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Alltracel Pharmaceuticals Plc., ("Alltracel", or "the Company"), (AIM:AP.L), the
medical technology company focused on the Woundcare, Oralcare and
Cardiovascular Health markets, today announces its preliminary results for
the year ended 31 December 2006.
- Turnaround in profitability with a first time full year positive
EBITDA of EUR1.2M versus a loss of EUR1.1M in 2005
- Significant growth in gross margin percentage up 4 points to 39%
driven by the commencement of first technology license revenue in the final
- Continued strong oral care trade performance with business wins in
all major markets and advanced discussions on potential M&A activity
- Successful development and commercialisation of patented Nanofibre
technology and securing of first license revenue via Nanopeutics(TM)
- Significant technological and commercial progress on proprietary PAGA
science leading to new market entry in CVH and Cosmeceuticals markets in
- First year of positive EBITDA achieved, operating profit increased
and continued revenue growth with margin improvement:
- 2006 EBITDA of EUR1.2M positive versus EBITDA loss of EUR1.1M in 2005
- 2006 Operating profit of EUR315k versus operating loss of EUR1.7M in
- 2006 GM% of 39% versus 35% in 2005
- 2006 revenue of EUR20.1M versus EUR19.2M in 2005
- 2006 closing cash balance of EUR3.0M
- Significant scientific breakthroughs in nanofibre technology for both
proprietary PAGA and other technologies, the establishment of the
Nanopeutics(TM) subsidiary and securing of first revenues:
- Following successful nanofibre trials and development work with
technology partners Elmarco and the University of Liberec; Nanopeutics(TM)
- a specialist subsidiary dedicated to the commercialisation of
Nanospider(TM) technology for the global woundcare and subsequently
specialist healthcare markets - was established.
- Nanopeutics(TM) consequently agreed a license bearing exclusive
nanotechnology development partnership with a global leader in professional
woundcare. This concept development project is ahead of schedule and the
successful conclusion to the development work is expected to lead to an
exclusive global royalty bearing license and supply agreement for
Nanospider(TM) based technology and specialist products and related
services for the professional sector.
- Commercial negotiations with this global leader have now commenced
and an announcement will be made to the market should these negotiations
- Nanopeutics(TM) has also signed an exclusive technology and product
concept development agreement with HemCon Medical Technologies Inc., the
haemorrhage control market leaders in military markets.
- Other partnership negotiations on similar exclusive concept
development agreements are ongoing with existing companies in the global
consumer woundcare and the global blood filtration markets.
- Technological breakthroughs in anti-microbial and healing properties
leading to the 2007 launch of Phytopeutics(TM) Dermal Health Technology for
the personal care cosmeceuticals market:
- Following earlier preclinical trials confirming wound and dermal
healing properties in a number of finalised product delivery systems and a
subsequent range of successful specialist dermal technology tests Alltracel
is developing a specialist dermal healing technology for the cosmeceutical
market. This proprietary technology covers a full range of dermal health
solutions for non traumatised skin; from anti-microbial for younger skin to
collagen expression for older skin and will be marketed under the
Phytopeutics(TM) technology brand name.
- Alltracel has already been in partnership discussions with a number
of specialist skin care and cosmeceutical suppliers and customers
internationally. The Company is currently in late stage negotiations with a
global leader in the specialist personal care market for an exclusive
global technology and business development alliance for Phytopeutics(TM)
which is expected to be formalised this quarter.
- Completed successful CVH combination trials and development of a
highly soluble variant and initiation of alliance discussions with North
American trial partner:
- Successful combination trials were completed with both sterol and
statin bio-actives, as was the successful development of a highly soluble
derivative of Alltracel's patented cardiovascular health benefiting
- Subsequent commercialisation negotiations are now in the final stages
with one of the sterol combination trial partners, a North American based
CVH specialist, for the establishment of a technology and business
development alliance to enter the global nutrition market with a range of
patented CVH functional food and bio-active technologies.
- A separate announcement will be made to the market in due course.
- Continued strong organic growth at Westone, the specialist Oral Care
Tony Richardson, Chief Executive Officer, commented:
"2006 has been a watershed year in terms of financial performance,
technology breakthroughs and significant commercial developments. Our 2006
focus was on delivering first time full year profitability through improved
margins and cost controls, developing our proprietary technology to secure
revenue through licensing to large scale global partners in our chosen
markets and driving continued growth in Westone, our specialist oral care
subsidiary. We are pleased to have delivered on these three objectives.
The business reached full year profitability in 2006 for the first
time, in terms of both EDITDA achieving a positive EUR1.2M versus a loss of
EUR1.1M in 2005; as well as in operating profit where the EUR0.3M profit
compared to a loss of EUR1.7M in 2005. This EUR2.0M positive operating
profit swing is a result of both a move to a higher margin license model in
woundcare as well as continued overhead reduction across the business.
