Record sales and increased gross margin for Devyser

STOCKHOLM, May 11, 2022 /PRNewswire/ -- "Despite a turbulent environment, we are pleased that the first quarter of 2022 has continued in the same positive direction as we saw in 2021. Both sales and gross margin set new records and we continue to transfer to direct sales in strategically chosen markets and to establish a presence in new regions. 

Sales developed well in most markets and totaled SEK 30 million during the quarter, which is a new record for the company."

Fredrik Alpsten, CEO, Devyser

Quarter January-March 2022

• Net sales amounted to SEK 30.4 million (22.8), corresponding to a 33.2% increase. Adjusted for exchange rate fluctuations, net sales increased by 28.7%.
• Gross profit totaled SEK 25.2 million (18.2), corresponding to a gross margin of 83.0% (79.7).
• Operating profit (EBIT) amounted to SEK -5.2 million (0.7).
• Profit/loss after tax totaled SEK -6.1 million (-0.3).
• Earnings per share before and after dilution amounted to SEK -0.39 (-0.03).
• Cash flow from operating activities amounted to SEK -7.4 million (5.1).

 Important events during the quarter

Exercising of the over-allotment option

There was a great deal of interest in the December 2021 issue and the over-allotment option was therefore exercised. A total of 610,886 additional shares were issued at the beginning of January, bringing the company a further SEK 48.9 million before issue costs.

Acquisition of SmartSeq S.r.l.

In early February, all the outstanding shares in the associate SmartSeq S.r.l. were purchased. The acquisition relates to 70 percent of SmartSeq's shares, at a consideration of EUR 835,000, of which 23 percent was paid in cash and 77 percent in newly issued Devyser shares. The acquisition strengthens Devyser's customer offering in diagnostic analysis and is expected to have a positive impact on Devyser's gross profit and gross margin. A total of 81,083 new shares were issued in payment, corresponding to a 0.5 percent dilution. Following the issue, the number of Devyser shares totaled 15,880,069.

 Important events after the end of the quarter

Increased commercial focus through new recruitment

Theis Kipling has been appointed as Chief Commercial Officer with global responsibility for sales, marketing, product management and tech support. Theis is currently CCO at Atlas Antibodies and will take up his post by 1 June at the latest. In connection with the recruitment, a new Group management has been established.

For more information, please contact:

Fredrik Alpsten, CEO
E-mail: fredrik.alpsten@devyser.com
Tel: +46 706 673 106

Sabina Berlin, CFO
E-mail: sabina.berlin@devyser.com
Tel: +46 739 519 502

 About Devyser Diagnostics AB (publ)

Devyser develops, produces, and commercializes genetic test kits for laboratories in more than 45 countries. The products are used for complex DNA testing within hereditary diseases, oncology, and transplantation to guide targeted cancer therapies, diagnose a wide array of genetic diseases, and to assist in post-transplant follow-up. Devyser's products simplify complex genetic testing processes, minimize hands-on time and deliver rapid, accurate, and trusted results. Devyser was founded in 2004 and is based in Stockholm, Sweden.

Devyser's shares are listed on Nasdaq First North Growth Market (ticker: DVYSR). The company's certified adviser is Redeye AB, e-mail certifiedadviser@redeye.se and telephone number +46 8 121 576 90. For more information, please visit www.devyser.com.

This information is information that Devyser Diagnostics AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation 596/2014. The information was submitted for publication, through the agency of the contact persons below, on May 11, 2022 at 08:00 CET.

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https://news.cision.com/devyser-diagnostics-ab/r/record-sales-and-increased-gross-margin-for-devyser,c3564449

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