XCSE:BIOPOR ESEF Annual Report
BIOPORTO A/S (XCSE:BIOPOR)
ESEF Annual Report
2023-08-22
For: 2023-03-31
View Original
Added on
September 23, 2026
Interim Report BioPorto, first three months of 202
3
1
May 10, 2023
Announcement no. 8
BioPorto Announces Interim Results for the First Three Months of 2023
COPENHAGEN, Denmark and BOSTON, MA, USA, May 10, 2023, (GLOBE NEWSWIRE) -- BioPorto A/S (BioPorto)
(CPH:BIOPOR) today announced
interim financial results for the first three months of 2023 and business progress
for the first quarter of 2023.
Recent Highlights
• For the three months ended March 31, 2023:
o Total revenue of DKK 8.0 million / USD 1.2 million, a 24% increase over the prior year
o Adjusted EBITDA of DKK (15.2) million / USD (2.2) million
o Cash and cash equivalents of DKK 57.7 million / USD 8.4 million as of March 31, 2023 (DKK 27.0
million / USD 4.0 million as of March 31, 2022)
• Sponsored “AKI and Biomarkers: Interesting Cases from the Bedside,” at the 28
th
International
Conference on Advances in Critical Care Nephrology, presented by Dr. Stuart Goldstein, MD, FAAP,
FNKF, FASN on March 31, 2022
Tony Pare, BioPorto’s Chief Executive Officer, said: “During the first quarter of 2023, we focused on executing
our strategic priorities to grow revenues in European and other markets that accept CE Mark, prepare responses
to the US Food and Drug Administration’s (FDA) request for additional information, and expand the total
addressable market for NGAL tests. I am also very pleased with this quarter’s financial results.”
Mr. Pare continued, “We remain on track to respond to the recent request for Additional Information from the
FDA by the end of this quarter, which is in advance of the July 23, 2023 deadline. The team has made meaningful
progress in preparing the materials, which will be submitted together when complete.”
Guidance for 2023 Maintained
Based on the progress and results obtained in the first three 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 May 10, 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/2023-05-10-bioporto/register
A separate analyst call will be held on May 10, 2023, at 16:00 Central European Time / 10:00 Eastern Time,
with details as follows:
Denmark: +45 8025 0765
International: +1 412 317 5195
US: +1 844 826 3035
Conference ID: 10178628
Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1613202&tp_key=6eeb78a398
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, The NGAL Test
TM
, 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, including its Annual Report for 2022, with the Danish Financial Supervisory Authority, particularly under
the heading “Risk Factors”.
NOTE – DKK/USD exchange rates used within “Recent Highlights”, above:
• Balance sheet measures: March 31, 2022 = 6.7007 and March 31, 2023 = 6.8492
• Income statement measures for three months ended: March 31, 2022 = 6.636 and March 31, 2023 =
6.9498.
