July 24, 2014
Aerocrine Interim report January – June 2014
8.00 AM CET / 24-Jul-2014 / Aerocrine (STO:AERO)
Record quarter and first half sales with reduced operating loss.
Financial summary January – June 2014
- Global net sales increased by 12% to SEK 77.5m (69.4)*. Adjusted for currency fluctuations, net sales increased by 8% Year over Year (Y-o-Y).
- Net sales for clinical use of NIOX MINO/NIOX VERO increased by 16% despite a decrease in the US of 15% (15% in local currency) primarily due to the refocus of the sales force and selling process.
- Strategic sales (sales to pharmaceutical companies and CROs for clinical trials) increased by 7%. These sales fluctuate substantially between quarters.
- Total worldwide quantity of tests sold (repeat and initial) reached almost 1.2m (1.0) tests, an increase of 17% Y-o-Y and in the US for clinical use decreased by 8%. Total repeat test volume for clinical use increased by 22% and in the US by 19%.
- The Gross Margin for the 1H was 69% (72%). The reduction vs prior year was driven by a change in channel mix with more sales going through distributors with a lower overall margin. This strategic shift was balanced by lower operating expenses as we were able to reduce headcount in areas now serviced through distributors.
- The loss after tax improved to SEK 107.6m (110.0), corresponding to a loss per share before and after dilution of SEK 0.7 (0.7). The operating loss improved to SEK 88.4m (106.1).
Financial summary April – June 2014
- Global net sales increased by 19% to SEK 42.5m (35.7)*. Adjusted for currency fluctuations, net sales increased by 15% in the quarter.
- Net sales for clinical use of NIOX MINO/NIOX VERO increased globally by 19% reaching SEK 32.9m (27.8), making it the best clinical quarter, in-spite of a decrease in the US of 17% (17% in local currency).
- Strategic sales increased by 34% to SEK 8.3m (6.2).
- Total worldwide quantity of tests sold (repeat and initial) reached almost 0.7m (0.5) tests, an increase of 20% Y-o-Y and in the US for clinical use decreased by 12%. Total repeat test volume for clinical use increased by 24%, and in the US by 21%.
- Gross Margin for the quarter was 68% (70%).
- The loss after tax amounted to SEK 54.7m (55.7), corresponding to a loss per share before and after dilution of SEK 0.4 (0.4). The operating loss amounted to SEK 43.7m (52.6).
Significant events April – June 2014
- On April 2nd, NICE (National Institute for Health and Care Excellence) published guidelines recommending the use of Aerocrine’s NIOX MINO® and NIOX VERO® to help guide the diagnosis and management of asthma in both adults and children.
- On June 12th, Aerocrine announced changes in leadership as Marshall Woodworth was appointed as the new Chief Financial Officer and Anders Murman was promoted to Chief Technological Officer.
Aerocrine in brief
| April – June | Jan – June | Full year | ||||
| SEKm | 2014 | 2013 | 2014 | 2013 | Rolling-12 | 2013 |
| Net sales | 42.5 | 35.7 | 77.5 | 69.4 | 144.3 | 136.2 |
| -of which strategic sales | 8.3 | 6.2 | 12.6 | 11.8 | 26.8 | 27.3 |
| Gross profit/loss | 29.0 | 25.0 | 53.5 | 50.2 | 101.1 | 97.8 |
| Gross margin % | 68% | 70% | 69% | 72% | 70% | 72% |
| Operating profit/loss | -43.7 | -52.6 | -88.4 | -106.1 | -188.0 | -205.7 |
| Net profit after tax | -54.7 | -55.7 | -107.6 | -110.0 | -223.2 | -225.6 |
| Cash flow, current operations | -47.1 | -54.2 | -105,2 | -118.2 | -199.0 | -212.1 |
| Total cash flow | -47.9 | 260.8 | -107,3 | 194.9 | -212.5 | 89.7 |
For further information, please contact:
Scott Myers, CEO: +46 768 788 379 or +1 970 368 0336 or Marshall Woodworth, CFO: + 1 919 749 8748
www.aerocrine.com or www.niox.com
Source: Cision
