- Sales increased by 29% compared to first half 2022
- Number of BIOCERA-VET units distributed1 increased by
31% compared to the first half of 2022, taking into account the
successful introduction of BIOCERA-VET 3*1cc
- Acceleration of sales growth over the summer months of 2023
with more than 250% increase in BIOCERA-VET units sold compared
to the summer months of 2022
- Operating expenses reduced by 45%, reflecting the
transition from development to commercialization and the focus on
increasing the Company’s operational efficiencies
Regulatory News:
TheraVet (ISIN: BE0974387194 - ticker: ALVET), a pioneering
company in the management of osteoarticular diseases in pets, today
announces its financial results ended June 30, 2023 and the
publication of its half-year financial report.
Recent operational highlights
- Pursue of positioning in high value indications with:
- the launch of Equine program in February 2023;
- the launch of Osteosarcoma Network Program in April 2023;
- the assessment of BIOCERA-VET in non-union fractures of long
bone with Key Opinion Leaders in May 2023.
- Commercial launch of BIOCERA-VET COMBO-CLEAN, a BIOCERA-VET
version specifically adapted to be combined to antibiotics in June
2023
- Available cash of €1.75 million on June 30, 2023, covering
operational activities until the end of second quarter 2024
2023 half-year financial results
Financial information at June 30, 2023
All amounts are in € (Belgian GAAP)
(1)
30.06.2023 6
months
31.12.2022 12
months
30.06.2022 6
months
Revenue
55,266
94,037
42,753
Other operating income
606,172
1,904,880
1,158,057
Variation of stocks of finished
goods and work and contracts in progress
-8,746
144,524
142,359
Produced fixed assets
554,887
1,507,741
870,044
Operating Grants
2,606
53,508
46,665
Other operating income
57,424
199,107
98,989
Total Operating products
661,438
1,998,917
1,200,810
Operating charges
-1,233,841
-3,680,826
-2,226,290
Goods for resale, raw materials,
and consumables
-39,839
-211,396
-258,244
R&D Expenses
-206,318
-593,224
-342,316
Expenses related to the listed
company
-54,437
-190,573
-130,103
Marketing and commercial
expenses
-73,297
-240,268
-130,309
General & administrative
expenses
-414,643
-1,317,502
-752,258
Staff
-441,626
-1,124,566
-611,756
Other operating charges
-3,681
-3,297
-1,304
Gross Operating result
-572,403
-1,681,910
-1,025,480
Amortization & Depreciation
-686,722
-1,094,792
-193,509
Net Operating result
-1,259,125
-2,776,702
-1,218,989
Financial result
353,968
427,044
37,361
Result before taxes
-905,157
-2,349,658
-1,181,628
Income taxes
34,030
Net result
-905,157
-2,315,628
-1,181,628
Net Cash & Cash equivalents at the
end of the period
1,753,562
3,185,671
3,498,856
(1) The accounts presented have not been reviewed by the
Statutory Auditors
During the first half of 2023, TheraVet generated €55,266 of
revenue representing an increase of 29% as compared to June 30,
2022.
The revenue of the first half of 2022 were generated for 93% by
first orders (inventories building) of our distribution partners in
the United Kingdom, Ireland, and Spain. In this first half of 2023,
revenue was driven by the direct sales for 55%, in Europe and in
the US.
During the first half of 2023, alongside the distributor network
and the new distribution agreements concluded with Vetpharma
(announced in February 2023) and more recently in New Zealand,
Norway and Slovenia/Croatia, TheraVet has been more actively
prospecting local prescribing veterinarians (Belgium, France,
United Kingdom and USA).
These two sales channels enabled the distribution during the
first six months of the year of 459 kits (sales and samples),
compared to 412 kits distributed in the first half of 2022, an
increase of 11%. Taking into account the introduction of the
BIOCERA-VET 3*1cc kit in January 2023, which has been very
successful, the number of BIOCERA-VET units distributed (sales and
samples) has increased by 31%. (i.e., 130 units) compared to the
first half of 2022.
Also, the more than 250% increase of BIOCERA-VET unit sales for
first 2 months of the 3rd Quarter of 2023 compared to the same
period in 2022, confirmed the acceleration of the revenue.
The Company also generated €554,887 of “capitalized production”
as a result of the activation of development expenses related to
the BIOCERA-VET® and VISCO-VET® programs during the first half of
2023, representing a decrease of €315,157 as compared to the first
half of 2022.
The inventory of finished products and work in progress, valued
at €13,226 at December 31, 2022 decreased by €8,746 during the
first half of 2023.
Other operating income of €57,424 as of June 30, 2023, compared
to the amount of €98,989 as of June 30, 2022, represents a decrease
of €41,565 as a result of the decrease in payroll and the public
financial contributions received in this context.
The decrease in “Operating charges" reflects the transition from
development to the commercialization of BIOCERA-VET® products and
the focus on increasing the Company’s operational efficiencies:
- COGS have been reduced, as the
Company had anticipated at the end of 2022 the build-up of an
inventory of products ahead of the continued expansion of the
BIOCERA-VET® products in several countries. - R&D
expenses of €206,318 as of June 30, 2023 decreased by €135,998
(40%) compared to the first half of 2022. This reduction is
explained by the particularly important R&D activities
performed in 2021 and 2022 compared to H1 2023:
- In the first half of 2022, activities related to the
development of VISCO-VET® amounted to €241,043 and covered mainly
activities related to the pivotal European clinical study and the
manufacturing process validation whereas the activities related to
the BIOCERA-VET® product range represented €99,034 mainly covering
the clinical case collection to gather safety and efficacy results
on the products.
