Quarterly Report • Apr 22, 2009
Quarterly Report
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Press Release, 22 April, 2009 (10 pages) BioGaia AB Interim report, 1 January - 31 March 2009 (Figures in brackets refer to the same period of last year)
No key events have taken place after the end of the reporting period.
"In spite of the ongoing financial crisis, the company has shown very positive development in the first quarter and we are seeing continued strong demand for our products" says Managing Director Peter Rothschild.
Latest press releases from BioGaia:
| 2009-03-18 | Notice to attend the Annual General Meeting of BioGaia |
|---|---|
| 2009-03-11 | BioGaia signs distribution agreement for Serbia and Croatia |
| 2009-03-04 | BioGaia product launched as pharmaceutical in India |
For additional information contact:
Peter Rothschild, Managing Director, telephone +46 8 - 555 293 00 Jan Annwall, Deputy Managing Director, telephone +46 8 - 555 293 00
BioGaia is a biotechnology company that develops, markets and sells probiotic products with documented health benefits. The products are primarily based on the lactic acid bacterium Lactobacillus reuteri (Reuteri), which has probiotic, health-enhancing effects. The class B share of the Parent Company BioGaia AB is quoted on the Small Cap list of the NASDAQ OMX Nordic Exchange Stockholm. www.biogaia.com
1 January – 31 mars 2009
Figures in brackets refer to the same period of last year.
The Board of Directors and the Managing Director of BioGaia AB (publ) hereby present the interim report for the period from 1 January to 31 March 2009.
BioGaia is a biotechnology company that develops, markets and sells probiotic products with documented health benefits. The products are primarily based on different strains of the lactic acid bacterium Lactobacillus reuteri (Reuteri) which has health-enhancing effects. BioGaia has also developed unique delivery systems, such as probiotic-containing straws and caps, that make it possible to create probiotic products with a long shelf life.
BioGaia has 43 employees, of whom 18 are based in Stockholm, 18 in Lund, 3 in Raleigh, USA, and 4 in Hiroshima, Japan.
The class B share of the Parent Company BioGaia AB is quoted on the Small Cap list of the NASDAQ OMX Nordic Exchange Stockholm.
BioGaia's net sales consist mainly of revenue from the sale of finished consumer products (tablets, drops and oral health products) to distributors, but also of revenue from the sale of component products such as Reuteri cultures, straws and caps.
BioGaia's products are sold through nutrition, food, natural health and pharmaceutical companies in some 40 countries worldwide.
In Sweden, BioGaia's products are sold under the brands Semper Magdroppar and Gum PerioBalance chewing gum in pharmacies, as well as Semper whole grain cereal and infant formula with active culture and Probiomax gut health tablets in grocery stores.
BioGaia holds patents for the use of Reuteri and certain delivery systems in all major markets.
BioGaia's licensees add Reuteri culture to their products and sell these under their own brand names. On these products, the BioGaia brand is shown on the package as the licensor/patent holder.
The majority of BioGaia's consumer products are sold to distributors, which then sell the products under their own brand names. For these products, the BioGaia brand is shown on the consumer package since BioGaia is both the manufacturer and licensor.
At the end of 2005 BioGaia launched its own consumer brand and today there are a number of distributors that sell BioGaia's finished products under the BioGaia brand. One central part of BioGaia's strategy is to increase the share of sales consisting of BioGaia-branded products. In the first quarter of 2009, 28 percent (22) of finished consumer products were sold under the BioGaia brand.
BioGaia's research is focused on selection of different probiotics for gut health, the immune system and oral health. Extensive clinical studies have shown that BioGaia's various probiotic products:
gastrointestinal function in pre-term newborns, - reduce gum inflammation, plaque and the risk for dental caries.
The length of time between contract and launch varies between countries due to differing amounts of time needed for the registration process. The products are normally registered as dietary supplements and in certain cases as pharmaceuticals.
In January 2009 CapAble signed an agreement with the Mexican water company Aqua Scandik giving them the rights to use LifeTop Cap with Reuteri. Aqua Scandik will launch water in three different flavours with Reuteri. The launch is expected to take place in early 2010.
