STOCKHOLM, Sweden, Feb. 9, 2005 (PRIMEZONE) -- Year-End Report January -- December 2004
(Figures in brackets refer to the outcome 2003 and pro-forma 2003,
respectively)
-- The financial targets were achieved:
-- Operating costs were reduced by more than 50 percent in 2004
and amounted to 278.9 MSEK, compared to 607.8 MSEK pro-forma
for 2003.
-- The cash flow after investments was positive in the fourth
quarter, amounting to 1.0 MSEK.
-- Operating profit before goodwill amortization was positive in the
fourth quarter and amounted to 0.9 MSEK.
-- Sales in 2004 amounted to 366.6 MSEK (173.7 MSEK and 362.0 MSEK).
At constant exchange rates sales would have amounted to 392.9
MSEK, corresponding to an increase by 8 percent compared to last
year's pro-forma sales.
-- Sales in the fourth quarter amounted to 106.2 MSEK (105.1 and
112.1 MSEK). At constant exchange rates sales would have amounted
to 114.1 MSEK, corresponding to an increase by 2 percent compared
to last year's pro-forma sales.
-- The operating result for 2004 improved to -102.1 MSEK (-261.2 and
-442.4 MSEK).
-- The result after tax for 2004 amounted to -115.0 MSEK (-244.4
MSEK and -425.8 MSEK)
-- Earnings per share in 2004 amounted to -1.99 SEK (-6.02 SEK and
-7.37 SEK).
-- A new share issue to Catella Healthcare in December provided 45
MSEK to Biotage.
The cost savings program carried out in 2004 and the synergies achieved by merging Pyrosequencing, Personal Chemistry and Biotage LCC had very good effect already at the beginning of 2004. During the year the company has maintained a clear focus on good cost control. Additional cost savings programs have been implemented. Together these measures have resulted in a reduction by more than 50 percent of the operating expenses , which amount to 278.9 MSEK in 2004 and are fully in line with the financial targets set for the year for Biotage.
The market for Biotage's discovery chemistry products (medicinal chemistry) developed well in 2004, while the market for the company's biosystems products (genetic analysis) was slow.
As a result of the large cost savings and solid sales during the period a positive cash flow was achieved in the fourth quarter. Another important financial target has thus been achieved. The new share issue in the fourth quarter will enable Biotage to exploit new business opportunities for increased growth.
Jeff Bork, CEO, tel: +46 734-22 16 60 Mats-Olof Wallin, CFO, tel + 46 705-93 52 73
About Biotage
Biotage is a global company active in life science research with strong technologies, a broad range of operations and a long-term view of the market. The company offers solutions, knowledge and experience in the areas of genetic analysis and medicinal chemistry. Customers include the world's top 30 pharmaceutical companies, 20 largest biotech companies and leading academic institutes. The company is headquartered in Uppsala and has offices in the US, Japan and several European countries. Biotage has approx. 220 employees and had sales of 367 MSEK in 2004. Biotage is listed on the Stockholm stock exchange. Website: www.biotage.com
Certain statements in this press release are forward-looking. These may be identified by the use of forward-looking words or phrases such as "believe," "expect," "intend," and "should," among others. These forward-looking statements are based on Biotage's current expectations. The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for such forward-looking statements. In order to comply with the terms of the safe harbor, Biotage notes that a variety of factors could cause actual results and experience to differ materially from the anticipated results or other expectations expressed in such forward-looking statements. Such uncertainties and risks include, but are not limited to, risks associated with management of growth and international operations (including the effects of currency fluctuations), variability of operating results, the commercial development of the microwave synthesis and flash purification in the drug discovery market, DNA sequencing and genomics market, nucleic acid-based molecular diagnostics market, and genetic vaccination and gene therapy markets, competition, rapid or unexpected changes in technologies, fluctuations in demand for Biotage's products (including seasonal fluctuations), difficulties in successfully adapting the Company's products to integrated solutions and producing such products, and the Company's ability to identify and develop new products and to differentiate its products from competitors.
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Year-End Report 2004, Biotage AB