HBC had gross operating revenues of NOK 69.3m (67.8m) in 2020 and operating revenues of NOK 23.1m (11.1m) in the fourth quarter. Cost of Goods Sold (CoGS) amounted to NOK 16.7m (16.6m) in the quarter and NOK 39.5m for the full year (59.6m). Operational profit (EBITDA) for the fourth quarter 2020 was NOK -16.7m (-23.2m) and for the full year NOK -65.4m (-52.1m). In the full year 2020, Salaries increased by NOK 13.4m, compared to the same period 2019 due to new employees in sales and operations. HBC had a total holding of cash and cash equivalents of NOK 172.8m by the end of the period, compared to NOK 84.2m by the end of the fourth quarter 2019. Including credit facilities, HBC had NOK 209.8m in free liquidity by the end of the fourth quarter.
R&D focus areas in Q4:
In sales and marketing, Q4 was an extremely busy and successful quarter for HBC as it began its journey to build a new Consumer Healthcare sales division with senior executives from global consumer health care companies. Furthermore, it signed up a world class network of partners with which to grow its presence the whole of Asia and the Americas.
For our B2C strategy, a major two-and-a-half-year collaboration with Tenet Partners to build a brand for finished products was also agreed upon. This will enable HBC to go direct to the consumer with a new identity and connection with consumers later this year.
“At the end of 2020 we completed a successful capital increase and as of December 2020, our shares now trade on the main board of Oslo Børs. As such, we have a solid financial platform from which we expect to grow revenues, develop new products and continue to excel in research and development, to support the long-term growth of HBC”, CEO Roger Hofseth comments.
For further information, please contact:
James Berger, Chief Commercial Officer of Hofseth BioCare ASA
Phone: +41 79 950 10 34
Jon Olav Ødegård, Chief Financial Officer of Hofseth BioCare ASA
Phone: +47 936 32 966
About Hofseth BioCare ASA:
HBC is a Norwegian biotech company that develops high-value ingredients and finished products currently targeting the consumer health market. Research is ongoing to identify the individual elements within the products that modulate inflammation and the immune response with pre-clinical studies in multiple clinics and university research labs in several countries. Lead clinical and pre-clinical candidates are in development for the protection of the Gastro-Intestinal (GI) system against inflammation, including ulcerative colitis and the orphan condition necrotising enterocolitis, as a Medical Food to help treat age-related Sarcopenia, and as a treatment for Iron Deficiency Anemia, all using peptide fractions of Salmon Protein Hydrolysate. Preclinical trial work with the oil is ongoing to ameliorate lung inflammation in eosinophilic asthma and COPD ("smokers lung") as well as clinical work in COVID.
The company is founded on the core values of sustainability and optimal utilization of natural resources. Through an innovative hydrolysis technology, HBC can preserve the quality of lipids, proteins and calcium from fresh salmon off-cuts.
Hofseth BioCare's headquarters are in Ålesund, Norway with branches in Oslo, London, Zürich, Chicago, Mumbai, Palo Alto and Tokyo.
This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act