In a new double blind, placebo-controlled clinical study, supplementation with BioGaia's Probiotic chewable tablets containing L. reuteri was effective in reducing the incidence of diarrhoea in hospitalised patients who were treated with antibiotics. The study, which was performed at the University Hospitals Case Medical Center in Cleveland, Ohio, USA, was presented by Cimperman and colleagues at the Clinical Nutrition Week 2009 Conference on 1- 4 February in New Orleans.
BioGaia has signed an agreement with Tablets India Ltd. for the production and sale of products based on BioGaia's probiotics on the Indian market. The launch is planned in the first half of 2009.
The first product to be launched on the Indian market is a capsule under the brand name Apylori Probiotic Capsules. The product is manufactured by Tablets India and registered as a pharmaceutical that will be prescribed by physicians and distributed through pharmacies.
In March BioGaia extended its collaboration with the Swiss pharmaceutical company Ewopharma AG, giving the company exclusive rights to sell BioGaia's probiotic drops and tablets under the BioGaia brand in Serbia and Croatia.
Ewopharma already sells BioGaia's Probiotic tablets and drops in Poland, Slovakia, Hungary and Slovenia and BioGaia's Probiotic tablets in the Czech Republic. The products are sold under the BioGaia brand.
Efforts are underway to adapt the business model in Japan to the model that has been used successfully in other markets. The strategy is to shift the focus from Functional Foods products in grocery stores to sales of drops and straws in pharmacies and drugstores. Although it is still too early to determine whether these measures will be successful, the current outlook is positive. These changes will not affect the existing distributors in Japan, Erina and Chichiyasu.
Consolidated net sales reached SEK 52.2 million (36.1), up by 45% compared to the same period of last year. Of the increase, SEK 4.6 million was attributable to rising exchange rates for EUR and JPY. Excluding currency effects, net sales strengthened by SEK 11.5 million (32%).
Compared to the previous quarter, net sales increased by SEK 13.0 million (33%).
BioGaia's finished consumer products in Europe accounted for most of the sales increase compared to the same period of last year.
Gross profit amounted to SEK 35.4 million (24.4), an improvement of SEK 10 million over the same period of last year. Of the increase in gross profit, SEK 2.8 million was attributable to exchange rate movements in EUR and JPY.
Selling expenses rose by SEK 3.0 million compared to the same period of last year, which is partly explained by an increase of SEK 1.3 million in costs for the Japanese venture, of which SEK 1.1 million is due to exchange rate movements in JPY, and partly by higher marketing and PR activity and somewhat higher personnel costs.
R&D expenses amounted to SEK 6.8 million (5.3), which is equal to 18% (19%) of total operating expenses. The higher R&D expenses are due to an increased level of activity in clinical studies that began during the quarter, as well as higher product development costs. The amortisation component of R&D expenses amounted to SEK 0.7 million (0.8). Investments in capitalised development expenses totalled SEK 0 million (0).
Operating profit was SEK 13.4 million (7.5), up by SEK 5.9 million over the same period of last year.
Profit before tax was SEK 15.1 million (8.0), which is SEK 7.1 million better than in the same period of last year. Net financial items include an unrealised foreign exchange gain of SEK 1.5 million on forward exchange contracts in EUR. The company has entered into forward exchange contracts for EUR 6.6 million at an average exchange rate of SEK 10.47. Forward exchange contracts amounting to EUR 3.6 million will mature in 2009 and the remaining EUR 3.0 million in 2010. The actual foreign exchange gain/loss depends on the exchange rate on the maturity date of the contracts. If the EUR rate on the maturity date is lower/higher than that at 31 March 2009 (10.96), a foreign exchange gain/loss will be recognised.
Profit after tax was SEK 10.4 million (8.0), an improvement of SEK 2.4 million compared to the same period of last year.
The Group pays no tax due to the existence of a cumulative loss carryforward. The reported
tax expense is attributable to a change in the deferred tax asset.
Earnings per share amounted to SEK 0.61 (0.47). A total of 128,950 warrants have been subscribed for in BioGaia's ongoing incentive scheme. Since the current share price is significantly lower than the subscription price, the outstanding options have no dilutive effect.
The Group's cash and cash equivalents at 31 March 2009 totalled SEK 65.9 million (46.5).
Cash flow for the quarter was SEK 7.6 million (3.5), an improvement of SEK 4.1 million compared to the same period of last year.