Interim Report BioPorto, first three months of 202
3
3
2023
2022
2022
Jan 1 - Mar 31
Jan 1 – Mar 31
Jan 1 - Dec 31
DKK million (except where noted)
(Unaudited)
(Unaudited)
Revenue
8.0
6.5
29.0
Gross profit
5.3
3.9
19.0
Sales and marketing costs
5.9
4.0
21.2
Research and development costs
6.0
8.0
34.9
Administrative costs
10.3
10.1
41.8
Lease impairment
-
-
2.6
Loss before financial items (EBIT)
(17.0)
(18.2)
(81.5)
Financial items, net
(0.3)
(0.1)
(0.0)
Loss before tax
(17.2)
(18.3)
(81.5)
Net loss
(16.1)
(17.0)
(75.9)
Comprehensive loss
(16.1)
(17.1)
(76.0)
Adjusted EBITDA
(15.2)
(15.2)
(67.3)
Non-current assets
6.4
16.7
7.2
Cash and cash equivalents
57.7
27.0
81.8
Current assets
78.9
146.6
101.4
Total assets
85.3
163.3
108.6
Equity
55.2
123.9
70.2
Non-current liabilities
6.6
9.7
7.4
Current liabilities
23.5
29.6
31.0
Total equity and liabilities
85.3
163.3
108.6
Cash flows from operating activities
(26.3)
(16.6)
(52.5)
Cash flows from investing activities
(0.0)
(0.5)
(0.5)
Of which investment in property, plant, and
equipment
0.0
(0.4)
(0.4)
Cash flows from financing activities
2.3
(1.4)
88.7
Net cash flows
(24.1)
(18.5)
35.7
Revenue growth
24%
17%
19%
Gross profit percentage
66%
61%
66%
Equity ratio (solvency)
65%
76%
65%
Average number of employees
39
32
32
Number of shares at the end of the period (1,000)
334,693
334,693
334,693
Loss per share (EPS), DKK
(0.05)
(0.06)
(0.24)
Net asset value per share, period-end, DKK
0.16
0.37
0.21
Share price, period-end, DKK
1.76
1.91
2.32
Note: Loss per share (EPS) is calculated in accordance with IAS 33 “Earning per share”. Other financial ratios have been calculated in accordance with the
guidelines from the Danish Society of Financial Analysts and 2022 BioPorto Annual Report.
Reconciliation of Adjusted EBITDA
Loss before financial items (EBIT)
(17.0)
(18.2)
(81.5)
Depreciation and amortization
0.7
1.1
4.0
Share-based compensation expenses
1.1
1.9
7.6
Lease impairment
0.0
0.0
2.6
Adjusted EBITDA
(15.2)
(15.2)
(67.3)
Consolidated Financial Highlights
Non-IFRS Financial Measure
In the Interim Report, BioPorto discloses a financial measure of the Group’s financial performance that reflects adjustments to the most directly
comparable measures calculated and presented in accordance with IFRS. This non-IFRS financial measure may not be defined and calculated
by other companies in the same manner and may thus not be comparable.
The non-IFRS financial measure presented in the Interim Report is Adjusted earnings before interest, taxes, depreciation, and amortization
(Adjusted EBITDA).
Adjusted EBITDA is an alternative measure of performance utilized by management, investors, and investment analysts to evaluate and analyze
the Company’s results. Adjusted EBITDA excludes non-cash share-based compensation and non-recurring costs (e.g., restructuring charges,
merger and acquisition integration costs), if any.
We believe that earnings exclusive of non-cash and non-recurring costs is a key indication of
how a company is progressing from period to period and that the non-IFRS financial measure Adjusted EBITDA is useful to investors, lenders,
and other creditors because such information enables them to better understand earnings exclusive of non-cash and non-recurring costs from
period to period. However, we also believe that Adjusted EBITDA data has limitations, particularly as non-cash and non-recurring costs could
significantly impact our performance. We therefore limit our use of Adjusted EBITDA and do not evaluate our results and performance without
considering both non-IFRS Adjusted EBITDA on the one hand and net income or loss on the other. We caution the readers of this report to
follow a similar approach by considering data on Adjusted EBITDA only in addition to, and not as a substitute for or superior to, net income or
loss in accordance with IFRS.
Interim Report BioPorto, first three months of 202
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5
Strong growth in sales of NGAL tests and Antibodies
drives total revenue increase
Revenue totaled DKK 8.0 million in the first quarter of 2023, a 24%
increase over the prior year period, reflecting sales growth of both
NGAL tests and Antibodies, which together represent 95% of total
revenues. In the first quarter of 2023, revenue from NGAL tests grew
29% and Antibodies grew 50%, respectively over the prior year. These
results were somewhat offset by a 56% reduction in sales of ELISA kits,
which represent 5% of total revenues.
Advancing the FDA’s review of The NGAL Test
BioPorto is engaged in correspondence with the FDA, including as
part of an Additional Information request in support of the FDA’s
ongoing review. The Company continues to expect to deliver its
response in advance of the July 23, 2023 deadline set by the FDA.
