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2022-11-10 11:11:43

10.11.2022 11:11:41 CET | ViroGates | Interim information

COMPANY ANNOUNCEMENT  - No. 24-2022  - 10 November 2022

BIRKERØD, DENMARK – ViroGates A/S, a medical technology company developing blood tests for better triaging in hospitals to improve patient care and reduce healthcare costs, announces its Interim Report for the period 1 January 2022 – 30 September 2022, as approved by the company’s Board of Directors.

In Q1-Q3, 2022, ViroGates’ revenue was TDKK 7,882. This was an increase of 56% compared to the same period last year. The number of clinical routine customers tripled compared to Q3 last year, driven by COVID-19 customers operating at lower volumes on average. The revenue development flattened in Q3 compared to Q1-Q2 as in previous years. In Q3, ViroGates expanded its validations to cover the Beckman Coulter AU5800 platform and published study results showing suPAR’s causality within cardiovascular disease.

The net effect of the COVID-19 pandemic remains uncertain for ViroGates due to the uncertain course of the pandemic during the fall and winter months. The uncertainty is reflected in the full-year financial guidance.

ViroGates maintains its financial guidance for 2022 revenue between DKK 10 to 13 million. ViroGates expects full-year EBIT of DKK -11 to -14 million in 2022 and maintains expectations to become cash flow positive during 2024.

Financial results in Q1-Q3, 2022

The financial results in Q1-Q3, 2022, was driven by growing revenue (Q1-Q3, 2021 results in brackets):

  • Revenue increased by 56% to TDKK 7,882 (TDKK 5,063)
  • Operating expenses decreased by -14% to TDKK -16,846 (TDKK -19,518)
  • Operating loss decreased by -38% to TDKK -8,964 (TDKK -14,455)
  • Net loss decreased by -42% to TDKK -7,865 (TDKK -13,641)
  • Cash and cash equivalents at the end of the period amounted to TDKK 11,173 (TDKK 17,475)

Business highlights in Q1-Q3, 2022

ViroGates had several commercial and scientific achievements in Q1-Q3:

  • Grew the total number of clinical routine customers by +20 to a total of 38, including the first new routine customers in Portugal, but the development flattened in Q3
  • Announced study results on suPAR’s causality within cardiology (Q3)
  • Achieved CE-IVD accreditation of suPARnostic® TurbiLatex on the Beckman Coulter AU5800 platform (Q3)
  • Announced a Vækstfonden debt financing proposal (Q3)
  • Successfully executed a rights issue (Q2-Q3)
  • Announced new members of its non-executive board and a new chairman (Q2)
  • Revamped its disclosure policy to focus on only disclosing major new customers and providing aggregated numbers of routine customers in its quarterly reports (Q2)
  • Provided new financial guidance for 2022 and 2023 (Q2)
  • Achieved CE-IVD accreditation of the finger-prick blood-testing product, suPARnostic® POC+ (Q2)

Jakob Knudsen, CEO of ViroGates, says: “During the first nine months of 2022, most customers have not returned to pre-COVID emergency department activity. At the same time, hospitals have not experienced many severe COVID-19 patients. This environment has not been easy to navigate for our sales representatives. We continue to see interest in using suPARnostic® for COVID-19 triage but hope for normalization to return to exclusively focusing on emergency departments again. The rights issue has strengthened our balance sheet. We continue our efforts towards applying for reimbursement in selected markets and preparing analytical development for our products to be ready for a subsequent USA entry.”

This announcement is a summary and should be read in conjunction with ViroGates’ Interim Report for Q1-Q3, 2022, published on 10 November 2022. A downloadable PDF version will be available on the company’s website.

For further information, please contact:

ViroGates A/S:

CEO, Jakob Knudsen

Tel. (+45) 2226 1355, email: jk@virogates.com

Certified Advisor:

Västra Hamnen Corporate Finance

Per Lönn

Tel. (+46) 40 200 250, email: per.lonn@vhcorp.se

About ViroGates

ViroGates A/S is an international medical technology company developing and marketing blood test products under the suPARnostic® brand for better triaging in hospitals to improve patient care, reduce healthcare costs and empower clinical staff.

The company was founded in 2000. Headquartered in Denmark, ViroGates’ sales force covers the Nordics, Spain, and France, while distributors serve other markets. ViroGates’ shares (VIRO) are listed on Nasdaq First North Growth Market Denmark. For more information, please visit www.virogates.com.

About suPAR and suPARnostic®

suPAR is the biomarker detected by ViroGates’ suPARnostic® products and is a protein in plasma, measurable in every human being. suPAR is considered a general risk status biomarker indicating disease presence, disease severity and progression, organ damage and mortality risk across disease areas such as cardiovascular diseases, kidney diseases, type 2 diabetes, cancer, etc. Strong scientific evidence from more than 850 clinical trials and studies show that the higher the level of suPAR, the worse the prognosis for the patient.

The suPARnostic® products can be used to support healthcare professionals in making clinical decisions on hospitalization or discharge of acute care patients. The increasing demands on health systems globally and tightening healthcare budgets necessitate efficiency improvements and innovative solutions in hospitals. The use of suPAR in clinical routine in emergency departments can improve patient care and reduce healthcare costs by increasing the number of discharges by up to 34% and reducing the average hospital length-of-stay by up to 6% without affecting mortality. suPARnostic® TurbiLatex is currently available on Roche Diagnostics’ cobas® instruments, Siemens Healthineers ADVIA® XPT and Atellica® instruments and the Abbott Labs Architect™ and Alinity™ instruments. ViroGates

Disclosure regulation

Prospects about the future reflect ViroGates' current expectations for future events and results. The statements are by nature inherent in risks, uncertainties and other matters that are difficult to predict or out of control. The actual results may therefore differ from the expectations expressed.