BioGaia has released their interim report for the first of January through the 30th of September, reporting that: (Figures in brackets refer to the same period of last year)
Net sales amounted to SEK 106.0 million (74.6), an increase of SEK 31.4 million (42%) compared to the same period of last year.
Operating profit was SEK 18.4 million (3.3), an improvement of SEK 15.1 million compared to the same period of last year.
Profit before tax was SEK 20.1 million (4.4), an improvement of SEK 15.7 million compared to the same period of last year.
Profit after tax was SEK 31.1 million (4.4), an improvement of SEK 26.7 million over the same period of last year. Profit for the period includes a tax benefit of SEK 11 million pertaining to a change in the deferred tax asset.
Earnings per share were SEK 1.81 (0.25).
The period's cash flow from operating activities before change in working capital was SEK 23.3 million (8.5). Total cash flow for the period was SEK 15.7 million (4.9). Cash and cash equivalents at 30 September 2008 totalled SEK 58.8 million (44.6).
Key events in the third quarter of 2008
Extended agreement with Ferring for the sale of BioGaia's Probiotic drops and tablets in 10 countries in Latin America.
Agreement with AllergyCare AG for the sale of BioGaia's Probiotic drops and tablets in Switzerland.
Global license agreement with Nestlé Nutrition regarding the right to use Reuteri in dairy products in infant and follow on formulas.
License agreement with Kavli regarding the right to use Reuteri in dairy products in Norway.
Nestlé launches "Boost Kid Essentials" in the US with BioGaia's Probiotic straw.
Key events after the end of the third quarter
BioGaia invests in LifeTop Cap in new subsidiary.
"Our long-term focus on research and product development has given us unique products with very positive clinical results. That there is a demand for these products in the market is visible in our robust sales growth with healthy gross margins and net margins of around 20%. We are not noticing any negative effects of the financial crisis or market downturn, as our products are sold primarily via pharmacies and belong to a segment that is generally not as cycle-sensitive as many others. We therefore look forward to continued strong growth.
The company has a very solid financial position with no loans, net cash of SEK 59 million and an equity/assets ratio of 87 %", says Managing Director Peter Rothschild.
Latest press releases from BioGaia:
2008-10-08 BioGaia invests in LifeTop Cap in new subsidiary
2008-09-17 Nestlé launches "Boost Kid Essentials" in the US with BioGaia's Probiotic straw
2008-09-08 Q-Mejerierna launches yoghurt drink with BioGaia's probiotic
For additional information contact Peter Rothschild, Managing Director, telephone: +46 8 -555 293 00
Jan Annwall, Deputy Managing Director, telephone: +46 8 - 555 293 00
BioGaia is a biotechnology company that develops, markets and sells probiotic products with documented health benefits. The products are primarily based on the lactic acid bacterium Lactobacillus reuteri (Reuteri), which has probiotic, health-enhancing effects. The class B share of the Parent Company BioGaia AB is quoted on the Small Cap list of the Nasdaq OMX Nordic Exchange Stockholm.