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17.08.2017 09:30

Biohit Oyj Half Year Financial Report 17 August 2017 at 9:30 am local time (EEST)
January-June 2017
Net sales grew by 6.7 % compared to H1/2016
Net sales EUR 4.1 million (EUR 3.8 million)
Operating profit EUR 7.4 million including the profit of EUR 8.4 million booked from the joint venture exit (EUR -2.1 million)
The profit for the reporting period was EUR 7.2 million (EUR -2.1 million)
Net sales from international operations 95.0 % (90.5 %) of total net sales
Equity ratio 89.6 % (85.4 %)
”During the first half of the year 2017 our net sales grew by 6.7 % compared to the reference period H1/2016. Growth in net sales was driven by GastroPanel® and our quick tests. The increase in net sales was negatively impacted by the strengthening of the euro against the pound and delays in deliveries due to certain Chinese customs formalities, resulting in substantial customer deliveries being transferred to the second half of the year, during which growth in net sales is expected to accelerate. During the review period, we were able to complete our exit from our joint venture Biohit HealthCare (Hefei), as a result of which profit of EUR 8.4 million was recorded in the first half of the year, including the share of the joint venture’s profit from January-May 2017. The operating profit for the period improved to EUR 7.4 million (EUR -2.1 million), which was affected by the increase in net sales, above mentioned transaction and the fixed costs decrease compared to the previous year. Fixed costs of the group were EUR 0.5 million less compared to H1/2016 and at the same time gross margin was EUR 0.2 million better. As a result, the company's operating profit improved clearly, while we also continued to grow. Compared to H1/2016 the important net cash flow from operations improved by more than EUR 0.7 million being EUR -0.8 million (EUR -1.6 million). In the first half, we received excellent results from our smoking cessation study and Biohit Oyj's business development focus is on negotiations and preparations for domestic and international distribution related to this indication of use. The results of the smoking cessation study have generated great interest towards our company as well as manufacturing and distribution rights of the product and a number of commercial negotiations are ongoing.”
We expanded our distributor network and advanced product registrations
We continued expanding our distributors network with new agreements and by reorganizing the existing agreements. In the first half of the year 2017, we signed the following contracts for the distribution of Biohit’s diagnostic products: Mast Diagnostics will sell our diagnostic tests in France and Eastern Medical Co. in Vietnam. Afric Phar was appointed as distributor of Biohit Celiac quick test and ColonView® -test in Morocco. In Sri Lanka, GastroPanel® and ColonView®-tests will be distributed by IconnHealthCare Pvt Ltd. GastroPanel® got the sales license for strategically important market areas in Mexico and in Iran during the review period. During the review period, Hefny Pharma received exclusive right to sell Acetium® in Egypt. In China, Chinmax Medical Systems Inc. will distribute Acetium® Lozenge. Acetium® registration was completed in Vietnam and the deliveries will start under the brand name Athetium®.  In general, the duration of the product registration process is different in each market area. It is not possible to accurately predict the time needed by the authorities to handle and complete the registrations in different countries and for product sales to begin. Our main market areas are 1) China 2) EU, Russia, Middle East, Southeast Asia and Mexico.
Cancer screenings in China and Russia continued
We continued our efforts towards advanced medical practices, especially in cancer screenings. The two pilot screening trials for gastric cancer risk started in China in 2015 continued, using Biohit Oyj’s GastroPanel® test. The first of these is a project of the National Clinical Research Centre for Digestive Diseases (Changai Hospital), funded by the Ministry of Science and Technology of China. The Ministry is the coordinator of this multi-centre study screening the risks of early gastric cancer. In the study, at least 20,000 persons will be screened in some 50 hospitals. The screenings where expected to be completed in December 2016, but they are still on-going with some delay.
The second study is being conducted in Chinese healthcare centres by the China Health Promotion Foundation. The foundation is a public organization, administered by the Chinese Ministry of Health. Around half a million 40-80-year-old asymptomatic subjects will be screened in this trial. The sample collection has started in the summer of 2015 and has continued throughout the first half of 2017.
In 2015, Russian Federation started a pilot project for colorectal cancer screening, targeted to 48–75-year-old asymptomatic persons. In the pilot project, around 20,000 persons will be screened, and the results are expected to be available during 2017. Based on these results, the final selection of the screening test to be used in the national screening program will be made, and one of the options is Biohit Oyj`s ColonView® test. The national screening is organised and sponsored by the Russian Federal Government and it will be conducted by local medical centres.
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