Q3 2024 Arcticzymes Technologies ASA Earnings Call Transcript
Key Points
- ArcticZymes Technologies ASA (FRA:B4V) has hired a new VP of sales, Paul Blackburn, who brings over 20 years of experience in life sciences, which is expected to strengthen the sales team.
- The company has made significant progress in negotiations for a SAN Enzyme agreement and is advancing in CDMO partnerships, aiming to become a standard on CDMO platforms.
- A new RNA restriction enzyme publication has generated significant interest, highlighting ArcticZymes' innovative capabilities.
- The company is undergoing a commercial transformation to become a solution provider rather than just a raw material supplier, aiming to enhance customer-centricity.
- Despite a challenging macroeconomic environment, ArcticZymes has managed to grow its biomanufacturing business over the last three quarters, showing resilience and adaptability.
- Q3 was challenging for ArcticZymes Technologies ASA (FRA:B4V) with a revenue of NOK24.1 million and an EBITDA loss of NOK2.3 million, primarily due to a weak performance in the molecular tools segment.
- The company faced a lack of major orders from a key account in the molecular tools segment, impacting sales negatively.
- Expenses have increased by 12% compared to the previous year, partly due to extraordinary items and increased commercial activities.
- The company is facing increased competition in the salt active nuclease market, which could impact its market position.
- The macroeconomic environment remains challenging, particularly affecting smaller gene and cell therapy biotechs, which are part of ArcticZymes' core customer group.
Good morning and welcome to Arcticzymes Q3 earnings report. My name is Michael B. Akoh. I'm the CEO of Arcticzymes and as usual, I'm joined by Børge Sørvoll, our CFO a quick look at the agenda and what we're going to cover today, we're going to share some highlights from the quarter. Then we're going to be talking about the commercial transformation that we're currently going through as well as the next stage of that commercial transformation. And I'm going to touch upon our strategic priorities and then I'm going to follow up with a look into sales for the quarter and then the biomanufacturing updates in regards to agreements. And then I look into the future in regards to our coming portfolio. Then Borge is going to take over and go into the financials. And finally, we're going to take questions.
There's no doubt about that Q3 was a challenging quarter in terms of revenue. We made a NOK24.1 million and it was in particular, the molecular tools segment that had a soft quarter that also is reflected in the EBITDA numbers where we had a loss of
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