HBC had gross operating revenues of
Cash and cash equivalents increased by
Highlights in the fourth quarter
- HBC continued its sales trend in the fourth quarter at a higher level than earlier years. Sales revenues were
46 million NOK in the quarter, up 26 percent compared to fourth quarter 2022. HBC has made a significant jump from previous years, with total sales revenues for the year at 190 million, up 58 per cent, an increase of 70 million from 2022. The sales successes are a result of systematic promotion in international markets of our unique, fresh ingredients founded on science and circular economy, that has enabled us to enter high value human and pet markets. - The gross margin in the fourth quarter is negatively impacted by an extraordinary write-down of
15 million NOK of our excess calcium inventory. Despite this, the trend for new projects is accelerating with several new product launches for CalGo and new pet buyer in the quarter. Gross margins excluding the write-down was at 27 percent compared to 18 percent fourth quarter 2022. - R&D work on all our ingredients continued unabated and with new significant results already completed, the outlook for new projects continues to gather pace as a result. Scientific validation is crucial to differentiate and create credibility in a competitive market for new consumer health products.
- At the end of the fourth quarter HBC entered into an agreement with
Hofseth International to make an investment in HBC in a new class of preference shares settled by converting144 million NOK of accumulated accounts payables. The effect of the transaction boosted our equity ratio in January.
Highlights after the quarter
- The transaction converting accounts payables to newly issued preference B-shares was concluded and registered first week of
January 2024 . The equity ratio of HBC consequently improved to approximately 47 percent. Details of the transaction can be found in the press release and call for general meeting.
Please find the HBC Q4 & Full year 2023 Financial report attached.
For further information, please contact:
Christel Elise Kanli, CFO of
Phone: +47 41623188
E-mail: ck@hofsethbiocare.no
About
HBC is a Norwegian consumer and pet health ingredient supplier and an incubator for new pharmaceutical drug leads. Research is ongoing to identify the individual elements within its ingredients that modulate inflammation and the immune response with pre-clinical studies ongoing in multiple clinics and university research labs. Lead clinical and pre-clinical candidates are focused on developing an oral treatment for inflammatory disease driven by eosinophils (a type of white blood cell). Clinical trial work with the oil is ongoing to ameliorate lung inflammation in eosinophilic asthma and COPD ("smokers lung").
Other leads are focused on the protection of the Gastro- Intestinal (GI) system against inflammation (including ulcerative colitis and the orphan condition necrotizing enterocolitis) and using peptide fractions of salmon protein hydrolysate (SPH also known as 'ProGo') as a Medical Food to help treat age-related Sarcopenia, and as a treatment for Iron Deficiency Anemia.
The company is founded on the core values of sustainability, optimal utilization of natural resources and full traceability. Through an innovative hydrolysis technology, HBC can preserve the quality of the lipids, proteins and calcium from fresh salmon off-cuts.
This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act
Attachment
- HBC Q4 2023 Financial Report
© OMX, source