Q2 2024 Vistin Pharma ASA Earnings Call Transcript
Key Points
- Record high EBITDA of NOK27 million in Q2 2024, a 40% increase from Q2 2023.
- Gross margin improved to 64%, surpassing the target of 60%.
- Year-to-date revenue increased slightly to NOK210 million from NOK208 million in the previous year.
- Positive impact from product mix, favorable material costs, and good cost control.
- Strategic positioning as a leading global producer of high-quality metformin with an attractive growth potential.
- Revenue in Q2 2024 was NOK106 million, slightly down from NOK107 million in Q2 2023.
- Global metformin prices have decreased over the past 12 months, stabilizing at a low level.
- Unplanned maintenance and repair in Q1 2024 affected production and sales volumes.
- Increased freight lead times and costs due to reduced transportation through the Suez Canal.
- Shift from a net cash position at the end of 2023 to a net debt position of NOK34 million by the end of June 2024.
Welcome all to this second quarter 2024 presentation. I will now go through the highlights of the second quarter 2024 results. The revenue in the second quarter ended at NOK106 million versus NOK107 million in the second quarter of 2023. Currency neutral revenue was slightly higher in the quarter compared to the second quarter of 2023 was about 1%. The year-to-date 2024 revenue ended at NOK210 million compared to NOK208 million year-to-date last year.
The second quarter ended with a record high EBITDA of NOK27 million versus NOK20 million in the second quarter of 2023, an increase of 40%. The EBITDA was positively affected by product mix, favorable material cost prices and good cost control in the quarter. The EBITDA year-to-date ended at NOK48 million versus NOK34 million year-to-date at the same time last year, an increase of 42%.
The manufacturing line 2 has been producing according to plan from April, after the unplanned maintenance and repair we had in the first quarter, we also had planned biannual maintenance stop
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