Oslo, Norway, 27th of April 2023
Vistin Pharma ASA (Vistin Pharma, OSE: VISTIN) today announces the financial results for the first quarter of 2023.
Revenue in the first quarter ended at MNOK 101 compared to MNOK 33 in Q1 2022. Manufacturing from two production lines in the quarter has resulted in more volumes available for sale, compared to Q1’22 where there were an eight-week production stop due to the MEP installation.
First quarter EBITDA ended at MNOK 14.1 (MNOK -18.2). EBITDA positively affected by increased sales volume, higher sales prices, competitive energy costs and a weak NOK.
The net profit ended at negative MNOK 3 (Q1’22: negative MNOK 15.2) for the first quarter of 2023. Net profit negatively affected with MNOK 15 by fair value of FX cash flow hedging contracts (unrealized loss - no cash effect in quarter).
1240MT of metformin HCl was produced in the Fikkjebakke plant in Q1. In February line #2 was closed down in 10-days for technical improvements. The stop was planned, and the improvements has been successful, giving increased consistency in the output from the new line. The manufacturing capacity is expected to continue to ramp-up gradually during 2023 and reach an installed capacity of close to 7000MT by end 2023.
Improved operational cash flow in the quarter resulted in a significant reduction in net debt from MNOK 43.7 in Q4’22 to MNOK 20.3 by end of March.
The Board of Directors has proposed to get a power of attorney from AGM in May to pay up to NOK 0.75 per share in dividend. The power of attorney should be valid until the 2024 AGM.
The first quarter conference call, which will be held today, 27th of April, at 8.30am (CET), will be available via webcast and audio through the following access points:
Webcast:
https://edge.media-server.com/mmc/p/esnqd8k9
Telephone conference (online registration):
https://register.vevent.com/register/BI27373abc81d0427486bb885a935c342c
The conference call will be held in English.
Please find the Q1 report and presentation enclosed. The report will also be made available on www.vistin.com.
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For further information, please contact:
Alexander Karlsen
CFO
+47 97 05 36 21
alexander.karlsen@vistin.com
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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