XCSE:BIOPOR ESEF Annual Report
BIOPORTO A/S (XCSE:BIOPOR)
ESEF Annual Report
2022-01-19
For: 2021-09-30
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Added on
September 23, 2026
CVR DK-17500317
Interim Report
First
nine months of 2021, BioPorto Group
November
17, 2021
Announcement no. 21
2
Interim Report
BioPorto, first nine months of 2021
Revenue growth driven by antibod-
ies and RUO sales of The NGAL Test
In the first nine months of 2021, BioPorto’s revenue grew by 19% in USD
(11% in DKK), driven by strong sales of antibodies and higher research use
only (RUO) sales of The NGAL Test™ in the US. In third quarter 2021, ELISA
kit sales also contributed to topline performance which grew 13% in USD
(12% in DKK).
Appointment of new CEO and CFO
and changes to the board of direc-
tors
Following the conclusion of successful search processes, BioPorto in Octo-
ber 2021 announced the appointments of Anthony (Tony) Pare as its new
Chief Executive Officer (CEO) and Neil A. Goldman as its new Executive Vice
President (EVP) and Chief Financial Officer (CFO). They will be joining Bio-
Porto from global medtech companies by mid-November 2021 and both
brings decades of executive experience in launching products, growing
businesses and revenue and raising capital to BioPorto.
In November 2021, Thomas Magnussen resigned as member of the board
of directors and Christopher Lindop succeeded him as chairman of the
Board of Directors while John McDonough was elected as vice chairman.
Furthermore, Peter Mørch Eriksen was on an extraordinary meeting
elected as member of the board of directors.
Results from Interim Analysis of Data
from The NGAL Test study are con-
sistent with expectations, but enroll-
ment delayed due to COVID-19
In August 2021, BioPorto concluded an interim analysis of data from the
pediatric clinical trial to evaluate The NGAL Test as a tool for risk assess-
ment of moderate to severe acute kidney injury (AKI). The interim analysis
for the clinical performance of the assay provided results on sensitivity and
specificity which were consistent with expectations.
While the number of participating study sites has increased in third quarter
of 2021, enrollment of patients for the pediatric study has lately been im-
pacted and delayed by the continuation of the COVID-19 pandemic which
reduce access to patients. BioPorto therefore now expect to finalize data
collection during the first half of 2022.
Testing of The NGAL Test for Emer-
gency Use Authorization in relation
to COVID-19 patients initiated
BioPorto has in third quarter 2021 progressed the dialogue with FDA on the
potential Emergency Use Authorization (EUA) of The NGAL Test for use in
the assessment of kidney injury and prediction of need for renal replace-
ment therapy in COVID-19 patients. The dialogue with FDA has been prom-
ising and BioPorto has hence initiated testing of the original samples using
The NGAL Test on a Roche analyzer.
Interim data for gRAD-based Sepsis
test and results from COVID-19 test
expected in fourth quarter 2021
The development of a gRAD-based test for the quantitative determination
of thrombomodulin in human plasma or whole blood samples which Bio-
Porto is undertaking with Rigshospitalet (DK) has further progressed in third
quarter of 2021. Rigshospitalet, who is leading the study, is currently sum-
marizing the results in an interim data report, which is expected to be final-
ized in fourth quarter 2021.
The data collection for a point-of-care assay for the COVID-19 continued in
third quarter 2021. Initial testing results indicate a higher sensitivity com-
pared to other rapid test formats. The results are currently being evaluated
and BioPorto expects to conclude the analysis of the clinical potential be-
fore year-end 2021.
Guidance for 2021 maintained
Based on the development year-to-date, BioPorto expect to reduce the
EBIT loss for 2021 from approximately DKK 73 million to now approximately
DKK 63 million.
The revised EBIT guidance will have a positive effect on BioPorto’s cash po-
sition end-2021 compared to previous estimates. This implies that the Com-
pany based on the current outlook expects to have funding into third quar-
ter 2022 whereas previously estimated to second quarter 2022.
For the financial year 2021, BioPorto adjust expectations for revenue to ap-
proximately DKK 24 million from previous guidance of DKK 30 million.
