BioPorto Announces Annual Results for 2023

April 4, 2024

Announcement no. 05

BioPorto Announces Annual Results for 2023

COPENHAGEN, DENMARK and BOSTON, MA, USA, April 4, 2024, (GLOBE NEWSWIRE) -- BioPorto A/S (BioPorto or Company) (CPH:BIOPOR), an in vitro diagnostics company focused on empowering the early detection of Acute Kidney Injury (AKI), announced today financial results for the year ended December 31, 2023.

Highlights 2023
Revenue and adjusted EBITDA in 2023 are in line with the preliminary results announced on February 22, 2024. Revenue amounted to DKK 31m (USD 4.5m), equivalent to a 7% increase over 2022, and the adjusted EBITDA loss amounted to DKK 56m (loss of USD 8.1m)

As of December 31, 2023, the Company had cash and cash equivalents of DKK 66m (USD 9.8m).

Outlook for 2024
As announced on February 22, 2024, the expected revenue in 2024 is DKK 40m (USD 6m) corresponding to a growth rate of 30%.

Growth is expected to be driven by increased sales of NGAL products – primarily in the US following the FDA clearance, supplemented by growth in the rest of the world. Revenue is expected to be back-end loaded, as US clinical commercialization of ProNephro AKI (NGAL) will commence in the second half of 2024.

For 2024, an adjusted EBITDA loss in the range DKK 75-90m (loss of USD 11-13m) is expected. The expected loss relates to higher marketing costs for ProNephro AKI (NGAL) in the US, and the cost of new clinical trials to support FDA clearance for ProNephro AKI (NGAL) in adults.

Peter Mørch Eriksen, BioPorto’s Chief Executive Officer, comments: “Reflecting on 2023, the most important milestone for BioPorto was undoubtedly the FDA clearance received in December for ProNephro AKI (NGAL) for pediatric and young adult use. The NGAL test is designed to help doctors identify intensive care unit (ICU) patients at risk of developing acute kidney injury (AKI) earlier than current standard care, which allows for prompt intervention and saving lives. The FDA clearance is a major proof of concept and defining for the future of BioPorto.”

Peter Mørch Eriksen continues: “The growth in 2023 revenues is the results of a 25% increase in sales of our NGAL products for research use only in the US and for general use in Europe, Canada, Israel, South Korea and other markets where the test is CE marked. Throughout the year, we maintained tight control over costs and adjusted the organization to the leanest possible structure whilst awaiting the outcome of the FDA application.”