BioPorto Announces Annual Results for the Year ended December 31, 2022
COPENHAGEN, Denmark and BOSTON, MA, USA, March 30, 2023, (GLOBE NEWSWIRE) -- BioPorto A/S (BioPorto) (CPH:BIOPOR) today announced financial results for the year ended December 31, 2022 and business progress for the fourth quarter of 2022.
Recent Highlights
For the year ended December 31, 2022:
Total revenue of DKK 29.0 million / USD 4.1 million, a 19% increase over the prior year
Adjusted EBITDA of DKK (67.3) million / USD (9.5) million
Cash and cash equivalents of DKK 81.8 million / USD 11.7 million as of December 31, 2022 (DKK 45.5 million / USD 6.9 million as of December 31, 2021)
For the fourth quarter ending December 31, 2022:
Total revenue of DKK 8.7 million / USD 1.2 million, a 28% increase over the prior year
Adjusted EBITDA of DKK (17.9) million / USD (2.4) million
Completed its FDA submission of a marketing authorization application for an NGAL test to the US Food and Drug Administration (FDA) the during the fourth quarter of 2022
Tony Pare, BioPorto’s Chief Executive Officer, said: “One year ago, BioPorto’s new management team set out an ambitious series of 2022 objectives for the clinical development and regulatory submission of our flagship NGAL biomarker test, designed and demonstrated to assess the risk of Acute Kidney Injury (AKI) for pediatric patients in the Intensive Care Unit. Over the last twelve months, our team has met or surpassed all those objectives through focused operational execution and prudent financial management.”
Mr. Pare continued, “While we invest in and expand the European market and continue to engage in productive dialogue with the FDA, we are also taking steps to expand market potential beyond the anticipated first approval of the NGAL test.”
Commercially, over the last twelve months, BioPorto has raised and exceeded its Revenue and Adjusted EBITDA guidance through antibody and NGAL test sales into accessible markets and disciplined cost control.
“Taken together, our clinical and commercial operations are delivering as planned and communicated, and we remain determined to continue this record of performance,” Mr. Pare concluded.
Conference Call and Webcast The Company’s management team will host an online investor presentation on March 30, 2023, at 14:00 Central European Time / 8:00 Eastern Time, via HC Andersen Capital. Investors interested in attending the webcast may register at: https://hca.videosync.fi/2023-03-30-bioporto/register.
A separate analyst call will be held on March 30, 2023, at 16:00 Central European Time / 10:00 Eastern Time, with details as follows:
Investor Relations Contacts Tim Eriksen, EU Investor Relations, Zenith Advisory, +45 4529 0000, investor@bioporto.com Ashley Robinson, US Investor Relations, LifeSci Advisors, +1 617 430 7577, arr@lifesciadvisors.com
About BioPorto BioPorto is an in vitro diagnostics company focused on saving lives and improving the quality of life with actionable biomarkers – tools designed to help clinicians make changes in patient management. The Company uses its expertise in antibodies and assay development, as well as its platform for assay development, to create a pipeline of novel and compelling products that focus on conditions where there is significant unmet medical need, and where the Company’s tests can help improve clinical and economic outcomes for patients, providers, and the healthcare ecosystem.
The Company’s flagship product is The NGAL TestTM, which has been designed to aid in the risk assessment of Acute Kidney Injury, a common clinical syndrome that can have severe consequences, including significant morbidity and mortality if not identified and treated early. With the aid of The NGAL Test, physicians can identify patients potentially at risk of AKI more rapidly than is possible with current standard of care measurements, enabling earlier intervention and more tailored patient management strategies. The NGAL Test is CE marked and registered in a number of countries worldwide.
BioPorto has facilities in Copenhagen, Denmark and Boston, MA, USA. The shares of BioPorto A/S are listed on the Nasdaq Copenhagen stock exchange. For more information visit www.bioporto.com.
Forward-looking statement disclaimer Certain statements in this news release are not historical facts and may be forward-looking statements. Forward-looking statements include statements regarding the intent, belief or current expectations with respect to the Company’s expectations, intentions and projections regarding its future performance including the Company’s Guidance for 2023; currency exchange rate fluctuations; anticipated events or trends and other matters that are not historical facts, including with respect to the potential FDA marketing authorization, implementation of manufacturing and quality systems, commercialization of NGAL tests, and the development of future products and new indications; concerns that may arise from additional data, analysis or results obtained during clinical trials; and, the Company’s ability to successfully market both new and existing products. These forward-looking statements, which may use words such as “aim”, “anticipate”, “believe”, “intend”, “estimate”, “expect” and words of similar meaning, include all matters that are not historical facts. These forward-looking statements involve risks, and uncertainties that could cause the actual results of operations, financial condition, liquidity, dividend policy and the development of the industry in which the Company’s business operates to differ materially from the impression created by the forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Given these risks and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of such statements and, except as required by applicable law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Factors that may impact BioPorto’s success are more fully disclosed in BioPorto’s periodic financial filings, including its Annual Report for 2022, with the Danish Financial Supervisory Authority, particularly under the heading “Risk Factors”.
NOTE – DKK/USD exchange rates used within “Recent Highlights”, above:
Balance sheet measures: December 31, 2021 = 6.5612 and December 31, 2022 = 6.9722.
Income statement measures for twelve months ended: December 31, 2021 = 6.2534 and December 31, 2022 = 7.0653.
Income statement measures for fourth quarter ended: December 31, 2021 = 6.4516 and December 31, 2022 = 7.4349.
