Company announcement no. 13-2019
Birkerød, 28 October 2019
ViroGates A/S (Nasdaq First North Growth Market Denmark: VIRO), who delivers blood test systems for emergency departments in hospitals, today reported financial results for the third quarter 2019 (1 July – 30 September).
Highlights in the third quarter of 2019
Financial highlights
- Revenue fell by 33% to TDKK 551 (TDKK 824 in Q3 2018)
- Net operating expenses of TDKK 4,700 (TDKK 3,551 in Q3 2018)
- Net result of TDKK -3,994 (TDKK -2,341 in Q3 2018)
- Cash position of TDKK 47,625 per 30 September 2019 (TDKK 62,590 end Q3 2018)
Operational highlights
- ViroGates announced the appointment of Mark Christian Hvidberg da Silva as its new CFO.
- QIAGEN and ViroGates jointly announced a partnership that the suPARnostic® Quick Triage lateral flow product had been validated on QIAGEN’s automated Lateral Flow (aLF) platform and that ViroGates was appointed a distribution partner for the aLF platform.
- ViroGates announced that clinical implementation of suPARnostic® TurbiLatex had been agreed with the University Hospital of Montpellier France. Montpellier Hospital will be the first hospital worldwide to run suPARnostic® TurbiLatex on the Roche cobas 8000 modular system.
- Revenue in the first nine months of 2019 amounted to TDKK 3,121 (TDKK 2,490 in 9M 2018).
CEO Jakob Knudsen, says in a comment: ”The third quarter of 2019 brought the first international customer for our suPARnostic® TurbiLatex product. The customer selected our suPARnostic® TurbiLatex product after rigorous testing concluding that the product is readily adaptable to their automated system which provides comfort that other international customers will follow. We had a 25% growth in year-to-date revenue despite a decline in the revenue for the past quarter, which is due to expected contractual discounts provided to a large clinical customer. The revenue for the quarter is in line with our expectations.”
The attached report, which is approved by the Board of Directors, is unaudited.
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 developing and marketing prognostics products to the healthcare sector. Based on more than 600 clinical trials and studies, ViroGates’ suPARnostic® product range supports hospital professionals in making clinical decisions on hospitalization or discharge of acute care patients as well as detecting and assessing the severity of cardiovascular diseases, type 2 diabetes, cancer, etc. suPARnostic® TurbiLatex is available on Roche Diagnostics’ cobas instruments and Virogates works with partners to develop solutions for other platforms. Headquartered in Denmark, ViroGates’ sales force covers the Nordics, Germany, Spain and France, while distributors serve other markets. www.virogates.com
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