Probi's Q2 income down, but on pace to grow through 2012

Probi's Q2 income down, but on pace to grow through 2012

CEO says growth during the first half of the year was about 10 percent, even though new agreements signed to date this year have not yet begun generating income.

Second quarter 2012

  • Net sales amounted to MSEK 21.9 (24.0)
  • Operating profit totalled MSEK 2.2 (6.3)
  • Profit after tax amounted to MSEK 2.0 (4.9)
  • Profit after tax per share was SEK 0.22 (0.53)
  • Cash flow was negative MSEK 2.6 (neg: 7.9); Probi paid a dividend of MSEK 6.8 (9.2)

First six months 2012

  • Net sales amounted to MSEK 52.5 (47.9)
  • Operating profit totalled MSEK 10.6 (13.0)
  • Profit after tax amounted to MSEK 8.4 (10.0)
  • Profit after tax per share was 0.92 (1.08)
  • Cash flow was MSEK 7.2 (-12.5); Probi paid a dividend of MSEK 6.8 (9.2)

Significant events during the second quarter

  • Probi signed a partnership agreement with Vifor Pharma for the launch of Probi Digestis and Probi Defendum in Switzerland.

Significant events after the close of the period

  • Probi signed a distribution agreement with Alvogen for the launch of Probi Digestis and Probi Defendum in Taiwan.

CEO’s comments:

“After the first quarter, which was our best quarter to date, we observed a temporary decline in sales in the second quarter. The total decline was MSEK 2.1 and, of this amount, MSEK 1.7 resulted from lower invoicing to HealthWorld in Australia, which received a free shipment of raw material as compensation for a faulty batch in 2011. Our operating profit for the second quarter declined MSEK 4.1 year-on-year primarily due to higher costs. As planned, we strengthened our organisation and the media campaign in collaboration with Bringwell has been concentrated to the first half of the year. Growth during the first half of the year was about 10 percent even though the new agreements signed to date this year have not yet begun to generate income. Looking at 2012 as a whole, we forecast continued growth although not at the level of our long-term goal of 25 percent annual growth. We are very pleased to have signed two new agreements since the end of the first quarter with Vifor in Switzerland and Alvogen in Taiwan, which will contribute to our continued expansion in Consumer Healthcare next year,” says Michael Oredsson, CEO of Probi.

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