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Hofseth BioCare ASA (“HBC”) had gross operating revenues of NOK 26.1m (23.1m) in the fourth quarter and total operating revenues of NOK 87.6m (69.3) for the full year. Cost of sales (CoGS) amounted to NOK 20.9m (16.7m) in the quarter and NOK 64.5m (39.5m) for 2021. Operating profit (EBITDA) for the fourth quarter was NOK -24.0m (-19.5m) and NOK -86.6m (-65.3m) for the full year 2021. Operating loss (EBIT) amounted to NOK 31.4m (29.1m) in the fourth quarter and NOK 115.9m (92.0m) for the full year.

Cash and cash equivalents decreased by NOK 35.9m during the quarter, leaving total holding of cash and cash equivalents at NOK 49.7m by the end of the period. Including credit facilities, HBC had NOK 86.8m in free liquidity by the end of the fourth quarter 2021.

Commercial update

Q1 2022 has started very strongly. The order book after just the first month of trading in 2022, is setting a record, standing at NOK 25.2m, four times higher than the same period last year. This has been due to more orders with higher value and indicative of broad-based momentum for all products.

Furthermore, the supply of OmeGo® and PHP is now very tight vs our indicated demand into H1/2022 so the pricing outlook is also positive for the year ahead. Given the new extensive health claims we can now use with the FDA in the US and with EFSA in Europe, the short and medium-term outlook for the use of HBC ingredients in higher priced human applications is strong.

Highlights in the fourth quarter

  • HBC has during the fourth quarter successfully achieved New Dietary Ingredient (NDI) status from the FDA for OmeGo® and CalGo®.
  • Our work with IMCD is progressing favourably and their laboratories have formulated additional new formats and product prototypes, such as popular gummies and chewable tablets to offer their clients. First commercial orders were also generated during the fourth quarter.
  • Stanford University have completed the statistically significant trial that confirmed the effectiveness of SPH on reducing intestinal injuries in the classical TNBS-induced inflammatory bowel disease (IBD) model.
  • Aqua Spark has become a new strategic investor in HBC and Amy Novogratz was elected a new member to the Board of Directors in December.

Please find the HBC Q4 Financial report attached.

For further information, please contact:
James Berger, Chief Commercial Officer of Hofseth BioCare ASA
Phone: +41 79 950 10 34
E-mail: jb@hofsethbiocare.no

Jon Olav Ødegård, Chief Financial Officer of Hofseth BioCare ASA
Phone: +47 936 32 966
E-mail: joo@hofsethbiocare.no

About Hofseth BioCare ASA:

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”) as well as in COVID. Other leads are focused on the protection of the Gastro-Intestinal (GI) system against inflammation (including ulcerative colitis and the orphan condition necrotising 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. Hofseth BioCare’s headquarters are in Ålesund, Norway with branches in Oslo, London, Zürich, Chicago, Palo Alto and Tokyo.

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act


  • HBC Q4 2021 Financial Report

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