Company announcement no. 3-2018                                                                                                             

Birkerød, 27 March 2019

ViroGates A/S (Nasdaq First North Denmark: VIRO), who delivers blood test systems, primarily for emergency departments in hospitals, today published its Annual Report 2018 as approved by the Company’s Board of Directors. The full Annual Report 2018 is attached.

Financial highlights in fourth quarter 2018

  • Revenue grew by 107% to TDKK 826 (TDKK 399 in Q4 2017)
  • Net operating expenses of TDKK 3,827 (TDKK 2,143 in Q4 2017)
  • Net result of TDKK -3,609 (TDKK -1,446 in Q4 2017)
  • Cash position of TDKK 60,083 per 30 December 2018 (TDKK 1,466 end Q4 2017)

Business highlights in fourth quarter 2018

  • Recruitment of sales people in the Nordics, France, Germany, and Spain, and employment of International Application Scientist to support commercial organization.
  • Results from a large observational study combining the National Early Warning Score (NEWS) with suPAR documented that suPARnostic® improves risk stratification in acute medical patients.
  • At the end of the year, a total of 22 trial customers in Spain, Romania, Serbia, Greece, Lithuania, Belarus and Austria were testing suPARnostic® for use in the Acute Care departments in addition to the two commercial customers in Denmark and Belarus.

CEO Jakob Knudsen, says in a comment: ”During 2018, we invested in commercializing our products for Acute Care departments and expansion of the product offering. Our objectives continue to be to secure 40 paying hospitals and become cash flow positive by the end of 2020 and we are on track to deliver based on these ambitions. We will continue the expansion of our product offering and engage customers who are interested to improve their risk assessment of patients. During the first months of 2019, have added additional trial customers to our existing base.”

Key events in 2018 is presented on page 6 in the Annual Report. Financial highlights and key ratios by quarter is presented on page 39 in the Annual Report.

For further information contact:
CEO Jakob Knudsen:  Tel. (+45) 2113 1336, Email: jk@virogates.com

Certified Advisor
Västra Hamnen Corporate Finance, Per Lönn: Tel. (+46) 40 200 250, Email: per.lonn@vhcorp.se

About ViroGates
ViroGates is an international Medtech company headquartered in Denmark. ViroGates develops and sells prognostic products to the healthcare sector. The products are used in hospital emergency services, in particular to make a clinical decision on hospitalization or discharge of emergency patients, which can lead to better clinical decisions, faster discharge and optimization of healthcare resources. The products can also be used for the prognosis of lifestyle-related diseases such as cardiovascular disease, type 2 diabetes, cancer, etc. The ViroGates test suPARnostic® measures the suPAR (Soluble urokinase Plasminogen Activator Receptor) protein in the bloodstream, and with the suPARnostic® Quick Triage and TurbiLatex test, hospital staff will get answers in just 20 minutes. The prognostic value of suPARnostic® is validated by more than 550 clinical trials and studies which included more than 300,000 blood samples.

 

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