The NGAL Test was previously granted Breakthrough Device
designation by the FDA, and therefore the De Novo application has
received expedited review and prompt responses to company
inquiries.
Focusing on NGAL test sales in Europe
The NGAL test is already available for both pediatric and adult use in
Europe and elsewhere with a CE mark registration, and during the first
quarter the Company developed and began executing its plan to
strengthen its global sales channels by training its current distribution
partners and recruiting others.
Managing Capital
BioPorto has taken proactive measures to run lean by reducing staff
to those essential to our immediate 2023 objectives, conserve capital,
and plan expenditures carefully and critically. Investments are focused
on the strategic priorities described above, together with preparing
materials to expand to the total addressable market for NGAL tests.
As part of implementing its strategic priorities, BioPorto has
historically sought financing, most recently in a rights issue in March
2022. As described in the Prospectus published in connection with the
rights issue and in subsequent Interim and Annual Reports, BioPorto
considers it likely that it will seek additional funding around the date
falling twelve months after the date of the Prospectus. In preparation,
the Company is currently exploring opportunities for a capital raise of
up to DKK 75 million.
Management Review
This financial review is based on the Group’s consolidated financial
information as of and for the three months ended March 31, 2023, with
comparative results as of and for the three months ended March 31, 2022
in brackets.
Revenue
Revenue was DKK 8.0 million (DKK 6.5 million) in the first quarter of 2023.
NGAL test sales totaled DKK 4.8 million (DKK 3.7 million) in the first quarter
of 2023. Antibody sales totaled DKK 2.8 million (DKK 1.9 million) in the first
quarter of 2023.
Figure 1. Revenue by quarter (DKK
million)
Figure
2. NGAL test product revenue by quarter (DKK
million)
Gross Profit
Gross profit for the first quarter of 2023 was DKK 5.3 million (DKK 3.9
million), which was principally driven by the combined benefit of a DKK 1.4
million increase in revenue and a 530bps improvement in gross profit
percentage over the prior year period.
Sales and Marketing Costs
Sales and marketing costs totaled DKK 5.9 million (DKK 4.0 million) in the
first quarter of 2023, reflecting increased personnel costs, kidney-related
conferences, and travel expenses.
Research and Development Costs
Research and development costs in the first quarter of 2023 totaled DKK
6.0 million (DKK 8.0 million), with the decrease principally reflecting lower
clinical study costs.
Administrative Costs
Administrative costs in the first quarter of 2023 totaled DKK 10.3 million
(DKK 10.1 million), which were relatively flat compared to the prior period.
Financials Items, net
Financial income and expenses reflect interest income/expense and
currency transaction gains/losses. Financial items, net for the first quarter
of 2023 was an expense of DKK 0.3 million (DKK 0.1 million).
Tax Benefit
In the first quarter of 2023, a DKK 1.1 million tax benefit (income of DKK 1.3
million) was recognized. The tax benefit is primarily related to tax credits
held by its Danish entities associated with the Company’s investment in
research and development.
EBIT/Adjusted EBITDA
For the first quarter of 2023, Earnings before interest and taxes (EBIT) was
a loss of DKK 17.0 million (DKK 18.2 million), and adjusted EBITDA was a loss
of DKK 15.2 million (DKK 15.2 million), reflecting the mix of variances
described above.
Cash and Cash equivalents
As of March 31, 2023, BioPorto’s cash position was DKK 57.7 million (DKK
27.0 million) and is deposited at major, national Danish, Nordic, and US
banks. The Company continually evaluates its liquidity requirements,
capital needs and availability of capital resources based on its operating
needs and planned initiatives. The Company assessed its liquidity and
capital resources and concluded that they are adequate to fund operations
considering a twelve-month period from the balance sheet date,
independent of the revenue potential associated with the timing and
potential marketing authorization of NGAL tests by the FDA in the US. The
Company’s assessment as to the adequacy of liquidity relies inter alia on
assumptions and significant judgements (in addition to those matters
discussed cf. Note 2) applied in the Company's budgets and forecasts as
well as customary sensitivities, existing capital resources and assumptions
concerning the timing, costs and resources required to undertake the
Company’s strategic priorities and tactical decisions, including the timing
and potential marketing authorization of NGAL tests by the FDA in the US,
commercialization activities for NGAL tests under CE Mark and Antibodies
in Europe, supply chain management, and ongoing R&D, all of which under
current circumstances remain difficult to predict.
