Press releases

Eevia Health Plc Interim Report Q3 - 2022

Eevia Health Plc ("Eevia" or "The Company") is releasing its quarterly financial report for the third quarter of 2022.

Summary of the third quarter 2022 (Q3-22):

  • Adjusted net sales1 grew by 105% from KEUR 560 in Q3-21 to KEUR 1 148 in Q3-22. It was achieved despite a three-week production stop in July 2022 to execute the summer holidays, which was not done in 2021. By including raw material trading revenues of KEUR 730 in Q3-21, net sales decreased by 11%, from KEUR 1 289 in Q3-21 to KEUR 1 148 in Q3-22.
     
  • The gross profit in Q3-22 came in at KEUR 735, up 432% from KEUR 138 in Q3-21. It constitutes a gross margin2 of 63%, a significant improvement over Q3-21 (25%) and Q2-22 (35%). The improvement stems from multiple factors, including higher production yields from changes in production protocols and efficiency gains from new equipment installations, as well as improved purchase and sales prices. Alongside a favorable high-margin product mix in the third quarter including certain contract manufacturing projects invoiced at 100% margin. Furthermore, Eevia Health has started valorizing several production side streams containing fruit sugars and fibers. This creates new value from divergent product structures1.
     
  • These valorizations will over time lead to high-volume outputs of new products, which will require business development and penetration of new markets. However, in the short term, these products already have proven sales at moderate volumes. If longer-term high-volume sales can be secured, this will continue to positively impact Eevia's profitability. The comparable gross margin without the above-mentioned effects was approaching 40% in the third quarter.
     
  • EBITDA in Q3-22 was positive at KEUR 56 compared to KEUR -750 in Q3-21 and KEUR -70 in Q2-22, an improvement of KEUR 806 and KEUR 126, respectively. The improvement stems mainly from improved gross profit.
     
  • The net result for Q3-22 was negative with KEUR -377, an improvement of KEUR 503 compared to Q3-21 (KEUR -880).
     
  • The net result in Q3-22 was impacted by a non-cash foreign exchange loss of KEUR 211. This was related to the difference in exchange rates between (i) invoiced sales to a major customer denominated in USD and the portion of the payment for such sales which is paid by way of set-off against (ii) historic customer prepayments, registered at a different exchange rate. Due to an accounting error, the non-cash loss has been accrued since the third quarter of 2021, with no part of the loss being related to Q3-22. 116 KEUR of the total stems from 2021 and is booked under financial items, and the rest is booked as a reduction of net sales revenues. In addition to these items, interest, and fees on a bridge financing from June 2022 led to the total net financial items at KEUR -226. Eevia has since July amended the accounting treatment of said sales receivables linked to prepayments in other currencies, such that an immediate set-off against customer prepayments denominated in USD is conducted at the time of issuing the invoice. This will avoid artificial foreign exchange gains or losses on these elements going forward.
     
  • Cash flow from operations was negative with KEUR -280, driven by a build-up of inventory for customer delivery in early Q4. This was still an improvement compared to the negative cash flow of KEUR -431 in Q3-21 and KEUR -1 095 in Q1- 22, but below the positive cash flow from operations in Q2-22 (KEUR 12).
     
  • In September, Dr. Tommi Kilpeläinen (Ph.D. Pharm.) was recruited as the Scientific Product Manager and joined the Management Team first week in October. The recruitment of Dr. Kilpeläinen strengthens Eevia's rejuvenated strategic focus on cellular recycling and product positioning in global markets for its ingredients.
     
  • The company completed a fully subscribed rights issue following the end of the quarter, raising MSEK 21.6 to fund working capital for continued growth and organizational development. The funds raised to puts the company in a favorable position to execute its ambitious growth plans into 2023.
     
  • Eevia launched Feno-Cerasus™ Organic, a new ingredient for cognitive health extracted from Tart Cherry, during the third quarter, with the first order to the US received in November.
     

For additional information, please contact:

Stein Ulve, CEO
Eevia Health Plc
Mobile: +358 400 22 5967
Email: stein@eeviahealth.com 

This disclosure contains information that EEVIA HEALTH PLC is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on November 25, 2022.

