Q2 2024 Arcticzymes Technologies ASA Earnings Call Transcript
Key Points
- ArcticZymes Technologies ASA (FRA:B4V) achieved an all-time high number of orders for the quarter, indicating strong demand for their unique enzymes.
- The company made significant progress in partnership talks within the CDMO area and on the distribution front, which could enhance future growth.
- Successful scientific marketing efforts, including a presentation at the American Society of Gene & Cell Therapy, have accelerated partnership discussions.
- ArcticZymes Technologies ASA (FRA:B4V) is focusing on building a platform for long-term growth, with plans to launch two new GMP nucleases and an ELISA kit within the next 12 months.
- The company received a NOK12 million grant from the Norwegian Research Council to support the development of new enzymes for the advanced therapies biomanufacturing market.
- Sales for Q2 2024 were slightly lower than Q1, with a decrease in average order size value, indicating potential challenges in market conditions.
- The company had to dispose of some ELISA kits from inventory due to expiration, impacting cost of materials.
- Personnel expenses and other operating expenses were slightly higher compared to the same period last year, affecting profitability.
- The cash position was negatively impacted by changes in accounts receivable and payables, leading to a temporary cash flow issue.
- Despite progress, the company acknowledges that it is too early to determine if the increased number of orders will convert into larger, sustained sales.
Good morning, and welcome to ArcticZymes Q2 Earnings Report. My name is Michael Akoh. I'm the CEO of ArcticZymes and I'm joined by Borge Sorvoll, our CFO.
Next slide, Borge. I'm going to go through the highlights of the quarter. And then I'm also going to do a recap of our strategic priorities, followed by a sales update. And then I'm going to also go into a biomanufacturing segment update. Then as usual, Borge is going to take you through the financials of the quarter. And we're going to end by going through a Q&A session.
Next slide, Borge. I'm not going to go through this highlight slide, so please go to next slide, Borge. The highlights of Q2 2024. It's been a busy quarter for ArcticZymes. We've executed on the key elements of our strategy. We have progressed our innovation portfolio. We've been in dialogue with hundreds of our customers out in the market space. We've also seen that we had an all-time high number of orders for the quarter, just short of 400. So what does that point to?
That points to
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