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Interim Report of the Biohit Group 1 January to 30 September 2010

05.11.2010 09:30

January-September 2010:
- Net sales EUR 28.9 million (EUR 25.1 million 1-9/2009)
- Operating profit EUR 0.4 million (operating profit EUR 0.3 million)
- Profit before taxes EUR 0.4 million (loss EUR 0.0 million)
- Share of net sales accounted for by international operations 96.2% (96.0%) 
- Earnings per share EUR 0.00 (EUR -0.02)

July-September 2010:
- Net sales EUR 9.6 million (EUR 8.1 million)
- Operating profit EUR 0.4 million (operating profit EUR 0.1 million)
- Loss before taxes EUR 0.1 million (loss EUR 0.1 million)
- Share of net sales accounted for by international operations 95.7% (95.6%)
- Earnings per share EUR -0.01 (EUR -0.01 )

Jussi Heiniö, President and CEO:

“Trends in our net sales exceeded expectations during the first part of the year. Growth during the review period was 15.1%, with net sales growth in the third quarter reaching up to 18.2%. The recovery of the North American and Asian market areas had a particularly favourable impact on the net sales trend. The new locations opened during the first part of the year boosted sales growth in Asian market areas.

Sales of electronic and mechanical pipettes have grown during the third quarter in particular, and we expect this trend to continue throughout the rest of the year. All in all, the market outlook combined with changes made to our steering mechanisms has created a firm foundation for continued growth and we expect the liquid handling business to reach its growth targets.

The diagnostics business has focused on launching the Acetium capsule and commercialising diagnostic kits. So far, the promotion of diagnostic test kits has centred on Finnish markets, which will be of key significance in yielding references for an international launch. Marketing of the Acetium capsule has likewise focused on Finland, where the product has been favourably received. However, in order to further expand sales, we must make substantial investments in marketing and building up a distribution network – a task we are currently working on. Due to its fairly moderate growth rate in 2010, we do not expect the diagnostics business to reach its net sales growth targets.

In addition to a number of one-off items, the Group’s operating result has been burdened by expenses associated with the launch of the Acetium capsule and considerable outlays on bolstering our sales and marketing organisation in Asia. The Group’s operating result has therefore remained at the same level as in 2009. “

Read the whole financial report