Cash flow from operating activities before change in working capital was SEK 14.6 million (9.3), up by SEK 5.3 million over the same period of last year. The increase in working capital was SEK 6.6 million and is mainly attributable to trade receivables.
Consolidated equity amounted to SEK 143.5 million (102.9). The Group's equity/assets ratio was 88% (85%).
Capital expenditure on property, plant and equipment totalled SEK 0.4 million (1.4).
The Parent Company reported net sales of SEK 50.3 million (36.2) and a profit after net financial items of SEK 14.4 million (9.8).
The number of employees at 31 March 2009 was 43 (37).
No major changes in significant risks and uncertainties have taken place during the period. See pages 4 and 5 and Note 30 of the annual report for 2008.
The consolidated financial statements have been prepared in compliance with the International Financial Reporting Standards (IFRS) established by the International Accounting Standards Board (IASB) and the interpretations published by the International Financial Reporting Interpretations Committee (IFRIC) that have been endorsed by the European Commission for application in the EU.
This interim report has been prepared for the Group in accordance with IAS 34, Interim Financial Reporting, and the Annual Accounts Act, and for the Parent Company in accordance with the Annual Accounts Act.
Unless otherwise stated below, the Group and the Parent Company apply the same
accounting and valuation standards as in the 2008 annual report.
New accounting standards:
The revised IAS 1, Presentation of Financial Statements, is applied with effect from 1 January 2009. Among other things, the revision means that income and expenses that were previously recognised directly in equity are now recognised in connection with the income statement.
IFRS 8, Operating Segments, is applied with effect from 1 January 2009. The standard requires adaptation of segment information to the reporting used internally by the company's management for monitoring of operations. The application of IFRS 8 has led to a change in the operating segments so that these now consist of the following:
The application of IFRS 8 has not had any impact on the Group's profit, financial position, cash flow or changes in equity.
BioGaia's goal is to create strong value growth and a good return for the shareholders. This will be achieved through a greater emphasis on the BioGaia brand, increased sales to both existing and new customers and a controlled cost level.
The financial target is to achieve a sustainable profit margin of 25% within a period of 3 to 5 years, with continued strong growth and increased investments in research, product development and brand building. BioGaia's ambition is to pay a shareholder dividend equal to 30% of profit after actual paid tax.
Product launches in a large number of countries are expected to take place during 2009.
In view of the Company's strong portfolio consisting of an increased number of innovative products partly under the company's own brand, together with successful clinical trials and growing distribution network covering a large share of the key markets, BioGaia's future outlook is bright.
| CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |
Jan-Mar | Jan-Mar | Jan-Dec |
|---|---|---|---|
| (Amounts in SEK 000s) | 2009 | 2008 | 2008 |
| Net sales | 52,233 | 36,079 | 145,190 |
| Cost of goods sold | -16,792 | -11,657 | -48,234 |
| Gross profit | 35,441 | 24,422 | 96,956 |
| Other operating income | - | 164 | 4,059 |
| Selling expenses | -12,314 | -9,297 | -43,617 |
| Administrative expenses | -2,455 | -2,210 | -8,193 |
| Research and development expenses | -6,841 | -5,279 | -23,030 |
| Other operating expenses | -379 | - | - |
| Share in profit/loss of associated company | -90 | -260 | -334 |
| Operating profit | 13,362 | 7,540 | 25,841 |
| Financial income and expenses | 1,758 | 474 | -1,811 |
| Profit before tax | 15,120 | 8,014 | 24,030 |
