Hofseth Biocare ASA: THIRD QUARTER 2023 FINANCIAL REPORT

The third quarter of 2023 shows a significant growth of forty percent in sales compared to the same period last year and the increase in margins in Q2 continues. Sales revenues ended at NOK 49.9m vs NOK 30.2m last year. The underlying growth is coming from both the ingredients business and finished products channels.Operating revenues in the third quarter and nine months of the year were NOK 49.9m and NOK 147.4 respectively, the latter adjusted for the sale of assets to HBCI. Cost of sales...

Ålesund, 10/11/2023 (informazione.news - comunicati stampa - cibi e bevande)

The third quarter of 2023 shows a significant growth of forty percent in sales compared to the same period last year and the increase in margins in Q2 continues. Sales revenues ended at NOK 49.9m vs NOK 30.2m last year. The underlying growth is coming from both the ingredients business and finished products channels.

Operating revenues in the third quarter and nine months of the year were NOK 49.9m and NOK 147.4 respectively, the latter adjusted for the sale of assets to HBCI. Cost of sales (CoGS) amounted to NOK 33.9m (24.5m) in the quarter. Other operating expenses amounted to NOK 17.7 in the quarter compared to corresponding quarter last year of NOK 16.5m, leaving the operating loss (EBITDA) at NOK -16.2m (-25.4m), and at NOK -49.9m (-69.9m)for the first nine months adjusted for the sale of assets. Operating result (EBIT) amounted to NOK -25.2m (-33.1m) in the third quarter 2023. Net financial items were NOK 2.5m, including recognition of income related to investment in HBCI. Operational cash flow was positive NOK 11.0m in the third quarter.

Highlights in the third quarter

There have been no significant events after the third quarter.

Please find the HBC Q3 2023 Financial report attached.

For further information, please contact:
Christel Elise Kanli, CFO of Hofseth BioCare ASA
Phone: +47 41623188
E-mail: ck@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").

Other leads are focused on the protection of the Gastro- Intestinal (GI) system against inflammation (including ulcerative colitis and the orphan condition necrotizing 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 offices in Oslo, London, Zürich, New Jersey and Palo Alto, CA.

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

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