INFORMATION ABOUT EEVIA HEALTH PLC

Eevia Health Plc, founded in March 2017, addresses significant health problems with bioactive compounds extracted from plant materials. The materials are primarily wild harvested from the pristine Finnish and Swedish forests near or above the Arctic Circle. The extracts are sold B2B as ingredients to dietary supplements and food brands globally. These global brands utilize the ingredients in their consumer product formulas.

Eevia Health is a manufacturer of 100% organically certified plant extracts. Although a significant product, Elderberry extract, is made from cultivated berries, most of Eevia's other raw materials, such as bilberry, lingonberry, chaga-mushroom, and pine bark, are wild-harvested in a sustainable fashion.

Eevia Health operates a modern green-chemistry production facility in Finland. Manufacturing natural ingredients near the raw material harvest areas, Eevia offers a short value chain with an environmentally friendly carbon footprint, competitive pricing, and extreme transparency. Eevia listed its shares at Spotlight Stock Market in Sweden in June 2021, with the short name EEVIA.

To learn more, please visit  www.eeviahealth.com or follow Eevia Health on LinkedIn @EeviaHealth. 

2023-01-18
Regulatory

Eevia Health ("Eevia" or "The Company") received a sales order from a US customer for the elderberry extract Feno-Sambucus™ 7 Organic for a value of just over USD 200k or EUR 187k.

2023-01-16
Regulatory

Stein Ulve, the Chief Executive Officer (CEO) of Eevia Health Plc, ("Eevia" or "The Company") has sold 112 782 shares in The Company to Harri Salo, the Chief Manufacturing Officer (CMO) of Eevia.

2023-01-13

Due to a misjudgement, the MAR label was added to the original press release. The press release did not contain any insider information or other reason for the MAR label. This press release is a correction without the MAR label. 

Eevia Health Plc ("Eevia" or "The Company") has received a 13 KEUR sales order for Bilberry extract from its customer in South-Korea.

2023-01-13
Regulatory

Eevia Health Plc ("Eevia" or "The Company") has received a 13 KEUR sales order for Bilberry extract from its customer in South-Korea.

2022-12-19
Regulatory

Eevia Health Plc's ("Eevia" or "the Company") preferential rights issue has now been registered with the Finnish Trade Register. Paid Subscription Shares (Swedish: BTA) will thus be replaced by ordinary shares. The last day for trading with BTA on Spotlight Stock Market is 22 December 2022, and new shares are expected to be booked into the respective custodian/VP account on 29 December 2022.

2022-12-05
Regulatory

Stein Ulve, the CEO of Eevia Health Plc, ("Eevia" or "The Company"), subscribed for 489 996 shares in the preferential rights issue, which Eevia concluded on November 17th. The equity issue was for 14 376 015 shares and was fully subscribed. Stein Ulve had 1 907 500 subscription rights, but he subscribed for 489 996 shares. Consequently, he was diluted under the flagging threshold of 10%.

2022-12-05
Regulatory

Eevia Health Plc ("the Company" or "Eevia") has become aware that Marizoe Actives S.L. from Madrid, Spain has subscribed for 1 517 459 shares in the preferential rights issue, which Eevia concluded on November 17th. The equity issue was for 14 376 015 shares and was fully subscribed, leading to a new total of shares of 30 349 371. Marizoe Actives S.L. had no shares before the issue and with the subscription, Marizoe has 5.01% of the new outstanding shares.

2022-12-01
Regulatory

Eevia Health ("Eevia" or "The Company") received a start order for the Feno-Sambucus™ worth SEK 110 000 from its Australian distributor Ingredient Plus. The order is a new start order for an Australian brand owner.

2022-11-30
Regulatory

Eevia Health Plc's ("Eevia" or "The Company") has received a 41 KEUR sales order for Bilberry extract from its distributor in France Natural Ingredients.

2022-11-30

Eevia Health has commissioned a new High-Performance Liquid Chromatography (HPLC) analytical equipment from Shimadzu, which significantly increases the capacity to undertake analyses of polyphenols.

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