| Tax expense for the period | -4,690 | - | 12,091 |
| PROFIT FOR THE PERIOD | 10,430 | 8,014 | 36,121 |
| Other comprehensive income | |||
| Gains and losses arising from translating the | |||
| financial statements of a foreign operation | 694 | - | 1,290 |
| Comprehensive income for the period | 11,124 | 8,014 | 37,411 |
| Profit for the period attributable to: | |||
| Equity holders of the Parent Company | 10,430 | 8,014 | 36,121 |
| Minority interests | - | - | - |
| 10,430 | 8,014 | 36,121 | |
| Comprehensive income for the period attributable to: | |||
| Equity holders of the Parent Company | 11,124 | 8,014 | 37,411 |
| Minority interests | - | - | - |
| 11,124 | 8,014 | 37,411 | |
| Earnings per share Basic earnings per share (average number of shares), SEK |
0.61 | 0.47 | 2.10 |
| Diluted earnings per share, SEK | 0.61 | 0.47 | 2.10 |
| Number of shares, thousands | 17,208 | 17,208 | 17,208 |
| Average number of shares, thousands Average number of shares after dilution, |
17,208 | 17,208 | 17,208 |
| thousands | 17,208 | 17,208 | 17,208 |
| CONSOLIDATED BALANCE SHEETS | 31 March | 31 Dec | 31 March |
|---|---|---|---|
| (Amounts in SEK 000s) | 2009 | 2008 | 2008 |
| ASSETS | |||
| Intangible assets | 4,339 | 5,050 | 7,399 |
| Tangible assets | 4,036 | 3,936 | 3,781 |
| Shares in associated company | 7,761 | 7,851 | 6,325 |
| Non-current receivables from associated company | 4,400 | 4,400 | 4,400 |
| Deferred tax asset | 16,410 | 21,100 | 9,000 |
| Other non-current receivables | 50 | 47 | 25 |
| Current assets excl. cash and cash equivalents | 59,572 | 53,795 | 43,985 |
| Cash and cash equivalents | 65,865 | 58,127 | 46,487 |
| TOTAL ASSETS | 162,433 | 154,306 | 121,402 |
| EQUITY AND LIABILITIES | |||
| Equity attributable to equity holders in the Parent Company |
143,445 | 132,321 | 102,924 |
| Minority interests | 99 | 99 | - |
| Total equity | 143,544 | 132,420 | 102,924 |
| Interest-free current liabilities | 18,889 | 21,886 | 18,478 |
| TOTAL EQUITY AND LIABILITIES | 162,433 | 154,306 | 121,402 |
| CONSOLIDATED CASH FLOW STATEMENTS |
Jan-Mar | Jan-Mar | Jan-Dec |
| (Amounts in SEK 000s) | 2009 | 2008 | 2008 |
| Operating activities | |||
| Operating profit | 13,362 | 7,540 | 25,841 |
| Depreciation/amortisation | 979 | 1,020 | 4,260 |
| Capital gains/losses on the sale of non-current assets |
- | 7 | 7 |
| Share in profit/loss of associated company | 90 | 260 | 334 |
| Other non-cash items | -61 | 28 | -407 |
| Interest received and paid | 271 | 474 | 2,381 |
| Cash flow from operating activities before changes in working capital |
14,641 | 9,329 | 32,416 |
| Changes in working capital | -6,639 | -3,411 | -13,212 |
| Cash flow from operating activities | 8,002 | 5,918 | 19,204 |
| Cash flow from investing activities | -354 | -2,398 | -4,966 |
| Cash flow from financing activities | - | - | 99 |
| Cash flow for the period Cash and cash equivalents at beginning of |
7,648 | 3,520 | 14,337 |
| period Exchange differences in cash and |
58,127 | 42,977 | 42,977 |
| cash equivalents | 90 | -10 | 813 |
| Cash and cash equivalents at end of period | 65,865 | 46,487 | 58,127 |
| (Amounts in SEK 000s) | Jan-Mar | Jan-Mar | Jan-Dec |
|---|---|---|---|
| 2009 | 2008 | 2008 | |
| At beginning of year | 132,420 | 94,910 | 94,910 |
| New share issue in CapAble | - | - | 99 |
| Comprehensive income for the period | 11,124 | 8,014 | 37,411 |
| At end of period | 143,544 | 102,924 | 132,420 |
Since 2003 the company has had only one operating segment, Animal & Human Health, which consisted of the Human Health and Animal Health market units.
Starting on 1 January 2009, the Group has implemented IFRS 8 Operating Segments. The Group Management has analysed the Group's internal reporting and established that the Group's operations are steered and evaluated based on the following segments:
Finished consumer products: sales of tablets, drops and oral health products, etc.
