Oslo, Norway, 27th of April 2022
Vistin Pharma ASA (Vistin Pharma, OSE: VISTIN) today announces the financial results for the first quarter 2022
Revenue in first quarter ended at MNOK 33 compared to MNOK 71 in Q1 2021. Decrease in revenue for the quarter driven by less volume available for sale due to the planned Metformin Expansion Project (MEP) installation.
First quarter EBITDA ended at negative MNOK 18 (Q1’21: MNOK 15). EBITDA unfavorably affected by limited sales volume available, start-up costs for new line, FX and record high electricity prices in quarter. Financial result in the quarter is according to plan and is expected to improve from Q2’22, with more volume available for sale.
The net profit ended at negative MNOK 15.2 (Q1’21: MNOK 8.8) for the first quarter of 2022.
At end of March both existing production line #1 and new line #2 was producing metformin. Line #1 producing according to plan. Line #2 producing at reduced capacity during initial ramp-up phase. Vistin has had significant start-up costs in the quarter driven by onboarding of new operators & quality FTE’s and semi-variable overhead costs, in addition to limited production. First commercial batch from the 2nd production line expected to be shipped out in Q2 ’22 as planned. Capacity is expected to ramp-up gradually during Q2-Q4 and reach an annual capacity of >5 500MT by end 2022. Annual capacity of approx. 7000MT expected to be reached during 2023.
Vistin Pharma had cash of MNOK 12 (Q1’21 MNOK: 85) as of 31 March 2022. Approx. 70% of the Metformin Expansion Project (MEP) has been paid as of end March and project cost is according to budget. The company has a strong balance sheet with an equity ratio of 82% and no interest-bearing debt.
The first quarter conference call, which will be held today, 27th of April, at 8.30am (CET) and will be available via web and audio through the following access points:
Confirmation Code: 8168697
International dial-In: +44 (0) 2071 928338
Norway, Oslo: +47 21563015
United States, New York: +1 6467413167
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.
For further information, please contact:
+47 97 05 36 21
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.