Sweden's I-Tech Q2 net sales jump 86% on customer demand
Sweden's I-Tech Q2 net sales jump 86% on customer demand
Overview
Sweden biotechnology firm's Q2 net sales rose 86% yr/yr
Q2 operating profit and net income increased sharply from prior year
Growth driven by higher customer demand and adoption of Selektope-based solutions
Outlook
Company says supportive shipping market conditions continue to drive customer demand
I-Tech continues to engage with EU regulators on Selektope’s market approval, with a decision likely in Q4
Company remains focused on supporting customer growth and advancing regulatory and business development activities
Result Drivers
CUSTOMER DEMAND - Co said strong sales and profit growth were driven by increasing customer demand and adoption of Selektope-based antifouling solutions
KEY CUSTOMER GROWTH - Co reported organic sales growth with CMP, Jotun and PPG, and noted a significant customer with prior financial difficulties recorded 91% organic sales growth year to date
CURRENCY HEADWIND - Co said a moderately stronger Swedish krona against the US dollar provided a slight currency headwind on reported revenues
Company press release: ID:nMFN8hCjRf
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Sales |
| SEK 58.67 mln |
|
Q2 Net Income |
| SEK 17.40 mln |
|
Q2 EBIT |
| SEK 21.40 mln |
|
Q2 EBITDA |
| SEK 23.26 mln |
|
Q2 Operating Cash Flow |
| SEK 23.63 mln |
|
Analyst Coverage
Wall Street's median 12-month price target for I-Tech AB is SEK77.00, about 9.4% above its August 20 closing price of SEK70.40
The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 13 three months ago
Reuters Recommended Reads
Aug 20 - Sweden's SenzaGen Q2 revenue rises, core loss narrows
Aug 21 - Sweden's Egetis Q2 revenue rises 23%
Aug 20 - Sweden's Ascelia Pharma Q2 operating loss narrows
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(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.)