BioPorto Announces Interim Results for the First Six Months of 2023
COPENHAGEN, Denmark and BOSTON, MA, USA, August 1, 2023, (GLOBE NEWSWIRE) -- BioPorto A/S (BioPorto) (CPH:BIOPOR) today announced interim financial results for the first six months of 2023 and business progress for the second quarter of 2023.
Recent Highlights
For the six months ending June 30, 2023:
Total revenue of DKK 15.8 million / USD 2.3 million, a 5% increase over the prior year
Adjusted EBITDA of DKK (31.5) million / USD (4.6) million
Cash and cash equivalents of DKK 85.4 million / USD 12.5 million as of June 30, 2023 (DKK 107.9 million / USD 15.1 million as of June 30, 2022)
For the second quarter ending June 30, 2023:
Total revenue of DKK 7.7 million / USD 1.1 million, a 9% decrease over the prior year
Adjusted EBITDA of DKK (16.3) million / USD (2.4) million
Submitted response to US Food and Drug Administration’s (FDA) Additional Information letter
Raised DKK 41.4 million / USD 6.0 million net proceeds in a rights offering with pre-emptive rights for existing shareholders
Tony Pare, BioPorto’s Chief Executive Officer, said: “During the second quarter of 2023, we submitted our response to the FDA, closed a successful rights offering to extend our capital reserves, and continued executing our strategic priorities to gain regulatory approval in the United States, grow revenues in European and other markets that accept CE Mark, and expand the total addressable market for NGAL tests. With our latest financial results, we remain on track to achieve our goals for the year.”
Guidance for 2023 Maintained Based on the progress and results obtained in the first six months of 2023, BioPorto maintains its financial guidance for 2023, as most recently described in its Annual Report 2022 of:
Revenue of approximately DKK 30 to 33 million, and
Adjusted EBITDA loss of approximately DKK (60) to (65) million.
Conference Call and Webcast The Company’s management team will host an online investor presentation on August 1, 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/2023-08-01-bioporto/register
A separate analyst call will be held on August 1, 2023, at 16:00 Central European Time / 10:00 Eastern Time, with details as follows: Denmark landline: +45 8025 2164 Denmark mobile: +45 8025 1917 International: +1 201 689 8562 US: +1 877 407 0789 Conference ID: 13739662 Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1622721&tp_key=cd08b83f12
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 (AKI), 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 with the Danish Financial Supervisory Authority, including its Annual Report for 2022 and Interim Reports, particularly under the heading “Risk Factors”.
NOTE – DKK/USD exchange rates used within “Recent Highlights”, above:
Balance sheet measures: June 30, 2022 = 7.1620 and June 30, 2023 = 6.8539.
Income statement measures for six months ended: June 30, 2022 = 6.7864 and June 30, 2023 = 6.9097.
Income statement measures for the second quarter ended: June 30, 2022 = 6.9061 and June 30, 2023 = 6.8696.
