Annual Report 2022/23: BRAIN Biotech AG successfully executes growth strategy
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EQS-News: BRAIN Biotech AG
/ Key word(s): Annual Report/Annual Results
Annual Report 2022/23: BRAIN Biotech AG successfully executes growth strategy
Zwingenberg, Germany, 17. January 2024 – BRAIN Biotech AG, a leading provider of integrated solutions for the biologization of industry and parent company of the BRAIN Biotech Group, has published the Group´s financial figures for the fiscal year 2022/23. The Group´s consolidated revenue increased strongly to € 55.3 million in the 2022/23 financial year. Compared with the previous year, this represents growth of 11.8 %. In all organic terms, excluding Breatec B.V. sales in the first four months of the current financial year as well as L.A. Schmitt in the previous year, growth showed a dynamic plus 9.8 %. Expanding enzyme sales within the BioProducts segment demonstrated the main contribution to organic growth. The acquisition of all outstanding minority interests in Biocatalysts Ltd. in the past financial year has enabled the full integration of the Group’s product businesses. BRAIN Biotech’s One-BioProducts strategy will deliver significant growth and cost synergies within the segment during the coming years. The strong integration of the product business with the scientific excellence in enzymes and microorganisms at the BRAIN Biotech Zwingenberg research site is a key cornerstone of the Groups’ strategy to serve customers with innovative bio-solutions. CEO Adriaan Moelker says: “I am very pleased that our growth strategy is developing in the targeted direction with a second consecutive year of sales expansion above market growth. We are now clearly positioned as a bio-solutions provider of choice across the enzymes and microorganisms value chain. In addition, BRAIN is increasingly developing into a focused product company with an emphasis on enzymes. With our outstanding enzyme expertise, our application know-how in various specialty markets and last year’s production capacity expansion at Biocatalysts Ltd, we are well positioned to also meet future industry requirements.” BRAIN Biotech reported an improved adjusted EBITDA from € -98 thousand to € 0.4 million despite ongoing high investments into the Group’s BioIncubator. CFO Michael Schneiders states: “It has been a strong achievement by the entire team to finish this challenging year full of economic and geo-political surprises comfortably within our guided range. The adjusted EBITDA breakeven has been achieved despite higher year on year investments in our BioIncubator pipeline, especially Akribion Genomics. We will continue our journey of profitable growth at full speed. I am also very pleased with the strong clinical data from our pharmaceutical BioIncubator project “Deucrictibant” on the rare disease Hereditary Angioedema by our partner Pharvaris. I see this project fully on track with very strong economic potential for BRAIN Biotech. “ Development of the segments BRAIN Biotech’s business activities are structured into the BioProducts, BioScience and BioIncubator operating segments. The Company had changed its reporting structure to a three-pillar reporting structure during the first half of the calendar year 2023 to further increase transparency on the operating performance for its stakeholders. The BioProducts segment mainly consists of its industrially scalable products business focusing on specialized enzymes and proteins. Revenue in this segment grew strongly from € 37.5 million to € 42.5 million. This 13.2 % turnover increase in the segment is mainly attributable to enzyme product sales. Especially Breatec B.V., acquired in the previous business year, is continuing to demonstrate very dynamic growth rates. The segment’s total operating performance reported growth of 7.5 %, from € 39.8 million in the previous year to € 42.8 million. The segment’s adjusted EBITDA grew from € 4.9 million to € 5.5 million. This positive performance is driven by higher revenue and an improved cost ratios. The BioScience segment includes the research and development business with industrial partners. In this segment, revenue increased by 1.9 % from € 12.1 million to € 12.3 million. This is attributable to growth in the project business. New cooperation partners were acquired in the financial year under review and existing relationships with cooperation partners were successfully expanded. Research and development grant revenue decreased slightly by € 0.1 million, from € 0.5 million to € 0.4 million. As a consequence, total operating performance was only slightly up by € 0.1 million to € 13.4 million. The segment’s adjusted EBITDA decreased from € 0.9 million in the previous year to € 0.8 million. The BioIncubator segment includes the external R&D project pipeline and the company’s own R&D projects offering high value-creation potential. The segment generated revenue of € 0.6 million in the reporting period. This revenue was generated primarily from license income in the genome editing area under the brand name of Akribion Genomics. Research and development grant revenue increased significantly from € 0.1 million to € 0.4 million. The segment’s adjusted EBITDA is mainly driven by investments in genome editing and amounted to € -2.7 million in the financial year (previous € -2.6 million). Gross investments into the Akribion Genomics platform were increased to EUR 3.3 million versus EUR 2.0 million in the previous year. Key financials from Financial Year 2022/23:
17.01.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. |
| Language: | English |
| Company: | BRAIN Biotech AG |
| Darmstädter Straße 34-36 | |
| 64673 Zwingenberg | |
| Germany | |
| Phone: | +49 (0) 62 51 / 9331-0 |
| Fax: | +49 (0) 62 51 / 9331-11 |
| E-mail: | ir@brain-biotech.com |
| Internet: | www.brain-biotech.com |
| ISIN: | DE0005203947 |
| WKN: | 520394 |
| Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange |
| EQS News ID: | 1816141 |
| End of News | EQS News Service |
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