DGAP-News: Vita 34 AG
/ Key word(s): Half Year Results
31.08.2021 / 07:30
The issuer is solely responsible for the content of this announcement.
Vita 34 again achieves double-digit growth in revenues and earnings in the first half of the year
Leipzig, 31 August 2021 – Vita 34 AG (ISIN: DE000A0BL849; WKN: A0BL84), one of the largest cell banks in Europe, continued to grow in the second quarter of 2021. Once again, the targeted marketing and sales measures in the DACH region were a key driver for increasing customer demand.
Revenues increased by 13.7 percent to EUR 10.8 million in the first half of the year (H1 2020: EUR 9.5 million), enabling the company to realize double-digit growth rates for the second quarter in a row. In the second quarter, marketing expenses were again consistently increased further compared to the same quarter of the previous year in order to continue to promote the positive momentum in customer demand in the second half of 2021. “Despite the limitations of COVID-19 on the general economic environment, we managed to grow decently also in the second quarter,” explains Dr. Wolfgang Knirsch, CEO of Vita 34 AG. “Therefore, we remain confident that we will also come through the further course of the pandemic well in the second half of the year.”
Despite increased marketing expenses, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) also increased further. Compared to revenues, it increased disproportionately by 20.3 percent to EUR 3.2 million (H1 2020: EUR 2.6 million). This already includes increased personnel costs compared to the previous year, primarily resulting from rising employee numbers in the areas of manufacturing and research & development. “In the second half of the year, we will also incur expenses for the development project Immune Cells and, as planned, will even slightly increase expenses here compared to the first half of the year. Furthermore, we will continue to increase marketing expenses in proportion to the planned improved operational performance and, as far as necessary, the personnel in the manufacturing area” underlines Andreas Schafhirt , CFO of Vita 34.
As expected, unadjusted EBITDA decreased due to costs related to the planned merger with Polski Bank Komórek Macierzystych S.A., Warsaw (“PBKM”). At EUR 2.0 million, it was 20.6 percent below the comparable figure for the previous year (H1 2020: EUR 2.5 million).
The key figures for business development are as follows:
The dynamic business performance also had a positive impact on the company’s liquidity situation. With an increase of 28.3 percent to EUR 2.4 million (H1 2020: EUR 1.8 million), operating cash flow showed similarly strong growth to adjusted EBITDA. This development was positively influenced by a normalization of inventories following the pandemic-related build-up of inventories in the previous year. As a result of increased investments, including in research & development and in property, plant and equipment, as well as the cash outflow due to consultancy costs in connection with the planned merger with PBKM, cash and cash equivalents increased by only 2.7 percent to EUR 10.7 million.
Against the backdrop of the unchanged positive business development in the second quarter of 2021, the Management Board of Vita 34 AG continues to adhere to its forecast for the full fiscal year 2021 (before the planned merger) published in the context of the Annual Report 2020.
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
|Company:||Vita 34 AG|
|Deutscher Platz 5a|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1229877|
|End of News||DGAP News Service|