Achiko AG Reports Key Unaudited Financial Results for the Year Ended December 31, 2021
- Full year unaudited adjusted EBITDA loss of USD$5,272,179 (2020: USD$8,728,709 loss) following 6 months unaudited loss of USD$3,915,136 to June 30, 2021 and closing Shareholders Equity of USD ($4,297,969) (2020: USD$4,052,073).
- Restructuring of the European operations in mid-2021 resulted in lower operating costs in the second half of the year and a smaller loss with a stronger execution record in the last 6 months.
- Audited accounts at the end of the month and AGM in June 2022.
ZURICH, Switzerland, May 19, 2022 (GLOBE NEWSWIRE) -- Ad hoc announcement pursuant to Art. 53 LR – (SIX: ACHI; OTCQB: ACHKF; ISIN CH0522213468) (“Achiko”, the “Company”) is pleased to report ahead of audited accounts to be presented later this month, the key unaudited financial results for the Company for the period ending December 31, 2021.
After reporting an adjusted EBITDA (excluding stock-based compensation) loss of USD$3,915,136 in the six months period to June 30, 2021, adjusted EBITDA for the full year was a loss of USD$5,272,179 (2020: $8,728,709). Revenue for the full year was USD ($60,014) (2020: $2,805,708) representing the transition period between one business and another and closing Shareholder’s Equity on December 31, 2021 was USD ($4,297,969) (2020: $4,052,073).
These numbers may be updated when the Company completes work around stock-based compensation and the audit. The Company expects share-based compensation to fall significantly from the first half of the year as any additional grants to secure replacement or alternative personnel as part of the Company's restructuring were significantly lower later in the year than in prior periods.
“To better allocate shareholder capital to measuring the performance of our low cost ™ Covid-19 rapid test and have it registered and ready for sale, the Company restructured its operating footprint in Europe in the middle of 2021,” stated Steven Goh, CEO of Achiko AG.
“Whilst the Company faced a challenging restructure in the second half of the year, the recent string of post balance sheet execution milestones vindicates the investment,” added Goh. “These include being able to report a financing in August and September 2021, solid product performance results in January 2022, a strong marketing and sales deal in April with Nahdlatul Ulama and Indopharma, and finally obtaining a CE Mark a few days ago. We are confident that the leaner organization is able to execute more decisively going forward.”
The Company expects to publish audited accounts and an annual report before month’s end and hold an Annual General Meeting on June 27, 2022.
ABOUT ACHIKO AG
Achiko AG (SIX: ACHI.SW; OTCQB: ACHKF; ) is developing disruptive diagnostic solutions that puts people first. The company’s lead product is a rapid, reliable Covid-19 test with a companion app offering a user-friendly digital health passport. The test and companion app were launched in Indonesia in mid-2021, in May 2022 AptameX received the CE Mark in the European Union.
Achiko creates and develops aptamer-based diagnostics through its biotechnology division, AptameXTM and companion health apps via its digital mobile health technology division, Teman SehatTM. The AptameX DNA aptamer tests can be rapidly chemically synthesized, are cost-effective and have wide potential across multiple disease diagnostics. Leveraging AptameX and Teman Sehat, Achiko aims to deliver fast, accurate and affordable diagnostic testing for a range of pathogenic diseases and therapeutic indications in the rapidly evolving healthcare diagnostics field.
Headquartered in Zurich, Achiko has offices in Jakarta, and staff around the world.
Media contacts:
ACHIKO AG
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Disclaimer
This communication expressly or implicitly contains certain forward-looking statements concerning Achiko AG and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of Achiko AG to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Achiko AG is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.
