Biotage achieves its financial targets for 2004
Positive cash flow and costs more than halved
Biotage AB set two financial targets in conjunction with the acquisition of Personal Chemistry AB and Biotage LLC in the autumn of 2003: to reduce annual operating expenses from above 600 MSEK to less than 300 MSEK, and to achieve a positive cash flow in the fourth quarter of 2004.
By the end of the first quarter of 2004, Biotage had already reduced its operating expenses to 75 MSEK. The figure for the full year will be in the range 280-285 MSEK. With a preliminary positive cash flow of approximately 2 MSEK in the fourth quarter, the company has thereby achieved both of its financial targets.
This is a clear show of strength from Biotage, proving that we are heading in the right direction. We will now focus on strengthening the company further to continue this favorable trend for the remainder of the current year, says Jeff Bork, Biotages President and CEO.
Sales in the fourth quarter of 2004 amounted to 107-109 MSEK. Adjusted for the low USD rate, this is higher than for the year-earlier period. This is in line with the forecast issued in conjunction with the third-quarter report in October 2004.
The year-end accounts for 2004 will be presented on February 9.
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