Peter M. Eriksen, CEO, commented:
“As in previous quarters, we have seen a satisfying development in our ac-
tivities in third quarter 2021. Antibody sales continue to be at a high level,
and sales of The NGAL Test in the US for RUO is rising. More importantly,
we also in third quarter 2021 received the interim data analysis from The
NGAL Test study to support our pediatric application to the FDA. The results
are consistent with our expectations and supports our view that The NGAL
Test is an important biomarker for AKI in children. The focus is now to ac-
celerate patient enrollment to finalize the study while at the same time
continuing to explore the opportunities our technology hold in other areas.
Finally, I am very excited that we also shortly after the end of third quarter
of 2021 appointed Tony as new CEO and Neil CFO in BioPorto. They bring
tons of experience from the medtech industry to the table and will together
with our dedicated employees be pivotal in realizing the huge potential of
our products and platforms.”
Investor Meeting
In connection with the release of the Interim Report for the third quarter
of 2021, BioPorto will host an online investor presentation on November
17, 2021 at 14:00 CET in Danish and at 16:00 CET in English. For further
information regarding the online investor meeting, please visit www.bi-
oporto.com/investor-relations.
Highlights
Interim Report BioPorto, first nine months of 202
1
3
2021
2020
2021
2020
2020
3rd quarter
3rd quarter
9 months
9 months
12 months
DKK
million
DKK
million
DKK
million
DKK
million
DKK
million
Revenue 5.3 4.7 17.4 15.7 23.2
Production costs 1.4 1.8 5.8 6.0 9.9
Sales and marketing costs
5.1 5.2 13.3 16.0 20.8
Research and development costs
7.6 9.6 23.1 24.1 28.1
Administrative costs 5.8 5.9 22.4 20.3 28.0
Operating loss (EBIT)
(14.5) (17.7) (47.2) (50.8) (63.6)
Net financials
0.6 (1.0) 1.1 (1.5) (3.2)
Operating loss before tax (13.9) (18.7) (46.1) (52.3) (66.8)
Loss for the period
(11.4) (17.3) (40.4) (48.1) (61.6)
Total comprehensive income
(11.9) (16.4) (41.1) (46.9) (59.8)
Non-current assets 18.2 16.7 15.5
Current assets 82.5 41.3 124.8
Total assets
100.7 58.1 140.3
Equity
62.8 19.0 100.9
Non-current liabilities 11.2 10.3 8.4
Current liabilities
26.7 28.8 30.9
Total equity and liabilities
100.7 58.1 140.3
Cash flows from operating activities (49.9) (27.5) (35.6)
Cash flows from investing activities, net (0.4) (1.1) (1.5)
Of which investment in property, plant and
equipment
(0.1) (1.0) (1.3)
Cash flows from financing activities
1.8 35.0 127.0
Total cash flows
(48.5) 6.4 89.9
Revenue growth 12% (28%) 11% (22%) (13%)
Gross margin 73% 63% 67% 62% 57%
Equity ratio (solvency) 62% 33% 62% 33% 72%
Average number of employees 26 28 28 27 28
Number of shares by the end of the period
(1,000)
267,754 199,936 267,754 199,936 266,582
Earnings per share (EPS), DKK (0.04) (0.09) (0.15) (0.24) (0.30)
Net asset value per share, period-end, DKK
0.23 0.09 0.23 0.09 0.38
Share price, period-end, DKK
3.16 4.01 3.16 4.01 4.04
Financial Highlights
4
Interim Report
BioPorto, first nine months of 2021
Sales of antibodies, The NGAL Test and ELISA kits drives
growth
In the third quarter of 2021 revenue was DKK 5.3 million, corresponding to
a growth of 13% in USD (12% in DKK) year-over-year.
Revenue from sales of antibodies was in the quarter at the same level as
last year, whereas sales of ELISA kits increased from DKK 0.3 million last
year to DKK 1.0 million this year. Revenue from RUO sales of The NGAL Test
in the US increased 19% in USD (17% in DKK) in the third quarter of 2021
compared to last year, while ROW sales of the test in the quarter was down
DKK 0.4 million compared to last year’s DKK 0.9 million. BioPorto expects
ROW sales to regain momentum in the last part of 2021, as one single large
order has been postponed to fourth quarter 2021 as previously announced.