Component products: sales of cultures as an ingredient in licensee products, products (such as baby formula and dairy products), royalty income from the use of Reuteri and sales of LifeTop Straw and Life Top Cap.
| Revenue by segment | Jan-Mar | Jan-Mar | Jan-Dec |
|---|---|---|---|
| 2009 | 2008 | 2008 | |
| Consumer products | 42,846 | 27,425 | 106,325 |
| Input products | 9,278 | 8,145 | 36,931 |
| Other products | 109 | 509 | 1,934 |
| 52,233 | 36,079 | 145,190 | |
| Jan-Mar | Jan-Mar | Jan-Dec | |
| Gross profit by segment | 2009 | 2008 | 2008 |
| Consumer products | 28,739 | 17,809 | 68,728 |
| Input products | 6,598 | 6,157 | 26,631 |
| Other products | 104 | 456 | 1,597 |
| 35,441 | 24,422 | 96,956 | |
| 31 Mar | 31 Mar | 31 Dec | |
| Trade receivables by segment | 2009 | 2008 | 2008 |
| Consumer products | 28,657 | 19,354 | 20,401 |
| Input products | 5,514 | 3,905 | 8,050 |
| Other products | 36 | 139 | 394 |
| 34,207 | 23,398 | 28,845 | |
| Revenue by geographical market | |||
|---|---|---|---|
| (Amounts in SEK 000s) | Jan-Mar | Jan-Mar | Jan-Dec |
| Sales | 2009 | 2008 | 2008 |
| Europe | 35,186 | 28,154 | 93,973 |
| USA and Canada | 3,967 | 372 | 8,851 |
| Asia | 9,647 | 6,837 | 30,618 |
| Rest of world | 3,433 | 716 | 11,748 |
| 52,233 | 36,079 | 145,190 |
| PARENT COMPANY INCOME STATEMENTS | Jan-Mar | Jan-Mar | Jan-Dec |
|---|---|---|---|
| 2009 | 2008 | 2008 | |
| Net sales | 50,343 | 36,176 | 143,586 |
| Cost of goods sold | -15,508 | -11,651 | -47,211 |
| Gross profit | 34,835 | 24,525 | 96,375 |
| Selling expenses | -8,682 | -8,203 | -36,035 |
| Administrative expenses | -2,422 | -2,210 | -8,167 |
| Research and development expenses | -6,913 | -5,287 | -23,042 |
| Other operating income | - | 164 | 4,059 |
| Other operating expenses | -406 | - | - |
| Operating profit | 16,412 | 8,989 | 33,190 |
| Result from shares in associated company | - | - | -334 |
| Result from shares in subsidiary | - | - | -569 |
| Write-down of receivable from subsidiary | -4,047 | - | -13,467 |
| Net financial items | 1,991 | 766 | -1,008 |
| Profit before tax | 14,356 | 9,755 | 17,812 |
| Tax expense for the period | -4,840 | - | 11,660 |
| PROFIT FOR THE PERIOD | 9,516 | 9,755 | 29,472 |
| PARENT COMPANY BALANCE SHEETS | 31 Mar | 31 Mar | 31 Dec |
|---|---|---|---|
| 2009 | 2008 | 2008 | |
| ASSETS | |||
| Intangible assets | 4,339 | 7,399 | 5,050 |
| Tangible assets | 2,497 | 3,474 | 3,581 |
| Shares in group companies | 4,469 | 4,137 | 4,469 |
| Shares in associated companies | 7,851 | 6,585 | 7,851 |
| Non-current receivables from subsidiary | 1,022 | 2,840 | - |
| Non-current receivables from associated company | 4,400 | 4,400 | 4,400 |
| Deferred tax asset | 15,820 | 9,000 | 20,660 |
| Current assets excl. cash and cash equivalents | 54,914 | 42,017 | 51,017 |
| Cash and cash equivalents | 63,950 | 45,876 | 55,293 |
| TOTAL ASSETS | 159,262 | 125,728 | 152,321 |
| EQUITY AND LIABILITIES | |||
| Shareholders' equity | 133,896 | 104,663 | 124,380 |
| Interest-free current liabilities | 25,366 | 21,065 | 27,941 |
| TOTAL EQUITY AND LIABILITIES | 159,262 | 125,728 | 152,321 |
| Floating charges | 2,000 | 2,000 | 2,000 |
|---|---|---|---|
| Contingent liabilities | None | None | None |
| PARENT COMPANY CASH FLOW STATEMENTS | Jan-Mar | Jan-Mar | Jan-Dec |
|---|---|---|---|
| 2009 | 2008 | 2008 | |
| Operating activities | |||
| Operating profit | 16,412 | 8,989 | 33,190 |
| Depreciation/amortisation | 913 | 1 005 | 4,141 |
| Capital gains/losses on the sale of non-current assets | - | 7 | 7 |
