News | July 23, 2024
“Devyser continued to report high sales growth in the second quarter. Organic growth compared with the same quarter of last year amounted to 41 percent in SEK. We won several large tenders during the quarter, which are expected to start generating revenue in the second half of 2024. An expanded collaboration with Thermo Fisher in countries outside North America, Europe, Brazil and Saudi Arabia is also expected to increase sales starting from 2025.”
Fredrik Alpsten, CEO, Devyser
The quarter from April to June 2024
- Net sales amounted to SEK 53.2 million (37.7), corresponding to a 41.1 percent increase. Adjusted for exchange rate fluctuations, net sales increased by 40.1 percent.
- Gross profit totaled SEK 41.4 million (31.5), corresponding to a gross margin of 77.7 percent (83.4).
- Operating profit (EBIT) amounted to SEK -23.1 million (-13.5).
- Profit after tax totaled SEK -22.9 million (-14.6).
- Earnings per share before and after dilution amounted to SEK -1.41 (-0.90).
- Cash flow from operating activities stood at SEK -15.9 million (-22.8).
The period from January to June 2024
- Net sales amounted to SEK 104.0 million (77.2), corresponding to a 34.6 percent increase. Adjusted for exchange rate fluctuations, net sales increased by 33.5 percent.
- Gross profit totaled SEK 83.3 million (65.1), corresponding to a gross margin of 80.1 percent (84.3).
- Operating profit (EBIT) amounted to SEK -35.3 million (-32.6).
- Profit after tax totaled SEK -35.1 million (-34.5).
- Earnings per share before and after dilution amounted to SEK -2.15 (-2.14).
- Cash flow from operating activities stood at SEK -32.5 million (-42.1).
Important events during the quarter
IVDR approval for post-transplant monitoring software
Devyser was granted IVDR approval for its Advyser Solid Organs software, which is used with the One Lambda Devyser Accept cfDNA product (for monitoring in connection with kidney transplantation). This is Devyser's first software to be given IVDR approval under the new, more comprehensive regulation that came into force in May 2022.
Devyser won a record-breaking tender in Italy
In June, Devyser was awarded a five-year extension agreement with the Tuscany region of Italy for ten of its products. Devyser was also awarded the transplant part of the tender through its distribution partner. The estimated order value for Devyser is approximately SEK 12 to 15 million annually.
Devyser expanded its commercial collaboration with Thermo Fisher Scientific
In June, Devyser expanded the exclusive collaboration and distribution agreement with Thermo Fisher Scientific. The agreement gives Thermo Fisher exclusive rights to market Devyser’s NGS products for post-transplant monitoring worldwide under combined trademarks. This is an extension of the previously announced agreement whereby Thermo Fisher had exclusive rights to market these products in North America, Europe, Brazil and Saudi Arabia.
Annual General Meeting
At the Annual General Meeting in May, Mia Arnhult, Lars Höckenström, Fredrik Dahl and Pia Gideon were re-elected as Board members. Thomas Eklund was elected as a new member of the Board. Mia Arnhult was re-elected as Chair of the Board.
The share and new issues
Three new share issues were carried out during the quarter in connection with the exercising of warrants and employee stock options. The issues raised SEK 17.4 million for the company. The Annual General Meeting in May decided to introduce a new employee stock option program.
Important events after the end of the quarter
Changes in the management team
COO Göran Rydin has announced his intention to leave Devyser during the fall. This means that the management team now consists of Fredrik Alpsten, CEO, Sabina Berlin, CFO, Theis Kipling, CCO and Head of Business Development, Michael Uhlin, CSO, and Camilla Wiberg, CHRO.
Presentation
The report will be presented at an audiocast at 09:00 CET today. More information and links are available on https://financialhearings.com/event/49151.
This report and previous financial reports are available on the company’s webpage https://investors.devyser.com/en/reports-presentations.
For more information, please contact:
Fredrik Alpsten, CEO
Email: fredrik.alpsten@devyser.com
Telephone: +46 70 667 31 06
Sabina Berlin, CFO
Email: sabina.berlin@devyser.com
Telephone: +46 739 51 95 02
About Devyser
Devyser develops, manufactures and sells diagnostic solutions and analysis services to clinical laboratories in more than 65 countries. Our products are used for advanced genetic testing in the hereditary disease, oncology and transplant fields, to enable targeted cancer treatment, the diagnosis of a large number of genetic diseases, and transplant patient follow-up. Devyser's products, and unique, patented solution requiring only one test tube, simplify genetic testing processes, improve sample throughput, minimize hands-on time and deliver rapid results. Our goal is for every patient to receive a correct diagnosis in the shortest possible time. Sustainability is a central part of our business and an important prerequisite for long term value creation.
Devyser was founded in 2004 and is based in Stockholm, Sweden with eight in-house sales offices in Europe and the US. The company also runs Devyser Genomic Laboratories, a CLIA certified laboratory in Atlanta, US. In 2022, Devyser's quality management system was certified according to the IVDR and a number of the company's products have since been certified according to the IVDR.
Devyser's shares are listed on the Nasdaq First North Premier Growth Market Stockholm (ticker: DVYSR). The company's Certified Adviser is Redeye AB.
For more information, visit www.devyser.com.
This information is information that Devyser Diagnostics is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-07-23 07:30 CEST.
