Interim / Quarterly Report • Aug 10, 2017
Interim / Quarterly Report
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August 10, 2017 Announcement no. 10
BioPorto A/S CVR DK-17500317
BioPorto commenced the recruitment of 530 patients for its US clinical study of The NGAL Test™ in April 2017 and concluded the enrolment of 19 participating hospitals and clinics in second quarter 2017. By early August 2017, more than 25 % of all patients have been recruited to the study which will form the data leading to BioPorto's FDA application for registration of The NGAL Test™ in the US. The recruitment is progressing per the announced plan.
In an article published in 'The open British Medical Journal', data collected from BioPorto's multicentre prospective US study in 2015 demonstrated high specificity and very high accuracy. For EDTA plasma the sensitivity was 84% and specificity was 73.5% with a cut-off of 148.3 ng/mL. The data, which confirmed that NGAL with great confidence can predict moderate to severe Acute Kidney Injury (AKI), has provided a very strong basis for BioPorto's new study underway to support the FDA registration application for The NGAL Test™.
Furthermore, in an article submitted to POS Medical Journal in May 2017 by a group of international experts, it was concluded that the combination of NGAL and serum creatinine for the diagnosis of Acute Kidney Injury reduced overall treatment cost per patient by 10-15% compared to only using serum creatinine. A conclusion, which supports both the clinical and the economical argument of incorporating NGAL in diagnosis and treatment of AKI.
BioPorto has experienced record high revenue in the first half of 2017 driven by strong performance of The NGAL Test™.
BioPorto's total revenue grew 42% in the second quarter 2017 to DKK 6.6 million and totalled DKK 12.4 million for the first six months of 2017. This was the best half year result in BioPorto's history, corresponding to a growth of 26% year-over-year. Growth was primarily driven by strong performance by The NGAL Test™, both in the US and rest of the world, followed by a hike in revenues from antibodies.
Strong sales of The NGAL Test™ in the first quarter 2017 was further accelerated in the second quarter of 2017 and reached a record high of DKK 2.0 million – a year-over-year increase of 115% and quarter-over-quarter increase of 64%. In total, sales of the The NGAL Test™ in the first half of 2017 reached DKK 3.3 million corresponding to a growth of 80% year-over-year, driven by increased Research Use Only sales in the US, which was up more than 250% compared to same period last year.
In first half of 2017 BioPorto's operating loss before interest and tax (EBIT) amounted to DKK 17.7 million compared to a loss of DKK 13.2 million the previous year. Costs have increased substantially due to higher spending on US clinical studies and operating costs for the US subsidiary.
Based on the current strong momentum in sales and the on-track pending FDA approval process for The NGAL Test™, BioPorto has initiated a process of evaluating options for raising additional capital to support the uptrend in sales and prepare for a commercial US roll-out after FDA approval has been obtained as expected in 2018.
Revenue in 2017 is adjusted from DKK 25-28 million to DKK 26-28 million, equivalent to a growth rate of 25-35%.
EBIT forecast for the financial year 2017 is adjusted from a loss between DKK 26-29 million to a loss of DKK 28 - 35 million, including non-liquidity constraining cost for a recently established warrant program. The adjustment is mainly due to timing of recognition of cost in connection with the on-going FDA-study, as cost will be brought forward from 2018 to 2017.
Peter M. Eriksen, CEO comments: "I am very pleased with our performance in the first half of 2017, which is the best sales performance in BioPorto's history. A strong sales execution of The NGAL Test™ in the first quarter of 2017 was followed by an even stronger second quarter, where growth in the US was +300% and growth in rest of the world was 60%. We are encouraged to see the clinical and economic evidence build for the importance of NGAL in diagnosing and treating Acute Kidney Injury while we have commenced recruitment of patients for our clinical study in the US. We continue to be on-track for all strategic key parameters planned for the year. Indeed, a very satisfactory mid-term status confirming our direction and focus for BioPorto."