Gross margin percentage has grown to 39% for the year versus 35% in 2005
and we will continue to focus on the development of more profitable revenue
streams for our technology.
Our oral care business, Westone, continues to perform well and we have
continued to build on our strong share of the European private label sector
with numerous new business wins from both current and new customers in all
our main markets. We remain strongly committed to this business and are
looking at a number of M&A opportunities in this area.
We had major scientific breakthroughs during 2006 on our proprietary
PAGA technology across all the relevant markets and on a number of
technological platforms including thin film and nanofibre. In particular,
the establishment and immediate performance of our nanofibre specialist
subsidiary Nanopeutics(TM) has been encouraging with our first license
revenue deal secured in professional woundcare and exciting prospects for
significant subsequent revenue flows in professional and in a number of
other woundcare sectors. Securing these type of large scale partnership
deals with global market leaders remains a priority for Nanopeutics(TM) for
In CVH the successful combination trials and development of the soluble
variant of our bio-active has led to advanced commercial negotiations with
a North American based nutritionals company to establish a specialist
alliance to enter the global nutrition market with a range of patented CVH
functional food and bio-active technologies. We are excited by the
potential here and expect to see Alltracel's first revenue flows in the CVH
market in late 2007.
The ongoing technology development work in woundcare, particularly
around the anti-microbial and healing capabilities of m.doc(TM) and its
variants, has produced a major new market opportunity in the growing and
profitable cosmeceutical marketplace. Cosmeceutical efficacy testing and
ongoing discussions with potential suppliers and partners over the past six
months has led to the development of the Phytopeutics(TM) dermal health
technology brand which are now moving to commercialise in 2007. A further
announcement is expected on this move later this quarter. Finally we
strengthened our overall scientific resources and capability through the
appointment of Dr. Pat Fottrell to the Board in May.
Overall it has been a busy year for Alltracel, and we believe the
Company is well positioned with first class patented technologies,
products, partners and people. We have evolved the business model in the
past year to reflect our current stronger proof points on the base
technologies, our highly developed network of research, development and
manufacturing partners as well as our more profitable and collaborative
partnership route to market.
2007 has begun strongly for Alltracel and we expect to continue the
momentum throughout the year through these evolving capabilities as well as
our innovative approach to both science and commercialisation.
We remain confident of continued growth as we continue the transition
to focus on a licence and technology transfer business model rather than
one focused on product revenue alone."
Alltracel Pharmaceuticals PLC Consolidated Profit & Loss Account Unaudited Audited FOR THE YEAR ENDED 31 DECEMBER 2006 2006 2005 EUR EUR Turnover including share of associate turnover 20,054,717 19,244,673 Share of associate turnover (168,263) 0 Group turnover excluding share of associate turnover 19,886,454 19,244,673 Cost of sales (12,109,070) (12,547,970) Gross profit 7,777,384 6,696,703 Selling & Distribution Costs (2,705,743) (3,827,509) Administrative Expenses (4,756,364) (4,552,546) Operating Profit/ (Loss) - continuing operations 315,277 (1,683,352) Share of Loss in Associate undertaking (12,190) - (Loss) / profit on disposal of financial assets (17) (148,216) Interest receivable 62,034 81,727 Interest payable (485,880) (346,646) (Loss) on ordinary activities before taxation (120,776) (2,096,487) Taxation (519,734) (122,082) Minority Interests (968,072) (751,147) Loss for the financial period attributable to ordinary shareholders (1,608,582) (2,969,716) Loss brought forward at the beginning of period (19,452,487) (16,543,327) Translation 86,551 60,556 Loss carried forward at end of period (20,974,518) (19,452,487) Loss per ordinary share (cent) - basic (1.36) (2.76) Weighted average number of shares used in computing loss per ordinary share - basic 118,017,325 107,444,635 Statement of Total Recognised Gains and Losses Unaudited Audited FOR THE YEAR ENDED 31 DECEMBER 2006 2006 2005 EUR