Aerocrine: Interim Report January - March 2013
SOLNA, Sweden--(BUSINESS WIRE)-- Regulatory News:
Aerocrine (STO:AERO-B) secures long-term financing. US clinical sales grew by 45%.
January - March 2013
- Global Net sales decreased by 14% to SEK 33.7m (39.0)*. Adjusted for currency fluctuations, net sales decreased by 10% Year over Year (Y-o-Y).
- Net sales for clinical use of NIOX MINO increased by 12% and in the US by 45% (in local currency).
- Strategic sales (sales to Pharmaceutical companies and CRO's for clinical trials) decreased by 60% to SEK 5.6 (13.8)m. These sales can and do fluctuate between quarters as they are dependent upon when the trials start.
- The worldwide number of NIOX MINO® repeat tests sold (in volume) increased in total by 6%
- For clinical use the volume in total increased by 15% and in the US with 10%.
- Total number of tests sold (repeat and initial) reached almost 0.5 (0.5) million tests, an increase of 3% Y-o-Y and in the US for clinical use by 44%.
- Gross Margin has improved to 75% (70%) as a result of the business shifting to more direct sales
- The loss after tax amounted to SEK 54.3m (39.1), corresponding to a loss per share before and after dilution of SEK 0.4 (0.4). The increased loss was primarily driven by a decrease in strategic sales and an increase in investments made in our commercial organization and reimbursement activities in the US.
- Texas Medicaid announced it will begin reimbursing FeNO tests on April 1, 2013. Texas has the third largest Medicaid population in the U.S. after California and New York, with more than 3.7 million beneficiaries.
- Aerocrine entered into a license agreement with Medisoft S.A. The agreement includes the withdrawal of all patent proceedings between the companies.
Significant events after the period
- Through debt and a directed new share issue Aerocrine raises approximately SEK 324m (USD 50m) before expenses. Based on its long term plan, the company believes that this funding will be sufficient to reach positive cash flow and profitability.
- Georgia Medicaid became the 37th state to reimburse FeNO testing in the U.S.
- Health Canada's Therapeutic Products Directorate has authorized Aerocrine's latest NIOX MINO® for use in identifying allergic airway inflammation.
- The Japanese Pharmaceuticals and Medical Devices Agency (PMDA), decided on 28 of March 2013, after a thorough review, to grant the 2008 version of the NIOX MINO® marketing approval in Japan.
AEROCRINE IN BRIEF
|January - March||Rolling-12||Full year|
|SEKm||2013||2012||April - March||2012|
|-of which strategic sales||5.6||13.8||27.5||35.7|
|Gross margin %||75%||70%||73%||72%|
|Net profit after tax||-54.3||-39.1||-216.8||-201.6|
|Cash flow, current operations||-64.1||-47.0||-201.3||-184.2|
|Total cash flow||-65.9||-47.0||29.9||48.8|
*Note all numbers in ( ) are the corresponding period previous year and in the same unit.
This is information that Aerocrine AB (publ) is required to publish in accordance with the Swedish Securities Markets Act and/or the Swedish Financial Trading Act. This information was submitted for publication on May 7, 2013, at 8.00 a.m.
Aerocrine is a medical products company focused on improved management and care of patients with inflammatory airway diseases such as Asthma. Aerocrine is a leader in this sector. Aerocrine markets NIOX® MINO®, which enables fast and reliable point-of-care measurement of airway inflammation. This product plays a critical role in more effective diagnosis, treatment and follow-up of patients affected with inflammatory airway diseases. Aerocrine is based in Sweden with subsidiaries in the US, Germany, Switzerland and the UK. Aerocrine shares have been listed on the Stockholm Stock Exchange since 2007 (AERO-B.ST). For more information please visit www.aerocrine.com and www.niox.com.
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KEYWORDS: Europe Sweden
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