In connection with the release of the interim report for the first half of 2017, BioPorto will host an investor meeting on August 10, 2017 at 3 pm. The meeting will be held at Tuborg Havnevej 15 st., 2900 Hellerup, Denmark. To attend the meeting, please sign up at [email protected].
| 2017 | 2016 | 2017 | 2016 | 2016 | |
|---|---|---|---|---|---|
| 2nd quarter | 2nd quarter | 6 months | 6 months | 12 months | |
| DKK thousand |
DKK thousand |
DKK thousand |
DKK thousand |
DKK thousand |
|
| Revenue | 6,620 | 4,653 | 12,363 | 9,836 | 20,720 |
| Operating profit/loss (EBIT) | (8,390) | (7,712) | (17,675) | (13,158) | (25,047) |
| Net financials | (146) | (10) | (284) | (103) | 148 |
| Operating profit/loss before tax | (8,536) | (7,722) | (17,959) | (13,261) | (24,899) |
| Profit/loss for the period | (7,649) | (7,078) | (16,197) | (12,163) | (22,800) |
| Total comprehensive income | (7,733) | (7,066) | (16,300) | (12,115) | (23,113) |
| Non-current assets | 2,821 | 1,883 | 2,821 | 1,883 | 3,069 |
| Current assets (excl. Cash) | 14,527 | 12,454 | 14,527 | 12,454 | 11,931 |
| Cash | 20,129 | 24,056 | 20,129 | 24,056 | 35,641 |
| Total assets | 37,477 | 38,393 | 37,477 | 38,393 | 50,641 |
| Share capital | 142,494 | 129,599 | 142,494 | 129,599 | 142,494 |
| Equity | 29,462 | 33,424 | 29,462 | 33,424 | 44,291 |
| Non-current liabilities | 1,191 | 52 | 1,191 | 52 | 1,204 |
| Current liabilities | 6,824 | 4,917 | 6,824 | 4,917 | 5,146 |
| Total equity and liabilities | 37,477 | 38,393 | 37,477 | 38,393 | 50,641 |
| Cash flows from operating activities | (9,059) | (5,582) | (15,469) | (10,399) | (19,660) |
| Cash flows from investing activities, net | (26) | (29) | (38) | (401) | (401) |
| Of which investment in property, plant and equipment |
(26) | 0 | (38) | (157) | (157) |
| Cash flows from financing activities | 0 | (5) | (5) | (11) | 20,836 |
| Total cash flows | (9,085) | (5,617) | (15,512) | (10,811) | 774 |
| Revenue growth | 42% | -20% | 26% | -1% | 2% |
| Gross margin | 74% | 76% | 73% | 76% | 76% |
| EBIT margin | -127% | -166% | -143% | -134% | -121% |
| Equity ratio (solvency) | 79% | 87% | 79% | 87% | 87% |
| Return on equity | -23% | Negative | -44% | Negative | -51% |
| Average number of employees | 26 | 26 | 26 | 26 | 27 |
| Average number of shares (1,000) | 142,494 | 129,599 | 142,494 | 129,599 | 131,025 |
| Earnings per share (EPS), DKK | (0.05) | (0.05) | (0.11) | (0.09) | (0.17) |
| Net asset value per share, year-end, DKK | 0.21 | 0.26 | 0.21 | 0.26 | 0.31 |
| Share price, period-end, DKK | 2.68 | 2.31 | 2.68 | 2.31 | 2.10 |
The first patients were recruited for the The NGAL Test™ clinical study in April 2017 and 19 clinical sites are engaged.
The overall study will be composed of 530 patients, of which more than 25 % have already been recruited by 1. August 2017. The recruitment, which is progressing according to plan, will accelerate during the next few months and is expected to conclude late-2017 or early-2018.
In an article published in 'The Open British Medical Journal', data collected from BioPorto's multicentre prospective US study in 2015 showed high specificity and very high accuracy. For EDTA plasma the sensitivity was 84% and specificity was 73,5%.
The data was obtained from the enrolment of 245 patients and the retrospective analyses showed that NGAL predicted moderate to severe AKI and its persistence in critically ill patients with solid decision statistics using a single cutoff of 148.3 ng/mL.
The article showed that NGAL could predict moderate to severe AKI with great confidence and has provided the foundation for BioPorto's new FDA trial for The NGAL Test™.
The support for NGAL as a biomarker for AKI continues to gain momentum, both among clinicians and other experts.
In May 2017, the evidence for NGAL in diagnosing and treating AKI was further supported by an article in PLOS Medicine Journal. In the article, 12 leading international experts developed a cost simulation model using 10,000 patients and evaluated the addition of NGAL to serum creatinine for the clinical diagnosis of AKI. They found that by adding NGAL there would be a reduction in overall cost per patient (USD 408 to USD 522) due to quicker AKI diagnosis and treatment and avoidance of unnecessary lab testing and hospitalization costs compared to using serum creatinine alone as is practiced today.
