Hofseth Biocare ASA: THIRD QUARTER 2021 FINANCIAL REPORT

HBC had net sales revenues of NOK 13.7m (7.6m) in the third quarter and total operational revenues of NOK 61.5m (46.2) for the first nine months. Cost of Goods Sold (CoGS) amounted to NOK 13.6m (7.6m) in the quarter and NOK 43.6m (22.9m) for the first nine months of 2021. Operational profit (EBITDA) for the third quarter was NOK -36.8m (-29.2m) and NOK -84.6m (-63.0m) for the first nine months of 2021. Cash and cash equivalents decreased by NOK 27.1m during the quarter, leaving total holding...

Ålesund, 05/11/2021 (informazione.news - comunicati stampa - cibi e bevande)

HBC had net sales revenues of NOK 13.7m (7.6m) in the third quarter and total operational revenues of NOK 61.5m (46.2) for the first nine months. Cost of Goods Sold (CoGS) amounted to NOK 13.6m (7.6m) in the quarter and NOK 43.6m (22.9m) for the first nine months of 2021. Operational profit (EBITDA) for the third quarter was NOK -36.8m (-29.2m) and NOK -84.6m (-63.0m) for the first nine months of 2021. Cash and cash equivalents decreased by NOK 27.1m during the quarter, leaving total holding of cash and cash equivalents at NOK 85.5m by the end of the period, compared to NOK 23.8m by the end of the third quarter 2020. For the first nine months of 2021 cash decreased with NOK 87.2m compared to 70.8m in the first nine months of 2020. Including credit facilities, HBC had NOK 122.5m in free liquidity by the end of the third quarter 2021.

Highlights in the third quarter

Post-period highlights

In the third quarter of 2021, HBC R&D delivered the following:

Please find the HBC Q3 Financial report attached.

For further information, please contact:
James Berger, Chief Commercial Officer of Hofseth BioCare ASA
Phone: +41 79 950 10 34
E-mail: jb@hofsethbiocare.no

Jon Olav Ødegård, Chief Financial Officer of Hofseth BioCare ASA
Phone: +47 936 32 966
E-mail: joo@hofsethbiocare.no

About Hofseth BioCare ASA:
HBC is a Norwegian consumer and pet health ingredient supplier and an incubator for new pharmaceutical drug leads. Research is ongoing to identify the individual elements within its ingredients that modulate inflammation and the immune response with pre-clinical studies ongoing in multiple clinics and university research labs. Lead clinical and pre-clinical candidates are focused on developing an oral treatment for inflammatory disease driven by eosinophils (a type of white blood cell). Clinical trial work with the oil is ongoing to ameliorate lung inflammation in eosinophilic asthma and COPD ("smokers lung") as well as in COVID. Other leads are focused on the protection of the Gastro-Intestinal (GI) system against inflammation (including ulcerative colitis and the orphan condition necrotising enterocolitis) and using peptide fractions of salmon protein hydrolysate (SPH also known as 'ProGo') as a Medical Food to help treat age-related Sarcopenia, and as a treatment for Iron Deficiency Anemia.

The company is founded on the core values of sustainability, optimal utilization of natural resources and full traceability. Through an innovative hydrolysis technology, HBC can preserve the quality of the lipids, proteins and calcium from fresh salmon off-cuts. Hofseth BioCare's headquarters are in Ålesund, Norway with branches in Oslo, London, Zürich, Chicago, Palo Alto and Tokyo.

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act

Attachment