BioGaia AB - Interim report 1 January – 30 June 2016
Managing Director’s comments:
“Net sales in the first half of 2016 reached SEK 269.9 million and it is very satisfying that we have reached the same level as in the same period of 2015 despite the large inventory build-up in Brazil in 2015. Second quarter earnings were driven by very strong sales in Europe where the Easy Dropper launch continues, strong sales in Asia and modest sales in the USA and Canada. With regard to the USA and Canada it is important to note that cumulative sales for January to June 2016 rose by 21% compared to the same period of last year. Furthermore, I would like to highlight the solid development in the Business Unit Adult Health which grew by 15 % compared to second quarter last year, partly driven by the continued roll-out of ProDentis and Gastrus. Finally, two new clinical studies, one on treatment of abdominal pain in children and the other on reduction of gingivitis in pregnant women (a new target group for us), have further demonstrated the strength of our products,” says Axel Sjöblad, Managing Director of BioGaia AB.
Period from 1 January to 30 June 2016
(Figures in brackets refer to the same period of last year. The comparative figures in the balance sheet refer to 31 December 2015)
- Net sales amounted to SEK 269.9 million (272.9), a decrease of SEK 3.0 million (1%). No material foreign exchange effects arose.
- Net sales in Business Unit Paediatrics reached SEK 214.8 million (224.1), a decrease of SEK 9.3 million (4%).
- Net sales in Business Unit Adult Health amounted to SEK 46.8 million (42.1), an increase of SEK 4.7 million (11%).
- Operating profit excluding the distributed former subsidiary IBT was SEK 104.7 million (104.6), an increase of SEK 0.1 million (0%). Including IBT, operating profit was SEK 99.5 million (95.0).
- Profit after tax excluding IBT was SEK 77.3 million (86.5), a decrease of SEK 9.2 million (11%).
- Earnings per share from continuing operations totalled SEK 4.46 (5.00). Earnings per share including discontinued operation totalled to SEK 8.39 (4.57).
- The period’s cash flow was SEK -79.8 million (-8.8). Cash and cash equivalents at 30 June 2016 amounted to SEK 148.2 million (226.9). Cash flow includes the distribution of the subsidiary IBT, which had a negative impact on cash flow of SEK 37.6 million.
Second quarter 2016
- Net sales amounted to SEK 136.0 million (134.0), an increase of SEK 2.0 million (1%). No material foreign exchange effects arose.
- Net sales in Business Unit Paediatrics reached SEK 106.7 million (108.8), a decrease of SEK 2.1 million (2%).
- Net sales in Business Unit Adult Health amounted to SEK 25.7 million (22.3), an increase of SEK 3.4 million (15%).
- Operating profit excluding IBT was SEK 53.4 million (48.4), an increase of SEK 5.0 million (10%). Including IBT, operating profit was SEK 53.4 million (42.4).
- Profit after tax excluding IBT was SEK 38.6 million (40.4), a decrease of SEK 1.8 million (4%). Including IBT, profit after tax was SEK 38.6 million (35.7), an increase of 8%.
- Earnings per share excluding IBT totalled SEK 2.22 (2.33). Earnings per share including IBT totalled SEK 2.22 (2.06).
Key events in the second quarter of 2016
- Agreement for the sale of BioGaia ProDentis in Hong Kong.
- Yet another meta-analysis confirms the effectiveness of BioGaia ProTectis in infantile colic.
- Publication of study showing that BioGaia ProTectis is effective in treating abdominal pain in children.
Key events after the end of the second quarter
- Publication of study showing that BioGaia ProDentis reduces pregnancy gingivitis.
Teleconference: You are welcome to take part in a teleconference on the interim report that will be held today at 9:30 a.m. by Managing Director Axel Sjöblad. To participate in the teleconference call see www.biogaia.com/agenda for telephone numbers. The teleconference can also be followed at http://financialhearings.nu/?160817/biogaia.
This information is information that BioGaia AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 17 August 2016, 08.00 a.m. CET.
This is a translation of the Swedish version of the interim report. When in doubt, the Swedish wording shall prevail.
Latest press releases from BioGaia:
2016-08-08 BioGaia’s oral health probiotic reduces pregnancy gingivitis
2016-05-27 Rights issue in IBT fully subscribed – BioGaia’s underwriting guarantee will not be utilized
2016-05-17 BioGaia’s probiotic effective in treating abdominal pain in children