- In the first half of 2023, activities related to the
development of VISCO-VET® amounted to €104,239, covering mainly
ongoing clinical development activities whereas the activities
related to the BIOCERA-VET® product range represented €102,079, to
finance ongoing product range optimization activities.
- Listed company expenses are
amounting to €54,437 which represents a decrease of €75,666
compared to the first half of 2022 and resulting from the stock
market communication activities. - Marketing & Sales
expenses amount to €73,297 representing a decrease of €57,012
as compared to first half of 2022, explained by the particularly
high marketing expenses in first half of 2022 to prepare the
commercial launch of the BIOCERA-VET® products on the European and
American markets. - G&A expenses represent €414,632, a
decrease by €337,615 – almost 45% - as compared to the first half
of 2022. This strong decrease results from an ongoing focus on
optimizing the Company’s structural expenses and organizational
efficiency, as well as reduced reliance on external consulting fees
compared to 2022. - Staff expenses reached €441,626 in June
2023, compared to €611,756 as of June 30, 2022. This decrease of
€170,130 is explained by an increase in organizational and process
efficiencies in first half of 2023, following a rapid growth period
in first half of 2022.
Finally, the amortization of development expenses related to the
BIOCERA-VET® Bone Surgery and VISCO-VET® programs represents
€686,722 in June 2023 and resulted in an operating loss of €1.26
million compared to €1.22 million as of 30 June 2022 and a reduced
net loss of €0.9 million compared to €1.2 million at June 30,
2022.
The Company’s cash and cash equivalents on June 30, 2023
amounted to €1.75 million allowing to fund operations until the end
of the second quarter of 2024.
Post-closing event as of June 30, 2023
By the time of the publication of this press release, no
materially significant events have taken place after June 30,
2023.
Next key milestones of the next half-year 2023
- Strengthened commercial position in Europe following the recent
first BIOCERA-VET sales in Germany, Norway, Czech Republic and
Slovenia
- Finalization of the development of the advanced formula of
BIOCERA-VET COMBO-CLEAN
Half-year Report 2023 The 2023 half-year financial report
ending June 30, 2023, will be published September 06, 2023, and
will be available on the Company’s website,
www.theravet-finances.com.
Financial calendar 2024
Full year financial results: April 23, 2024 Ordinary
General Assembly: June 06, 2024 Half-year business
update: July 11, 2024 Half-year financial results:
September 12, 2024
About TheraVet SA TheraVet is a veterinary biotechnology
company specialising in osteoarticular treatments for companion
animals. The Company develops targeted, safe and effective
treatments to improve the quality of life of pets suffering from
joint and bone diseases. For pet owners, the health of their pets
is a major concern and TheraVet’s mission is to address the need
for innovative and curative treatments. TheraVet works closely with
international opinion leaders in order to provide a more effective
response to ever-growing needs in the field of veterinary medicine.
TheraVet is listed on Euronext Growth® Paris and Brussels, has its
head office in Belgium (Gosselies) with a US subsidiary in South
Carolina. For more information, visit the TheraVet website or
follow us on LinkedIn / Facebook / Twitter
About BIOCERA-VET In close collaboration with an
international scientific board, THERAVET® has developed a new line
of calcium-phosphate and biological bone substitutes, BIOCERA-VET®.
BIOCERA-VET® is a full range of innovative, easy-to-use, efficient
& cost-effective bone substitutes indicated in bone surgeries
where a bone graft is required and as a palliative alternative in
the management of canine osteosarcoma. Based on extremely promising
clinical results, this line offers the possibility of a better,
more convenient and more efficient orthopedic surgery. BIOCERA-VET®
is declined in different lines:
- BIOCERA-VET® BONE SURGERY RTU, a ready-to-use highly injectable
self-hardening calcium-phosphate cement
- BIOCERA-VET® SMARTGRAFT, a naturally osteoconductive bone
graft
- BIOCERA-VET® GRANULES, an affordable biocompatible
calcium-phosphate bone substitute
- BIOCERA-VET® OSTEOSARCOMA RTU, a ready-to-use highly injectable
calcium-phosphate bone substitute for cementoplasty
- BIOCERA-VET® COMBO-CLEAN, a local and long-lasting antibiotic
delivery calcium-phosphate bone substitute
For more information, visit BIOCERA-VET website.
Forward-looking statements
This release may contain forward-looking statements.
Forward-looking statements may include statements regarding the
Company's plans, objectives, goals, strategies, future events, the
safety and clinical activity of TheraVet’s pipelines and financial
condition, results of operation and business outlook. By their
nature, forward-looking statements involve inherent risks and
uncertainties, both general and specific, and there are risks that
predictions, forecasts, projections, and other forward-looking
statements will not be achieved. These risks, uncertainties and
other factors include, among others, those listed and fully
described in the “Risk Factors” section in the Annual Report.
TheraVet expressly disclaims any obligation to update any such
forward-looking statements in this document to reflect any change
in its expectations with regard thereto or any change in events,
conditions, or circumstances on which any such statement is based,
unless required by law or regulation.
1 Including sales and samples
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230905073743/en/
TheraVet Chief Operating Officer
Sabrina Ena investors@thera.vet Tel: +32 (0) 71 96 00 43
NewCap Investor Relations and Financial Communications
Théo Martin / Nicolas Fossiez theravet@newcap.eu Tel: +33 (0)1 44
71 94 94
Press Relations Arthur Rouillé theravet@newcap.eu Tel: +33 (0)1
44 71 00 15
NewCap Belgique Press Relations
Laure-Eve Monfort lemonfort@newcap.fr Tel: + 32 (0) 489 57 76
52
TheraVet (EU:ALVET)
Historical Stock Chart
Von Apr 2024 bis Mai 2024
TheraVet (EU:ALVET)
Historical Stock Chart
Von Mai 2023 bis Mai 2024