EUR Loss for the financial period (1,608,582) (2,969,716) Translation differences 86,551 60,556 Total Recognised Gains and Losses for the financial period (1,522,031) (2,909,160) Consolidated Balance Sheet AT 31 DECEMBER 2006 Unaudited Audited 2006 2005 EUR EUR Fixed Assets Intangible assets 5,320,146 5,094,644 Tangible assets 1,094,237 1,044,336 Financial Assets 1,018,302 917,341 7,432,685 7,056,321 Current Assets Stocks 3,949,456 3,836,664 Debtors 5,376,047 5,184,047 Cash at bank and in hand 3,004,437 2,047,679 12,329,940 11,068,390 Creditors (amounts falling due within one year) (6,679,244) (7,118,574) Net Current Assets 5,650,696 3,949,816 Total Assets Less Current Liabilities 13,083,381 11,006,137 Creditors (amounts falling due after more than one year) (2,536,782) (2,418,897) 10,546,599 8,587,240 Financed By Capital and Reserves Called up share capital 1,619,745 1,347,904 Share premium account 28,673,822 25,805,353 Capital conversion reserve fund 6,736 6,736 Other reserve 40,350 32,350 Profit and Loss account - deficit (20,974,518) (19,452,487) Foreign Exchange Reserve 19,533 (15,730) Shareholders' equity - all equity interests 9,385,668 7,724,126 Minority Interest 1,160,931 863,114 10,546,599 8,587,240 Consolidated Cash Flow FOR THE YEAR ENDED 31 DECEMBER 2006 Unaudited Audited 2006 2005 EUR EUR Net Cash Inflow/ (Outflow) From Operating Activities (12,389) (2,206,708) Returns on Investments and Servicing of Finance Interest received 62,034 81,727 Interest paid (485,880) (314,296) Paid to minority interest (716,852) (751,147) (1,140,698) (983,716) Taxation Taxation Paid (102,142) (362,687) Capital Expenditure and Financial Investments Payments to acquire tangible fixed assets (360,985) (534,702) Sale of tangible fixed assets 3,815 39,812 Payments to acquire intangible fixed assets (445,862) (591,903) (803,032) (1,086,793) Acquisations and disposals Purchase of subsidiary undertaking (1,553,216) (4,469,703) Cash acquired with subsidiary 0 2,583,454 Net cash outflow for acquisation (1,553,216) (1,886,249) Cash Outflow Before Management of Liquid Resources and Financing (3,611,477) (6,526,153) Management of Liquid Resources Disposal of current asset investments 0 539,858 Financing Issue of shares 3,343,983 58,034 Share issue expenses (203,673) (770) New secured Loans 2,789,766 4,232,321 Repayment of Loans (1,201,191) (600,895) Capital element of finance lease repaid (160,650) (38,530) 4,568,235 3,650,160 Increase/ (Decrease) in cash 956,758 (2,336,135) 1. Called Up Share Capital Unaudited Audited 2006 2005 EUR EUR Authorised: 50,000,000,000 ordinary shares of EUR0. 625,000,000 625,000,000 125 each Issued: As at 31 December 2005 129,579,598 shares of EUR0.125 each 1,619,745 As at 31 December 2005 107,832,325 shares of EUR0.125 each 1,347,904 2. Share Premium Unaudited Audited 2006 2005 EUR EUR Balance at beginning of period 25,805,353 23,899,356 Premium on shares issued during the period 3,072,142 1,947,801 Share issue expenses (203,673) (41,804) Balance at end of period 28,673,822 25,805,353 3. Reconciliation of Movement in Shareholders' Unaudited Audited Funds 2006 2005 Group EUR EUR Shareholders' funds at beginning of period 7,724,126 8,631,665 Loss for the year (1,608,582) (2,969,716) Transfer to Other reserves 43,263 32,350 Translation 86,551 44,826 Net proceeds from issue of share capita 3,140,310 1,985,001 Shareholders' funds at end of period 9,385,668 7,724,126 4. Reconcilation of operating profit to net cash flow from operating activities Unaudited Audited 2006 2005 EUR EUR Operating Profit / (Loss) 315,277 (1,683,352) Depreciation 498,181 404,369 Amortisation of Intangibles 124,860 127,029 Amortisation of Goodwill 232,921 188,000 Share in Loss of Associate 12,190 - Gain on sale of fixed asset (17) (19,132) Increase in stocks (112,792) (1,216,817) Increase/ (Decrease) in debtors (191,998) 1,254,537 (Decrease)/ Increase in creditors (1,068,105) (1,261,342) Movement in provisions 177,095 - Net cash outflow from operating activities (12,389) (2,206,708) 5. Analysis of Net Funds Non Cash 01/01/2006 Cashflow movement 31/12/2006 Cash 2,047,679 956,758 3,004,437 Total 2,047,679 956,758 0 3,004,437 Bank & third party loans (3,631,426) (1,588,626) (5,220,052) Finance Leases (326,066) 160,649 (317,084) (482,501) (1,909,813) (471,219) (317,084) (2,698,116)
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Dublin: Denise Cronin
London: Deborah Scott
Financial Dynamics: +44-(0)207-831-3113
New York: Sean Leous
Financial Dynamics: +1-212-850-5626
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