Vistin Pharma ASA : Fourth quarter and preliminary 2016 results

The fourth quarter results recorded by the Norwegian pharmaceutical company Vistin Pharma ASA (OSE: VISTIN) were negatively affected by an unscheduled stop in metformin production, as reported on in November. Provisions related to redundancies and re-organisation within the Company's tablet manufacturing facility also affected the figures. The adjusted EBITDA for the fourth quarter ended at minus NOK 1.5 million, while the full-year figure showed a positive NOK 29.5 million.

"Whilst our financial figures for the fourth quarter reflect some unexpected costs and provisions related to our CMO tablet manufacturing operational excellence programme, we maintain our positive outlook for the Company. We continue to experience growth in all our markets, and we are investing in increased capacity. Together with our continuous focus on operational efficiency, we expect Vistin Pharma to continue to deliver profitable growth in the years to come," says CEO Kjell-Erik Nordby.

The adjusted EBITDA for the fourth quarter include an impact of approximately NOK 5.1 million from the lower metformin volumes available for sale, caused by the temporary stop in production. Excluded from adjusted EBITDA for the quarter is a NOK 5.8 million provision for redundancies relating to the ongoing CMO cost savings programme, and NOK 1.7 million in one-off costs relating to the reactor failure.

Vistin Pharma recorded total revenue and income of NOK 93.6 million in the fourth quarter of 2016, compared to NOK 104.5 million in the fourth quarter of 2015. The 2015 figure included net proceeds of NOK 8.7 million from a settlement relating to the business transfer from Weifa AS. Vistin Pharma was spun off from Weifa in 2015.

Revenue from metformin business was 32.5 million in the fourth quarter, down 22 percent compared to the corresponding quarter in 2015. The unscheduled stop affected the quarterly results by approximately NOK 10 million in lost sales. Opioids revenue in the fourth quarter was NOK 30.4 million, compared to NOK 20.1 million in the fourth quarter of 2015. The total volume sold during the quarter was significantly higher than the volume sold in the fourth quarter of 2015 for both API and tablets. Revenue for the CMO segment was NOK 30.7 million, slightly down from the fourth quarter of 2015 (NOK 33.9 million).

The Company's financial position remains strong, with a cash position of NOK 89.4 million as of 31 December. Total equity was NOK 186.6 million, compared to NOK 183.9 million at year-end 2015.  The equity ratio stood at 66.8 percent (71.0 percent). Vistin Pharma holds no interest-bearing debt.

Vistin Pharma will hold a presentation today at 08:30 CET at Carnegie AS, Fjordalleen 16, Oslo, Norway. CEO Kjell-Erik Nordby and CFO Gunnar Manum will represent the Company. The presentation will be webcast live and can be accessed directly from http://webtv.hegnar.no/presentation.php?webcastId=44475356,

or http://www.vistin.com/investors/webcast-article214-455.html.