STOCKHOLM, Nov. 10, 2022 /PRNewswire/ -- "Devyser reports yet another quarter of record sales and strong gross margins. The positive sales and margin trend remains stable. We are following the strategic plan we launched nearly two years ago. It involves converting to direct sales in certain markets where we are currently working with distributors, and increasing our focus on selected key markets, including the important North American market. So far, we have managed to exceed the plan's high expectations on sales growth and margins."
Fredrik Alpsten, CEO, Devyser
Quarter July-September 2022
- Net sales amounted to SEK 31.2 million (24.3), corresponding to a 28.1% increase. Adjusted for exchange rate fluctuations, net sales increased by 22.2%.
- Gross profit totaled SEK 26.3 million (19.1), corresponding to a gross margin of 84.4% (78.5).
- Operating profit (EBIT) amounted to SEK -8.2 million (-2.5).
- Profit after tax totaled SEK -8.8 million (-3.6).
- Earnings per share before and after dilution amounted to SEK -0.55 (-0.32).
- Cash flow from operating activities stood at SEK -11.8 million (-3.2).
The period from January to September 2022
- Net sales amounted to SEK 92.4 million (69.0), corresponding to a 34.0% increase. Adjusted for exchange rate fluctuations, net sales increased by 28.8%.
- Gross profit totaled SEK 76.2 million (53.5), corresponding to a gross margin of 82.5% (77.5).
- Operating profit (EBIT) amounted to SEK -26.0 million (-7.3).
- Profit after tax totaled SEK -29.3 million (-10.1).
- Earnings per share before and after dilution amounted to SEK -1.84 (-0.92).
- Cash flow from operating activities stood at SEK -27.1 million (-10.6).
Important events during the quarter
Certification under the new European IVD Regulation
In August, Devyser was certified under the new, more comprehensive IVD Regulation, which came into force on May 26, 2022. The regulation ensures the highest level of clinical safety for the manufacture of medical devices. The certification covers Devyser's quality management system and fetal diagnostics product.
Strengthening of the management team
In September, Camilla Wiberg took up the position of CHRO (Chief Human Resources Officer). Following Camilla Wiberg's appointment, Devyser's senior management consists of CEO Fredrik Alpsten, CFO Sabina Berlin, CCO Theis Kipling, COO Göran Rydin, CHRO Camilla Wiberg and Deputy CEO Ulf Klangby.
New share issues
In July, 63,900 shares were issued in connection with the exercising of warrants. The new issue raised SEK 0.8 million for the company. Following the issue, the number of Devyser shares totaled 16,006,369.
Important events after the end of the quarter
Establishes CLIA lab in USA
Adding to the company´s current business model, Devyser will establish a CLIA laboratory in Atlanta, Georgia, USA. CLIA, Clinical Laboratory Improvement Amendments, is an opportunity that enables Devyser to offer test services directly to its US customers. The company aims to have the lab CLIA-certified and operational in the second quarter 2023.
The report is available on the company's webpage: https://investors.devyser.com/en/reports-presentations
This information is information that Devyser Diagnostics AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation 596/2014. The information was submitted for publication, through the agency of the contact persons below, on November 10, 2022 at 07:30 CET.
For more information, please contact:
Fredrik Alpsten, CEO E-mail: firstname.lastname@example.orgTel: +46 706 673 106
Sabina Berlin, CFOE-mail: email@example.comTel: +46 739 519 502
About Devyser Diagnostics AB (publ)
Devyser develops, produces, and commercializes genetic test kits for laboratories in more than 45 countries. The products are used for advanced DNA testing within hereditary diseases, oncology, and transplantation to guide targeted cancer therapies, diagnose a wide array of genetic diseases, and to assist in post-transplant follow-up. Devyser's products simplify complex genetic testing processes, minimize hands-on time and deliver rapid, accurate, and trusted results. Devyser was founded in 2004 and is based in Stockholm, Sweden.
Devyser's shares are listed on Nasdaq First North Growth Market (ticker: DVYSR). The company's Certified Adviser is Redeye AB. For more information, visit www.devyser.com.
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