REINACH, Switzerland--(BUSINESS WIRE)--
Evolva (SIX:EVE) today announces its financial results for the period from 1 January to 30 June 2017 and provides a business update. The Powerpoint presentation and condensed half-year accounts are available on Evolva’s website.
Summary of progress:
- EverSweetTM on-track for launch in 2018 with strong customer interest
- Nootkatone on track for USA regulatory approval in pest control 2H 2018
- Continuing to grow nootkatone’s customer base in Flavour & Fragrances
- Resveratrol revenues up strongly on the back of Veri-teTM branding
- Transformation to a product-based company continues and a review of its operational strategy initiated that will be further elaborated in Q3
Financial highlights:
- Evolva product sales up strongly and now accounting for 25% of total revenues (1H 2016: 11%), overall revenues comparable with last year
- Cash position of CHF 33.8 million on 30 June 2017 (31 December 2016: CHF 47.5m)
Simon Waddington, CEO of Evolva said, “This is an exciting time for Evolva to take the next logical step in our company’s transformation process into a product-based company. There is a considerable demand to bring natural ingredients to the market for health, wellness and nutrition and related fields. However, many are limited by supply chain issues. Our mission remains to solve such issues by delivering cost-competitive products, produced in a sustainable way through bio-production. Over the past 13 years Evolva has invested considerable resources to build a powerful and unique innovation engine to make complex ingredients, and importantly, link it to cost-efficient manufacturing processes. However, Evolva does not intend to invest large sums into own manufacturing facilities. We prefer to partner strategically with those who already have such assets, like we have done with Cargill. Similarly, we are now exploring a commercial strategy to rapidly expand product sales, working with market leading companies to bring products to market. We are evaluating our organisational structure to fit this focus. We will provide further details in Q3.”
Oliver Walker, CFO, commented, “Our finances developed in line with our plan, both on the top and the bottom line. The Yorkville equity facility that we agreed last March is working well and provided CHF 3 million of fresh cash to date.”
The full press release text is available on the Evolva website.
Press/analyst meeting and call at 10AM CET on 14 August 2017
Simon Waddington (CEO), Oliver Walker (CFO) and Scott Fabro (Commercial) will present the results in a meeting for media and analysts in Hotel Savoy Baur en Ville, Paradeplatz in Zürich.
The meeting will also be accessible via phone. Dial-in numbers:
+41
(0)58 310 50 00 (Europe)
+44 (0)203 059 58 62 (UK)
+1 (1)631
570 56 13 (USA)
A replay will be available as a podcast for 2 weeks after the call. The link to the podcast will be posted on Evolva’s website.
About Evolva
Evolva solves the supply chain issues of nature through a 21st century mix of biotechnology and brewing. We develop, make and sell natural ingredients that provide significant benefits to people in daily life, but whose supply chain issues have limited their use until now. Our flagship ingredients are stevia, nootkatone and resveratrol, but we work on many more, both on our own behalf and with others. To make our world sustainable requires nature and technology to work together as one, and our aim is to play a (small) part in achieving this transformation. We operate internationally. For more information see www.evolva.com. Questions about our approach? Have a look at our video.
This press release contains specific forward-looking statements, e.g. statements including terms like believe, assume, expect or similar expressions. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors which may result in a substantial divergence between the actual results, financial situation, development or performance of the company and those explicitly or implicitly presumed in these statements. Against the background of these uncertainties readers should not place undue reliance on forward-looking statements. The company assumes no responsibility to update forward-looking statements or to adapt them to future events or developments.
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