Press releases

EEVIA HEALTH Plc REPORTS STRONG GROWTH AND IMPROVEMENT IN PROFITABILITY AND CASH FLOW FOR SECOND QUARTER 2022

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

Summary of the second quarter 2022 (Q2-22):

  • Net sales grew by 23% from KEUR 1 491 in Q2-21 to KEUR 1 835 in Q2-22. By eliminating raw material trading revenues of KEUR 122 in Q2-21, the adjusted net sales increased by 34%, from KEUR 1 369 in Q2-21 to KEUR 1 835 in Q2-22.
  • Net sales in Q2-22 also grew by 11% compared to Q1-22. After eliminating trading revenues in Q1-21, the net sales grew 14%, from KEUR 1,617 in Q1-22.
  • Gross profit in Q2-22 came in at KEUR 651, up from KEUR 360 in Q2-21 and KEUR 214 in Q1-22. The gross profit in the quarter represents a gross margin of 35%. With this, Eevia is on track to achieving its long-term profitability targets. Management expects the gross margin to improve in the future.
  • EBITDA for Q2-22 was close to breakeven at KEUR -70 compared to KEUR -442 in Q2-21 and KEUR -412 in Q1-22, an improvement of KEUR 372 and KEUR 314 respectively. The improvement stems from implemented changes in production protocols and efficiency improvements from new equipment installations.
  • The net result for Q2-22 was KEUR -337, an improvement of KEUR 216 compared to Q2-21 (KEUR -553) and KEUR 274 from Q1-22 (KEUR -611).
  • Cash flow from operations was positive with KEUR 12 despite a significant reduction in accounts payable and received advances of KEUR 888. This was a significant improvement compared to the negative cash flow of KEUR -383 in Q2-21 and KEUR -1 095 in Q1-22.
  • Several key equipment installations, such as a new decanter increasing liquid-solid separation capacity by 400%, came online in Q2-22.
  • Eevia launched a new Lingonberry product, with a first order sold to Australia in June.
  • Towards the end of Q2, Eevia secured a credit line of KEUR 800 for working capital purposes to finance its continued growth. The term of the credit line is until December 31, 2022. Interest is charged at one and a half percentage points (1.5%) per month.
  • In July, Gabriella Beni (CFO), decided to leave the Company for personal reasons. Eevia is now recruiting a new, permanent CFO. Financial administration support in the transition period is provided by the financial accounting and services company Rantalainen (www.rantalainen.fi).
  • The Annual Shareholders Meeting on June 21st elected Oskar Wegelius as a new board member, while the other members of the board were re-elected. The board now consists of five members. Oskar Wegelius holds a Master of Science in chemical, biochemical, and materials Engineering from Aalto University, with a major in biomass refining. He currently works as an Area lead at Borealis in Finland, responsible for new investments, process engineering, and plant commissioning.

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 August 29, 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. 

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.

2022-11-30

Eevia Health Plc, ("Eevia" or "The Company"), has re-established its Kosher certification. The Jewish Community of Helsinki has validated Eevia's Kosherization and certified the Kosher and Parve status of the company products.

2022-11-25
Regulatory

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

2022-11-22
Regulatory

Eevia Health Plc ("Eevia" och "the Company") announces today the outcome of the Rights Issue, whose subscription period ended on November 15, 2022, where a total of 14 376 015 shares, corresponding to 100 percent of the offered shares, have been allocated. 9 233 685 shares (64 percent) were subscribed with subscription rights, and 5 142 330 shares (36 percent) were subscribed without subscription rights, corresponding to 100 percent of the Rights Issue. Through the Rights Issue, the Company will raise proceeds of approximately SEK 21.6 million before deducting costs related to the Rights Issue. No guaranteed commitments have been utilized.  

2022-11-18
Regulatory

To timely secure raw materials for its recent order intake of large quantities of bilberry products, Eevia Health Plc ("Eevia" or "The Company") has secured a short-term loan of NOK 2 million from its largest shareholder, Betulum AS (Norway).

2022-11-09
Regulatory

Following a successful exhibition at the Supply Side West trade show in Las Vegas, US, last week, Eevia Health received a start order for its new cognitive health product, the Feno-Cerasus™, for SEK 223k. The new product was launched last week and is a standardized anthocyanin extract from tart cherry (Prunus Cerasus). Eevia Health focuses on the cognitive effects of the latest product, including sleep quality and quantity, memory, stress, and cortisol levels.

2022-11-08
Regulatory

Following a successful exhibition at the Supply Side West trade show in Las Vegas, US, last week, Eevia Health ("Eevia" or "The Company") received an order for the Feno-Sambucus™ equaling a revenue of SEK 34.4 million. The order is a new contractual volume section related to a five-year Sales Agreement with a US brand owner. The new section has adjusted prices and terms.

2022-11-03
Regulatory

Eevia Health has developed a new plant extract with product benefits for cognitive health and improved sleep. The new product, Feno-Cerasus™, is launched today at a major trade show in Las Vegas, US, the Supply Side West. The new ingredient is a standardized anthocyanin extract from tart cherry (Prunus Cerasus). Eevia Health focuses on the cognitive effects of the new products, including sleep quality and quantity, memory, as well as stress, and cortisol levels.

2022-11-03

Eevia Health is presenting its branded ingredients at a major trade show for the nutraceutical industry, SupplySide West, which takes place in Las Vegas, USA this week. This trade show is co-organized with Food ingredients North America and is the premier gathering of health & nutrition professionals bringing together buyers and suppliers from throughout the industry. SupplySide events are all about the science and strategy around the development of products driving the global business economy. 

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