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To read the whole report (in Swedish) visit: http://inhalation.se/investors/finansiella-rapporter/
CEO statement
Q3 is the third quarter in a row where we have shown continued revenue growth compared to the same period last year. With this outcome, in Q3 we have already exceeded our revenue figures for the full year 2022. It is of course very gratifying, and clearly shows that our adopted strategy, targeted sales efforts and customers' increased awareness of the value of our services, are paying the dividends we expected. The work continues and our focus now is to work our way through existing orders and ongoing negotiations on new assignments to be able to end the full year 2023 in the best possible way. Sales in the third quarter were not in line with our expectations and solid work is underway to intensify sales in the coming months. These activities have so far resulted in new assignments of approximately
We continue to monitor liquidity closely and we have made a significant improvement compared to last year. A stable turnover, where we have invoiced customers continuously, combined with the fact that we have streamlined the organization, has led us to reduce losses by more than 7 MSEK during the first 3 quarters of 2023, compared to the same period last year. These measures, together with the latest share issue, mean that we have a strong cash position even after our repayment of the credit loan we took earlier in the year. We endeavor to take the business to a positive cash flow and aim to achieve this goal in the foreseeable future.
Our ongoing research collaboration with the
Our other major multinational collaboration with APRINHA is also proceeding according to schedule and we are very much looking forward to the results of this collaboration, in the form of publications, by the end of 2025.
In the coming months, we expect to publish data from our Phase I clinical trial that we successfully completed last year. This will potentially open new collaboration opportunities with partners in a market that is four times larger than our current pre-clinical market.
The search for strategic partners to further broaden our service portfolio is ongoing and we are in continuous dialogue with potential companies to complement our offering. We are reviewing both organic and inorganic options to become a more complete service provider of inhalation services.
Historically, the last quarter is usually the most intense quarter for ISAB and 2023 is no exception. We are working purposefully to deliver on our strategic goals and reach positive cash flow as soon as possible.
Huddinge,
Manoush Masarrat
CHIEF EXECUTIVE OFFICER
Summary of the interim report
Q3 is the third quarter in a row where we have shown continued sales growth compared to the same period last year. With this outcome, in Q3 we have already exceeded the sales figures for the full year 2022. It is of course very gratifying and clearly shows that our chosen strategy, targeted sales work and customers' increased awareness of the value of our services, are paying the dividends we have expected. The work continues and our focus now is to work our way through existing orders and ongoing negotiations on new assignments to be able to end the full year 2023 in the best possible way. Sales in the third quarter were not in line with our expectations and solid work is underway to intensify sales in the coming months. These activities have so far resulted in new assignments of about 7 MSEK after the reporting period.
We continue to monitor liquidity closely and make a significant improvement compared to last year. A stable turnover where we have invoiced customers continuously, combined with the fact that we have streamlined the organization, has led us to reduce losses by more than 7 MSEK during the first 3 quarters of 2023, compared to the same period last year. These measures, together with the latest share issue, mean that we have a strong cash position even after our repayment of the credit loan we took earlier in the year. We strive to take the business to a positive cash flow and aim to reach this goal in the foreseeable future.
July -
- Net Revenue 3,361 kSEK (1,782)
- Operating result -984 kSEK (-3,486)
- Earnings per share before and after dilution -
Order intake during the period 330 kSEK (4,778)
Order backlog at the end of the period 6,276 kSEK (6,862)
Jan -
- Net Revenue 12,662 kSEK (8,083)
- Operating result -3,007 kSEK (-10,900)
- Earnings per share before and after dilution -
Order intake during the period 7,548 kSEK (8,347)
Order backlog at the end of the period 6,276 kSEK (6,862)
Order intake is the value of products and services sold during the current period, i.e. sales and not to be confused with net sales.
Order backlog is signed customer contracts for both products and services that have not yet been invoiced to customers, where work is still ongoing and delivery has not yet been made to the customer.
Significant events during the third quarter (July - Sept 2023)
- On 6 July, the company announced that the rights issue that ended on
9 May 2023 had finally been registered. -
On 23 August, the company announced that the loan of
SEK 1.8 million raised by ISAB on16 January 2023 is planned to be repaid to the lenders at the end of August. The total cost including arrangement fee and interest is approximatelySEK 2.6 million . -
On 29 September, the company announced a cooperation agreement with a large multinational company in
India regarding the company's In Vitro module DissolvIt.