Revenue in the first nine months of 2021 was DKK 17.4 million, representing
a growth of 19% in USD (11% in DKK) over last year. In the first three quar-
ters of 2021, antibody sales grew 57% to DKK 7.0 million, and RUO sales
from The NGAL Test in the US increased 25% in USD (18% in DKK) to DKK
5.8 million, whereas ROW sales of The NGAL Test was DKK 2.6 million in the
period. Given the challenging global environment resulting from COVID-19,
the results were in line with the company’s expectations.
Results from Interim Analysis of Data from The NGAL Test
study are consistent with expectations
In August 2021, BioPorto concluded an interim analysis of data from the
pediatric clinical trial to evaluate The NGAL Test as a tool for risk assess-
ment of moderate to severe AKI. The study is being conducted to support a
submission to the FDA.
Based on data collected from six different leading US children’s hospitals
over a twelve-month period, the interim analysis for the clinical perfor-
mance of the assay provided results on key characteristics such as sensitiv-
ity and specificity which were consistent with expectations. The results are
expected to support the case of The NGAL Test as a biomarker to identify
risk of AKI in critical ill children.
Enrollment for pediatric trial for The NGAL Test continues,
but is delayed by COVID-19
Following this interim analysis of data from the pediatric clinical trial for
The NGAL Test, BioPorto has expanded the ongoing patient enrollment to
maximize the pediatric clinical study’s statistical power for the upcoming
FDA submission.
While the number of participating study sites has been increased to 14, en-
rollment of patients has lately been impacted and delayed by the continu-
ation of the COVID-19 pandemic which affects the health care sector as fo-
cus shifts to treatment, fewer patients are submitted to the ICU and access
for research coordinators is restricted.
Based on actual enrollment figures and the outlook on COVID-19, BioPorto
consequently revised the enrollment forecast beginning of November
2021, and now expect to finalize data collection during the first half of 2022.
After enrollment is complete, BioPorto will continue to work interactively
with the FDA to submit a De Novo Classification Request, as the NGAL Test
maintains its Breakthrough Designation status.
Testing of The NGAL Test for Emergency Use Authorization
of in relation to COVID-19 patients initiated
BioPorto has in third quarter 2021 progressed the dialogue with FDA on the
potential EUA of The NGAL Test for use in the assessment of kidney injury
and prediction of need for renal replacement therapy in COVID-19 patients.
The dialogue with FDA has been promising and BioPorto has hence initiated
testing of the original samples collected by clinical researchers at Columbia
University’s Irving Medical Center (US) and published in Kidney Interna-
tional Reports (
https://www.kireports.org/article/S2468-0249(21)01445-
5/fulltext) using The NGAL Test on a Roche analyzer.
With a reported negative predictive value of 97% in the original study,
NGAL could be an important biomarker in identifying COVID-19 patients
who have low risk of requiring renal replacement therapy and hence aid
staff in prioritizing scarce hospital resources, such as dialysis equipment
and skilled staff.
Interim data for gRAD-based Sepsis test expected in fourth
quarter 2021
The development of a gRAD-based test for the quantitative determination
of thrombomodulin in human plasma or whole blood samples which Bio-
Porto is undertaking with Rigshospitalet has further progressed in the third
quarter of 2021. The test is part of a trial evaluating the safety and efficacy
in the administration of thrombomodulin versus placebo for 72 hours in
trauma patients with hemorrhagic shock-induced endotheliopathy.
Rigshospitalet, who is leading the study, is currently summarizing the re-
sults in an interim data report, which is expected to be finalized in fourth
quarter 2021.
Results from gRAD COVID-19 test pending
The data collection for a point-of-care assay for COVID-19 continued in third
quarter 2021. Initial testing results indicate a higher sensitivity compared
to other rapid test formats.
The results are currently being evaluated and BioPorto expects to conclude
the analysis of the clinical potential before year-end 2021.
Anthony Pare appointed new CEO of BioPorto
In October 2021, BioPorto announced the appointment of Anthony (Tony)
Pare as its new Chief Executive Officer (CEO). Tony Pare joins BioPorto from
T2 Biosystems, a US Nasdaq-listed in vitro diagnostics company, where he
served as the Chief Commercial Officer and presided over several successful
product launches.
Tony has for 24 years headed product development, commercialization,
marketing and operations improvements in leading medtech and diagnos-
tic companies and delivered strong results, driving business value, increas-
ing product presence and growing sales, both in the US and globally.
Tony Pare will assume the CEO position as of November 20, 2021.
