Hofseth Biocare ASA: FOURTH QUARTER 2023 AND FULL YEAR FINANCIAL REPORT

HBC had gross operating revenues of NOK 47.4m (33.6m) in the fourth quarter and NOK 218.5m (120.4m) for the full year. Adjusted for the sale of assets in the second quarter, operating revenues were NOK 194.9m for the full year, representing an increase compared to 2022 of 38 percent.Cash and cash equivalents increased by NOK 6.2m during the quarter, leaving total holding at NOK 23.9m at the end of the year, compared to NOK 32.4m at the end of 2022. Including credit facilities, HBC had NOK 62...

Ålesund, 09/02/2024 (informazione.it - comunicati stampa - cibi e bevande)

HBC had gross operating revenues of NOK 47.4m (33.6m) in the fourth quarter and NOK 218.5m (120.4m) for the full year. Adjusted for the sale of assets in the second quarter, operating revenues were NOK 194.9m for the full year, representing an increase compared to 2022 of 38 percent.

Cash and cash equivalents increased by NOK 6.2m during the quarter, leaving total holding at NOK 23.9m at the end of the year, compared to NOK 32.4m at the end of 2022. Including credit facilities, HBC had NOK 62.5m in free liquidity as of the end of 2023.

Jon Olav Ødegård, CEO of HBC says: “ I am pleased to point out the investment in HBC through a new class of preference shares, settled by converting NOK 144 million of debt, demonstrates our commitment to financial stability and growth. We closed the transaction in early January 2024, resulting in a strong financial position for HBC. Our targets for 2024 have been set and this will be another exciting year where we aim for 50 % further growth in sales and a higher capacity utilization to deliver positive EBITDA in 2024 .”

Highlights in the fourth quarter

Highlights after the quarter

Please find the HBC Q4 & Full year 2023 Financial report attached.

For further information, please contact:
Christel Elise Kanli, CFO of Hofseth BioCare ASA
Phone: +47 41623188
E-mail: ck@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").

Other leads are focused on the protection of the Gastro- Intestinal (GI) system against inflammation (including ulcerative colitis and the orphan condition necrotizing 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 offices in Oslo, London, Zürich, New Jersey and Palo Alto, CA.

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

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