Press release from Companies
Publicerat: 2024-02-28 08:30:00
(Stockholm, Sweden, 28 February 2024) Inhalation Sciences AB announces that its Q4 / Year End Report for 2023 is now available on the company’s website.
To read the whole report (in Swedish), visit: http://inhalation.se/investors/finansiella-rapporter/ CEO statement 2023 was another year when we continued to capture new market shares and successfully deliver on our strategic goals. Over the past three years, revenue has increased steadily by 29% from 2021 to 2022 and now by 49% from 2022 to 2023. At the same time, we have also significantly improved our operating profit at a similar rate during the same period. With this positive development, we are very close to reaching a strategic milestone in the company's history, with the aim of becoming cash flow positive in the near term. Our increased focus on inhalation services (IRS) continues to develop as planned and in 2023 generated 66% of our revenue. We are in continuous dialogue with various partners in order to prepare our services and we are very positive about the deepened strategic collaboration with Actarmo GmbH in Germany. Actarmo has an established customer base and expertise in developing formulations, full GMP (Good Manufacturing Practice) analytical testing, and consultancy services for all aspects of inhaler delivery devices. With this cooperation, ISAB's potential Total Addressable Market (TAM) has expanded by 30% to a total sum of approx. 630 MEUR. Distributor markets also came into play during 2023, allowing expansion of our unique platform technology into completely new markets and contributing approx. 2.5 MSEK to the year's revenue. The FDA study with our In vitro module, DissolvIt, continues according to the plan and resulted in approximately SEK 2 million in revenue in 2023 from the FDA. We expect to finish this study at the end of 2024 and look forward to the final results which means an important validation of the DissolvIt module. We expect data from our clinical Phase-I study to be published within the next few months. This in turn will open up new collaboration opportunities with partners and a market that is four times larger than our current market. Through our completed rights issue, we managed to repay the bridging loan the company took out at the beginning of the year as well as ensuring a stable cash flow that remained intact throughout the year. Personally, I feel very proud of the solid work that the ISAB organization delivered throughout 2023. Our cooperation with the Board, our partners and our customers has continued to develop confidently and is positive in every respect. In 2024, we will continue the path taken from previous years with a major focus on our strategy, as well as increased growth and profitability. Expansion of our inhalation services, the completion of the ongoing FDA study as well as the publication of our clinical data are all some of the milestones that should create opportunities for continued growth in 2024. The Board and Management are looking forward to a very exciting 2024 for ISAB. Huddinge, 28 February 2024 Manoush Masarrat CEO During the second quarter, we have continued to deliver on our strategic goals with a focus on commercial activities, with sales increased by 36% compared to the same period last year. Sales in the form of new orders have also continued in the right direction with an increase of over 500% compared to the period last year. In addition to the new and returning customers for IRS services, we are also pleased that our international distributors have now started sales in several markets. Another important strategic goal for us is to achieve positive cash flow by the end of 2023. Through a great commercial and operational effort by the entire ISAB team, we have basically delivered on this goal already in the second quarter, where the result has improved by 97% compared to the same period last year. We remain focused on this and are working towards sustainable profitability of the company. Strong growth rate and continued improvement in profit. Year-end report 1 January - 31 December 2023 Summary of the interim report Oct – Dec 2023 - Net revenue 5,484 kSEK (4,110) - Operating result -749 kSEK (-1,127) - Earnings per share before and after dilution -0.07 SEK (-0.36) Order intake during the period 7,995 kSEK (8,982) Order backlog at the end of the period 8,966 kSEK (9,122) Jan – Dec 2023 - Net revenue 18,146 kSEK (12,194) - Operating result -3,756 kSEK (-12,026) - Earnings per share before and after dilution -0.36 SEK (-1.076) Order intake during the period 15,543 kSEK (17,328) Order backlog at the end of the period 8,966 kSEK (9,122) Order intake is the value of products and services sold during the current period, i.e. sales and not to be confused with net sales. Order backlog is signed customer contracts for both products and services that have not yet been invoiced to customers, where work is still ongoing and delivery has not yet been made to the customer. Significant events during the reporting period Jan - Dec 2023 Significant events after the reporting period Selected financial data in summary For more information about Inhalation Sciences, please contact: Manoush Masarrat, CEO E-mail: Manoush.masarrat@inhalation.se Mobile: +46 (0)73 628 9153 Summary of the interim report for Q2, 1 January – 30 June 2023
Significant events during the fourth quarter (Oct-Dec 2023)
2023okt-dec
2022okt-dec
2023Jan-dec
2022Jan-dec
Net revenue, kSEK
5,484
4,110
18,146
12,194
Operating profit, kSEK
-749
-1,127
-3,756
-12,026
Profit after tax, kSEK
-903
-1,150
-4,744
-12,125
Balance sheet total, kSEK
18,168
12,985
18,168
12,985
Cash flow for period, kSEK
-1,864
-1,575
5,986
-12,556
Cash flow per period per share (SEK)
-0.12
-0.14
0.45
-1.10
Cash and cash equivalents, kSEK
7,825
1,839
7,825
1,839
Earnings per share before and after dilution (SEK)
-0,07
-0,1
-0,36
-1,07
Equity, kSEK
12,954
7,553
12,954
7,553
Equity per share (SEK)
0.85
0.66
0.85
0.66
Equity ratio, %
71.30%
58.17%
71.30%
58.17%
R&D costs/operating costs, %
31.44%
40.19%
38.75%
40.80%
Number of shares
15,167,637
11,375,734
15,167,637
11,375,734
Multi-year overview
kSEK
2023
2022
2021
2020
2019
Net revenue
18,146
12,194
9,422
10,137
8,949
Profit after net financial items
-4,744
-12,125
-16,609
9,875
-4,345
Balance sheet total
18,168
12,985
26,112
18,488
23,198
Equity ratio, %,
71
58
75
57
22
Average number of employees
8
9
9
8
7