Management Review
Interim Report BioPorto, first nine months of 202
1
5
Neil A. Goldman appointed new CFO of BioPorto
In October 2021, BioPorto furthermore announced the appointment of Neil
A. Goldman, CPA, as its new Executive Vice President (EVP) and Chief Finan-
cial Officer (CFO).
Most recently, Neil Goldman was EVP and CFO at Chembio Diagnostics, Inc.,
a global developer and manufacturer of point-of-care tests for infectious
disease. He started his career as an auditor with Ernst & Young and since
served as an executive at J.S. Held LLC and Unwired Technology LLC.
Neil brings three decades of valuable experience within establishing strong
relations with investors and global capital markets, raising capital reliably
and successfully, optimizing business operations, and expanding business
through organic growth and strategic partnerships.
Neil started as EVP and CFO in BioPorto at November 15, 2021.
Events after the reporting period
On November 15, 2021, BioPo r to A/S conveyed an extraordinary general
meeting on which Peter Mørch Eriksen was elected as a new member to
the Board of Directors of BioPorto A/S . Peter has been CEO of BioP orto A/S
in the period 2013-2021 and has extensive experience from leading, grow-
ing and funding global companies in the life science and MedTech.
At the extraordinary general meeting, Thomas Magnussen resigned as
chairman and member of the Board of Directors, and following the event,
Christopher Lindop was appointed as new chairman of the Board of Direc-
tors and John McDonough was elected as vice chairman.
Furthermore, the Board of Directors’ proposal to renew the authorization
to issue warrants in articles 17a of the Articles of Association and increase
the number of warrants that can be allocated was accepted on by the ex-
traordinary general meeting.
6
Interim Report
BioPorto, first nine months of 2021
Income Statement
The financial review is based on the Group’s consolidated financial infor-
mation for the period ended September 30, 2021, with comparative results
for September 30, 2020 in brackets.
In the third quarter of 2021 revenues totaled DKK 5.3 million (DKK 4.7 mil-
lion) and for the first nine months of 2021 totaled DKK 17.4 million (DKK
15.7 million). Earnings before interest and taxes (EBIT) showed a loss of DKK
14.5 million (DKK 17.7 million) in the third quarter of 2021 and in the first
nine months of 2021 showed a loss of DKK 47.2 million (DKK 50.8 million).
The cash position as of September 30, 2021 was DKK 59.6 million (DKK 24.5
million).
Revenue
Revenue in the third quarter of 2021 was DKK 5.3 million (DKK 4.7 million)
and for the first nine months of 2021 totaled DKK 17.4 million (DKK 15.7
million).
In the third quarter of 2021 NGAL revenue totaled DKK 2.6 million (DKK 2.7
million) and for the first nine months of 2021 totaled DKK 8.4 million (DKK
9.8 million).
Revenue in the third quarter of 2021 totaled DKK 2.1 million (DKK 1.8 mil-
lion) from RUO sales in the US, DKK 0.5 million (DKK 0.9 million) from sales
in ROW. For the first nine months of 2021 revenue from The NGAL Test was
DKK 5.8 million (DKK 4.9 million) from RUO sales in the US, DKK 2.6 million
(DKK 4.9 million) from sales in ROW.
Revenue from the sale of antibodies amounted to DKK 1.7 million (DKK 1.7
million) in the third quarter of 2021. For the first nine months of 2021 rev-
enue from sale of antibodies was DKK 7.0 million (DKK 4.4 million).
Revenues from the sale of ELISA kits totaled DKK 1.0 million (DKK 0.3 mil-
lion) during the third quarter of 2021, and DKK 1.8 million (DKK 1.1 million)
for the first nine months of 2021.
Figure 1. Revenue by quarter (DKK
million)
Figure
2. NGAL product revenue by quarter (DKK million)
Figure
3. NGAL product revenue, LTM (DKK million)
Production Costs
Production costs in the third quarter of 2021 were DKK 1.4 million (DKK 1.8
million) bringing the gross profit for the quarter to DKK 3.9 million (DKK 3.0
million) and the gross margin for the quarter to 73% (63%).
For the first nine months of 2021 production costs totaled DKK 5.8 million
(DKK 6.0 million) bringing the gross profit for first nine months of 2021 to
DKK 11.6 million (DKK 9.7 million) and the gross margin for the first nine
months of 2021 to 67% (62%).
