Sweden's I-Tech Q3 net sales rise on higher Selektope adoption

By Reuters News


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:


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.)

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