First Quarter 2024

Strong growth in US sales of The NGAL Test

May 8, 2024

Announcement no. 11

First Quarter 2024: Strong growth in US sales of The NGAL Test

COPENHAGEN, Denmark and BOSTON, MA, USA, May 8, 2024, (GLOBE NEWSWIRE) -- BioPorto A/S CVR-no. 17500317 (BioPorto or Company) (CPH:BIOPOR), an in vitro diagnostics company focused on empowering the early detection of Acute Kidney Injury (AKI), today announced interim financial results for the first three months of 2024 and business progress for the first quarter of 2024.

Financial Highlights

• For the three months ended March 31, 2024:
  • NGAL revenues in the US increased by 80% over the prior year
  • Total revenue of DKK 9.5 million / USD 1.4 million
  • Adjusted EBITDA of DKK (15.3) million / USD (2.2) million
  • Cash and cash equivalents of DKK 45.3 million / USD 6.6 million as of March 31, 2024 (DKK 57.7 million / USD 8.4 million as of March 31, 2023)

Peter Mørch Eriksen, BioPorto’s Chief Executive Officer (CEO), commented: “BioPorto had a successful first quarter of 2024 in setting a new direction for the Company. In February, we announced the updated strategy to transition BioPorto from a research-based company to a growth company. As part of this, we have set and communicated a strong commercial roadmap with clear growth and profitability targets. Success will be achieved by launching ProNephro AKI (NGAL) in the US in second half of 2024, increase sales of The NGAL Test in all existing markets and prepare a submission with the FDA for adult use of the test in the US.”

Mr. Eriksen continued, “As promised, we have in the first quarter delivered on the near-term milestones that were laid out. We have extended our agreement with Roche Diagnostics (Roche) to cover more analyzers, grown NGAL test revenue in the US by 80% over prior year and built strong momentum in our adult submission process. In addition, we have strengthened our management team in April with the addition of a Chief Legal Officer and in May with a CEO of the US-subsidiary. A group CFO is expected to be appointed later in the second quarter. Operationally, our full operational attention in the second quarter of 2024 is on preparing for the launch of ProNephro AKI in the US, grow sales and continue preparations for the adult study process.”