The decrease in production costs is primarily related to lower spending of
staff costs during the first nine months of DKK 0.4 million.
Sales and Marketing Costs
Sales and marketing costs totaled DKK 5.1 million (DKK 5.2 million) in the
third quarter of 2021 and DKK 13.3 million (DKK 16.0 million) for the first
nine months of 2021.
The decrease is driven by lower staff related costs of DKK 1.2 million and
reduced travel costs of DKK 0.5 million.
5,5
7,8
6,6
6,7
4,2
6,7
4,7
7,6
5,6
6,6
5,3
0
2
4
6
8
10
Q1 Q2 Q3 Q4
2019 2020 2021
1,3
2,6
2,3
4,3
2,1
5,0
2,7
3,6
2,1
3,7
2,6
0
2
4
6
Q1 Q2 Q3 Q4
2019 2020 2021
4
6
8
10
12
14
16
Q3 2018
Q4 2018
Q1 2019
Q2 2019
Q3 2019
Q4 2019
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2022
Q3 2023
Financial Review
Interim Report BioPorto, first nine months of 202
1
7
Research and Development Costs
Research and development costs in the third quarter of 2021 equaled DKK
7.6 million (DKK 9.7 million) and for the first nine months of 2021 were DKK
23.1 million (DKK 24.1 million). For the first nine months of 2021, clinical
study costs decreased by DKK 2.7 million compared to the same period in
2020.
Administrative Costs
Administrative costs in the third quarter of 2021 totaled DKK 5.8 million
(DKK 5.9 million) and for the first nine months of 2021 totaled DKK 22.4
million (DKK 20.3 million). The increase is primarily related to increased
consultancy costs in the second and third quarter of 2021 of DKK 3.0 million
related to the replacement process regarding the CEO and CFO positions.
Financials Items, Net
Financial items, net was an income of DKK 0.6 million (expense of DKK 1.0
million) for the third quarter of 2021. For the first nine months of 2021 fi-
nancial net was an income of DKK 1.1 million (expense of DKK 1.5 million).
Tax on Income for the Period
In the third quarter of 2021 tax on income for the year was an income of
DKK 2.5 million (income of DKK 1.3 million), and for the first nine months of
2021 an income of DKK 5.7 million (income of DKK 4.1 million). Tax on in-
come for the year is primarily related to refunded tax losses originating
from research and development costs.
Balance Sheet
The balance sheet total was DKK 100.7 million as of September 30, 2021
(DKK 58.1 million).
Assets
Intangible assets were DKK 1.2 million (DKK 1.1 million). The company has
no capitalized research and development costs.
Fixtures and fittings, tools and equipment equaled DKK 2.1 million (DKK 2.4
million). The increase primarily consists of leasehold improvements and lab
equipment, partly offset by depreciation of existing equipment.
Rights-of-use assets were DKK 13.2 million (DKK 11.6 million). Rights-of-use
assets consists of the group leases of office spaces and vehicles. The in-
crease is related to extension of the office lease in Hellerup, DK, partly off-
set by depreciation of existing rights-of-use assets.
Financial assets equaled DKK 1.7 million (DKK 1.7 million) and consist of de-
posits.
Inventories were DKK 3.9 million (DKK 3.8 million) and consists primarily of
finished goods.
Total receivables were DKK 19.1 million (DKK 13.1 million), of which trade
receivables totaled DKK 7.1 million (DKK 5.7 million).
Income tax receivables were DKK 10.6 million (DKK 4.1 million), other re-
ceivables were DKK 0.6 million (DKK 2.3 million) and prepayments were DKK
0.8 million (DKK 1.0 million).
As of September 30, 2021, BioPorto’s cash position was DKK 59.6 million
(DKK 24.5 million) and is primarily invested in deposit accounts with two
Nordic banks.
Equity
After transfer of the loss of the period, equity stood at DKK 62.8 million
(DKK 19.0 million).
The share-based compensation in the first nine months of 2021 was an in-
come of DKK 1.3 million (expense of DKK 3.3 million), following reversal of
share-based compensation to ‘bad leavers’ of DKK 3.9 million partly offset
by expenses related to ongoing programs of DKK 2.6 million.
Liabilities
Non-current liabilities equaled DKK 11.2 million (DKK 10.3 million). The in-
crease is mainly due to an extension of the office lease in Hellerup, DK.
