Impressive Financial Performance by Hofseth Biocare ASA
During the third quarter, Hofseth Biocare ASA showcased substantial growth with gross operating revenues reaching NOK 67.9 million, a notable increase from NOK 49.9 million in the same period last year. For the first nine months of the year, revenues amounted to NOK 200.6 million compared to NOK 171.1 million previously. Despite this growth, the company faced an operating loss (EBITDA) of NOK -21.0 million for the quarter, which contrasts with -16.2 million the year before. Operating results (EBIT) were reported at NOK -30.5 million for Q3 2024, showing some pressure despite the overall revenue increase.
Operational Highlights and Innovations
Hofseth Biocare noted critical highlights during the third quarter. A remarkable sales increase of 36% was recorded compared to Q3 2023, reflecting strong demand for their products. Notably, the B2B gross margin improved to 41.2%, up from 33.9% in the previous year. This increase was attributed to better pricing strategies for their ingredients and heightened sales of their flagship product, CalGo®. Furthermore, the company’s commitment to innovation was evident when it transferred its eosinophil-targeting drug candidate, MA-022a, to Hofseth Biocare Immunology Inc. (HBCI), a significant advancement valued at approximately $4.5 million.
Research Breakthroughs with OmeGo®
In August, Hofseth Biocare made headlines with the publication of a pivotal study regarding its full spectrum omega oils, branded as OmeGo®. Featured in the prestigious International Journal of Molecular Sciences, the research highlighted OmeGo®'s potential benefits in aiding recovery from COVID-19. It demonstrated an improved immune response and reduced inflammation for individuals dealing with mild to moderate COVID-19 symptoms, showcasing the company's dedication to health and wellness.
Strong Growth in B2B Sales
The company reported exceptional growth in its B2B human nutrition segment, with revenue surging by 91% compared to the previous year. This growth was spurred by the rising demand for CalGo® in Europe and sales growth of ProGo® in Asia. In addition to these successes, Hofseth Biocare emphasized their strategic collaboration with distributors and conducted various customer meetings across Asia to foster solid relationships and understand market needs better.
Recent Developments and Future Outlook
Post-quarter developments included significant progress at HBCI, where prostate cancer xenograft studies using their leading peptide, FT-002a, showed promising results. This research, which involved combining FT-002a with standard hormone-targeting therapies, illustrated a notable enhancement in the treatment's effectiveness against tumours.
About Hofseth Biocare ASA
Founded on principles of sustainability and high-quality resource utilization, Hofseth Biocare is a Norwegian supplier of health ingredients for both consumer and pet markets. Their ongoing research focuses on the individual compounds within their products that may help modulate inflammation and immune responses. Their clinical trials aim to create oral treatments for inflammatory diseases, particularly those driven by eosinophils. The company is also working on innovative bioactive peptides aimed at protecting the gastrointestinal system.
Company Contact Information
For further information, interested parties are encouraged to reach out to:
Jon Olav Ødegård, CEO of Hofseth Biocare ASA
Phone: +47 93632966
E-mail: investor@hofsethbiocare.no
Frequently Asked Questions
What financial results did Hofseth Biocare ASA report for Q3 2024?
In Q3 2024, Hofseth Biocare ASA reported gross operating revenues of NOK 67.9 million but sustained an operating loss of NOK -21.0 million.
What drove the increase in B2B sales for Hofseth Biocare?
The B2B sales growth was largely due to a 91% increase in revenue driven by strong demand for their products, particularly CalGo® in Europe and ProGo® in Asia.
What innovative research is Hofseth Biocare involved in?
Hofseth Biocare is conducting groundbreaking studies on its omegas oil, OmeGo®, showing benefits for COVID-19 recovery and continuing research on peptide therapies for inflammatory diseases.
Who can I contact for more information about Hofseth Biocare ASA?
You can reach Jon Olav Ødegård, the CEO, by phone at +47 93632966 or via email at investor@hofsethbiocare.no.
What is Hofseth Biocare’s core company philosophy?
Hofseth Biocare is committed to sustainability, innovative resource management, and developing high-quality health solutions to best serve their clients and the planet.
