-- Sales in the first quarter 2005 amounted to 72.0 MSEK (87.0)
-- The operating result for the first quarter amounted to -22.2
MSEK (22.7)
-- The result after tax for the first quarter amounted to -13.5 MSEK
(-21.2)
-- Earnings per share for the first quarter amounted to -0.21 SEK
(-0.37)
-- During the first quarter Biotage announced its intention to
acquire the reagents and process instruments business of the
American company Argonaut Technologies Inc. The purchase price
amounts to 145 MSEK (21.2 MUSD). This will give Biotage additional
sales of approx. 125 MSEK. The acquisition must receive final
approval by a general meeting of the shareholders in Argonaut
Technologies Inc. Through the acquisition Biotage will get a
complete product portfolio in microwave synthesis, purification
systems and reagents.
-- This interim report has been prepared in accordance with
International Financial Reporting Standards (IFRS) and is the
first financial report prepared by Biotage according to IFRS.
A brief description of the transition to IFRS and its effects is
presented separately.
STOCKHOLM, Sweden, April 27, 2005 (PRIMEZONE) -- Sales developed considerably slower in the first quarter than expected. However, the order intake increased compared to last year. Group sales decreased by a total of 15.0 MSEK in the first quarter 2005 compared to the same period last year. We believe that the company's strong market position has been maintained in spite of lower sales during this quarter.
Business Area Discovery Chemistry had sales of 54.5 MSEK, compared to 64.4 MSEK the first quarter last year. The order intake increased by 18 percent compared to the same period last year to 64 MSEK, however. The first quarter saw a slower development than expected and compared to last year. The weak sales were due above all to the fact that some key customers released their budgets at the end of the first quarter, while others indicate that they will release their funds in the second quarter.
Business Area Biosystems achieved sales of 17.5 MSEK, compared to 22.6 MSEK the first quarter last year. The decrease is explained by a 4.9 MSEK decrease in the sales of Corbett's products. This sales drop is primarily due to the fact that Biosystems discontinued the distribution of these products in Europe at the turn of the year. Sales of the Pyrosequencing products are stable and remain at the same level as last year.
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. 230 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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The following files are available for download:
http://wpy.waymaker.net/client/waymaker1/WOLReleaseFile.aspx?id=92945&fn=wkr0001.pdf
Interim Report Jan-March 2005
http://wpy.waymaker.net/client/waymaker1/WOLReleaseFile.aspx?id=92945&fn=wkr0003.pdf
Transition to IFRS
http://wpy.waymaker.net/client/waymaker1/WOLReleaseFile.aspx?id=92945&fn=wkr0004.pdf Comarison IFRS 2004