employees and had pro forma sales of 362 MSEK in 2003. Biotage is listed on the Stockholm stock exchange. Website: www.biotage.com
Certain statements in this press release are forward-looking. These may be identified by the use of forward- looking words or phrases such as "believe," "expect," "intend," and "should," among others. These forward-looking statements are based on Biotage's current expectations. The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for such forward-looking statements. In order to comply with the terms of the safe harbor, Biotage notes that a variety of factors could cause actual results and experience to differ materially from the anticipated results or other expectations expressed in such forward-looking statements. Such uncertainties and risks include, but are not limited to, risks associated with management of growth and international operations (including the effects of currency fluctuations), variability of operating results, the commercial development of the microwave synthesis and flash purification in the drug discovery market, DNA sequencing and genomics market, nucleic acid-based molecular diagnostics market, and genetic vaccination and gene therapy markets, competition, rapid or unexpected changes in technologies, fluctuations in demand for Biotage's products (including seasonal fluctuations), difficulties in successfully adapting the Company's products to integrated solutions and producing such products, and the Company's ability to identify and develop new products and to differentiate its products from competitors.
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