Current liabilities were DKK 26.7 million (DKK 28.8 million) of which trade
payables were DKK 5.4 million (DKK 2.2 million), tax payables were DKK 0.1
million (DKK 0.1 million) and other payables were DKK 18.2 million (DKK
23.2 million).
Cash Flow Statement
Net cash expenditure from operating activities amounted to DKK 49.9 mil-
lion (DKK 27.5 million), the increase in expenditure was primarily driven by
changes in working capital and lower tax refunds.
Net cash spent on investing activities was DKK 0.4 million (DKK 1.1 million)
which consisted of investment in software. In 2020, the investments were
primarily in property, plant and equipment.
Net cash provided from financing activities totaled DKK 1.8 million (DKK
35.0 million) primarily related to proceeds from share capital increase.
The net cash flow for the first nine months of 2021 was negative by DKK
48.5 million (positive by DKK 6.4 million).
Accounting Policies
The interim report for the first nine months of 2021 has been prepared in
accordance with IAS 34 and the additional Danish regulations for the
presentation of quarterly interim reports by listed companies. The interim
report is presented as condensed interim financial statements.
The interim report for the first nine months of 2021 follows the same ac-
counting policies as the annual report for 2020.
At the time of publishing this Interim Report, there are several new or mod-
ified standards and interpretations which have yet to come into effect and
which are therefore not implemented in the consolidated financial state-
ments. The new or modified standards and interpretations will be imple-
mented when they become mandatory and are not expected to have an
impact on the consolidated financial statements of the BioPorto Group.
8
Interim Report
BioPorto, first nine months of 2021
Focus on finalizing and submitting
FDA application for The NGAL Test
Management’s priorities for 2021 are:
» to continue enrollment of patients for the US FDA application for The
NGAL Test in pediatrics
» to accelerate commercialization of new and existing products in our
portfolio
» to evaluate clinical studies for Sepsis and COVID-19 lateral flow tests
and to progress development of new rapid assays that use the gRAD
platform
» to grow total revenue by increasing sales of The NGAL Test and anti-
bodies
Guidance for 2021 maintained
Based on the development year-to-date, BioPorto expect to reduce the
EBIT loss for 2021 from approximately DKK 73 million to now approximately
DKK 63 million. The revised guidance rests on a tight cost focus throughout
the year, changes to the organisation and expectations of reduced clinical
activity due to the continuation of the COVID-19 pandemic.
The revised EBIT guidance will have a positive effect on BioPorto’s cash po-
sition end-2021 compared to previous estimates. This implies that the Com-
pany based on the current outlook expects to have funding into third quar-
ter 2022 whereas previously estimated to second quarter 2022. The com-
pany is currently investigating further funding opportunities, including the
option to potentially dual-list the company’s shares, in order to further
strengthen BioPorto’s long term financial position.
For the financial year 2021, BioPorto adjust expectations for revenue to ap-
proximately DKK 24 million from previous guidance of DKK 30 million.
BioPorto’s performance and guidance for 2021 is dependent on the devel-
opment of the COVID-19 pandemic. The guidance above is predicated on
the assumption of a gradual reopening of societies and the normalization
of access to hospitals, research laboratories, and regulatory bodies.
Forward-Looking Statements
This interim report contains forward-looking statements, including
forecasts of future revenue and net profit/loss. Such statements are subject
to risks and uncertainties, as various factors, many of which are beyond
BioPorto's control, may cause actual results and performance to differ
materially from the forecasts made in this interim report.
For Further Information:
Peter Mørch Eriksen, CEO
Tel: +45 4529 0000
E-mail: investor@bioporto.com
About BioPorto
BioPorto is an in-vitro diagnostics company that provides diagnostic tests and antibodies to clinicians
and researchers around the world. We use our antibody and assay expertise to transform novel
research tools into clinically actionable biomarkers that can make a difference in patients’ lives.
BioPorto is headquartered in Copenhagen, D enmark and is listed on the Nasdaq Copenhagen stock
exchange (CPH:BIOPOR).