Significant events during the reporting period Jan -
- On 16 January, the company lifted a part of its loan credit with a sum of
SEK 1.8 million . -
On 7 March, the company announced that it had received confirmation of an
IRS order worthEUR 118,480 . -
On 6 April, the company informed the market of the board's decision on a new share issue of approximately
SEK 17.1 million with preferential rights for the company's shareholders. -
On 12 May, the company announced the outcome of the rights issue of shares that the company had announced on 6 April. The rights issue was subscribed to approximately 23.0 per cent and approximately 57.0 per cent was subscribed by underwriters. The rights issue provides the company with approximately
SEK 13.7 million before deduction of issue costs. -
On 25 May, the company announced its large European collaboration project APRINHA, where ISAB will be awarded
125,000 EURO for its contribution over a 36-month period. -
On 21 June the company announced a new
IRS order of 98000 EURO from a returning US customer for its in-vitro module DissolvIt. -
On 27 June, the company announced a new order for PreciseInhale instruments with associated modules of
125,800 EURO . -
On 28 June, the company announced an additional instrument order from a distributor in
Asia of 94000 USD .
Significant events after the reporting period
- On 16 October, the company announced a new
IRS order worth188,900 EURO . This order was from a repeat customer who is top 5 in the world in generics and it concerns the company's in-vitro module DissolvIt. - On 18 October, the company informed the market that it had strengthened its IP portfolio regarding its main product PreciseInhale, through a newly granted patent in the US. The patent extends to 2034.
-
On 8 November, the company announced a new order worth
EUR 54,700 , resulting from a collaboration with a partner specializing in regulatory testing. -
On 13 November, the company announced a new instrument order of
EUR 276,450 from a repeat customer, a large European pharmaceutical company with a substantial pipeline of inhaled therapies.
On 21 November, the company announced a new
Selected financial data in summary
2023July-Sept | 2022July-Sept | 2023Jan-Sept | 2022Jan-Sept | 2022Jan-Dec | |
Net revenues kSEK | 3,361 | 1,782 | 12,662 | 8,083 | 12,194 |
Operating profit kSEK | -984 | -3,486 | -3,007 | -10,900 | -12,026 |
Profit after tax kSEK | -1,305 | -3,509 | -2,841 | -10,975 | -12,125 |
Balance sheet total kSEK | 18,493 | 15,967 | 18,493 | 15,967 | 12,985 |
Cash flow for period kSEK | -1,511 | -1,576 | 7,850 | -10,981 | -12,556 |
Cash flow for period per share (SEK) | -0.10 | -0.14 | 0,59 | -0.97 | -1.1 |
Cash and cash equivalents kSEK | 13,859 | 3,414 | 9,689 | 3,414 | 1,839 |
Earnings per share before and after dilution (SEK) | -0.10 | -0.31 | -0.29 | -0.96 | -1.07 |
Equity kSEK | 13,859 | 8,703 | 13,859 | 8,703 | 7,553 |
Equity per share (SEK) | 0.91 | 0.77 | 0.91 | 0.77 | 0.66 |
Equity ratio % | 74.94% | 54.51% | 74.94% | 54.51% | 58.17% |
R&D costs / operating costs % | 33.32% | 40.99% | 38.15% | 32.64% | 40.80% |
Number of shares | 15 167 637 | 11 375 734 | 15 167 637 | 11 375 734 | 11 375 734 |
Multi-year overview | |||||
kSEK | 2022 | 2021 | 2020 | 2019 | 2018 |
Net revenues | 12,194 | 9,422 | 10,137 | 8,949 | 5,441 |
Profit after net financial items | -12,125 | -16,609 | 9,875 | -4,345 | -11,883 |
Balance sheet total | 12,985 | 26,112 | 18,488 | 23,198 | 19,653 |
Equity ratio, %, | 58 | 75 | 57 | 22 | 55 |
Average number of employees | 9 | 9 | 8 | 7 | 6 |
To read the full report (in Swedish) go HERE.
For more information about Inhalation Sciences, please contact:
Manoush Masarrat, CEO
E-mail: Manoush.masarrat@inhalation.se
Mobile: +46 (0)73 628 9153
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