Although not required to fund operations for the twelve-month period
from the balance sheet date, the Company continues to monitor its liquidity
needs, manage its costs, and investigate its financing options, including
raising additional capital as previously announced.
5,6
6,6
5,3
6,8
6,5
8,5
5,3
8,7
8.0
0
2
4
6
8
10
Q1 Q2 Q3 Q4
2021 2022 2023
2,1
3,7
2,6
3,73,7
3,3
2,7
5,2
4.8
0
1
2
3
4
5
6
Q1 Q2 Q3 Q4
2021 2022 2023
Financial Review
Interim Report BioPorto, first three months of 202
3
7
Net working capital
Net working capital (i.e., current assets minus current liabilities) as of
March 31, 2023 totaled DKK 55.3 million (DKK 117.0 million).
Cash Flow Statement
Cash used in operating activities during the first three months of 2023
totaled DKK 26.1 million (DKK 16.4 million), which reflected the payment of
clinical trial invoices that were received in late December 2022 and
calendar year 2022 incentive compensation.
Cash used in investing activities was less than DKK 0.1 million (DKK 0.5
million). Cash from financing activities was DKK 2.3 million (DKK 1.4 million),
reflecting DKK 3.2 million cash proceeds from the exercise of warrants
where the corresponding common shares were not yet issued pending the
grantee’s establishment of a suitable Danish investment account, offset
somewhat by DKK 0.9 million in routine lease payments.
The net cash flow during the first three months of 2023 was a use of DKK
24.1 million (use of DKK 18.5 million).
Subsequent event
As further described in Note 13, to reduce its costs, the Company
implemented a reduction in force after the end of the first quarter of 2023
to better align the Company’s resources with its strategic priorities. The
Company expects to record a restructuring charge of approximately
DKK 2.5 million during the second quarter of 2023.
Significant risks and uncertainties
BioPorto faces a number of risks and uncertainties, including those
common for the biotech/medical device industry. These relate to clinical
and regulatory, operations, research and development, manufacturing,
commercial, and financial activities. The Company is finalizing the analysis
of clinical trial data for NGAL in pediatrics. The quality or sufficiency of the
clinical or analytical data could be insufficient to support the study’s
endpoints and require the Company to obtain additional data; and, such
activities, if possible, would require additional cost and time.
A variety of factors and events, including the ongoing COVID-19 pandemic
and the war in Ukraine, have resulted in delays and other challenges in
global supply chains. To manufacture its products, the Company is
dependent on the supply of raw materials and key components from
suppliers, some of which are single source suppliers. Delays in the
manufacture, delivery, or quality of these components, or delays in the
Company’s execution of its commercialization strategy, including hiring
personnel and continuing to prepare manufacturing and quality systems,
could affect the Company’s ability to deliver products to its customers,
which could cause the Company’s results, prospects, and financial
performance to be negatively impacted.
In addition to the other information set forth in this report, you should
carefully consider the factors discussed in the sections captioned “Risk
management” in BioPorto’s 2022 Annual Report, which factors could
materially affect the Group’s business, financial condition, and/or future
results. The risks described in those sections and in this report are not the
only risks BioPorto faces. Additional risks and uncertainties not currently
known to management or the Group or that the Group currently deems to
be immaterial also may have a material adverse effect on the Group’s
business, future opportunities, financial condition, and/or operating
results.
Guidance for 2023 maintained
Based on the progress and results obtained in the first three 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.
