News | May 8, 2024
“Devyser reports continued strong sales growth and high gross margins for the quarter. It is particularly pleasing to see that our investment in the Americas is continuing to produce results, with growth of nearly 300 percent. It was also gratifying that, during the quarter, we were able to successfully conclude important commercial contracts with both Illumina and UK-based Cyted, while continuing to win tenders.”
Fredrik Alpsten, CEO, Devyser
The quarter from January to March 2024
- Net sales amounted to SEK 50.7 million (39.5), corresponding to a 28.5 percent increase. Adjusted for exchange rate fluctuations, net sales increased by 27.7 percent.
- Gross profit totaled SEK 41.9 million (33.7), corresponding to a gross margin of 82.7 percent (85.2).
- Operating profit (EBIT) amounted to SEK -12.2 million (-19.1).
- Profit after tax totaled SEK -12.2 million (-19.9).
- Earnings per share before and after dilution amounted to SEK -0.75 (-1.24).
- Cash flow from operating activities stood at SEK -16.5 million (-19.3).
Important events during the quarter
IVD development agreement with Illumina Inc.
In early January, a contract was signed with Illumina for IVD (in vitro diagnostics) development. This was to enable US and European regulatory registrations of Devyser’s NGS tests on MiSeqDx, Illumina’s FDA-regulated and CE-IVD-marked sequencing instrument.
Devyser Genomic Laboratories signed its first commercial contract
Devyser Genomic Laboratories, Devyser’s US-based CLIA-certified laboratory, signed its first commercial contract in mid-January with UK-based diagnostics company Cyted. The contract’s term is initially two years, and revenues are estimated to total approximately SEK 25.0 million, of which up to around SEK 6.0 million in 2024.
Devyser strengthened its management team
The management team was expanded on February 1 when it was joined by CSO Michael Uhlin. The latter has extensive experience in the global life sciences sector and has long been engaged in translational research and development. Devyser’s senior management now consists of CEO Fredrik Alpsten, CFO Sabina Berlin, CCO Theis Kipling, COO Göran Rydin, CSO Michael Uhlin and CHRO Camilla Wiberg.
Important events after the end of the quarter
Devyser granted MDSAP certification in Brazil
In April, Devyser was granted MDSAP (Medical Device Single Audit Program) certification for its quality management system in Brazil for both analytics and software. The MDSAP certification in Brazil is in addition to the company’s existing certificates in the US and Canada.
Devyser enters into a partnership with Hamilton for the automation of NGS workflows in laboratories
In April, a joint marketing agreement was signed with Hamilton Bonaduz AG, a leading global manufacturer of laboratory automation technology. The agreement allows customers to automate Devyser’s products using Hamilton’s robots.
Devyser granted IVDR approval for post-transplant monitoring software
In April, Devyser was granted IVDR approval for its Advyser Solid Organs software, which is used with the One Lambda Devyser Accept cfDNA product for post-transplant monitoring. This is Devyser's first IVDR-certified software to be approved in Europe under the new, more comprehensive regulation that came into force in May 2022.
The share and new issues
In April, two new share issues were carried out in connection with the exercising of warrants and employee stock options. The issues raised SEK 0.8 million for the company.
Presentation
The report will also be webcast and can be accessed from the following web link: https://financialhearings.com/event/49150.
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.
