Artgen Biotech (formerly HSCI, MOEX: ABIO) published consolidated operating results for 2023 according to the international financial reporting standards (IFRS). The company's consolidated revenue amounted to RUB 1,368.6 mln, which is 20.4% more than in 2022.
Key events of the Group in the reporting period:
For 2023, the Artgen Biotech Group (hereinafter also referred to as the "Group") demonstrated the following consolidated financial results:
RUB thous. |
2023 |
2022 |
change |
Revenue |
1 368 551 |
1 136 904 |
20,4% |
Operating expenses, incl. |
-1 093 036 |
-1 025 990 |
6,5% |
Depreciation of fixed assets, intangible assets and right-of-use assets |
-70 896 |
-53 479 |
32,6% |
Operating profit |
275 515 |
110 914 |
148,4% |
Operating margin, % |
20,13% |
9,76% |
n.a. |
EBITDA1 |
299 189 |
138 119 |
116,6% |
EBITDA margin, % |
21,86% |
12,15% |
n.a. |
Net profit |
194 657 |
23 075 |
743,6% |
Net margin, % |
14,22% |
2,03% |
n.a. |
EBITDA R&D2 |
329 019 |
217 894 |
51,0% |
EBITDA R&D margin, % |
24,04% |
19,17% |
n.a. |
1 EBITDA means earnings before interest on loans and borrowings, income tax and depreciation, excluding interest received. This indicator reflects the cash flow from the Company's operating activities, which remains at the disposal of creditors, investors and founders.
2 EBITDA R&D means earnings before interest on loans and borrowings, income tax and depreciation, excluding interest received, and excluding research expenses. This indicator reflects the cash flow from the Company's operating activities, which remains at the disposal of creditors, investors and founders before investing in scientific research.
Consolidated revenue and income for the main companies of the Artgen Biotech Group
The Group's consolidated revenue for the 12 months of 2023 amounted to RUB 1,368,551 thous., which is 20.38% more than in 2022.
|
For the 12 months ended |
For the 12 months ended |
change % |
Neovasculgen drug |
454 747 |
313 083 |
45,2% |
Genetic studies |
340 442 |
285 337 |
19,3% |
Gemabank services for storage of biomaterials |
287 072 |
256 747 |
11,8% |
Reproductive materials bank services |
205 931 |
178 428 |
15,4% |
SPRS therapy services |
64 412 |
54 315 |
18,6% |
Other revenue |
15 054 |
24 439 |
-38,4% |
Covid -19 testing services and test systems |
893 |
24 555 |
-96,4% |
Total | 1 368 551 | 1 136 904 | 20,4% |
Operating expenses, operating profit/(loss), EBITDA, EBITDA R&D
Consolidated operating expenses
The Group's operating profit amounted to RUB 275.5 mln, operating margin - 20.13%. EBITDA increased by 116.6% compared to the same period in 2022. EBITDA R&D, presented in the annual report for 2022 and, in our opinion, giving a more objective understanding of the Group’s operating profitability and margins, at the end of 2023 increased to RUB 329.0 mln, which is 51.0% higher than in the same period in 2022. This indicator excludes expenses for research and development (RUB 29,830 thous.), which, although reflected according to accounting rules in the Profit and Loss Statement, actually represent investments in the development and creation of new drugs and medical devices.
Other profit and losses, profit/(loss) before tax
In 2023, the Company showed other losses in the amount of RUB 64,122 thous. (the sum of the result from participation in associated companies, net interest, net other non-operating expenses and net exchange rate differences), which is 21.4% less than in 2022. As a result, the Company's profit before tax amounted to RUB 211.4 mln (+621.4%).
Profit / (loss) for the reporting period (net profit / (loss))
The Company's consolidated net profit amounted to RUB 194,657 thous. (+743.6%).
Consolidation
Consolidated financial statements for the 12 months of 2023 include the results of: Artgen Biotech PJSC and its subsidiaries - IMCB PJSC, GENETICO CGRM JSC, Reprolab LLC, NextGen JSC, HSCI Pharma LLC, Vitacel LLC, Skincel LLC, HSCI Ventures LLC, Betuvax LLC, Histograft LLC, as well as associated companies Biotechnologies Development JSC, Genotarget LLC, HSCI Consulting LLC and INMT JSC.
ANNEXES:
The consolidated financial statements of Artgen Biotech PJSC and its subsidiaries according to IFRS can be found on the Company’s corporate website in the "For investors" section (Financial statements / IFRS statements).