Press release from Companies
Published: 2024-05-28 08:00:00
(Stockholm, Sweden, 28 May 2024) Inhalation Sciences AB announces that its Q1 Report for 2024 is now available on the company’s website.
To read the whole report (in Swedish), visit: http://inhalation.se/investors/finansiella-rapporter/
Our first quarter started out strong with an increased revenue of 17% compared to the same period the year before. We also have a continued improved operating profit through continuous cost control and a streamlined organization that is designed to reach profitability in the near term and deliver growth according to our plan.
Through the investment in the expansion of our inhalation services, we are seeing great interest and an increased pipeline of inquiries and dialogues being conducted with a large number of potential customers. Conversion to orders has been slower in Q1 than expected due to, among other things, (1) the continuing challenging financial situation for companies in biotech and pharmaceutical development and (2) the timing of the start of new inhalation projects among our customers. We are working purposefully to convert these requests into signed orders.
The ongoing research collaboration with the American FDA for our In Vitro Module DissolvIt is progressing as planned and we have so far invoiced the FDA just over SEK 2 million for completed work. We look forward with confidence to the completion of this study which is planned for the end of 2024.
Our Phase-I clinical study has now published in the respected journal "the European Journal of Pharmaceutical Sciences". This enables new collaborative discussions with companies active in the clinical market, a market that ISAB has not previously worked in, and which is estimated at around SEK 5 billion. Access and processing of customers in the clinical market will require partnership with companies that already have experience and provide products or services in the market, and where our service offering can be seen as an important complement.
We are in continued dialogue with partners in inhalation research to expand and supplement our portfolio, which in turn should lead to a higher market potential and increased customer base.
Huddinge
28 May 2024
Manoush Masarrat
CEO
First Quarter (Jan – Mar) 2024
Order intake during the period SEK 402,000 (2,529)
Order backlog at the end of the period SEK 5,781 thousand (11,194)
Order intake is the value of products and services sold during the current period, i.e. sales, not to be confused with net sales.
Order backlog is signed customer contracts for both products and services that have not yet been invoiced to the customers, where work is still in progress and delivery has not yet taken place to the customer.
2024 Jan – Mar | 2023 Jan - Mar | 2023 Jan - Dec | |
Net revenues, kSEKr | 3,920 | 3,238 | 17,504 |
Operating profit kSEK | -775 | -2,098 | -3,756 |
Profit after tax kSEK | -799 | -2,276 | -4,744 |
Balance sheet total kSEK | 16,865 | 14,556 | 18,168 |
Cash flow for period, kSEK | -53 | 1,770 | 5,986 |
Cash flow for period per share (SEK) | -0.01 | 0.16 | 0.45 |
Cash and cash equivalents kSEK | 7,772 | 3,609 | 7,825 |
Earnings per share before and after dilution kSEK | -0.05 | -0.20 | -0.36 |
Equity, kSEK | 12,155 | 5,162 | 12,954 |
Equity per share (SEK) | 0.80 | 0.45 | 0.85 |
Equity ratio, % | 72.07% | 35.46% | 71.30% |
R&D costs/operating costs | 44.56% | 36.38% | 38.75% |
Number of shares | 15,167,637 | 11,375,734 | 15,167,637 |
Multi-year overview | |||||
kSEK | 2023 | 2022 | 2021 | 2020 | 2019 |
Net revenues | 17,504 | 12,194 | 9,422 | 10,137 | 8,949 |
Profit after net financial terms | -4,744 | -12,125 | -16,609 | 9,875 | -4,345 |
Balance sheet total | 18,168 | 12,985 | 26,112 | 18,488 | 23,198 |
Equity ratio, %, | 71 | 58 | 75 | 57 | 22 |
Average no. of employees | 8 | 9 | 9 | 8 | 7 |
To read full report (in Swedish) go HERE.
For more information about Inhalation Sciences, please contact:
Manoush Masarrat, CEO
E-mail: Manoush.masarrat@inhalation.se
Mobile: +46 (0)73 628 9153