"NGAL has already been demonstrated to be an early biomarker of AKI enabling physicians to deploy AKI care algorithms earlier than sCr alone" Dr. Barasch, one of the authors said. "Using both NGAL and serum creatinine will greatly improve diagnostic accuracy, and reduce overall per patient costs 10-15%. The healthcare economic impact of such an approach is an extremely important component of healthcare management today," he stated, highlighting both the strong clinical and economic benefits from the use of NGAL.".
The strong sales performance of The NGAL Test™ in first quarter 2017 was further accelerated in the second quarter of this year reaching a record high of DKK 2.0 million – a year over year increase of 115% and a quarter over quarter increase of 64%. In total, sales of The NGAL Test™ in the first half of 2017 reached DKK 3.3 million corresponding to an impressive growth of 80% compared to the first 6 months of 2016.
The strong growth in sales of The NGAL Test™ in the second quarter of 2017 was driven by increased Research Use Only sales in the US, which was up more than 300% compared to same period last year. This achievement is the result of a targeted sales strategy from BioPorto's US organization and clearly verifies the increased knowledge and commitment towards NGAL in the US. During the second quarter in 2017, 3 new clinics and hospitals have been added to the portfolio of regular US users of The NGAL Test™ which now are 15 sites.
Sales of The NGAL Test™ in the rest of the world were also strong in second quarter of 2017 with 60% growth year-over-year and 40% for the first half of 2017. Direct sales in two major European markets, previously held by distributors and an increased focus on the performance of existing distribution partners has had a positive impact on increased sales momentum in both Europe and Asia.
While sales of antibodies were up 6% in the first quarter of 2017, growth was further intensified in the second quarter of the year where it reached 40%. Overall, antibody sales for the first half of 2017 was up to a satisfying 20% year-over-year, as sales efforts have been focused on bulk orders and large quantities to assay developers.
An article published in Kidney International Reports demonstrated the clinical impact of monitoring NGAL serially. The study showed that dynamic changes in NGAL are predictive, prognostic and theragnostic and may potentially serve as clinical support for AKI.
"As intensivists, we do everything we can to stay prepared for how our patients will change from one point to the next. It is therefore important for me to have markers of illness that are dynamic, like my patients. NGAL is one of those markers and in multiple ways. NGAL provides highly reliable information for understanding who of my patients is at risk of AKI and which patients with AKI will get better or worse in the short term. This information helps me adjust my supportive management and limit any preventable further injury to the kidneys. More than that, however, is that the dynamic changes in urine NGAL, meaning how NGAL changes over time, allows me to predict how my patients will respond to the different strategies I consider to manage fluid balance. In many patients, I have found that urine NGAL values are dynamic, just like my patients, and the information serial measurements of NGAL provides helps me optimize my interventions related to fluid balance and stay prepared for what lays ahead," says Dr. Rajit Basu, MD MS FCCM, Research Director of Critical Care, Childrens Healthcare of Atlanta.
Furthermore, during the last year, several posters and articles are showing great results within the area of inflammation, toxicity, urinary tract infection as well as the use of NGAL in connection with drug toxicity monitoring in cancer patients.
BioPorto will investigate these other applications for NGAL after FDA approval has been obtained.
In April 2017, in accordance with the company's guidelines relating to incentive remuneration and the existing authorization in Section 18 of the Articles of Association, the Board of Directors issued a total of 4,350,000 new warrants to the management and certain employees.
Each warrant grants the holder the right to subscribe for one share in the company at a fixed exercise price of DKK 2.41 per share. Warrants will be exercisable from January 1, 2019 until December 31, 2022. Conditions for cancellation of all warrants apply in case the company does not achieve FDA approval of The NGAL Test™ before December 31, 2018 and hence support the company's long-term goals.
On the company's annual general meeting, Dr. Kirsten Drejer, Ph.D, the cofounder of Symphogen, a biopharmaceutical company focused on the innovative therapeutic utilization of antibodies and a very experienced leader in international biotech, was elected to BioPorto's Board of Directors where she joins Mr. Thomas Magnussen (chairman), Mr. Torben Nielsen (vice chairman) and Mr. Niels Christian Nielsen.
In the second quarter of 2017, BioPorto generated revenue of DKK 6.6 million compared to DKK 4.7 million last year, corresponding to a year-overyear growth of 42%. The two most important growth drivers in the quarter were an 115% increase in sales of the NGAL Test™ and a 40% increase in sales of antibodies.