| Other non-cash items | -61 | 28 | -407 |
| Interest received and paid | 274 | 766 | 2,367 |
| Cash flow from operating activities before changes in working capital |
17,538 | 10,795 | 39,298 |
| Changes in working capital | -5,133 | -3,081 | -10,128 |
| Cash flow from operating activities | 12,405 | 7,714 | 29,170 |
| Cash flow from investing activities | -3,809 | -3,913 | -16,388 |
| Cash flow from financing activities | - | - | - |
| Cash flow for the year | 8,596 | 3,801 | 12,782 |
| Cash and cash equivalents at beginning of year | 55,293 | 42,103 | 42,103 |
| Exchange differences in cash and cash equivalents | 61 | -28 | 408 |
| Cash and cash equivalents at end of year | 63,950 | 45,876 | 55,293 |
| (Amounts in SEK 000s) | Jan-Mar | Jan-Mar | Jan-Dec |
|---|---|---|---|
| 2009 | 2008 | 2008 | |
| At beginning of year | 124,380 | 94,908 | 94,908 |
| Profit for the period | 9,516 | 9,755 | 29,472 |
| At end of period | 133,896 | 104,663 | 124,380 |
The Group has a 50% holding in TwoPac AB, which is reported as an associated company.
The following transactions have taken place with TwoPac AB.
| Jan-Mar | Jan-Mar | Jan-Dec | |
|---|---|---|---|
| 2009 | 2008 | 2008 | |
| Interest income | 36 | 70 | 285 |
| Conditional shareholder contributions paid | - | 1,000 | 2,000 |
| Advance payment converted to shareholder contribution | - | - | 600 |
| Purchase of goods | 2 460 | 925 | 8,952 |
| Purchase of machinery and equipment | - | - | 221 |
| The closing balance at the end of the period was as follows: |
31-mar | 31-mar | 31-dec |
| Non-current receivables from TwoPac AB | 2009 | 2008 | 2008 |
| Non-current receivables from TwoPac AB | 4,400 | 4,400 | 4,400 |
| Current transactions with related parties | |||
| Current receivables from TwoPac AB | 36 | 70 | 65 |
| Current liabilities to TwoPac AB | -240 | -155 | -118 |
| -204 | -85 | -53 |
| CONSOLIDATED KEY RATIOS 1) | Jan-Mar 2009 |
Jan-Mar 2008 |
Jan-Dec 2008 |
|---|---|---|---|
| Return on | |||
| - average shareholders' equity | 7.6% | 8.1% | 31.8% |
| - average capital employed | 9.9% | 8.1% | 25.1% |
| Capital employed, SEK 000s | 143,544 | 102,924 | 132,420 |
| Number of shares, thousands | 17,208 | 17,208 | 17,208 |
| Average number of shares, thousands | 17,208 | 17,208 | 17,208 |
| Number of outstanding warrants, thousands | 129 | 129 | 129 |
| Average number of outstanding warrants with a dilutive effect, thousands |
- | - | - |
| Average number of shares after dilution, thousands |
17,208 | 17,208 | 17,208 |
| Basic earnings per share, SEK | 0.61 | 0.47 | 2.10 |
| Diluted earnings per share, SEK | 0.61 | 0.47 | 2.10 |
| Equity per share, SEK | 8.34 | 5.98 | 7.69 |
| Diluted equity per share, SEK | 8.34 | 5.98 | 7.69 |
| Equity/assets ratio | 88% | 85% | 86% |
| Average number of employees | 43 | 37 | 39 |
1) The definitions of key ratios correspond to those in the annual report.
| 18 August 2009 | Interim report 1 January - 30 June 2009 |
|---|---|
| 22 October 2009 | Interim report 1 January - 30 September 2009 |
| 18 February 2010 | Year-end report 2009 |
This interim report has not been examined by the Company's independent auditors.
The information in this interim report was submitted for publication on 22 April, 2009, 8.15 a.m. CET.
For additional information contact: Peter Rothschild, Managing Director, telephone: +46 (0)8 - 555 293 00, Jan Annwall, Deputy Managing Director, telephone: +46 (0)8 - 555 293 00
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