Interim Report BioPorto, first nine months of 202
1
9
Executive Management:
___________________________
Board of Directors:
___________________________ ___________________________
___________________________ ___________________________
___________________________ ___________________________
10
Interim report
BioPorto, first nine months of 2021
Income statement
2021
2020
2021
2020
2020
3rd quarter
3rd quarter
9 months
9 months
12 months
DKK
thousand
DKK
thousand
DKK
thousand
DKK
thousand
DKK
thousand
Revenue (Note 1) 5,294 4,742 17,447 15,672 23,204
Production costs
Gross loss 3,889 2,992 11,613 9,675 13,339
Sales and marketing costs 5,055 5,176 13,318 15,980 20,786
Research and development costs 7,560 9,646 23,083 24,114 28,125
Administrative expenses 5,750 5,875 22,382 20,338 28,018
Loss before financial items (EBIT) (14,476 ) (17,705 ) (47,170 ) (50,757 ) (63,590 )
Financial income 843 - 1,765 4 4
Financial expenses 226 969 692 1,512 3,248
Loss before tax (13,859 ) (18,674 ) (46,097 ) (52,265 ) (66,834 )
Total income taxes (2,475 ) (1,325 ) (5,726 ) (4,123 ) (5,272 )
Loss for the period (11,384 ) (17,349 ) (40,371 ) (48,142 ) (61,562 )
DKK
DKK
DKK
DKK
DKK
Loss / comprehensive income per share (EPS &
DEPS)
(0.04 ) (0.09 ) (0.15 ) (0.24 ) (0.30 )
Statement of comprehensive income
2021
2020
2021
2020
2020
3rd quarter
3rd quarter
9 months
9 months
12 months
DKK
thousand
DKK
thousand
DKK
thousand
DKK
thousand
DKK
thousand
Loss for the period (11,384 ) (17,349 ) (40,371 ) (48,142 ) (61,562 )
Amounts which will be re-classified to the
income statement:
Exchange rate adjustment foreign subsidiaries (534 ) 957 (737 ) 1,193 1,772
Comprehensive income (11,918 ) (16,392 ) (41,108 ) (46,949 ) (59,790 )
Statement of comprehensive income
Interim Report BioPorto, first nine months of 202
1
11
Assets
2021
2020
2020
ASSETS
30 September
30 September
31 December
DKK
thousand
DKK
thousand
DKK
thousand
Non-current assets
Intangible assets, property, plant and equipment and right-of-use assets
Rights and software 1,179 1,059 1,152
Fixtures and fittings, tools and equipment
Right-of-use assets 13,210 11,567 10,261
Total intangible assets, property, plant and equipment and right-of-use assets 16,498 15,033 13,861
Financial assets
Deposits 1,720 1,688 1,645
Total financial assets
Total non-current assets 18,218 16,721 15,506
Current assets
Inventories 3,866 3,752 3,165
Trade receivables
Income tax receivable 10,554 4,129 5,279
Other receivables 604 2,290 577
Prepayments 809 958 930
Total inventories and receivables 22,919 16,822 16,837
Cash 59,554 24,510 107,943
Total current assets 82,473 41,332 124,780
Total assets 100,691 58,053 140,286
Balance sheet
12
Interim report
BioPorto, first nine months of 2021
Liabilities
2021
2020
2020
LIABILITIES
30 September
30 September
31 December
DKK
thousand
DKK
thousand
DKK
thousand
Equity
Share capital 267,754 199,936 266,582
Treasury shares
Exchange-rate adjustments 363 521 1,100
Retained earnings (205,296 ) (181,491 ) (166,770 )
Total equity 62,821 18,966 100,912
Liabilities
Non-current liabilities
Lease obligation 10,904 8,722 7,992
Other non-current liabilities
Total non-current liabilities 11,205 10,275 8,444
Current liabilities
Current portion of non-current liabilities 3,015 3,348 2,828
Trade payables
Tax payables 82 93 77
Other payables 18,159 23,167 23,389
Total current liabilities 26,665 28,812 30,930
Total liabilities 37,870 39,087 39,374
Total liabilities 100,691 58,053 140,286
Balance sheet
Interim Report BioPorto, first nine months of 202
1
13
Share capital
Share premium
Exchange-rate
adjustments
Retained
earnings
Total
DKK
