Prostatype Genomics AB has today published its quarterly report for the fourth quarter comprising the period from 1 October 2021 to 31 December 2021, and the year end report for the financial year 2021. The report is available on the company website.
Quarter 4 (1 October – 31 December 2021) summarized
- Net sales amounted to 0 (347) TSEK.
- EBITDA (earnings before interest, taxes, depreciation, and amortization) amounted to -5 712 (-4 731) TSEK.
- Cash flow from current operations in the quarter amounted -5 381 (-3 919) TSEK.
- Total cash flow for the period amounted to -6 216 (11 442) TSEK.
- Earnings per share amounted to -0,32 (-0,36) SEK.
Full year (1 January 2021 – 31 December 2021) summarized
- Net sales amounted to 10 (684) TSEK.
- EBITDA (earnings before interest, taxes, depreciation, and amortization) amounted to -15 460 (-15 765) TSEK.
- Cash flow from current operations in the quarter amounted -16 078 (-14 712) TSEK.
- Total cash flow for the period amounted to 4 467 (13 170) TSEK.
- Earnings per share amounted to –1,04 (1,32) SEK.
We can now sum up our first year as a listed company and if I can only use one word to describe it, I choose expansion. During 2021, we have worked under very tough circumstances due to the pandemic and the difficulties this has entailed regarding access to healthcare stakeholders. It has in several respects been a strange year where we have had to get used to recurring closures and other restrictions. Since our listing on First North 2020, our ambition has been to initiate an international market presence and we have today established ourselves in five new strategic markets. In addition to our Nordic home market, we now also have a market presence in Germany, Italy, the United Kingdom, Spain, and Portugal. While the world has closed down and future plans have been put on hold, Prostatype Genomics has expanded and continued to achieve important milestones for our continued development and expansion. As we are now hopefully seeing the end of the pandemic, the Company is well positioned both commercially and scientifically to take the next big step. On behalf of my colleagues and myself, I am proud what we have accomplished despite these challenging circumstances.
We believe that there is a very clear demand for Prostatype®, as evidenced by the fact that during the year we entered into significant agreements with, among others, the leading British laboratory company Cambridge Clinical Laboratories ("CCL"). CCL not only offers Prostatype® in its own laboratories but also promotes its use in other urological laboratories around the UK and Ireland. We will now place great emphasis on the partners we have established cooperation with in 2021 receiving the support they need to be able to take the sale of Prostatype® further in each local market.
Furthermore, we also notice an increased interest from other markets as well, and I look with confidence at 2022, where our goal is to complete validation studies in southern and northern Europe and the United States. We will put a lot of focus on starting the commercialization of Prostatype® in the U.S. where our strategy is to register Prostatype® as a so-called LDT-product, which is a faster, safer, and more cost-efficient route to market compared with getting the product directly approved by the FDA. Our ambition is also to continue to sign agreements with distributors in Europe, U.S. and Asia.
During the year, we were able to show several strong clinical results regarding Prostatype®, which attracted a great deal of international attention. Both the validation study from Skåne University Hospital as well as the results from the validation study carried out in Taiwan in an Asian population, show that when using Prostatype®, approximately one third of the patients can be reclassified to another risk group compared with current standard methods. The results confirm the clinical benefit of Prostatype® as an advanced decision support in the choice of treatment.
This means first and foremost less suffering for patients, but also more efficient diagnostics and sampling at lower healthcare costs. The clinical study with Prostatype® conducted at the University Hospital in Uppsala has also been selected to be presented at the American Urology Association annual meeting 2022. It is very gratifying that the study has been selected for presentation at one of the world's largest urology congresses. It is an important stamp of quality for Prostatype®, which also strengthens our international presence and continued expansion.
I look forward to working closely with the partners we have established in 2021 and continue to strengthen our commercialization process internationally, with a strong hope of being able to grow our business with increased sales in the coming financial years. In conclusion, I would like to thank employees, external partners, the board and not least our shareholders who contributed to making 2021 an expansive year for Prostatype Genomics. Thanks!
CEO Prostatype Genomics AB
Solna February 24 2022
This disclosure contains information that Prostatype Genomics AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 24-02-2022 08:00 CET.