For the first six months of 2017, revenue totalled DKK 12.4 million against DKK 9.8 million in the same period last year, corresponding to a growth of 26%. The revenue for both the second quarter 2017 and first half of 2017 is the highest recorded in BioPorto's history and outlines a very satisfying trend in revenue development.
Figure 1. Revenue by quarter (DKKm)
Figure 2. Revenue, LTM (DKKm)
In the first half of 2017, production costs totalled DKK 3.3 million, bringing gross profit to DKK 9.1 million and the gross margin to 73%. The gross margin was 76% in same period in 2016 and the decrease is mainly related to bulk orders with lower gross margin, lower licenses/royalty income and inventory write-down of expired products.
Capacity costs in the first half of 2017 amounted to DKK 26.7 million against DKK 20.6 million last year. Capacity costs have increased mainly due to the US clinical study and operation costs for the US subsidiary.
In the first half of 2017 BioPorto's operating loss before interest and tax (EBIT) amounted to DKK 17.7 million compared to a loss of DKK 13.2 million the previous year.
Net financials in first half 2017 were DKK -0.3 million compared to DKK -0.1 million in 2016 due to currency adjustments of the US-dollar. Pre-tax loss for the first half of 2017 is thus DKK 18.0 million compared to a loss of DKK 13.3 million in the first half of 2016.
After income recognition of tax of DKK 1,8 million in this period, the net profit for the period amounts to a loss of DKK 16.2 million compared to a loss of DKK 12.2 million for the first six month of 2016.
At the end of June 2017, BioPorto's balance sheet totalled DKK 37.5 million. Long-term assets were DKK 2.8 million, a modest reduction of DKK 0.3 million compared to December 31, 2016.
Inventories and receivables amounted to DKK 14.5 million by the end of June 2017, compared to DKK 12.5 million at the same time last year. The cash position was DKK 20.1 million as of June 30, 2017.
At the end of June 2017, equity amounted to DKK 29.5 million compared to DKK 44.3 million at the beginning of the year. Liabilities on June 30, 2017 totalled DKK 8.0 million and consisted primarily of trade payables and other debt.
Cash flows generated by operating activity were DKK -15.5 million in the first half of 2017 compared to DKK -10.4 million last year. Investments in the period amounted to DKK 0.03 million and cash flows generated by financing activities were DKK 0.005 million. The cash flows for the period thus ended up at DKK -15.5 million compared to DKK -10.8 million in the first half of 2016.
No significant events have occurred that are not described in this interim report.
The interim report is presented in accordance with the accounting policies applied in the Group's annual report for 2016.
The management priorities for the remaining part of 2017 comprise of:
Based on the current strong momentum in sales and the on-track pending FDA approval process for The NGAL Test™, BioPorto has initiated a process of evaluating options for raising additional capital to support the uptrend in sales and prepare for a commercial US roll-out after FDA approval has been obtained as expected in 2018.
Based on the satisfying performance in the first half of 2017, the management of BioPorto adjusts its guidance of full year revenue of from DKK 25– 28 million DKK 26-28 in 2017, equivalent to a growth rate of 25–35%. The growth will primarily be generated as higher revenue from The NGAL Test™ and the antibody portfolio through targeted sales efforts.
EBIT forecast for the financial year 2017 is adjusted from a loss between DKK 26-29 million to a loss of DKK 28 - 35 million, including non-liquidity constraining cost for a recently established warrant program. The adjustment is mainly due to timing of recognition of cost in connection with the on-going FDA-study, as cost will be brought forward from 2018 to 2017.
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
Peter Mørch Eriksen, CEO Gry Husby Larsen, General Counsel Tel: +45 4529 0000 E-mail: [email protected]
BioPorto Diagnostics A/S is an in-vitro diagnostics company that provides healthcare professionals in clinical and research settings with a range of diagnostic tests and antibodies. Our pioneering product portfolio includes assays for underdiagnosed diseases, including our NGAL tests for acute kidney injury. BioPorto is headquartered in Copenhagen, Denmark and is listed on the Nasdaq Copenhagen stock exchange.
The Board of Directors and the Management Board today considered and approved the interim report of the BioPorto Group for the period January 1, 2017 – June 30, 2017.
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 assets, liabilities and financial position as of June 30, 2017, and of the results of the Group's operations and cash flows for the period January 1, 2017 – June 30, 2017.
Furthermore, 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 the principal risks and uncertainties that it faces.