thousand
DKK
thousand
DKK
thousand
DKK
thousand
DKK
thousand
Equity at 1 January 2021 266,582 - 1,100 (166,770 ) 100,912
Comprehensive income
Loss for the period - - - (40,371 ) (40,371 )
Adjustment of foreign currency fluctuations on
subsidiaries
Transactions with owners
Warrant programs exercised 1,172 3,189 - - 4,361
Issue cost - (23 ) - - (23 )
Share-based compensation - - - (1,321 ) (1,321 )
Transferred to retained earnings - (3,166 ) - 3,166 -
Equity at 30 September 2021 267,754 - 363 (205,296 ) 62,821
Share capital
Share premium
Exchange-rate
adjustments
Retained
earnings
Total
DKK
thousand
DKK
thousand
DKK
thousand
DKK
thousand
DKK
thousand
Equity at 1 January 2020 174,944 - (672 ) (148,950 ) 25,322
Comprehensive income
Loss for the period/ - - - (48,142 ) (48,142 )
Adjustment of foreign currency fluctuations on
subsidiaries - - 1,193 - 1,193
Transactions with owners
Issue 24,992 14,995 - - 39,987
Issue cost - (2,693 ) - - (2,693 )
Share-based compensation - - - 3,299 3,299
Transferred to Retained earnings - (12,302 ) - 12,302 -
Equity at 30 september 2020 199,936 - 521 (181,491 ) 18,966
Statement of changes in equity
14
Interim report
BioPorto, first nine months of 2021
2021
2020
2020
9 months
9 months
12 months
DKK
thousand
DKK
thousand
DKK
thousand
Loss before financial items (47,170 ) (50,757 ) (63,590 )
Amortization, depreciation and impairment losses 3,264 2,843 3,994
Share-based compensation
(1,321 ) 3,299 5,316
Other non-cash adjustments - 866 334
Cash generated from operations before working capital (45,227 ) (43,749 ) (53,946 )
Changes in working capital (5,264 ) 11,804 15,593
Cash generated from operations
(50,491 ) (31,945 ) (38,353 )
Financial income, received 1,163 121 634
Financial income, paid
(974 ) (438 ) (2,640 )
Tax refund 452 4,756 4,743
Cash flows from operating activities (49,850 ) (27,506 ) (35,616 )
Purchase of rights and software (270 ) (25 ) (184 )
Purchase of operating equipment
(148 ) (1,046 ) (1,315 )
Purchase of financial assets (23 ) (22 ) (22 )
Cash flows from investing activities (441 ) (1,093 ) (1,521 )
Proceeds from warrant program exercised 4,361 - -
Issue, gross proceeds
Issue cost (23 ) (2,693 ) (16,556 )
Repayment of non-current liabilities (151 ) (166 ) (170 )
Repayment of lease obligation (2,368 ) (2,101 ) (2,859 )
Cash flows from financing activities 1,819 35,027 127,035
Net cash flow from operating, investing and financing activities (48,472 ) 6,428 89,898
Cash and cash equivalents at beginning of period 107,943 18,122 18,122
Currency adjustments
Cash and cash equivalents end of period 59,554 24,510 107,943
Cash flow statement
Interim Report BioPorto, first nine months of 202
1
15
Segment reporting
GEOGRAPHIC DISTRIBUTION:
2021
2020
2021
2020
2020
3rd quarter
3rd quarter
9 months
9 months
12 months
DKK
thousand
DKK
thousand
DKK
thousand
DKK
thousand
DKK
thousand
Europe 672 1,745 5,352 6,824 10,016
North America
4,039 2,505 9,626 7,066 10,374
Asia 568 492 2,438 1,765 2,806
Other countries 15 - 31 17 8
Revenue 5,294 4,742 17,447 15,672 23,204
PRODUCT GROUPS:
2021
2020
2021
2020
2020
3rd quarter
3rd quarter
9 months
9 months
12 months
DKK
thousand
DKK
thousand
DKK
thousand
DKK
thousand
DKK
thousand
NGAL revenue:
Product sales
2,582 2,680 8,380 9,790 13,430
Total NGAL revenue 2,582 2,680 8,380 9,790 13,430
Other products and license revenue:
ELISA kits
993 313 1,844 1,137 2,541
Antibodies 1,742 1,657 6,994 4,445 6,791
Royalty 22 13 47 34 19
Other products and licenses (45) 79 182 266 423
Total other products and license revenue 2,712 2,062 9,067 5,882 9,774
Revenue
5,294 4,742 17,447 15,672 23,204
Note 1