Forward-looking safe harbor statements
This interim report contains forward-looking statements that involve risks,
uncertainties, and other factors, many of which are outside of BioPorto’s
control, that could cause actual results to differ materially from the results
or expectations discussed in the forward-looking statements. Forward-
looking statements include statements concerning the Group’s plans,
objectives, goals, future events, performance and/or other information
that is not historical information. All such forward-looking statements are
expressly qualified by these cautionary statements and any other
cautionary statements which may accompany the forward-looking
statements. The Company undertakes no obligation to publicly update or
revise forward-looking statements to reflect subsequent events or
circumstances after the date made.
For Further Information
Tim Eriksen, EU Investor Relations, Zenith Advisory, +45 4529 0000,
invest[email protected]om
Ashley Robinson, US Investor Relations, LifeSci Advisors, +1 617 430 7577,
arr@lifesciadvisors.com
www.bioporto.com
The Board of Directors and Executive Management today reviewed and approved the Interim Report of the BioPorto Group for the period January 1 to
March 31, 2023.
The Interim Report, which is unaudited and has not been reviewed by the Company’s auditors, is presented in accordance with IAS 34 “Interim Financial
Reporting” as adopted by the EU and additional Danish disclosure requirements for interim reports of listed companies.
In our opinion, the interim report gives a true and fair view of the Group’s financial position as of March 31, 2023, and the results of the Group’s operations
and cash flows for the period January 1 to March 31, 2023.
In our opinion the management's report includes a fair review of the development and performance of the business, the results for the period and the
Group’s financial position in general and describes changes in principal risks and uncertainties that have occurred relative to what was disclosed in the
consolidated Annual Report for 2022.
Hellerup, May 10, 2023
Executive Management:
___________________________ ___________________________
Board of Directors:
___________________________ ___________________________ __________________________
___________________________ ___________________________ ___________________________
Statement by the Board of Directors and
Management
Interim Report BioPorto, first three months of 202
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9
Condensed Consolidated Statements of Profit or Loss
2023
2022
2022
Jan 1 - Mar 31
Jan 1 - Mar 31
Jan 1 - Dec 31
DKK thousand
Note
(Unaudited)
(Unaudited)
Revenue 3 8,041 6,502 28,969
Production costs 4
Gross profit 5,308 3,946 19,042
Sales and marketing costs 4 5,910 4,044 21,219
Research and development costs 4
Administrative costs 4 10,300 10,099 41,829
Lease impairment - - 2,583
Loss before financial items (EBIT) (16,950 ) (18,218 ) (81,527 )
Financial income 22 185 1,185
Financial expenses
Loss before tax (17,201 ) (18,282 ) (81,547 )
Income tax benefit, net 5 1,141 1,252 5,624
Net loss
(16,060 ) (17,030 ) (75,923 )
DKK
DKK
DKK
Loss per share (EPS & DEPS) 6 (0.05 0.06 0.24
Condensed Consolidated Statements of Comprehensive Loss
2023
2022
2022
Jan 1 - Mar 31
Jan 1 - Mar 31
Jan 1 - Dec 31
DKK thousand
Note
(Unaudited)
(Unaudited)
Net loss (16,060 ) (17,030 ) (75,923 )
Other comprehensive loss:
Amounts which will be reclassified to the income statement:
Exchange rate adjustments of investments in subsidiaries (13 ) (50 ) (115 )
Other comprehensive loss
(13 ) (50 ) (115 )
Comprehensive loss (16,073 ) (17,080 ) (76,038 )
Interim Financial Statements
Condensed Consolidated Balance Sheets
Assets
2023
2022
2022
Mar 31
Mar 31
Dec 31
DKK thousand
Note
(Unaudited)
(Unaudited)
Non-current assets
Property, plant and equipment and intangible assets
Rights and software
Property, plant and equipment
Right-of-use assets
