BioPorto (NASDAQ COPENHAG:BIOPOR) has reported a 16% revenue increase in the first nine months of 2022 over the prior year, and maintained its revenue guidance of 24 to 27 million Danish kroner (DKr).
For the nine months ended September 30, the Copenhagen and Boston-based company reported a total revenue of DKr 20.3 million (US$2.9 million), and said it has a cash equivalent of DKr 98.9 million (US$13 million) as of September 30, 2022, up from the DKr 59.6 million (US$9.3 million) it posted the same time last year. It also announced an adjusted EBITDA loss of DKr 49.5 million (US$7.2 million).
For the third quarter ended September 30, the company reported total revenue of DKr 5.3 million (US$0.7 million), a 0.4% decrease over the prior year and an adjusted EBITDA loss of DKr 17.1 million (US$2.3 million).
BioPorto (NASDAQ COPENHAG:BIOPOR) CEO Tony Pare said the third quarter reflected the company’s focus on disciplined execution towards completion and submission of the De Novo application to the US Food and Drug Administration of a NGAL test for paediatric risk assessment of Acute Kidney Injury.
READ: BioPorto lifts full-year guidance after strong H1 revenue growth
“Our data analysis and preparation of the clinical report are proceeding according to plan, and we anticipate submitting the application by fourth quarter 2022 as previously guided,” Pare said in a statement.
During the first nine months of 2022, BioPorto said it exercised appropriate cost control and deferred certain commercialization expenses, thereby reducing its costs below prior expectations.
Consequently, BioPorto said it has revised its 2022 guidance for operating EBIT loss from approximately DKr 95 to 100 million down to approximately DKr 83 to 88 million, and its adjusted EBITDA loss from approximately DKr 76 to 81 million down to approximately DKr 71 to 75 million.
BioPorto shares were trading at US$0.28 mid-afternoon on Wednesday, up from the previous close of $0.20.
Contact the author at susie@proactiveinvestors.com