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Erik Cassel ... (+2)
  • Erik Cassel
  • Jakob Lembke

Enzymatica - Terminating coverage

ABGSC ceases coverage of Enzymatica …due to the end of the contractual period Last published estimates are shown in this report

Erik Cassel ... (+2)
  • Erik Cassel
  • Jakob Lembke

Enzymatica - Two birds with one stone

Sales trend reversal in Q2 SEK 75m share issue, balance sheet issues resolved Estimates unchanged, EV/Sales ’23e-‘24e at 4.5-3.1x

Erik Cassel ... (+2)
  • Erik Cassel
  • Jakob Lembke

Enzymatica - Negative trend straining the cash position

Sales still held back by inventory build-up at distributors Weakness to continue in Q2 but potential for H2 SEK 20m in quarterly opex and SEK 28m in available funds

Erik Cassel ... (+2)
  • Erik Cassel
  • Jakob Lembke

Enzymatica - Normal cold season expected in 2022

Sales comeback lingers on continued destocking Cold season is getting back to a normal pattern We forecast a ’19-‘24e sales CAGR of 32%

Erik Cassel ... (+2)
  • Erik Cassel
  • Jakob Lembke

Enzymatica - The common cold reappears this season

Looking at a more normal cold season… … but sales recovery will lag on built up inventory ‘26 financial targets of SEK 600m & 28% EBIT margin

Rickard Anderkrans ... (+2)
  • Rickard Anderkrans
  • Viktor Sundberg

Enzymatica - A tough start to the year

Sales -37% y-o-y for EBIT of SEK -9m Sights set on recovery in common cold market in H2 ’21 Pandemic delays development by 12-18 months

Rickard Anderkrans ... (+2)
  • Rickard Anderkrans
  • Viktor Sundberg

Enzymatica - The not-so-common cold

Significant decrease in common cold markets Sales and EBIT could be below 2020 levels Set for a new ~SEK 60m rights issue

Rickard Anderkrans ... (+2)
  • Rickard Anderkrans
  • Viktor Sundberg

Enzymatica - Global footprint driving growth

Sales +91% y-o-y for a positive EBIT margin of 4% Geographic expansion continues with new partnerships We expect operating leverage to bring profitable growth

Rickard Anderkrans ... (+2)
  • Rickard Anderkrans
  • Viktor Sundberg

Enzymatica - Poised for further geographic expansion

Sales +45% y-o-y and positive FCF in Q3’20 Solid flow of commercial agreements Well-positioned for growth across new geographies

Rickard Anderkrans ... (+2)
  • Rickard Anderkrans
  • Viktor Sundberg

Enzymatica - Strong off-season sales growth

Sales +119% y-o-y, despite underlying market declines SEK 120m Maren agreement renegotiated Trading at EV/Sales 20x ’20e on 68% sales growth

Rickard Anderkrans ... (+2)
  • Rickard Anderkrans
  • Viktor Sundberg

Enzymatica - Firing on all cylinders

Sales +102% y-o-y in first quarter with positive earnings Expecting continued tailwinds into Q2’20 and beyond Trading at EV/Sales 10x ‘20e on 90% sales growth ‘20e

Rickard Anderkrans ... (+2)
  • Rickard Anderkrans
  • Viktor Sundberg

Enzymatica - COVID-19 tailwinds are boosting demand

COVID-19 set to double y-o-y sales growth in Q1’20 Longer term uncertainty on demand and supply chain Trading at EV/Sales 7.4x ‘20e on 95% sales growth ‘20e

Rickard Anderkrans ... (+2)
  • Rickard Anderkrans
  • Viktor Sundberg

Enzymatica - Q4: Strong momentum heading into 2020

+17% y-o-y sales growth; ColdZyme now #3 in Sweden Catching up with the news flow – bridge financing in place Cash flow positive by mid-2021e

Rickard Anderkrans ... (+2)
  • Rickard Anderkrans
  • Viktor Sundberg

Enzymatica - STADA collaboration expands in Germany

New mouth spray set to hit the German market in ‘20e Bridge financing in play We raise our estimates to reflect German sales potential

Rickard Anderkrans ... (+2)
  • Rickard Anderkrans
  • Viktor Sundberg

Enzymatica - Q3: Strong support from home markets

+47% y-o-y sales growth driven by home markets First contribution from Hong Kong – new markets ahead Operating cash flow still negative – bridge financing likely

Jannick Lindegaard Denholt ... (+3)
  • Jannick Lindegaard Denholt
  • Rickard Anderkrans
  • Victor Forssell

Enzymatica - German study did not meet primary end-point

ColdZyme failed to show a difference to placebo in QoL Sales in Germany delayed, no word from STADA No tailwinds in discussions with new distributors

Jannick Lindegaard Denholt ... (+3)
  • Jannick Lindegaard Denholt
  • Rickard Anderkrans
  • Victor Forssell

Enzymatica - Looking forward to the cold season

Sweden continues to drive growth Positive revisions on the back of Maren agreement We await important study findings

 PRESS RELEASE

Enzymatica AB:Notice of annual general meeting 2019 in Enzymatica AB (...

Enzymatica AB:Notice of annual general meeting 2019 in Enzymatica AB (publ) Press release 5 April, 2019 Notice of annual general meeting 2019 in Enzymatica AB (publ) The shareholders in Enzymatica AB (publ), reg. no 556719-9244 (the “Company”) are hereby invited to attend the annual general meeting (“AGM”) to be held on Tuesday 7 May 2019 at 14.30 CEST at Elite Hotel Ideon, Scheelevägen 27, 223 63 Lund. Registration for the AGM starts at 14.00 CEST. Right to participate and noticeShareholders wishing to attend the AGM must both be recorded as a shareholder in their own n...

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