Hellerup, August 10, 2017
Management board:
___________________________
Peter Mørch Eriksen CEO
Board of Directors:
Thomas Magnussen Torben A. Nielsen Chairman Vice chairman
___________________________ ___________________________
___________________________ ___________________________
Kirsten Drejer Niels Christian Nielsen
| 2017 | 2016 | 2017 | 2016 | 2016 | |
|---|---|---|---|---|---|
| 2nd quarter DKK thousand |
2nd quarter DKK thousand |
6 months DKK thousand |
6 months DKK thousand |
12 months DKK thousand |
|
| Revenue (Note 1) | 6,620 | 4,653 | 12,363 | 9,836 | 20,720 |
| Gross profit/loss | 4,908 | 3,550 | 9,065 | 7,437 | 15,693 |
| Profit/loss before financial items (EBIT) | (8,390) | (7,712) | (17,675) | (13,158) | (25,047) |
| Profit/loss before tax | (8,536) | (7,722) | (17,959) | (13,261) | (24,899) |
| Profit/loss for the period | (7,649) | (7,078) | (16,197) | (12,163) | (22,800) |
| DKK | DKK | DKK | DKK | DKK | |
| Profit/loss / comprehensive income per share (EPS & DEPS) |
(0.05) | (0.05) | (0.11) | (0.09) | (0.17) |
| 2017 2nd quarter DKK thousand |
2016 2nd quarter DKK thousand |
2017 6 months DKK thousand |
2016 6 months DKK thousand |
2016 12 months DKK thousand |
|
|---|---|---|---|---|---|
| Profit/loss for the period | (7,649) | (7,078) | (16,197) | (12,163) | (22,800) |
| Amounts which will be re-classified to the income statement: |
|||||
| Exchange rate adjustment foreign subsidiaries | (83) | 12 | (103) | 48 | (313) |
| Comprehensive income | (7,733) | (7,066) | (16,300) | (12,115) | (23,113) |
| DKK | DKK | DKK | |||
| Profit/loss / comprehensive income per share (EPS & DEPS) |
(0.05) | (0.05) | (0.11) | (0.09) | (0.18) |
| 2017 | 2016 | 2016 | |
|---|---|---|---|
| ASSETS | 30 June DKK thousand |
30 June DKK thousand |
31 December DKK thousand |
| Non-current assets | |||
| Property, plant and equipment and intangible assets | |||
| Fixtures and fittings, tools and equipment | 330 | 505 | 400 |
| Rights and software | 1,760 | 668 | 1,959 |
| Total financial assets | 731 | 710 | 710 |
| Total non-current assets | 2,821 | 1,883 | 3,069 |
| Current assets | |||
| Total inventories and receivables | 14,527 | 12,454 | 11,931 |
| Cash | 20,129 | 24,056 | 35,641 |
| Total current assets | 34,656 | 36,510 | 47,572 |
| TOTAL ASSETS | 37,477 | 38,393 | 50,641 |
| 2017 | 2016 | 2016 | |
|---|---|---|---|
| LIABILITIES | 30 June DKK thousand |
30 June DKK thousand |
31 December DKK thousand |
| Equity | |||
| Share capital | 142,494 | 129,599 | 142,494 |
| Treasury shares | 0 | 0 | 0 |
| Exchange-rate adjustments | (416) | 48 | (313) |
| Retained earnings | (112,616) | (96,223) | (97,890) |
| Total equity | 29,462 | 33,424 | 44,291 |
| Liabilities | |||
| Non-current liabilities | |||
| Lease obligation | 27 | 52 | 40 |
| Other non-current liabilities | 1,164 | 0 | 1,164 |
| Non-current liabilities | 1,191 | 52 | 1,204 |
| Current liabilities | |||
| Current portion of non-current liabilities | 243 | 23 | 242 |
| Trade payables | 2,104 | 1,644 | 1,169 |
| Other payables | 4,477 | 3,250 | 3,735 |
| Current liabilities | 6,824 | 4,917 | 5,146 |
| Total liabilities | 8,015 | 4,969 | 6,350 |
| TOTAL LIABILITIES | 37,477 | 38,393 | 50,641 |
| Share capital DKK thousand |
Exchange rate adjust ments DKK thousand |
Retained earnings DKK thousand |
Total DKK thousand |
|
|---|---|---|---|---|
| Equity 1 January 2017 |
142,494 | (313) | (97,890) | 44,291 |
| Profit/loss for the year / Comprehensive income |
