Company announcement no. 7-2018

Birkerød, 24 October 2018

ViroGates A/S (Nasdaq First North Denmark: VIRO), who delivers blood test systems for emergency departments in hospitals, today reported financial results for the third quarter 2018 (1 July – 30 September). The report, which is approved by the Board of Directors, is unaudited and has the following main points:

Financial highlights for the third quarter 2018

  • Revenue grew by 81% to TDKK 824 (TDKK 457 in Q3 2017)
  • Net operating expenses of TDKK 3,533 (TDKK 2,281 in Q3 2017)
  • Net result of TDKK -2,341 (TDKK -1,469 in Q3 2017)
  • Cash position of TDKK 62,591 per 30 September 2018 (TDKK 2,350 end Q3 2017)

Business highlights

  • 9th City Clinical Hospital in Minsk, Belarus became ViroGates’ first international customer to use suPARnostic® Quick Triage in clinical routine practice
  • suPARnostic® TurbiLatex product developed and CE-IVD approved for the Roche Diagnostics cobas c111 analyzer; development for other cobas platforms have been initiated
  • Subgroup analysis in TRIAGE III interventional study showed a statistically significant shorter length of stay for patients that had been risk stratified using suPARnostic® Quick Triage
  • Observational study comparing suPAR and the National Early Warning Score (NEWS) showed that suPAR, statistically significantly, improved the risk prediction of both low- and high-risk acute medical patients (announced 3 October 2018)

CEO Jakob Knudsen, says in a comment: ”In the third quarter, we progressed commercially by engaging our first paying international customer and we added many prospective future customers to our pipeline by ways of congress attendance and personal sales visits. We continue to believe that one or more of our current trial customers will be converted to paying customers before year-end 2018. To further accelerate the roll-out of our products, including the newly launched suPARnostic® Turbilatex, we will be hiring sales managers in the Nordics, France, Germany and Spain.”

For further information contact:
CEO Jakob Knudsen:  Tel. (+45) 2113 1336, Email: jk@virogates.com

Certified Advisor
Västra Hamnen Corporate Finance, Per Lönn: Tel. (+46) 40 200 250, Email: per.lonn@vhcorp.se

About ViroGates
ViroGates is an international medtech company headquartered in Denmark. ViroGates develops and sells prognostic products to the healthcare sector. The products are used in hospital emergency services, in particular to make a clinical decision on hospitalization or discharge of emergency patients, which can lead to better clinical decisions, faster discharge and optimization of healthcare resources. The products can also be used for the prognosis of lifestyle-related diseases such as cardiovascular disease, type 2 diabetes, cancer, etc. The ViroGates test suPARnostic® measures the suPAR (Soluble urokinase Plasminogen Activator Receptor) protein in the bloodstream, and with the suPARnostic® Quick Triage test, hospital staff will get answers in just 20 minutes. The prognostic value of suPARnostic® is validated by more than 500 clinical trials and studies which included more than 350,000 blood samples.

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