STOCKHOLM, Feb. 24, 2022 /PRNewswire/ — New record quarter
“DevyserSales of were also strong in the fourth quarter of 2021, as well as in the other quarters of the year. However, we continued to feel the impact of the pandemic, with further lockdowns in some countries during the quarter, notably in Asia. We are therefore satisfied to have maintained a good level of growth despite this. In the fourth quarter of the year, sales increased by 38% compared to the same period last year. Adjusted for exchange rate fluctuations, net sales increased by 40%. »
Fredrik Alpsten, CEO
Fourth quarter, October to December 2021
- Net sales amounted to SEK 24.5 million (17.7), corresponding to an increase of 38.1%. Adjusted for exchange rate fluctuations, net sales increased by 39.7%.
- Gross profit totaled SEK 18.5 million (13.2), corresponding to a gross margin of 75.3% (74.3).
- The operating result (EBIT) amounted to -13.9 million SEK (-10.1). The amount includes a registration fee of SEK 4.8 million (0.0).
- The loss after tax amounted to -10.6 million SEK (-8.2).
- Earnings per share before and after dilution amount to -0.87 SEK (-0.94).
- Cash flow from operating activities amounted to SEK -5.7 million (4.9).
The period from January to December 2021
- Net sales amounted to SEK 93.5 million (65.7), corresponding to an increase of 42.3%. Adjusted for exchange rate fluctuations, net sales increased by 46.9%.
- Gross profit totaled SEK 71.9 million (47.0), corresponding to a gross margin of 76.9% (71.6).
- The operating result (EBIT) amounts to -21.2 million SEK (-10.9). The amount includes a registration fee of SEK 4.8 million (0.0).
- The loss after tax amounted to -20.7 million SEK (-10.9).
- Earnings per share before and after dilution amount to -1.85 SEK (-1.25).
- Cash flow from operating activities amounted to SEK -16.3 million (0.6).
- The Board does not propose a dividend for 2021.
Important events of the quarter
Listing and capital increase
On December 10, the parent company was listed on the Nasdaq First North Premier Growth Market in Stockholm. A capital increase of SEK 300 million was carried out as part of the listing, including 3,750,000 newly issued shares. Issuance and listing costs for new shares amounted to SEK 24.6 million, of which SEK 4.8 million was expensed in the income statement and SEK 19.8 million was capitalized against equity. The shares issued were subscribed mainly by new institutional shareholders. Following the IPO, the number of Devyser shares amounted to 15,188,100.
Further strengthening of the organization
The implementation of the company’s organization, which began in 2021, mainly in marketing and sales, continued and intensified during the period. The number of employees increased by eight during the quarter.
Important events after the end of the quarter
Exercise of the over-allotment option
The December 2021 issue attracted strong interest and the over-allotment option was therefore exercised. A total of 610,886 additional shares were issued in early January 2022, bringing the company an additional SEK 48.9 million before issuance costs. Following the issue, the number of Devyser shares amounts to 15,798,986.
Acquisition of SmartSeq Srl
In early February, Devyser acquired all outstanding shares of associated company SmartSeq Srl. The acquisition concerns 70% of the shares of SmartSeq, at a purchase price of 835,000 euros, of which 23% in cash and 71% in newly issued Devyser shares. The acquisition strengthens Devyser’s diagnostic analytics customer offering and is expected to have a positive impact on Devyser’s gross profit and gross margin. In total, 81,083 new shares were issued in payment, corresponding to a dilution of 0.5%. Following the issue, the number of Devyser shares amounts to 15,880,069.
Important events from January to December 2021
In January, Devyser secured funding of SEK 5.0 million under the Eurostars-2 program. The funding will be used to further develop NGS-based tests to monitor graft status and early rejection in kidney transplant recipients.
In May, the company was awarded an Italian contract for the genetic diagnosis of cystic fibrosis with Devyser’s NGS-based product for complete DNA sequencing. The contract has an estimated value of SEK 20 million.
At the Annual General Meeting in May, Mia Arnhult was elected to the Board of Directors and Chair of the Board. Lars Höckenström, Ulf Klangby and Fredrik Dahl were elected to the board. At an additional general meeting in September, Pia Gideon was elected as a new member of the board of directors.
Sharing and rating
During 2021, three share issues were carried out, including one related to the exercise of warrants and one related to the listing. A total of SEK 433.3 million was added to the company before issuance costs. In July, a stock split was implemented, dividing each existing stock into 300, 300:1.
In 2021, a resolution was passed to adopt a warrant program and an employee option program. In December, the stock was admitted to trading on the Nasdaq First North Premier Growth Market in Stockholm.
This information is information that Devyser Diagnostics AB (publ) is required to make public in accordance with European Regulation 596/2014 on market abuse. The information was submitted for publication, through the contact persons below, on February 24, 2022 at 08:00 CET.
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SOURCE Devyser Diagnostics AB
Company Codes: ISIN: SE0016588867, Stockholm: DVYSR