Sweden's I-Tech Q3 net sales rise on higher Selektope adoption
Sweden's I-Tech Q3 net sales rise on higher Selektope adoption
Overview
Sweden biotechnology firm's Q3 net sales rose 19% yr/yr
Q3 operating and net profit increased yr/yr
Growth driven by higher Selektope adoption and supportive shipping market conditions
Outlook
Company expects further progress in business development initiatives during autumn
Company developing new biologically derived antifouling technology for aquaculture applications
Company awaits EU decision on medetomidine approval, prepared to challenge negative outcome
Result Drivers
SELEKTOPE ADOPTION - Co said increased adoption of Selektope-based antifouling solutions drove sales and profit growth
SUPPORTIVE SHIPPING MARKET - Co said favorable shipping market conditions contributed to Q3 growth
CURRENCY IMPACT - Weaker SEK against USD provided slight tailwind to reported revenues
Company press release: ID:nMFN7XmGwg
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Sales |
| SEK 48.76 mln |
|
Q3 Net Income |
| SEK 11.62 mln |
|
Q3 EBIT |
| SEK 13.29 mln |
|
Q3 EBITDA |
| SEK 15.15 mln |
|
Q3 Operating Cash Flow |
| SEK 13.29 mln |
|
Analyst Coverage
Wall Street's median 12-month price target for I-Tech AB is SEK87.00, about 20.2% above its October 15 closing price of SEK72.40
The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 15 three months ago
Reuters Recommended Reads
Oct 15 - Sweden's OEM International Q3 sales beat estimates, partly on acquisitions
Oct 15 - Sweden's AQ Group Q3 sales beat estimates on defense, data center demand
Oct 15 - Sweden's MilDef Q3 sales surge on increased delivery rate
For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.
(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)