Total property, plant and equipment and intangible assets
Financial assets
Deposits
Total financial assets
Total non-current assets
Current assets
Inventories, net
Trade receivables, net 7, 9
Tax receivable 5 7,395 7,540 6,444
Other receivables 7, 9 589 101,440 1,769
Prepayments 7 2,280 1,075 1,555
Cash and cash equivalents 9 57,732 27,016 81,792
Assets held-for-sale
Total current assets
Total assets
Interim Report BioPorto, first three months of 202
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11
Equity and Liabilities
2023
2022
2022
Mar 31
Mar 31
Dec 31
DKK thousand
Note
(Unaudited)
(Unaudited)
Equity
Share capital 8 334,693 334,693 334,693
Treasury shares 8
Exchange-rate adjustments (247 ) (169 ) (234 )
Retained earnings 8 (279,233 ) (210,617 ) (264,238 )
Total equity 55,213 123,907 70,221
Liabilities
Non-current liabilities
Lease liabilities
Other non-current liabilities 9
Total non-current liabilities 6,566 9,720 7,448
Current liabilities
Current portion of non-current liabilities 9 3,171 3,070 3,197
Trade payables 9
Taxes payable 78 86 80
Other accrued liabilities 10 15,011 19,241 17,237
Total current liabilities 23,516 29,630 30,971
Total liabilities 30,082 39,350 38,419
Total equity and liabilities 85,295 163,257 108,640
Condensed Consolidated Statement of Changes in Equity (Unaudited)
Amounts in DKK thousand
Shares in thousand
Common Stock
Treasury Stock
Shares
Amount
Shares
Amount
Accumulated Deficit
AOCI
Total
Balance at December 31, 2022
(264,238 )
(234 )
Comprehensive loss
(13 )
(13 )
Transactions with owners:
Share-based compensation
Net loss
(16,060 )
(16,060 )
Balance at March 31, 2023
(279,233 )
(247 )
Amounts in DKK thousand
Shares in thousand
Common Stock
Treasury Stock
Shares
Amount
Shares
Amount
Accumulated Deficit
AOCI
Total
Balance at December 31, 2021
(221,671 )
(119 )
Comprehensive loss
-
-
(50 )
(50 )
Transactions with owners:
Issuance of stock, net
Share based compensation
Net loss
(17,030 )
(17,030 )
Balance at March 31, 2022
(210,617 )
(169 )
Interim Report BioPorto, first three months of 202
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13
Condensed Consolidated Statements of Cash Flows
2023
2022
2022
Mar 31
Mar 31
Dec 31
DKK thousand
Note
(Unaudited)
(Unaudited)
Loss before financial items
(16,950 ) (18,218 ) (81,527 )
Adjustments:
Depreciation and amortization
Share based compensation expenses
Lease impairment
Other non-cash items
Changes in assets and liabilities:
Inventories
Trade receivables
(1,029 ) 272 5,019
Trade payables
(5,201 ) 1,737 6,197
Other operating assets and liabilities, net
(4,872 ) (3,685 ) (1,051 )
Cash flows from operations
(26,077 ) (16,427 ) (57,768 )
Financial income, received
Financial expenses, paid
(273 ) (301 ) (1,618 )
Tax refund, net
Cash flows from operating activities
(26,328 ) (16,625 ) (52,485 )
Purchase of property, plant and equipment
Purchase of rights and software
Purchase of financial assets
(31 ) - (32 )
Cash flows from investing activities
(31 ) (472 ) (503 )
Proceeds from warrant programs exercised
Proceeds from rights issue
Cost related to issue of new shares
Repayments of non-current liabilities
Repayments of lease obligation
(923 ) (669 ) (3,737 )
Cash flows from financing activities
Net cash flows for the period
(24,102 ) (18,530 ) 35,711
Cash and cash equivalents at beginning of period
Effect of exchange rate changes on cash
Cash and cash equivalents end of period
Notes to Interim Condensed
Consolidated Financial Statements
(Unaudited)
Interim Report BioPorto, first three months of 202
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Interim Report BioPorto, first three months of 202
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Interim Report BioPorto, first three months of 202
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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, The NGAL Test
TM
, is 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.
www.bioporto.com
CVR DK-17500317