0 | 0 | (16,197) | (16,197) |
| Other changes in equity | 0 | (103) | 1,471 | 1,368 |
| Transferred to Retained earnings | 0 | 0 | 0 | 0 |
| Equity at 30 June 2017 |
142,494 | (416) | (112,616) | 29,462 |
| Share capital DKK thousand |
Exchange rate adjust ments DKK thousand |
Retained earnings DKK thousand |
Total DKK thousand |
|
|---|---|---|---|---|
| Equity 1 January 2016 |
129,599 | 0 | (85,114) | 44,485 |
| Profit/loss for the year/ comprehensive income |
0 | 0 | (12,163) | (12,163) |
| Other changes in equity | 0 | 48 | 1,054 | 1,102 |
| Transferred to Retained earnings | 0 | 0 | 0 | 0 |
| Equity at 30 June 2016 |
129,599 | 48 | (96,223) | 33,424 |
| 2017 | 2016 | 2016 | |
|---|---|---|---|
| 6 months DKK thousand |
6 months DKK thousand |
12 months DKK thousand |
|
| Profit/loss before financial items | (17,675) | (13,158) | (25,047) |
| Amortisation, depreciation and impairment losses | 306 | 193 | 390 |
| Warrants | 1,472 | 1,169 | 2,061 |
| Cash generated from operations before working capital | (15,898) | (11,796) | (22,596) |
| Changes in working capital | 824 | 1,566 | 839 |
| Cash generated from operations | (15,074) | (10,230) | (21,757) |
| Financials, net | (394) | (54) | (124) |
| Establishment cost, subsidiaries | 0 | (115) | (115) |
| Tax refund | 0 | 0 | 2,336 |
| Cash flows from operating activities | (15,469) | (10,399) | (19,660) |
| Purchase of operating equipment | (38) | (157) | (157) |
| Purchase of rights and software | 0 | (200) | (200) |
| Purchase of financial assets | 0 | (44) | (44) |
| Sale of operating equipment | 0 | 0 | 0 |
| Cash flows from investing activities | (38) | (401) | (401) |
| Capital increases | 0 | 0 | 20,858 |
| Reduction of lease obligation | (5) | (11) | (22) |
| Cash flows from financing activities | (5) | (11) | 20,836 |
| Net cash flow from operating, investing and financing activities | (15,512) | (10,811) | 774 |
| Cash and cash equivalents at beginning of period | 35,641 | 34,867 | 34,867 |
| Cash and cash equivalents end of period | 20,129 | 24,056 | 35,641 |
| GEOGRAPHIC DISTRIBUTION: | 2017 2nd quarter DKK thousand |
2016 2nd quarter DKK thousand |
2017 6 months DKK thousand |
2016 6 months DKK thousand |
2016 12 months DKK thousand |
|---|---|---|---|---|---|
| Denmark | 252 | 502 | 650 | 868 | 1,898 |
| Rest of Europe | 1,657 | 1,508 | 3,785 | 3,839 | 8,182 |
| North America | 3,207 | 1,734 | 5,817 | 3,727 | 7,760 |
| Asia | 1,449 | 836 | 2,042 | 1,175 | 2,656 |
| Other countries | 55 | 73 | 68 | 227 | 224 |
| Revenue | 6,620 | 4,653 | 12,363 | 9,836 | 20,720 |
| PRODUCT GROUPS | 2017 | 2016 | 2017 | 2016 | 2016 |
|---|---|---|---|---|---|
| 2nd quarter DKK thousand |
2nd quarter DKK thousand |
6 months DKK thousand |
6 months DKK thousand |
12 months DKK thousand |
|
| The NGAL Test™ | 2,039 | 950 | 3,284 | 1,826 | 4,014 |
| ELISA Human NGAL kits | 285 | 321 | 512 | 821 | 1,720 |
| ELISA Animal NGAL kits | 476 | 316 | 894 | 586 | 1,302 |
| ELISA MBL kits | 713 | 664 | 1,318 | 1,007 | 2,347 |
| Antibodies* | 2,950 | 2,109 | 6,060 | 5,051 | 10,192 |
| Other products and licenses | 157 | 293 | 295 | 545 | 1,145 |
| Revenue | 6,620 | 4,653 | 12,363 | 9,836 | 20,720 |
* In Q1-Q2 2017, public innovation assistance of DKK 420 thousand relating to the development and production of a new antibody is included as revenue (Q1-Q2 2016: DKK 566 thousand and Q1-Q4 2016: DKK 1.334 DKK thousand).
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