Performance during the first nine months of the year shows that Bio-Works has made progress. Revenue has increased and the operating result has improved compared with the corresponding period last year. The third quarter was weaker in terms of deliveries and earnings, while order intake was strong.
During the quarter, we received several significant orders from returning customers. In addition, a major US biotechnology company selected Bio-Works as a partner in the development of a new biologic drug. This is an important example of how our products and technical expertise support our customers' drug development projects.
Several orders received during the quarter are scheduled for delivery in future periods and therefore did not contribute to revenue in the quarter. The time between order placement and delivery means that sales and earnings can vary between individual quarters. Performance therefore needs to be assessed over a longer period.
During the year, we have adapted our organisation to better meet customer needs and fulfil scheduled deliveries. These adjustments entail higher costs in the short term and have therefore affected earnings. At the same time, they put us in a better position to manage a growing business and deliver on the orders we have secured.
Our priority is to translate customer interest and existing orders into completed projects, revenue and an increasingly stable business.
Cash flow has strengthened, partly through advance payments from customers, and our earnings have improved. Personally, I am very pleased with this progress as I am preparing to hand over the role of CEO to Eva Lindskog in November. We will place greater emphasis on commercial efficiency, and I will continue to work in an operational role at Bio-Works, supporting continuity in customer relationships, operations and the company's continued development together with Eva.
Lone Carlbom
CEO Bio-Works Technologies AB
Contacts
For more information, please visit the Bio-Works homepage at, www.bio-works.com or contact: Arne Hauge, CFO, e-mail: arne.hauge@bio-works.com, phone: +46(0)8-502 705 83.
About Bio-Works
Bio-Works enables Biotech companies to achieve their goals for purification of biomolecules. We support our customers, from laboratory research to commercial production, and together we implement efficient and robust solutions for bioprocessing. Our ambition is to be a trusted and dynamic partner in an industry characterized by growth and development.
Bio-Works' headquarters, with R&D and manufacturing, is located in Uppsala Business Park in Uppsala, Sweden. We supply products globally, through a combination of direct sales and via distributors in Europe, North America and Asia. The company is certified according to the ISO 9001:2015 quality management system. Bio-Works is listed on Spotlight Stock Market ("BIOWKS"). For more information, visit www.bio-works.com.