21st Austria weekly - Marinomed (22/05/2024)

Marinomed: Marinomed Biotech AG (VSE:MARI) announces revenues of EUR 0.7 million recorded in the first quarter of 2024. After observing record revenues from Carragelose product sales heavily influenced by the SARS-CoV-2 pandemic over the past years, the revenue in the first quarter of 2024 has declined to levels observed before the pandemic. This decline is mostly due to high inventories and the return of seasonality, causing a drop in customer demand. Due to cost-conscious cash management, cash and cash equivalents stood at EUR 1.9 million compared to EUR 2.6 million at the end of 2023. The operating result (EBIT) stood at EUR -1.9 million (Q1 2023: EUR -1.4 million) and the loss for the period amounted to EUR -2.1 million (Q1 2023: EUR -2.1 million). “Although we are making constant progress and are working on several initiatives in parallel, the situation remains challenging. Revenues generated by the sales of Carragelose products will likely be characterized by the post-pandemic overhang of customers’ inventories and lower demand until the end of the year. Reaching an agreement with the EIB and real estate lenders to suspend repayments by 18 months has given us some more time and flexibility. At the same time, we have taken several measures to reduce the cash burn as much as possible”, Pascal Schmidt, CFO of Marinomed, adds. “However, closing deals with corresponding upfront and milestone payments for our Marinosolv assets remains our priority. At the same time, we are aiming for a decision regarding the evaluation of the whole Carragelose portfolio by the end of the first half of the year. We are optimistic that the cash flows generated from our efforts will be sufficient to cover our financing needs.”
Marinomed Biotech: weekly performance: -11.21%

(From the 21st Austria weekly https://www.boerse-social.com/21staustria (22/05/2024)

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